Westside Acquisitions Share Discussion Threads

[rivaldo] 20/9/2004 16:51

Seagreen, there's 94m WST shares in issue. The NAV at 31/12/03 was £3.29m, or 3.5p. Since then let's say that YRK, ALT and CLS have added around £2.1m in NAV, but take off £400k for the intangible assets which are probably worth zilch.

That's around £5.2m, or around 5.5p per share of NAV.

But then you have the value of the 5-a-side business, which should by now be profitable. Last year's turnover was £840k. Let's say this could command a value of £1m. That takes NAV to 6.5p.

And finally you can partake in WST's listing of shell companies - who knows whether that'll be worth anything, but if they can spot another YRK then all of of us will be quids in.

IMHO there's little downside here due to the cash and shares held, but substantial upside. I'd rather be holding this than YRK, but supposedly YRK could be worth £176m as opposed to its current £14m according to JM Finn's broker's note. That would value WST's YRK shareholding at around 30p per share....

On the other hand, if YRK turned sour then WST still has all its other assets whereas YRK has nothing.

[martinp] 20/9/2004 16:47

Someone on the YRK BB thread has mentioned that since WST has some shares in YRK which has gone through the roof then they might consider buying these instead.

[seagreen] 20/9/2004 16:29

Does that make the shares worth more like 6-7p (providing the YRK price holds)?

Might be worth watching these a late trade of 50k has come through which looks like a buy any ideas?

[rivaldo] 20/9/2004 16:12

A well-timed buy!

WST's m/cap is now £3.8m. YRK is up to £1.10, so WST's holding is worth £2.5m. With the cash and other holdings the WST NAV is probably around £5m. Plus the 5-a-side business.

I also spoke to the company before, and (as I think someone reported earlier on the thread) there is a company to be spun out later in 2004 which WST shareholders can take part in if they wish.

[rivaldo] 20/9/2004 15:47

Not sure Opthalmist, but probably April '05, a year from IPO.

I picked up some WST earlier today.

Did you know they paid just £100k for their York holding, which is now worth £2m in shares plus £230k in warrant gains? There's also probably around £2.3m in cash by now, plus the Applied Optical holding, plus the £100k or so of CLS shares. Plus the 5-a-side business which is now at break-even or better. Plus a chance to invest in WST spin-off companies.

Even without the latter two options, there must be around £5m of NAV at present - any gains will be offsettable against capital losses incurred over the last 3-4 years.

This compares to the current m/cap of £3.22m...

[opthalmist] 20/9/2004 12:17

YRK interests now worth around £2.3M. Is WST sufficiently undervalued yet to warrant a rise in SP? What are the other tangible assets actually worth?
Also, does anyone know when the 1-year lock-in on YRK holding ends?

[topvest] 19/9/2004 08:03

Not sure about 2000 valuations - that was a bubble. I think there is a chance of a strong re-rating if they can prove their business model - with their York Pharma holding already worth just short of £2m the share becomes a less risky investment vehicle than investing directly into this Pharma. To be fair to the management team they have done two IPO's so far - both imo were quality companies - York is doing well, but Cheerful Scout has never really got going for one reason and another. Think 5p+ is a reasonable valn. on the back of some good news. 3.5p-4p about right for now imo.

[canford cliffs] 18/9/2004 20:36

topvest, sound like you've done some deep research into this company - how do you see the future. Do you think there is any chance of a return to 2000 valuations?

cc

[topvest] 18/9/2004 17:07

NAV of the company with investments at MV is approx. £4.5m versus £3m market cap. Westside have also set up a couple of new RTI shell companies over the last month. Presumably their sports co. listing will use the one last RTI shell set-up a few years ago. New companies are:

RTI Eighteen Plc incorporated on 12th August
RTI Twenty Public Company Limited incorporated on 19th August

We could be in for an interesting time!

[topvest] 17/9/2004 20:57

The Company is valued at its cash + other investments (exc. York) - i.e. about £3m. Interesting to note that the 2m shares and 450,000 warrants in York Pharma plc are now worth close to £2m on their own. Subject to a one year lock in. This is the first real indication that their strategy may actually have something going for it. Anyone received the new AIM prospectus for their latest spin-off yet?

[topvest] 12/9/2004 14:49

Could be interesting this week. AIM prospectus for their new float due to be finalised around Wednesday. I'll post details when I receive my copy.

[highland drovers] 07/9/2004 17:59

Probably another buyback of shares by the company.

[sandbank] 07/9/2004 12:54

Today's rise seems to be simply on the purchase of 120,000 shares in WST. It indicates two things:-
1. WST shares are tightly held and no one wants to sell
2. WST's investments are healthy
On top of that, as WST investors, we all have an opportunity to get in at the ground floor of further IPOs being brought to market. They won't all be runaway successes with a 50% mark up like York Pharma - but just remember that the board of WST contains a fair amount of accountancy brainpower - including 3 FCAs and that's what - IMHO - makes it worth staying invested with the company.

[gosgos] 07/9/2004 09:52

Possible delayed reaction to increase in York's share price, I bought today on the basis that York plus their proposed new float may justify a re-rating

[mrm12] 07/9/2004 09:39

i have 5000 from 1999 at 20p (dont laugh). i'm thinking this might be a time to buy in to average down. Tried to buy on line this am and they'll only let you have 20k??

[canford cliffs] 07/9/2004 09:08

nice mark up today - any reason?

[gosgos] 07/9/2004 08:24

with 105m shares in issue sounds like its York stake is now worth about 1.4p per share

[simonevans] 06/9/2004 23:40

Not that I am aware of. Starting to be worth a fair amount though!

[opthalmist] 06/9/2004 12:37

Have WST sold any of their 2,000,000 York Pharma shares, or exercised any of their 450k 50p warrants?

[topvest] 04/9/2004 16:24

Received a letter from Richard Owen this morning. Shareholders are to be offered the chance to invest in a new reverse takeover vehicle that is currently 28.57% owned. The Newco will invest in new leisure and fitness opportunities. Looks interesting. The second IPO in six months.

[topvest] 03/9/2004 21:58

Yes they hold significant interests in both. If they had sold their holdings (and they are probably stll locked in on York following the April IPO) then an RNS would be needed by these companies.

[you for coffee] 03/9/2004 21:30

Do they still have Cheerful Scout?

[canford cliffs] 03/9/2004 21:23

topvest - how do you know?

[topvest] 03/9/2004 20:34

Conflicting fortunes today. Their investment in York Pharma is starting to look interesting. Cheerful Scout not looking so good!

[canford cliffs] 11/6/2004 14:23

no trades - but a tick up?