Ten Entertainment Share Discussion Threads

[ohisay] 21/6/2012 13:48

Perhaps some of them think they're going to be out of a job soon!

[ansc] 21/6/2012 11:37

The 'Open Offer' closed this morning. With Woodcorp, Bridges and Impax already committed to taking up their entitlements, and PG almost guaranteed to accept his 4.2m as well, there is no way the Offer is not going to be fully subscribed. In fact, I think anyone who's applied for additional shares will be lucky to get 5-10% of their application. With shares having been traded ex-entitlement since 7th June, talk of the price dropping to 3p on Monday is simply piffle.

One aspect in the Offer circular which did surprise (and disappoint) me was that directors were only guaranteeing to take up 73k of their 638k entitlement. Seeing as they only held just over 1% of the share capital between them in the first instance, I would think any director seeking re-election in the near future should feel justifiably nervous!

[spaceparallax] 21/6/2012 09:35

Me too - been here through high and low and intend seeing it through.

[knigel] 21/6/2012 07:19

Friday or Monday I expect. There be high volume but why should share price hit 3p? I won't be selling my open offer shares at 3.25p..no point. I need a 5p share price minimum before considering to reduce back down.

[diku] 20/6/2012 17:51

When do the new shares hit the market?....that's when the market price will probably hit 3p...

[ansc] 18/6/2012 09:58

I decided to subscribe for my open offer allocation (and a few more) simply because, having witnessed his 'modus operandi' on numerous occasions in the past, I believe PG will concentrate the minds of TEG's directors intently or they will eventually pay the ultimate penalty; he doesn't tend to write-off his investments willingly.

[cerrito] 15/6/2012 20:49

I have decided to go in as well as take the option to get any excess there may be.
Not at all satisfied with the accounts and why they had to write off so much of the goodwill of the Perthshire composting business.
The amount was a staggering £2.3m which they ascribed to increasing the discount rate between 2010 and 2011 from 6% to 10%=no real explanation given for this.
To me the key point was that Rory Maw from Bridges is the new Chairman and there will be another Bridges director. I have to say I had never heard of Rory Maw before and only very vaguely of Bridges.
The Bridges website seems convincing enough- not though it is pretty hard of a company like them to have an unconvincing website.
Rory Maw was CFO of a company called Speedcard. I checked to see if it was a dotcom failure but is still in business.
I had to say I had a bit of a shock when I got a letter today from Barclays they needed the decision by 9am on Monday.
Be interested in any comment that anyone has of companies in which Bridges has been involved.

[praipus] 13/6/2012 14:22

Write off the investment (sunk cost effect) good idea. Hold or buy a small amount. Good to have things in the portfolio that could on valuation terms be worth nearly 5 time their market cap i.e. TEG. Good for diversification as well.

[williamgtheobald] 12/6/2012 21:39

Guys, I won't be adding any more to my current shareholding in TEG. In fact guys I would write the investment off, its a big disappointment. The only chance we have now of reducing our loss is if PG buys out the company. However he never pays big bucks, and TEG with its cash burn and intangible assets will not be in a strong bargaining position.

[praipus] 12/6/2012 19:40

Agreed. Impax, PG and Pictet on the TEG shareholder register, modest holdings but not dashing for the exits either.

Pictet I've only ever seen on the register of much larger utilities like NWG (taken over) PNN, SVT, UU and trusts like Ecofin ECWO.

[norbert colon] 12/6/2012 19:22

I am just reading through the various posts with interest and cannot shift from my mind the rationale behind PG recent and ongoing stakebuilding in the company. I am not an out-and-out coat-tailer but for any holders on this board this should provide some level of comfort. Thoughts?

[spaceparallax] 12/6/2012 15:44

pathetic bashers

[praipus] 12/6/2012 15:00

"extensive knowledge of the waste mangement industry"?

[stemis] 12/6/2012 14:39

No, I'm not short but I have extensive knowledge of the waste management industry. But, of course, it's easier to accuse those with sceptical views of trying to drive the share price down for financial gain, than to consider the points made. In contrast those who have been talking up the prospect of the company for the last few years, in the face of fund raising after fund raising, losses after losses, have a clear vested financial interest; being long.

It's noticeable that despite my comments being 'tripe' you aren't able to point to any factual inaccuracies. Have they not had 3 fund raisings in 3 years? Were operation losses not higher than last year, despite increased turnover? Search my posts on this board for the last 5 years (click the SEARCH button at the top and search on Stemis TEG). Was I not right about Greater Manchester?

[spaceparallax] 12/6/2012 12:39

Praipus, it ain't worth commenting on their transparent tripe.

[praipus] 12/6/2012 12:15

SteMis are you short? If so could you stand a 4 sigma event to the upside?

[stemis] 12/6/2012 11:57

Just to remind people (if a reminder was necessary) that TEG had a £2m fund raising in June 2010 for working capital (in addition to the funds needed to buy Simpro), a £3m fund raising in June 2011 because of delays etc and now, June 2012, a fund raising for £2m because of delays etc.

[c2b] 12/6/2012 11:27

IF

a) The Company is now run for profit

and

b) The Company is run for i) the benefit of the shareholders

and ii) all the shareholders, not just the group that have underwritten this issue

Then this is an excellent investment, but if it isn't then we will be wasting our money subscribing. I don't see information or assurances on any of these points.

[stemis] 12/6/2012 11:23

Ha, ha. Priceless.

The company is going cap in hand to its shareholders and

"Should the Open Offer not proceed and there be any further delays in the receipt of income from certain projects, the Directors believe this will place the Company in a position of significant uncertainty and the Company's status as a going concern will require review".

The assets are worth so much that it can't raise bank debt to keep it going long enough to complete a sale at a significant premium to the current share price. What is it worried about that due diligence will turn up?

Last year it lost £889k (before impairment and goodwill amortisation) on £8,944k sales in operations. That was up from 2010 when it lost £828k (before acquisition costs and goodwill etc.) on £5,980k. So just more empty turnover. Not exactly winning juicy operating contracts, is it? Then of course it has to pay for corporate expenses, up from £511k to £663k.

[praipus] 12/6/2012 10:40

its only a loss if you sell now...assets and good will are worth a lot more than the current share price

[stemis] 12/6/2012 10:26

Yawn all you like but this company has lost 90% of its value in just 2 years.

[c2b] 11/6/2012 17:31

And of course how low they are prepared to quote on these third party contracts, and how onerous the terms they are prepared to accept.

On the one hand the third party contracts would appear to be priced so low they don't make a profit, and on the other, the terms are so onerous, and the delivery, or collection so poor, that they don't get paid.

So presumably that's how we get to where we are.