Volution Share Discussion Threads

[toback] 22/9/2010 11:53

well the trading update came through - although whether this is in line with (redu ed) expectations is anyone's guess.

Football not quite evaporated though.
Finishing touch looking better.
Theatres poor???

[argy2] 20/9/2010 08:27

No gg didn't see it.

[greengiant] 20/9/2010 08:03

Did my declaration come through? Can't see it. This is despite me getting an e-mail from the company confirming that I was no longer a holder. They still haven't released it.

gg

[dd776] 20/9/2010 07:34

How much they talk, or are they sitting on the sideline? ment to be in play?

[argy2] 10/9/2010 07:27

Harry for the England job?

[hh9] 08/9/2010 08:50

Or perhaps the directors (Smiths) knowing that they need to dispose of the football business and that they will go with it, are deflating the figures and thus the valuation, so they can get it a lot cheaper!!!

[toback] 07/9/2010 20:21

It was round about this time last year they issue an update on trading following transfer window. Must've missed it this year!

It would seem that in the space of 12 months the footie business has just evaporated.

[currypata kai] 07/9/2010 12:04

nah...I believe you!

[argy2] 07/9/2010 11:49

Doubt it...but it was after hours one day which may not show up for some reason. I definitely saw it and trust GG. Why not ring company and ask them why it was not announced?

[argy2] 07/9/2010 11:34

Can't remember the date 1.5m @5.06p if I remember correctly.

[argy2] 07/9/2010 11:14

Well the more observant saw the trade go through as described.

[argy2] 07/9/2010 08:29

I suspect most were bought in the cheap 'from the trough' placing. As for his subscribers their average must be a lot lot higher. Still, let's not worry about them eh?

[themoneymonster2] 07/9/2010 08:24

Wonder what the funds breakeven share price is? 15-20p?

[argy2] 07/9/2010 08:18

TW's estimate of the take out price seem to have altered a lot in last few weeks.

[tsmith2] 06/9/2010 23:41

It is easy to always talk about your winners. But below we look at 3 investments that are yet to deliver buy which we expect will deliver so we hang on and in the case of 2 of the three we have bought more.

On 24th August 2010, First Artist delivered a disappointing Interim Report for the six months ended 31st May 2010, with a headline first half loss of £5.1 million but that was mainly non operating and non cash numbers. The statement detailed how the business continued to be impacted by the global recession, and had struggled through a very challenging period. Joint revenue across both divisions, Media and Events, totalled £36.5 million, with the Media division generating 96.5% of total revenue. Total adjusted EBITDA was at £0.284 million. But added to that was a foreign exchange loss of £1.182 million and a series of non cash write-down's which First Artist was forced to make under AIM rules because - as we learned on the 10th August 2010 - the Group is involved in talks which may or may not lead to an offer being made for the Company.

Due to a minor breach of banking covenants the entire Group debt is now classified as a current liability in that in theory the bank could pull the plug. But why would it on a technical breach. First has that situation under control. The shares now trade at 9.125p a Market Cap of £2.7m and an Enterprise Value of c£20 million.

Although, the high level of debt undoubtedly has the market extremely concerned, the Mezzanine Loan of £3.7m, plus rolled up interest costs of £347,000, due 31st August 2010, has been extended to 28th October 2010. First has explained how a recalibration of existing banking covenants is required, plus a restructuring of Group debt. The bottom line is that First is in play. We reckon that any bidder is really only after SpotCo and Dewynters and will have to pay a price of at least 15p per share but plausibly a lot more for the equity as well as taking on the debt. If no bidder emerges, with an underlying EBITDA of £5-6 million likely to be generated during the next year by First, it can simply clear its debt over time (4years). We are happy to stay invested for either outcome.

[tsmith2] 06/9/2010 23:37

No guesses as to where this is from but they seem very very confident..

No dodging the bullet - some of our investments have not performed as we might have hoped. In a small fund which is tightly held this has a clear impact. Where we recognise that value will not be delivered we fess up and sell. But where there is clear value we do not. So with bidders circling why should we sell First Artist, for instance? At 9.5p there is huge short term upside (if a bid emerges) and we would argue more if a bid does not emerge. So we do not sell but First Artist on its own has knocked 2p off the NAV in recent weeks. We expect to get all or most of that back in the very short term.

[currypata kai] 02/9/2010 09:14

gg...strange that it hasnt been posted yet ??

[greengiant] 31/8/2010 11:41

It hasn't but it was sent.

gg

[tsmith2] 31/8/2010 11:31

no i dont think it has..

[currypata kai] 31/8/2010 09:25

gg....your rns doesnt seem to have appeared yet or has it ?

[greengiant] 26/8/2010 15:54

tsmith,

I sent my RNS the same day. Interesting to note that the last 8.3 shows the Fernback's selling prior to the results and not releasing it within the 3 day window.

Naughty naughty

gg