Westside Acquisitions Share Discussion Threads

[shamster] 25/10/2004 11:29

When do the warrants expire - supposedly this year but still trading at 0.75/1.5p. Exercise price is 2.5p so they could be a buy if WST rises a tad or two more

[rivaldo] 25/10/2004 09:55

So ADDleisure's float has gone pretty well - mid-price is 6.2p. With 100m shares in issue WST's 20% is worth around £1.2m. WST also has around £2.4m of cash plus its 2m shares plus warrants in YRK.

My post 196 had an estimated NAV of around 6.5p per share for WST. ADE's IPO today adds just over 1p to that, so we're up to around 7.5p now in my book. Anyone disagree? If so that means WST trade at 50%+ discount to NAV. Some of that safety margin admittedly lies in relatively illiquid and probably untradeable stakes at present, but the £2.4m or so of cash is a nice backstop.

[topvest] 22/10/2004 21:43

Think that is a tad unfair. They have done 3 reasonable IPO's and have another couple of RTI shell companies set-up. They only need an exit from one that is a major success and they will return good value to shareholders. I've bought some shares in ADDleisure - not as good as York Pharma, but interesting all the same. Wouldn't be surprised if they separately list their 5 a side business when it is profitable and can support a listing.

[canford cliffs] 22/10/2004 16:11

a little tick - but with a jailbird on the board don't expect evenhandedness with this shower of shyte........

[highland drovers] 22/10/2004 14:17

Mention in the IC. Listed as a buy, so is that a cue to sell and run for the hills? Was fairly positive and mentioned the upcoming listing and also the previous one. Mentioned that the company was looking at listing 3 or 4 new companies a year and that the footballing subsidiary was moving into profit next year.

[topvest] 12/10/2004 08:34

Yes, another £1m investment for up to £200k invested. Starting to look like their strategy is working. Plenty of other deals on the go as well I think. Anyone received the prospectus through yet?

[sandbank] 12/10/2004 07:17

RNS OUT TODAY:-

Westside is pleased to announce that it holds at present, through its wholly
owned subsidiary Reverse Take-Over Investments plc ('RTI'), 20,000,000 ordinary
shares in ADDleisure Plc ('ADDleisure'), which would represent 20 per cent. of
the entire issued share capital of ADDleisure immediately following the
admission of its entire issued share capital to trading on AIM ('Admission').
Westside also holds at present, through RTI, 3,000,000 warrants to subscribe for
ordinary shares in ADDleisure, exercisable at 5p per share, which would
represent 8.57 per cent. of the warrants of ADDleisure immediately following
Admission.

ADDleisure is a recently established company which it is intended will
capitalise on new opportunities in the health, leisure and fitness sectors.
Two initial investments have already been made by ADDleisure:

Fitbug Limited - owner of a lifestyle health and fitness product which, it is
intended, will use technology to measure, motivate, manage and prescribe
physical activity and diet for users; and

Liberation Fitness Systems Limited - owner of the distribution rights in the UK
and Ireland to 'Power Plate'. 'Power Plate' is an innovative fitness product
which uses advanced vibration technology.

Seymour Pierce Ellis Limited ('Seymour Pierce') as agent for ADDleisure has
placed 30,000,000 new ordinary shares at 5p per share, together with one warrant
to subscribe for new ordinary shares in respect of every two ordinary shares
subscribed for in the placing conditional, inter alia, on admission of the
entire issued share capital and warrants to trading on AIM ('the Placing
Shares'). Of the Placing Shares, 7,900,000 Placing Shares have been
conditionally placed with Westside subject to clawback to satisfy valid
applications under an offer for subscription, made by Seymour Pierce Limited, of
up to 3,000,000 of the Placing Shares, together with one warrant to subscribe
for new ordinary shares in respect of every two new ordinary shares so
subscribed, which has been made to Westside shareholders and Westside
warrantholders on the respective registers of Westside on 30 September 2004,
with the balance being subject to recall to the extent that Seymour Pierce
places such shares with other institutional investors prior to Admission.

It is anticipated that the entire issued ordinary share capital and the warrants
of ADDleisure will be admitted to trading on AIM on 25 October 2004 and that its
market capitalisation on Admission, based on the placing price of 5p per
ordinary share, is expected to be approximately £5 million.

Westside will hold between 20,000,000 and 27,900,000 ordinary shares in
ADDleisure on Admission representing between 20.0 per cent. and 27.9 per cent.
of the ordinary shares in ADDleisure on Admission and it will hold between
3,000,000 and 6,950,000 warrants in ADDleisure on Admission representing between
8.57 per cent. and 19.9 per cent. of the warrants in ADDleisure on Admission.

[canford cliffs] 05/10/2004 06:18

lets hope........I might even get back to break even......lol

[topvest] 04/10/2004 22:04

Canford Cliffs - thank, be interested in what you dig up. Spoke to Geoffrey Simmonds a week ago; the AIM prospectus for the latest RTO was due out within 14 days at the latest and so I suspect we should get something in the post either at the end of this week/early next. He also indicated that they were rather busy with a number of deals on the go - let's hope they pull together a few more York Pharma's!

[canford cliffs] 03/10/2004 21:17

I'll try to dig out the article that I read a couple of years back - I seem to remember it was published whilst wst were riding the crest of the dotcom boom - I only sold half when they doubled and have watched them fall all the back and then some........

[topvest] 03/10/2004 16:01

I'm not sure it's true either. No mention of such in the AIM prospectus 4/5 years ago, although they have been involved with a couple of companies that went bump...quite common for serious entrepeneurs.

[sandbank] 03/10/2004 15:32

CANFORD: Interested in what you say re one of the directors. Surely he - or she - would have been disqualified. Do you have any more info?

[canford cliffs] 29/9/2004 10:30

I seem to remember that one of the directors did a stint in brixton for fraud - could this be the reason for the low rating?

[seagreen] 29/9/2004 09:58

Clearly missing something here this looks a loverly tuck away for a rainy day

[rivaldo] 23/9/2004 20:24

Canford, you're making it difficult to concentrate on the business in hand :-))

Back down to 3.38p and a £3.2m m/cap compared to my estimated NAV of around 6.5p.

[el cuerpo] 22/9/2004 10:45

Thats one for my black book sandbank......LOL....

[canford cliffs] 22/9/2004 10:43

unless there crutchless.........

[sandbank] 22/9/2004 10:24

CANFORD: Entry is always easier when they're down I find.

[seagreen] 21/9/2004 09:08

Rivaldo.........thanks very much.

[rivaldo] 21/9/2004 07:56

TV, something's in the post re the WST spin-off, but I'm not sure what it is yet!

OT : yep, I did notice that re BNX, but I was hoping the price would drop a little more to add. It didn't! I think the price has gone too far now, so happy to hold and wait and see.

[topvest] 21/9/2004 06:57

Rivaldo - thanks - it said October in the letter so maybe a small delay. Did he indicate when the prospectus would be in the post - I guess this will be about a month before given it is an offer for subscription? On Bionex, have you noticed that Edward Vandyk has increased his stake a couple of months ago?

[rivaldo] 20/9/2004 22:04

Hi topvest, yep (on a smaller scale in BNX though) - and in PDT too! I spoke to GS and he's sending me the spin-out details, so it does look like new buyers are eligible. He mentioned November as IPO time, so not far away...

[topvest] 20/9/2004 21:22

Rivaldo - Hi. Are you still in Bionex and Hercules? I am.

The WST spin-out is imminent. There was a letter to shareholders a fortnight ago asking for interests to be registered by 15th Sept. I'm expecting the prospectus any day now. It's a leisure and fitness co. using one of the RTI shells and WST will own 23% or so before the listing. If you telephone Geoffrey Simmonds he might still be taking new shareholders into account. Hope they make more shares available to WST shareholders this time - my York Pharma allocation got reduced by a third or so.