W.h. Ireland Share Discussion Threads

[skyracer] 29/2/2008 15:31

My comments on today's results?

Bargepole.

[gowermonkey] 12/2/2008 20:25

Just like I said ....management think its worth more than it is . The market know otherwise .They know the weakness of managment and the unreliability of their earnings going forward compared to other brokers.

Notice how its not one but a "number of offers" that have been turned down telling us that a a number of institutioins are only prepared to pay what its really worth and not some absurd sum that the management has in mind.

This is why they were overated at 180p plus...in my opinion
Well done to those who sold !!!!! I told you so

[cyberpost] 08/2/2008 16:42

Offer Talks Terminated




RNS Number:6690N
W.H. Ireland Group PLC
08 February 2008


W.H. Ireland Group plc
("W.H. Ireland" or the "Company")

Offer Talks Terminated


On 5 October 2007, W.H. Ireland announced that it had received a number of
approaches regarding a potential offer for the Company and subsequently
confirmed on 27 December that it continued to consider such approaches.

Following further discussions, it has not been possible to reach agreement on
terms of a formal offer which the Board of W.H. Ireland feels adequately
reflects the value of the Company and which it is able to recommend to
shareholders. As a consequence, the Board of W.H. Ireland announces that all
discussions relating to an offer have now ceased and that the Company is no
longer in an Offer Period.

As previously indicated, W.H. Ireland will announce its preliminary results for
the year ended 30 November 2007 on 25 February 2008.

[the speewah] 07/2/2008 21:32

Should have sold them at the time

[makingheaps] 07/2/2008 15:17

Where's our offer?

[a3477681] 15/1/2008 08:40

Peach. Thanks for your interesting thoughts. I sold half my holding at 180p but the other half awaits what I understand is a more or less inevitable takeover. The waiting game gets a bit tiresome although I am hopeful of some action before April even if the tax situation is not so clear cut for the directors. Do you have an estimate for the T/O price?

[peach] 14/1/2008 21:47

Just noticed that Montpelier Group ( has taken a 10% stake in WHI. This would be the biggest stake by an outsider -however management remain dominant shareholders (2 directors own around 15% each).

As Montpelier is in a similar line of business, it could well be the company that approached WHI late last year. Or it could be looking to protect itself from a competitor looking to acquire WHI.

Incidentally Eaglet investment trust is winding up so it will be interesting to see where its shareholding in WHI goes. This was around 7% mid last year and doesn't look to have changed materially based on recent news by Eaglet - hopefully it will go to Montpelier to make things interesting. Certainly Montpelier appear aggressive buyers of late.

Also as an aside, Eaglet is run by Unicorn who also has a further 3% of WHI on behalf of clients.

If Montpelier was the company that approached WHI last year, then they would appear pretty committed to doing a deal to go and buy 10% of the company - perhaps raising the possibility there could be a hostile bid for the company even if WHI management reject the initial approach?

There are a lot of assumptions in the above - interested in any thoughts.

P

[deadly] 28/12/2007 14:45

Seems like a positive trading statement:


Following strong Company performance in the first half of the financial year,
the corporate finance and corporate broking operations have continued to perform well. During the second half of the year, the corporate finance division acted
for 7 admissions to AIM and undertook six secondary fundraisings, raising, in
total, in excess of £30 million for corporate clients.



The performance of the financial services and stockbroking businesses has been
impacted by the volatility of global stock markets caused by the US sub-prime
crisis. However this has been mitigated by a strong contribution from realised
and unrealised gains on fixed asset investments.



Despite lower market values in the second half, group funds under management and
control have remained constant at in excess of £1.5bn, compared to £1.35bn at
the previous year end. The WH Ireland UK Growth Trust continued to outperform
its benchmarks and the value of the fund has increased significantly in the
second half of the year from over £60 million to in excess of £88 million at the
year end.

Our Australian subsidiary, WHI Australia Pty Limited, continued to provide a
significant contribution to both turnover and operating profit.

The refurbishment and subsequent revaluation of our Manchester head office were
completed during the period and as a result of this revaluation and additional
investment in tangible assets, the Directors expect that the net asset value at
the end of the period will show a significant uplift on that of the previous
year.

[a3477681] 27/11/2007 12:24

Strange movements. Perhaps an announcement soon....time to top up?

[quepassa] 27/11/2007 12:23

This stock is showing remarkable resilience in an otherwise bleak market for finacials.

Some weeks back, W H Ireland released an RNS stating that they had received various approaches. Everything has been quiet since then.

Possibly further news will be forthcoming soon.

All imo. DYOR.

QP

[gowermonkey] 06/11/2007 14:41

THE only reason to hold this is the sell out bid and I d be well suprised if that was anything significant above the current market price. After a long bull run such as we ve seen I dont think they will get what they want for this one as I dont think companies will be too generous at this stage of the cycle .

[peach] 01/11/2007 18:25

Recent aquisition looks to have been done at a good valuation - looks to be on a rough maximum PE of around 5. There are probably additional cost savings and cross selling opportunities too.

[gowermonkey] 17/10/2007 11:53

So whats this company really worth?
How dependant is this company on a few key individuals who bring in big commissions?
How are these individuals contracted ( or otherwise ) to the company?
How much does the company depend on "seat of the pants " commissions rather than regular fee income?
How much value is placed on the corporate division given some disasterous floats ?
What legal issues may they be facing?
Do they have many issues with the FSA outstanding?
How greedy are the main share holders ?
How much of it is "smoke and mirrors?"

All questions that would be buyers should be asking.Its the answer to these questions that keeps the price looking "cheap" re its compeditors in my view...but then quality comes at a premium doesnt it? 220p to me is well over the top thats just my opinion .DO YOUR OWN RESEARCH

[makingheaps] 15/10/2007 17:41

How many did Lloyds TSB hold before? Anyone know?

[makingheaps] 12/10/2007 14:20

I hope you're right but I'm not filled with confidence by the movement in the share price since the initial spike.

[qs9] 12/10/2007 12:23

£2.20 looks like a steal IMO, hopefully an auction will progress and jack it 10% higher than that....lets see. Cannot see it staying independent now: IMO this is "in play" it is just a case of "how much"

[makingheaps] 09/10/2007 18:57

Seems the market agrees with you stormy. I guess it will depend on how many bidders there are. I will hold for a while and see what emerges.

[onlyonestorm] 08/10/2007 21:19

MakingHeaps - I hope your correct, but I will stick with my £2.20!!

Good Luck Anyway!!!

Stormy

[big fat mama] 08/10/2007 18:32

Oldest broker covets Ireland

Chris Barry

8/10/2007


THE City of London's oldest stockbroker is believed to be the leading suitor for Manchester broker WH Ireland.

Sources believe Hichens, Harrison & Co, which was founded in around 1803, will see Ireland as a `perfect fit' with its business.

The source, a close watcher of the sector, said: "I'm sure the bid will come in at around 200p per share, maybe 10p or 20p more, if there is a lot of interest in it.

"It's well run and is an attractive play. The building in Manchester must be worth £8m to £9m, and it's got around £12m of cash, too."

A 200p per share bid for St James's Court-based Ireland would value the company at £32.48m.

A spokesman for Hichens, Harrison and Co, which has a market value of just over £50m, said it had `no comment' to make.

Like WH Ireland, which has branched out from its core broking business to offer corporate finance and investment management, Hichens, Harrison and Co has expanded into new areas in recent years.

Niche

Both firms have international operations.

WH Ireland is particularly strong in Australia, where it has developed a niche business floating mining companies on AIM.

Hichens has offices in Argentina, Dubai, Indonesia, Malaysia and South Africa.

Shares in WH Ireland rose 10 per cent on Friday to 190p, after the company revealed it had received a number of approaches which could lead to a bid.

It is the second time in the past three years that it has been in a takeover situation.

The biggest individual shareholders are chief executive Laurie Beevers, who owns 15 per cent, and managing director David Youngman, who holds 14 per cent.

In July, Ireland posted a strong set of half-year figures, with turnover in the six months to May 31 up 35 per cent to £21.5m, and profits leaping 58 per cent to a record £3.69m.

[makingheaps] 08/10/2007 16:03

At the interims NAV was £1.15. A buyer would seek a discount to buy these assets as they are illiquid. How about 10% valuing them at £1.03. If you strip out both unrealised and realised gains on investments from the P & L at the half year you get eps of 8.6p. Last year the first half was roughly 43% of the whole but if you assume 50% that makes 17.2p for the year. I would have thought a buyer might pay 10x that number so £1.72 for the stockbroking and advisory business, £1.03 for the investment portfolio making £2.75 total.

If the final dividend were to be hiked by the same percentage as the interim that would make it 7p and therefore 9p for a full year. If the share price were £2.75 that would make a yield of 3.27% which is pretty much the market average.

I think your £2.20 may be too conservative

[onlyonestorm] 08/10/2007 13:23

£2.20, but thats a complete guess!!!

lol

Stormy