We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Tmn | TMN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 12.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 12.00 | 12.00 |
| Top Posts |
|---|
Posted at 08/6/2009 12:45 by baheid101 Very difficult to scupper the deal unless somebody comes in with a rival offerMy take on this is that TMN management have completely destroyed value by taking on too much debt to buy IBG/TAPPS and the terms of the reverse takeover reflect this. IBG profitability should be solid enough (although the travel exposure will not be helpful), but my instinct is that the email marketing business is now profoundly loss making as demand for their owned email databases (largely made up of mutualpoints.com users) has fallen off a cliff and they are struggling to to 'right size' the cost base to minimise losses. Is this the credit crunch or management's failure to invest in the data assets to ensure their offering remains attractive through the cycle. Mutualpoints, which has historically been the main source of email addresses, has been shrinking for at least two years in the face of competition from cashback sites yet they have done nothing. Their email database is therefore old and unresponsive and correspondingly the amount advertisers are willing to pay will have fallen. Clearly things have turned down so far that they are now in danger of breaching covenants. Also who knows if the dutch TAPPS business is still profitable? Hardly a position of strength to fight off Danson. On the plus side, hopefully we finally could have proper management running the business. This has clearly been the main problem in the past and it may be that having a smaller stake in a well run business is the least worst option. I would be much happier if the reverse takeover involved an injection of cash but it doesn't!!! Progressive is in debt itself so the debt problem doesn't go away unless the new earnings power of the combined group is enough to pay down the debt without having to sell assets. Shareholders have been SO screwed over in this company. I have been an investor for over 5 years through IBG and in my view this is almost entirely down to management weakness and as an investor in over 80 listed companies for my day job I can safely say this is the worst example of needless shareholder value destruction I have come across. |
Posted at 06/6/2009 15:35 by the analyst I suspect there is more in the story to come and that this is just the first of a number of acquisitions Danson has plannedIt would not surprise me if, over time, the new group becomes a £200m+, profitable company, having expanded through acquisition. Whether that will create value for investors is a different question... |
Posted at 05/6/2009 15:41 by marben100 The full 200 page report, with details of progressive is now out: |
Posted at 08/5/2009 08:33 by warrhead These shares would be 15-20p in my opinion if they weren't suspended. The suspension is clearly not in shareholders interests. I've been told the AIM regulator really doesn't like suspsensions I think a written complaint to the AIM team expressing investor concern over the way the shares were suspended and over lack of subsequent information is probably long overdue. |
Posted at 07/5/2009 20:48 by smelgy ...........a sad end to a once excellent company. I bought these years and years ago, when they were the cheapest stock on the market, even cheaper than Millwall Holdings on a per share basis, now I fear the private investor here will be either wiped out, or at best conned. |
Posted at 21/4/2009 11:54 by warrhead Rule 14 (which describes a reverse) and rule 41 (that discusses cancellation after a reverse) say nothing about suspending shares ahead of a reverse. I am not a lawyer but I think it is rule 40 that is the relevant rule. "Precautionary Suspension 40. The Exchange may suspend the trading of AIM securities where: ♦ trading in those securities is not being conducted in an orderly manner; ♦ it considers that an AIM company has failed to comply with these rules; ♦ the protection of investors so requires; or ♦ the integrity and reputation of the market has been or may be impaired by dealings in those securities." Pretty wooly really and lots of companies don't suspend shares on a "very early discussions" which was when they were first suspended. Early discussions aren't even an agreement. |
Posted at 23/2/2009 13:33 by old boy returns God this share is a nightmare. Have to live in hope that this latest twist is not another rape and pillage raid on the holdings of ex-IBG investors. I cannot believe that independent TMN shareholders would sell out to an offer (paper or cash) priced anywhere near current levels.FWIW I reckon the most likely explanation is an approach from a credible (ie not Maz's latest fledgling plaything) established private company (such as Affiliate Window) looking to obatin a listing on favourable terms. If Maz or James Morris were involved I doubt they would have been buying in the market as that would clearly have been insider dealing so close to the announcement and suspension. Looks fishy for them to have been buying whoever the approach is from. As a non-exec director Danson is supposed to be looking after us poor b*ggers interests. So if it is related to him I would have expected him to have stepped down and be replaced as a non-exec before cooking up an approach to steal our shareholdings. For management for entertain the approach I think it must be credible. They have laready wasted too much time and resource farting around with the Tangent approach and MBO. Best strategy imho would be to scale back the e-mail marketing / agency side so that it can operate at least breakeven and is ready to go when ad spend picks up again (it will) and keep devloping AF which is clearly still doing OK. Then the business (and our shareholdings) should all recover nicely over time. |
Posted at 21/2/2009 13:48 by stemis Dont you guys use stop losses ?No disrespect but stop losses are a traders tool. You're a trader and good luck to you but most of the IBG investors were long term holders who bought and believed the story (which in terms of AF seems pretty much intact). Small caps like IBG have a very volatile share price, low liquidity and high spreads. Trading in and out is a recipe for losing buckets just on transaction costs alone. If you look at the graph you will see that stop losses would have triggered several times during 2005 and 2006 as the price made its way from low single figures to the 30's. Many of the holders believed IBG was on its way to 100p or more. Of course we'd all like to call the top but the mistake was not selling when IBG announced its 'strategic review'. In retrospect Maz had lost his bearings and it was all down hill from there However it's all in the past now and we need to look forward. I can't believe Danson would be interested in some unrelated business reversing into TMN. I suspect its an online marketing type business but larger (or at least more valuable) than TMN. Maybe he's lost faith in Smith et al and sees a different management team taking TMN forward. At the moment who'd blame him. |
Posted at 11/12/2008 16:19 by scr00ge Hi Chiva You are bang on with this one, I have been bearish of TMN for a while. The sector has suffered with DLG & IPT both going bust/recievership over the last 3 months. These results were expected. The main problem I see with this company are 3 fold: 1) They do not inovate - they have no new products - they have bought out a few companies and made millionaires of the owners. They have an affiliate business which they are trying to become technical leaders but are in an extreemly competitive market and are already on the back foot. Tradedoubler, OMG, Buy.at are all way ahead. 2) They have huge numbers of staff and thus are burning cash, as a technology company you would have throught they take the Google adwords route and try to automate the system to improve margins. 3) Their investor relations is terribe. They frankly try to pull the wool over the eyes of the investor whenever the news is bad. They report an increase in sales up up 72% to £15.5m - this is due to their affilaite business (which the bought). The problem is that they are reporting all transactions tracked through the platform as sales - not the 30% comission they take for tracking the sale. Thus it overinflates the figures. The most interesting figs are the Proforma ones: Reported Proforma CHANGE £'m 2008 2007 Email marketing 5.6 7.8 -28% Affiliate marketing 7.1 7.6 -7% Research 1.6 1.2 +33% Publishing 1.2 1.1 +9% Total 15.5 17.7 -12% United Kingdom 13.8 16.2 -15% Netherlands 1.7 1.5 +13% Total 15.5 17.7 -12% The management are diluded, they have no products which are unique and no killer applications. They will be bust within 18 months or bought out. |
Posted at 26/10/2008 17:10 by ashleighp For the record there were three PIs at last years AGM - they were myself, the guy in charge of the "UK Shareholder's Association" (whose name I can't remember) and one other who I didn't know. At the AGM two years ago there were two PIs (myself being one of them) and also one lady who arrived late and missed it all.If you attend this years AGM I think you will find that Peter Harkness, Mark Smith and Craig Dixon are all very approachable and happy to chat to investors. We may also get Warren Tayler, ex-chairman and substantial shareholder, this year - who is also very pleasant and easy to talk to. Subject to being available I intend on being there. If there are lots of IBGers who want to go to the AGM then I would let the company know as the meeting room at Investec used last year would not be big enough for you all this year! With regards the resolution that was not passed - this was one that TMN did not manage to get support for from the institutional investors before the meeting. I have been told by the current FD that it was "quite ambitious" and it was drafted by ex-FD Peter Coveney. |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
