Share Name Share Symbol Market Type Share ISIN Share Description
Vislink Plc LSE:VLK London Ordinary Share GB0001482891 ORD 2.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 17.375p 0.00p 0.00p - - - 0 06:30:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Technology Hardware & Equipment 57.8 -1.0 -0.7 - 23.91

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Date Time Title Posts
19/6/201714:52Vislink - Exciting times ahead.9,123
09/7/201513:45Vislink = On its way to profit in 2005989
25/3/201507:49VISLINK Turnaround confirmed55
15/7/200915:54VISILINK CHARTS ONLY17
21/5/200915:26something in the air at Vislink?41

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lignum: Even if this is not a forced sale it makes sense - why on earth would Pebble need a UK quote and all the associated costs. However any buyer will need to get the Pebble guys on board and they have no incentive whatsoever to build the value of the company up - they will be looking after their own interests which will be to sell Pebble at a low price so they can share in the upside with a buyer via some kind of private equity incentive plan. I would not be surprised if the sale proceeds were eaten up by severance and other closure costs at the Plc. Hawkins too has no interest now other than to maximise his severance. There will be nothing left of the Plc other than residual assets and liabilities and as anyone who has been through winding up will know, the administrator will also take his very large slice of the pie and stretch the process out as long as possible and I can see recoveries from the sale of the hardware division to take years. The settlement will be negotiated and the administrator will say what a great job he has done and the shareholders will all have moved on. I have no idea why the share price has not collapsed further. This has been an effing disgrace over the last couple of years and Hawkins should join the list of those who should never again be allowed to run a plc.
bakunin: Pebble Beach is on an annual sales run-rate of £11m which makes almost £2m in profit. Order intake was up 50% at the half-year report and there was the ultra bullish RNS about new orders a few days ago. A profitable, focused software developer should be on a P/S of about 2, which means that the share price should eventually be 16p+. If it is growing at that rate, the multiple assigned by the market ought to be higher still. It will be interesting to hear what the strategy is going forward. I would imagine M&A will be mooted at some point, otherwise what do they need Hawkins et. al. for
nick rubens: Crystal Amber and Johnston Press. Look at CA share price growth from activism and corporate change in companies.
smithie6: Sharw " The irony is that it was almost exactly a year ago, with the price in the 50s having touched 60p, that we were up in arms at the "Value Creation Plan" that would shower the directors with riches if the share price moved above around 70p after three years. Now they have two years to get it from 16.5p to over 70p!" imho the dirs. will now either be booted out....leaving the shareholders holding very little imo in terms of TNAV/business...after having about 15-20p share cash in 2011-2 !!! (did the dirs. achieve sucking cash out in to their own hands ??!!) or dirs. just issue themselves options for 10%-20% of the co. at 0p/share if get the price back to 20p or 25p. either way imho....shareholders.....truly rodgered... imho shareholders only have themselves partly to blame since they voted in favour of everything that has happened !!!!!!!!!!!! (unbelievable but true imo)
paleje: IC had this article on 29 Sept, nothing has happened since then except vilifying of management for their greed which is fair enough, but the business remains and the share price has a long way to travel before directors benefits scheme kicks in, if indeed that and they remain in place:- Ordinarily, when a company’s share price slumps by almost a quarter post results it’s generally due to a profit warning or at the very least a substantial deterioration in trading conditions. Therefore, it may come as surprise to many that Vislink (VLK: 40p), a global technology business specialising in the collection and delivery of high-quality video and data from the field to the point of usage, has not warned on profits even though its share price has taken a battering since the release of its half year results a fortnight ago. In fact, the price is back to where I initiated coverage last summer ('Time to make the link', 26 August 2014). So what has spooked investors? It’s certainly not the performance of Weybridge-based Pebble Beach Systems, a developer and supplier of automation, 'channel in a box' and content management services for TV broadcasters, cable and satellite operators. Last year’s acquisition now looks a bargain buy for Vislink as the business blazes a trail across the broadcast sector. In fact, it’s trading ahead of some analyst expectations. For instance, in March this year, Pebble Beach was awarded a landmark deal with Al Jazeera Media to supply a system to unify the broadcaster’s playout infrastructure; a few months later German national broadcaster ZDF transferred all of its playout across its five channels to Pebble Beach’s automated solution; and in July, Nasdaq listed Harmonic Inc (HLIT), Vislink’s strategic partner in North America who white labels Pebble Beach’s applications under the Polaris brand, said that the partnership had already secured several contracts from a standing start in its first nine months. The bottom line is that Pebble Beach’s operating profit surged by 60 per cent to £1.8m on revenues of £5.4m in the first half. It’s higher margin too which means that any revenue shortfall from other parts of the business is easier to cover. The performance of Pebble Beach also explains why Vislink’s adjusted pre-tax profit rose by a quarter to £2.2m on revenues of £26.6m in the six month trading period and why the board’s guidance, and for that matter analysts profit forecasts, remain unchanged for the full year. At the bottom of the range, analysts at Equity Development expect Vislink to report a 3 per cent rise in pre-tax profits to £7.3m on flat revenues of £62m. On this basis, expect adjusted EPS of 4.8p and a dividend per share of 1.55p, implying the company’s shares are rated on a forward PE ratio of 8.5, or less than half the sector average of 20, and offer a prospective dividend yield of 3.8 per cent. Analysts at broking house N+1 Singer are even more bullish and believe the company is on course to turn in profits £400,000 higher than Equity Development’s aforementioned forecast. And it’s not as if the company has stretched finances to warrant such a low rating either as net debt of £1.2m equates to less than three per cent of shareholders funds, and well within credit facilities of £10m. Reasons for the slump In my opinion, there are three likely factors behind the share price slump, but none can justify the scale of the decline. Firstly, challenging market conditions impacted Vislink’s Communications Systems business and led to a £1.7m one-off charge for a (largely completed) restructuring of this hardware division. However, this has to be put into some context as first half order intake of £22.1m for this side of the business was way ahead of first half revenue of £16.9m, the lower cost base has improved operating leverage through site consolidation and outsourcing older products to third parties, and investment in new products is underpinning the pipeline of future work. Indeed, the board is actually guiding shareholders to improved trading in the second half. Secondly, Vislink’s surveillance business had tough comparables as this unit benefited from a large Home Office contract in the first half of 2014. But even after factoring in an anticipated decline in surveillance revenues from £15.9m to £9.5m for the full year, the combination of a repeat revenue performance from Pebble Beach in the second half, underpinned by a robust order book, combined with margin improvement through a better sales mix and lower cost base, more than compensates for softness on the surveillance side. Furthermore, the increasing proportion of revenues being generated from the higher margin software business, inline with the company’s strategy, improves the predictability of future revenues and earnings, and reduces the reliance on lumpy hardware contracts. That’s a positive, not a negative in my view. Of course, investors may just be taking a very cautious view as they are entitled to do. For instance, the economic slowdown in Asia, with potential knock-on effects on Vislink’s customer base is worth flagging up given the cyclical nature of advertising spend that underpins broadcasters’ income. Broadcast revenues from Asia fell by almost a third in the first half, but this has to be put into perspective too as this segment represents only a small part of the business, about 7 per cent of Vislink’s first half revenue. Thirdly, sentiment has not been helped by a controversial share scheme the directors awarded themselves in the summer (‘Awarding success’, 16 July 2015). That said, Vislink’s share price would have to rise by almost three quarters to 70p for the company to have a market value in excess of £85m before the directors financially benefit from the scheme. The bottom line is that I feel that the sell-off in Vislink’s share price has gone way too far and with the 14-day relative strength indicator(RSI) massively oversold – the reading is in now in the low 20s – and the company still forecast to generate earnings growth, a single digit PE ratio shouts value. In the circumstances, I rate Vislink’s shares a buy on a bid-offer spread of 39p to 40p and have a medium-term target price of 70p.
investoree: davidosh this situation has become truly appalling I can see nothing to support the VLK share price at the present time and like you wish I had sold my original 170K worth of VLK shares when the scheme was first announced - instead of ending up acquiring another 20K from a buy limit order that I had placed a long time ago and had forgotten about which was executed at just under 47p whilst away on an extended holiday. Having zero faith in the current management to act in the interests of all shareholders many of whom have paid good money to become part owners of the business. I have held my shares for many years through thick and thin since the days when VLK was called Silvermines and now view the current management as nothing short of disreputable opportunistic thieving bar stewards. However I am not prepared to sell out at such a low and distressed price giving them an opportunity to possibly pick them up cheaply in the market and possibly offering to take the company private at a small premium to a badly depressed valuation as a direct consequence of their actions as unlike us they clearly know the true worth of the company!
cestnous: There is also a one page article in the I.C. Posted it here for info only as I have no position; Cut and run at Vislink? Vislink’s corporate governance shortcomings set a dangerous precedent for other Aim companies to follow One way for a company to raise eyebrows is to create anew class of shares with different rights from those already issued. When these new shares are only available to senior executives, warning bells ring. Yet this is exactly what Vislink announced on 1 July – and it’s outraged many shareholders. Normally, a parent company owns its trading subsidiaries directly. Vislink has set up a holding company to sit between the two. The new ‘growth’ shares are in the holding company and, apart from being adevice to create a new class of shares, there appears to be no business reason behind it. The plan is that these growth shares will convert into ordinary shares in Vislink in June 2018. The conversion rate will cream off 15.38 per cent of Vislink’s market capitalisation above £85m at that time. If the market capitalisation is less than that (it’s currently about £65m), they will be valueless. Why did shareholders agree to this? The short answer is that they didn’t. Vislink slipped it through just a month after its annual meeting, where it was not on the agenda. This is where Aim stocks differ: had it been listed on the main market, Vislink would have had to seek shareholder approval. Aim stocks, apparently, don’t require this. Curiously, Vislink left the main market only last year. At the time, it was said that its migration to Aim would reduce the regulatory and legal burden (for which read: safeguards) associated with acquisitions. And, although they did not mention it, pay. The share price needed to hit the £85m hurdle rate currently works out at 70p. A surge in the stock market would do the job for them. So could a spike. Another odd matter is that, although Vislink says that it intends to link any reward only to the performance of the company’s share price, it expresses the hurdle in terms of market capitalisation. Since this is the number of shares in issue times the share price, what’s to stop Vislink merely issuing more shares? They’ve thought of that. The value will be adjusted “to account for any equity placing, share buyback or special dividend that occurs in the period”. It sounds reassuring but what does ‘equity placing’ mean? Vislink’s purchase of Pebble Beach Systems last year was partly funded through issuing shares – not an ‘equity placement’ in the normal meaning of the word. Further bolt-on acquisitions over the next three years could bring further dilution as will shares created to satisfy outstanding share options. This would make the target share price lower. Some shareholders point to the strong growth over the past three years in Vislink’s business of collecting and transmitting video and data from their source to the point of use. But this has depended on acquisitions, and the quality of management matters. Corporate governance is all about ensuring that shareholders’ rights are guarded and those chiefly responsible are the chairman and the company secretary. Ideally, they should each have distinct roles, but at Vislink John Hawkins is both chairman and chief executive and Ian Davies doubles as finance director and company secretary. Both have been awarded the new ‘growth’ shares by the three non-executive directors, whose own fees were increased by a third last year (to £40,000) – on the recommendation of Mr Hawkins and Mr Davies. Strangely for a chief executive, Mr Hawkins is contracted to work only 161 days a year. His salary and benefits of £438,000 last year equate to about £700,000 on a full-time basis. He waived his £304,000 bonus last year, but there was a reason for that. Previously, he had been paid as if he was a consultant, but HMRC insisted that tax and national insurance should have been paid, as for any employee. The bonus was waived to ‘offset’ (do they mean ‘partially offset’?) this liability. And Mr Hawkins has sailed close to the wind before in the role of chief executive. He left Atex after a conflict of interest (he employed his wife and daughter despite being told not to) and his high pay drew criticism at Anite where he ended up being ousted after poor results. Scale up his waived bonus to a full-time equivalent basis and throw in the 2m Vislink shares he received in March 2015 (with a similar amount likely in November 2016), and he’s raking in the equivalent of about £2m a year – steep for running a company with ongoing net profit of about £5m. Why, shareholders ask, is it now introducing an overgenerous and ill-thought-out longterm ‘incentiveR17; policy? The theory is that disgruntled shareholders ensure that directors limit pay awards but this is where corporate governance falls down. Some Vislink shareholders are trying to do just that (see   vislink-poll). But others have cut and run. By selling their shares, the number of votes the activists can muster has fallen. They fear that if Vislink gets away with this, other Aim companies will be tempted to follow suit. Paul Jackson Vislink is one of our Tips of the Week –see page 41  
1fox1: I'm glad they are confident of hitting their target. Bodes well for the future share price Due to the lack of any large institutional holdings in the company I would doubt any PI holdings could pull it off. Two ways of looking at it. If the share price carries on rising as it has why shouldn't they reward themselves accordingly. Since this fella took over in 2011 the share price has risen from around 15p to 56p today. What would you prefer. Pay themselves two bob a week and have the share price at 5p? I don't agree with David that anyone could have took over and the same rise in share price would have been achieved. The company has made some superb acquisitions since 2011. Not to mention some excellent contract agreements. I do agree they have paid themselves more than adequately. I am happy to put up with this as long as the share price heads in the right direction.
smithie6: Btw ...of course...I only give my opinions... and while im negative about vlk share price i have tried to include some of the pro pts. as well..even though i am not interested in the plus pts since already made up my mind.... Each person to make up own mind..... BUT !! hopefully being as well informed as poss. ...considering bull and bear pts. ( imho mkts fully priced or over priced imho... so I have ...since Jan. 2014 been minimizing risk...and trying to select shares with some downside protection ...via low P/E or nett assets...or... VLK hasnt got that imho) --- PS Be nice if VLK were to sell shed loads globally via Harmonic and/or GoPro....UK is short of stars in comms sector (If you want to look at a USA comms co. for product range and co. size...take a look at COMM on Nasdaq. 2800 patents and have invested 1bn$ in products over last 10 yrs they say....and there are more in USA)
smithie6: btw the previous accounts to these.... the results were VERY poor imo for the generation of cash a wadge of costs had been moved to be called purchase of intangible assets...increasing the calculated EPS value (imo falsely) (part of the reason that I sold out small holding when the up trend failed to keep going around ) so imo this is 2 sets of results with questionable or poor results... hence a bear could argue they are not one offs ---- Pebble Beach and software division and future profit prospects..quality of its products....competition to its products..and possible valuation wrt VLK share price... no idea at all !... (agreed that it looks like a cheap & good acquisition and overall I like some/most of the corp. actions that the boss has made but wrt the share price thats another question.....Im not buying so I guess I dont like the risk/reward for the current share price the moment anyway....maybe take another look in 6 months and see how PB is doing...) ---- PS personally....if I wanted to invest in a software co. then Id invest in a software co. not one where it is a hardware co.....with a new acquisition that does software.. although maybe the boss will manage to mould it all into a working cross selling group....but with current share price ...too much risk in current share price ..each to their own...
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