Volution Share Discussion Threads

[argy2] 26/8/2010 13:10

tsmith2

In English please

[tsmith2] 26/8/2010 12:46

sound we not have had GG's holding statemnt?

[egoi] 25/8/2010 16:42

0.5p bounce after yesterday's huge fall.

Maybe the market is more concerned about the breach of banking covenants, and less persuaded about the break up potential, than some?

[themoneymonster2] 25/8/2010 10:41

Yesterday's update from t1ps.com:

Evaluation...

At 10.5p, First Artist has a market cap of just £3.15 million – giving an Enterprise Value of £20.78 million. I view this as an inadequate valuation for the Media business alone – which is easily capable of generated £5 million+ of EBITDA as and when its market conditions even slightly improve. There is then also the Events business (which generated £339,000 of underlying EBITDA in the six months ended 28th February 2009) and Sport business (which "it is the Directors' intention to divest... as they believe it is not a natural fit with its media-focused strategy for the future") in for nothing. Of course the debt situation creates a material risk, though the company looks to have bank support and notes it is "exploring numerous avenues to improve the position of the Group". There is also of course the 10th August announced "talks which may or may not lead to an offer being made for the Group". I know that talks continue (indeed Jon Smith is in New York today) and that there is now more than one party showing a real interest. I also know that if Smith cannot achieve well in excess of 20p per share he will walk and simply trade on and clear the debt over the longer term. I expect a lot to happen during the next month. In all, I continue to believe more shareholder value than currently on offer by selling the shares will be delivered from here and that thus, back at 10.5p I am upgrading my stance from "hold"to"buy".

[themoneymonster2] 25/8/2010 09:23

If there are more than 1 interested party and there becomes a bidding war, that will be nice!

[tsmith2] 25/8/2010 09:14

it seems MMs are not holding much (if any) of GGs stock from yesterday, so I wonder where they have gone - hopefully we get holding statements..stollers?

[themoneymonster2] 25/8/2010 08:35

max buy online is 2500 at full 9.5p

edit: Can now buy 10k at full ask. Whose having them before the next tick up?

[tsmith2] 25/8/2010 08:30

There's only WINS left on 9.5p next on the offer SYP and KBC at 11p.

not a pump but anyone looking to buy should pick some up sooner rather than later or else they'll end up paying 11p instead of 9.5p.

someone needs to do something about the spread!

[themoneymonster2] 25/8/2010 08:26

Can't get a quote for even 10k shares. I bet the t1ps fund or the bidders have took gg's shares on, for probably around 10p giving the mm's a nice 100% profit in a day. Otherwise, you would be able to buy shares.

[themoneymonster2] 25/8/2010 08:17

Difficult to buy any!

[argy2] 24/8/2010 22:19

Sounds more like Tom is trying to support the price with unsubstantiated rumours.

Nothings changed there then!

[themoneymonster2] 24/8/2010 21:15

R&J, You in?

Sounds like Tom W knows someone else who is interested!

[romeoandjuliet] 24/8/2010 19:23

GG - maybe you should have asked Tom if he wanted your stock at 6p?

[themoneymonster2] 24/8/2010 18:13

I emailed Tom W asking if FAN had to notify the market about other interested parties,

Tom



Don't AIM rules insist FAN have to inform the market if there is now more than 1 interested party?



Regards



C


here is the reply:

Who said FAN was my source?



I would only assume if party 2 had tabled an indicatice approach

-------------------------

NICE!

[greengiant] 24/8/2010 16:58

Hi guys,

Actually I am okay with it.

The reason I sold - The company has no alternative but to sell, which places the bargaining position to the bidder. Yes I may have got more - but life has taught me not to dwell.

I put myself in the position of the bidder - why take on £20m debt with a further £10m def consideration? Why not wait until the company runs out of time? Which it will.

The results were a lot worse than I expected, the £2m cash outflow was horrid, why would a bank lend more money? It wont and any bidder will know this. When I spoke to the company near the AGM, I expressed my concern that the company was not only breaching its covenants due to a sale of the businesses but rather that trading HAD to have an impact - I was told not. A copy of the e-mail from JS has now been sent to the SFO as the company HAD to be aware at the time of the AGM that it was breaching Covenants due to TRADING conditions.

I doubt anything will come to it - and genuinly do wish any new investors well and hope you make some ££'s, me I didn't but some you win and some you lose and luckily I could afford to lose it

gg

[themoneymonster2] 24/8/2010 16:56

Nice if a bidding war arises, may even get closer to 25-30pps?

What's for sure is that if they do sell the company it will be for at least 20pps.

If they say talks have ended then we will drop but long term, it must be a decent gamble around 9p. If they agree new terms with the bank and can pay debt down over next few years we will get to 20-30p anyway, will just take longer.

It's risky but it we may not have to wait long to see a 100% gain.

[wiganer] 24/8/2010 16:54

re 1315- are you mental?

[argy2] 24/8/2010 16:54

Did TW not say this earlier?:


He reckons JS in New York today and will not accept below 20pps and more than 1 party interested in buying FAN now : )

Presumably they know this without being approached by others then or have they and just not let the market know?

That said, this was supposedly TW so we can treat it as such.

[tsmith2] 24/8/2010 16:46

ARGY2

Note TALKS WITH rather than in talk with with a

Statement re: Share Price Movement



The Directors of First Artist note the recent share price movement and the Company's Board confirms that it is in talks which may or may not lead to an offer being made for the Company. The Board emphasizes that discussions are at an early stage and that there can be no assurance that an offer will be forthcoming.

[argy2] 24/8/2010 16:29

tsmith2

Not so much communication more legal requirement.

[themoneymonster2] 24/8/2010 16:16

The difference of 10p per share bid or 20p per share bid is only an extra 10-15% of the enterprise value if you look at the debt.

[tsmith2] 24/8/2010 16:08

communication isn't exactly the envy of the market

[tsmith2] 24/8/2010 16:07

ARGY2 - yes few £k's worth at on average 9p.

Stoller's americans? I wonder whether they will now snap up some more shares on the cheap and force the issue.

[argy2] 24/8/2010 16:06

I think the word 'potential' is the important one.