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TND Tandem Group Plc

225.00
0.00 (0.00%)
Last Updated: 07:45:46
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Tandem Group Plc LSE:TND London Ordinary Share GB00B460T373 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 225.00 220.00 230.00 225.00 225.00 225.00 337 07:45:46
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Motorcycles,bicycles & Parts 26.68M 674k 0.1233 18.25 12.3M
Tandem Group Plc is listed in the Motorcycles,bicycles & Parts sector of the London Stock Exchange with ticker TND. The last closing price for Tandem was 225p. Over the last year, Tandem shares have traded in a share price range of 67.50p to 292.50p.

Tandem currently has 5,464,459 shares in issue. The market capitalisation of Tandem is £12.30 million. Tandem has a price to earnings ratio (PE ratio) of 18.25.

Tandem Share Discussion Threads

Showing 4676 to 4699 of 6825 messages
Chat Pages: Latest  189  188  187  186  185  184  183  182  181  180  179  178  Older
DateSubjectAuthorDiscuss
10/1/2020
16:10
Wow....Jupiter have been holders of over 10% for all the 13 years or so that I have been a shareholder. That is a big change as they were very passive and simply held it for some kind of reason in their ecology fund I think. They never attended Agms and were not in touch with the wider shareholder base.
davidosh
10/1/2020
13:19
Graham1TY......Remuneration is clearly an issue. How would you deal with it?

The directors have 13% of the shares in issue so my view is that they should have lower remuneration but more bonus related and take a higher return via much higher dividend payments. That way management and shareholders are more aligned. Tandem could afford to pay 20p in dividends having repaid the mortgage on the freehold

That 20p would be an additional £50k a year for the directors so not losing out but merely gaining from a larger cake. The share price should also appreciate if the yield is much greater so their holdings would be worth considerably more.

They seem to prefer to not let investors have any of the cake or at least restrict to very small slices even though we have provided the capital in the first place.

davidosh
10/1/2020
12:48
Total remuneration for the last few years:
2018 was £717,000
2017 was £787,000 ( three Directors over £200,000)
2016 was £689,000
2015 was £665,000
2014 was £820,000 ( three Directors got over £200,000)
2013 was £566,000

Total remuneration over six years.....£4.2m

Nothing else to add

graham1ty
10/1/2020
12:38
Simon is now the largest shareholder and has moved ahead of Jupiter who last announced their holding had reduced below 10%

The website has already been updated....

There are currently 6,013,480 shares in issue, of which 987,389 are held in treasury and the total number of voting rights in the Company is 5,026,091. The Company’s shares are only listed on AIM. There are no restrictions on the transfer of these shares. These details were last reviewed on 10 January 2020.

The percentage of shares not in public hands is 36.3% and the Directors have been notified of the following interests representing 3% or more of the issued ordinary share capital:

Ordinary Shares of 25p %
Mr S Bragg 587,996 11.7
Jupiter A.M 480,941 9.6
Mrs D Waldron 312,560 6.2
Mr S J Grant 250,000 5.0
Mr M P J Keene 250,000 5.0
Mr J C Shears 170,000 3.4

davidosh
10/1/2020
12:18
Delighted to see Simon Bragg increase. A very impressive guy.
simso
10/1/2020
11:56
Just don't go far !
Tiger

castleford tiger
10/1/2020
11:27
News of increased holding.
balcony
10/1/2020
09:18
Stick around balcony pal
castleford tiger
10/1/2020
08:45
Yesterdays volume of just short of 150k as set this alight.
balcony
10/1/2020
01:13
Jaknife...It is a valid point and maybe all the non exec directors should be up for re election this year if the board are not willing to look at these corporate governance issues themselves.

Nice to see some interest in the company today.

davidosh
06/1/2020
16:33
I have selected Tandem in my five picks for 2020 in the annual Stock Challenge so lets hope this is the year. A doubling or tripling of the dividend would certainly help and I see no reason why shareholders should not be sharing in the long term benefits here especially as I have been a shareholder for nearly 15 years
davidosh
02/1/2020
09:50
Dream on distributed amongst board and directors in salaries, bonuses, expensesand perks.
my retirement fund
02/1/2020
09:05
Castleford. I recall there was a discussion about distribution of the cash a while back and it became evident there is no prospect of such a distribution because of the pension regulations. I don't think it makes business sense either. Far better to build up a buffer for when the next recession strikes.
amt
31/12/2019
15:45
It was another year of cash generation with cash and cash equivalents increasing to GBP4,847,000 at 31 December 2018 compared to GBP3,856,000 at 31 December 2017. I am also very pleased to report that for the first time in a number of years we finished the year with a net cash position. The net debt of GBP1,016,000 at the end of last year reduced to a net cash position of GBP107,000 at the end of 2018.

that's pretty clear to me after ALL debts we are net cash.
I expect that to be 2m as of today

tiger

castleford tiger
30/12/2019
12:22
Thanks for your comments GrahamITY, and pointing out the comments from Paul Scott's SCVR. In response I would make 3 points:-

1. Paul was talking about June Net Cash/debt...and I was talking of December Year End..and there is a big difference between the two. For example, the June 18 Cash was £0.9m but this rose to £4.8m by December year end. This increase between June and December is driven partly by the Second half Profit (Underlying PBT was £2.4m in 2H 18) and partly by Working Capital swing from stock levels being much higher in June than December.

2. Yes, it would be technically correct to net off the £1.2m remaining Loan against my projected Y/e Cash Balance of £6m when quoting "net debt". However, in analysing the Balance Sheet, I personally net that off against the Freehold Property against which it is secured. The Freehold is valued at £3.2m. A final Bullet payment to clear this debt is due in 2020.

3. The Current Liabilities from Paul's quote above are mostly Invoice Discounting. TND typically have c £4m of Receiveables at year end, but effectively factor around £3m of that to take payment earlier than terms. TND do include that Factoring amount when referring to "Net Debt" in their RNS statements, but I believe most companies would not, as it is not "debt" in the traditional sense. I see it more logical to net against Receivables...as we have effectively taken some money which is owed to us earlier than (c60 day?) terms.

simso
30/12/2019
10:06
Thanks Simso.

I had some growth in the second half to achieve the 40m t/o

Other than that I cannot disagree with anything you say and was party to the discussion.

Just what are the company going to do with all the spare cash its generating.

I would like to see 25/50% distributed to holders maybe starting at 25% with a further special of 25%.

Like you I think 400p is about right but the market is poor to trade with such a wide spread.

re my earlier post how can this sale of gone unreported

castleford tiger
30/12/2019
10:01
Simso, you suggest net cash of £6m. Yet, read the extract below from Paul Scott’s SCVR of October.

“However, the narrative then refers to overall net debt, despite there apparently not being any bank debt on the balance sheet;

There was a 43% reduction in net debt from £3,508,000 at 30 June 2018 to £2,006,000 at 30 June 2019.
Therefore, I make that a £5,746k liability included within net debt. Let's try to work out what that is! Right, I've worked it out - this figure must be the total of two lines, both called "other liabilities", of £4,736k in current liabilities, plus £1,010 in non-current liabilities.“

So, TND does not have netcash. It still has net debt, even if reducing fast

graham1ty
30/12/2019
09:21
Castleford said in post 3640 above "I am seeing t/o close to the 40m mark at @30% giving Gross P of £12m, I am off track here?"

My forecasts have the simple (and hopefully prudent!)assumption H2 2019 will match H2 2018 Sales, Margin and Costs. That would mean FY 19 Sales of £36m, Underlying PBT £2.7m, Underlying EPS 46p. I forecast Closing Net Cash of £6m, and Closing Net Assets of £14m. With a current market cap of £9m, my forecasts would imply an Enterprise Value of just £3m, and current year Cash adj P/e Rating of 1.4 times. It is hard to imagine there is another share on the whole stock market where decent fundamentals are given such a lowly rating. The Directors' attitude towards shareholders is clearly a significant factor, much discussed on this board.

The most likely trigger for re-rating would be a change to the dividend policy. To start with some context, Stockopedia highlights that the average UK Stock is on a P/e of 13 and pays a 3.5% yield....so is paying around half its earnings out as dividend. I would argue the average UK stock does not operate with a Balance Sheet as strong as Tandem, and see no obvious reason why TND cannot pay out (at least) half their earnings. I am sure a dividend of around 23-25p would see the share price re-rate to £3+ in very short order, and perhaps towards a more realistic £4.

I attended the AGM this year, where holders questioned the miserly dividend. Mervyn Keene (Chairman) explained it was a legal requirement from the Pension Regulator (TPR) that Dividend Payments must be lower than Deficit Recovery payments. I have managed and dealt with Pension Schemes over decades, and had never heard of this requirement from TPR. I note that Norcross have a deficit of £49.3m from their 2018 Tri Annual Valuation..and have agreed a Revovery Plan starting at £3.25m pa. The cost of last year's Dividend was £6.4m, expected to increase +7.7%. Renew Holdings paid £5.7m cash into their Scheme (which I assume covers more costs than just Deficit Recovery) yet paid out £6.3m in Dividends.

I think a change of Dividend Policy is the most obvious trigger for re-rating, and the disdainful attitude of the current Board towards Shareholders and what they would like is the largest obstacle to achieving that.

simso
28/12/2019
12:43
Not looked at this before. Initial impressions was that it seemed a bit of a ragbag of businesses of fading bicycle brands and toy licencing which is a lumpy business to say the least and unsurprisingly earnings up and down. BOD heavy on accountants.

Paul Scott did a lengthy write up in response to the half year report.

Going on past form he thought the bumper H2 last year might have been a bit of a one-off bumper period? Any view on that?

The Outlook comments on a satisfactory result are without context as there doesn't seem to be any broker forecasts out there.

He also felt that the headline figures were confusing regarding the cash position
with invoice discount financing hidden in “other liabilities” which along with the pension liability made the balance sheet weaker than first appeared.

His summary:

“My opinion - given its tiny market cap, and balance sheet not being as strong as it initially looks, on top of profitability (with a high tax charge) that is significantly down on the last half year sequentially, I'm struggling to get excited about this.

The dividend yield is nothing to write home about either. Plus there's often a wide bid-offer spread, and the share is very illiquid. I recall it took me several attempts to sell, and had to do it piecemeal, for a smallish speculative holding that I picked up a while ago & then got bored with.

On the upside, outlook comments suggest that H2 should be OK.

In these cautious & uncertain times, I don't think it's worth getting involved again here, so I'll stay watching from the sidelines.”

zoolook
27/12/2019
17:15
year end.

I am seeing t/o close to the 40m mark at @30% giving Gross P of £12m.

I am off track here?

tiger

castleford tiger
26/12/2019
22:31
Jupiter reduced from 10.76 to 9.56 %
So 65 odd thousand shares sold and a reduction in a holding but not shown as a trade?
Can someone explain how this happens?
( I have since been told you only DECLARE at each full % point )
so the 10.76 may have been previously sold down to 10.01 therefore reducing last weeks sale to .45%
which is still 24000 shares far more than has gone through the market.
Unless it’s a new buyer then a increase in holdings should show?
They clearly are not with a MM as the price was unchanged

Always ready to learn


Tiger

castleford tiger
18/12/2019
18:27
amt its reversed a little.

No fair market here as they must be worth 350/450p.

Tiger

castleford tiger
13/12/2019
08:35
Big rise in pound vs dollar should help margins as it works through in a few months.
amt
04/11/2019
18:14
Article in today’s Times about bloke just cycled the world on a Dawes bike. Good to see TND getting lots of publicity from this .......NOT.
graham1ty
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