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[argy2] 11/6/2009 11:42

tsmith2


lol...good to see you have a sense of humour.

[glennborthwick] 11/6/2009 11:08

it also gives united 80 million to spend

[tsmith2] 11/6/2009 10:55

Ronaldo sold for £80m I wonder if FAN were in anyway involved, doubt but with be an absolute bonaza if they had been.

[death by donut] 10/6/2009 15:37

Is that it then?

DbD

[lfc4ever] 09/6/2009 09:36

from The Times today:

A number of agents, as well as other clubs, have been informed that offers would be considered for Newcastle's entire playing staff. It has also been reported that First Artists, the agency, has been charged with finding buyers for high earners including Obafemi Martins, Joey Barton and Fabricio Coloccini

[egoi] 03/6/2009 08:24

Yes he is a FAN 'customer'. I think he may even have been mentioned in the recent results statement.

[lfc4ever] 02/6/2009 22:03

one of ours?

[egoi] 02/6/2009 21:20

Gareth Barry joined Man City for 12 million.

[death by donut] 30/5/2009 16:22

Well , that sort of fizzled out then.

DbD :0)

[egoi] 26/5/2009 14:13

Incidentally anyone that's impressed by the balance sheet might like to bear in mind that the company has over 33.9 million of 'non-current goodwill, brands and other intangibles', but under 7 million of actual net assets.

In my opinion that means an awful lot of profit is going to be required, just to fill enough of that, what I'd call 'void'; or probably more realistically I suspect as soulsauce suggested a sale of part of the company.

[qs9] 22/5/2009 09:52

egoi I think you are right, but downside IMO is limited hopefully as they have shown a +EBITDA in the worst 6 months+ for decades....if economic recovery is happening in 09/10, then FAN should benefit, so people / investors should look forward not back.

Tax charge: depends when cash is due (9 months in UK for instance) and they may be able to claim under the Sale Agreement if indemnified.

Trading is key, forward looking statements are more upbeat than the backward looking ones.

HOpefully they can manage this business to a £2-3m EBITDA performance on the full year and reasonable cash flows to pay down the debt....then the equity IMO will start heading back to £1+.....it will take time.

In the meantime me thinks profit taking may be on the cards with the recent rise, but at sub £4m market cap, despite the debt, the siuation is looking better IMO

[napoleon 14th] 22/5/2009 09:24

Libor rates are back to normal & debt is not a handicaping issue as such, contrary to this time last year, for example.

However, good husbandry is, & with a recession in full swing, the jury has to be out on this set of figs, although the ebitda figures are reassuringly +ive.

[soulsauce] 22/5/2009 08:35

Still think, and thought when I held them, that they should off-load one of the lesser divisions in order to pay off a big chunk of the debt to strengthen the balance sheet.

Until that happens I will continue to stay away. Not good to have so much debt at this time.

[egoi] 22/5/2009 08:35

So they don't have to pay exceptionals, they can be dismissed, is that your argument Tsmith2?

That debt hasn't to be paid back?

The commentary on the U.S. loan - the length of 'explanation' speaks for itself imho.

And quite right QS re interest.

That an $800,000 tax charge, if it has to be paid ,can be similarly 'ignored' because it just happens once?

Now how's some of the various divisions doing............

'.....Sponsorship Consulting Limited suffered in the period from much reduced sponsorship budgets, and with the very uncertain outlook for corporate sponsorship the decision was taken in February 2009 to cease trading. Included in these results is a loss of £325,000 relating to the closure of the business.....'

'......Events businesses have, inevitably, been hit hard by the economic turmoil, with many established companies being forced out of the market. However, enquiries are showing signs of picking up, and The Finishing Touch is well placed to take advantage of new opportunities as and when they arise.....'

'Enquiries'? I could phone them and 'enquire'!

'.....Optimal Wealth Management, the Group's independent financial advisory firm, proved resilient in a very difficult environment as it sought innovative investment solutions for its clients. The firm has also implemented a restructuring programme in order to realign its operational gearing.....'

Incidentally depreciation and amortisation will imho continue to be significant burdens for this company.

I suspect someone around here has little concept of debt.

Remember Infonic and Disperse inter alia? I was told I didn't understand their balance sheets either......... -:)))

[qs9] 22/5/2009 08:31

Pity they cannot manage their interest charge better....paying down debtwill always be the issue here, but headline EBITDA at £1.1m is not a bad start into what people will see as a recovery market...so £2.2m+ for the year (hopefully)..plenty of room on the upside me thinks....lets hope for once they may get some IR going....

[currypata kai] 22/5/2009 08:18

egoi

what is weak about the balance sheet ?

[tsmith2] 22/5/2009 08:10

egoi

you are proving that you really don't understand a set of accounts.

[egoi] 22/5/2009 08:04

This balance sheet is just frighteningly weak imho!!

All three divisions have significant uncertainties in their outlook statements and what's worse there looks like being an extra $800k tax charge for Spotco!

Ouch, Ouch and Triple Ouch imho!!!

Loss) / earnings per share

Basic (loss) / earnings per share (pence)

(18.52)

Marked higher at the open to attract in suckers imho, and no doubt the Winnifroth 'machine' will doubtless talk it up, but the bottom line (pun intended) is that it's not pretty here to my eyes anyway.

[tsmith2] 22/5/2009 07:26

EBITDA at £1.1mn vs £1mn prior year equating to adjusted eps of ~9pm (share price 30p).

market cap £4mn.

impressive resilient performance. spot co and dwynters are clearing hold their own.

should go down v well.

[tsmith2] 21/5/2009 08:01

evo on 10p v 50p!

market cap of just £4mn for SpotCo and Dwentyers - madness

[marn2] 21/5/2009 07:58

can anyone tell me the reason for the rise here. thanks in advance.

[napoleon 14th] 20/5/2009 22:24

Close @ 30.5p nice to see after a day away from PC.

[lionheart79] 20/5/2009 13:01

65p my break even. I'm not looking to average down.

[tamdolan] 20/5/2009 10:40

hope so tsmith2. I am in at .5 so long way to go before I break even. But still think these are good long term