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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Turbotec Unres | TRBO | 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 |
| Top Posts |
|---|
Posted at 24/3/2013 11:25 by charlie Sharesoc advises members to vote against the delistingPosted by ShareSoc at 09:19, March 24 2013. Turbotec Products delisting Turbotec Products (TRBO) is an AIM listed manufacturer of heat exchangers, mainly for residential heating systems, air conditioning, and domestic swimming pools. The company has factories in Connecticut and North Carolina, and the majority of the directors are based in the US. Activity is dependent on US house-building, so business has been tough in recent years. Turbotec has nevertheless been profitable in every year since listing in 2006, although profits fell substantially last year. The latest accounts to 31 March 2012 show earnings of only 1c, but tangible assets of around 90c (60p per share). Prior to the announcement of the delisting proposal, the share price had been static at around 20p for the past six months. After the announcement on the 22nd March the share price halved within minutes. The announcement does not outline any strategy for future returns to shareholders by way of dividend or trade sale of the company. Nor does it offer any reassurance about future governance arrangements. The reasons given for delisting are that: - there is limited liquidity in the shares; - the company's market capitalisation has become disassociated from its inherent value; - a stagnant or falling share price has a demotivating effect on the business and its employees and a potentially adverse effect on customer and supplier perception. None of these reasons seems compelling to minority shareholders in a business which has been resilient through the recession, and is now expected to recover towards its former profit levels in line with the resurgence of US house-building. The company states in the delisting announcement that a key point "is the lack of demand for its shares and, in practical terms, a small free float, which further reduces demand. Given the lack of liquidity in the shares, in practice minority shareholders have not been able easily to trade their shares". It is certainly true that recently there has been poor liquidity with no trading on many days. However that is true of many AIM company shares. Turbotec's parent company prior to Admission to AIM in 2006 was the US-based Thermodynetics Inc, which retains a 13% shareholding. The two other largest shareholders are non-executive director Joseph DeSana (24%) and Execuzen Ltd a company controlled by Adrian Ezra (18%). Both these shareholders appear to have acquired the majority of their shareholdings from Thermodynetics in April 2010. According to the 2012 accounts, L'Espoire Trust has a 6% shareholding. No other current shareholdings above 3% have been disclosed. This leaves around 40% of the shares held by smaller shareholders. A particularly unattractive feature of the proposed delisting is the possible conversion at a very low price of a recent convertible loan of $200,000 from major shareholder Execuzen Ltd. The loan was made in January 2013, only two months before the delisting proposal. The terms of the loan provide for conversion into shares at 0.25p above the average share price on AIM in the 5 business days prior to conversion. Following the delisting announcement - which has predictably halved the share price as shareholders who cannot or will not hold unlisted shares rush for the exit - Execuzen now appears able to convert its loan at an artificially low price. The terms of the loan were agreed as fair and reasonable for shareholders by the independent directors in late January, after consultation with the Nominated Adviser Seymour Pierce (now Cantor Fitzgerald). Some Sharesoc members who hold shares in the company do not agree that it is fair and reasonable to set loan conversion terms referenced to the share price on AIM, shortly followed by a delisting proposal which predictably halves the share price on AIM. Shareholder Guy Thomas said: "There are two aspects of this delisting proposal which are particularly galling for shareholders. First, Turbotec is a consistently profitable company with no immediate financial distress which necessitates delisting. Second, the convertible loan issued at a time when delisting was probably already under consideration will dilute shareholders at a very low price." This case highlights that investors on AIM face not only the trading risks inherent in a company's business, but also governance risks arising from the ability of profitable companies to delist at the whim of directors and a handful of major shareholders. ShareSoc advises shareholders in Turbotec to vote against the delisting. |
Posted at 09/12/2011 14:08 by speedy Loans of 3.3M @ 5.3% interest, and an overdraft of 1.2M @3.25% interest, with a 9% drop in profit margin means that these guys are now working to pay off their Bank. Also, the management's statement looking forward is hardly optimistic. I seem to remember that last December's report was also depressing. If TRBO gets its act together maybe March 2012 will seem a little brighter, but the risks now seem significantly higher, IMHO. |
Posted at 21/3/2011 12:22 by speedy I'd guess that thoughts are turning to the year-end report due sometime before August, and factoring in the possibility of a dividend being paid. This is trading below fair value IMHO. |
Posted at 09/10/2010 09:53 by speedy Tried asking TRBO, this is the clarification ... "The litigation referred to by Thermodynetics in its SEC report relates to litigation between Thermodynetics and Turbotec Products, Inc (the US operating company) regarding facilities leased by Turbotec from Thermodynetics. This trial is currently set for February 2012 in the US courts." The response also clarified that the UK litigation is "resolved". |
Posted at 07/10/2010 10:42 by speedy TRBO seems to have sound engineering and financial attributes, but litigation seems to be an ongoing problem. If you check out the latest SEC filing for Thermodynetics (TDYT) there is a reference to a jury trial in February 2012, so that particular thorn in the flesh is not fully gone. IMHO this looks like poor judgement (apologies for the pun) by TDYT, however, I am wondering as to exactly when TURBO will fess up to the presumably, material fact? Waiting for something positive to bury bad news? IMHO, it's just poor PR. I'm overbought generally ATM, so without positive noises from this management, I'm on hold. |
Posted at 05/10/2010 17:18 by playful Turbotec is a highly profitable little business, with reasonable margins even during a tough 2010 (note that it had legal costs of 750 this year due to a dispute with its former owner, so FY profit would have been a healthier ~1100). And its growing - sales in 2003 were 11,200, growth of 8% per year. The best part of this is the valuation, 3.4x peak earnings or 6x adjusted 2010 earnings. Returns on capital employed have been lower over the last few years due to the cash held on the balance sheet, but the company has recently moved its manufacturing to a low cost region of the US, which should see all that spare cash spent. The company plans to resume its dividend at some point in the next year, which I think will provide investors with a 12% yield under quite conservative assumptions. I have been busy buying, anyone else see the value? |
Posted at 12/5/2010 17:50 by venture traveller Turbotec Products has won a High Court battle over administration fees with its majority shareholder Thermodynetics.Turbotec has also been awarded substantial costs, including payment on account of £350,000 by TDYT within the next two weeks. The court ruled that the annual administration fee had been calculated solely by reference to TDYT's cash needs and bore no relation to the services that it had claimed to provide. Judge Dight said it was clear to him that the provisions of the relationship agreement for the payment of the administration fee were not a genuine transaction but a disguised return of capital. With this court room dram out of the way, and TRBO £350,000 richer, the share price will now get back to where it belongs. GL |
Posted at 20/2/2008 12:11 by tole 20-Feb-08 Turbotec Products TRBO Evolution Securities Buy 80.50p - 100.00p New Coverage |
Posted at 06/11/2007 09:59 by mikehardman interims just out - turnover +25%, gross profit +44%, pretax profit +95%, NAV +21%, maiden interim divi (1.1p/share); outlook weakened in some areas due to knock-on from sub-prime lenders problems |
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