Westside Acquisitions Share Discussion Threads

[canford cliffs] 28/2/2005 11:02

movement........... highest its been for a while

[shumba] 28/2/2005 10:23

little wonder it won't move,terrible spread and you can't get any stock

[topvest] 26/2/2005 17:06

Yes, I agree. It would be nice to see them in March, but I suspect it will be April or May.

[rivaldo] 26/2/2005 12:11

That's OK topvest - 20p would suffice :o))

Hopefully we'll get the 31/12/04 results a bit quicker than last year's, which came out on 26th May. It's hardly the most difficult set of numbers to prepare! Unless there's news on selling or doing something with The Elms, in which case they might wait to finalise matters.

But I agree, these are heavily undervalued. I'm surprised we haven't had any more share buy backs recently.

[topvest] 26/2/2005 08:56

£40m or so or over 40p a share. That would be nice! It's difficult to believe these sort of numbers though.

[ursamajorra] 25/2/2005 22:04

What would their YRK investment be worth according to the latest broker note?

[topvest] 25/2/2005 21:20

NAV is about 7p. See they moved the warrants up today. Tried to get some of these earlier in the week, but couldn't get a good price. Should be at least 5p imo. Their YRK investment is worth £3m alone.

[ursamajorra] 25/2/2005 09:13

Yes,WST is due a re-rating now.

Probably the most boring stock i have ever held !

[rivaldo] 25/2/2005 08:55

I see YRK is up to 131p now. Mark, I don't know what the YRK price was when you calculated the NAV in your header - I'd guess about a £1? If so, you could add another 0.75p on to your NAV, taking WST's NAV up to around 8p.

OT : if you like these situations, try ETH (E-technology VCT). Currently 50p to buy, but a decent stake in Sarantel which is floating next Tuesday. I reckon ETH's NAV on IPO will be around 71p, without allowing for any premium on IPO.

[mark c graham] 24/2/2005 11:22

MMs are short of stock again. Any sort of material buying now will move this up.

[topvest] 20/2/2005 09:58

Rivaldo - I agree with you, except for the every 3m bit. Their record so far is 1 in 2 years (CLS) and 2 last year (ADE and YRK), so that's one a year on average. In good markets and with the difficulties on the horizon for shells, I would forecast 2 IPO's this year, one in May/June and the other before the end of the year. Would be nice to do four this year, but I can't see it somehow.

[rivaldo] 20/2/2005 09:10

Surely the overwhelming majority of WST's activities are investment-based, so instinct tells me that it has to be classified as such?

Agree with you about ADD, but I could easily see YRK taking off to £2 (though it's a bit too risky for me), and CLS looks on the turn as well. Above all, WST is still at a discount of maybe over 40% to what I perceive is it's true NAV, and meanwhile hopefully we shareholders get a new IPO to participate in every 3 months or so which also could bump up the NAV by another £1m every time. Can't be bad.

[topvest] 20/2/2005 08:42

Probably and it should do. WST is still classified as an investment company though. The consultation paper is very poorly drafted imo and does not properly take account of a large number of investment companies which do actually invest their cash, but retain a prudent level of cash cover.

I don't think WST will be as successful as DAN. As it's an investment company, valuations are normally at a discount. Think it could still do well though and it's difficult to go too wrong at current valuations. All of their IPOs have been very good quality imo...York Pharma definitely the best, but Cheerful Scout and ADDleisure were also good. I think ADDleisure was a bit pricey and so I've sold these. I like the look of CLS and CLSW at the moment though as I think they are starting to find their feet and have developed some good new technology. I'd like to see them IPO Westside Sports which owns the Elms. Given the success of Goals, this is the year to do that. This could be worth quite a lot one day!

[highland drovers] 19/2/2005 21:58

I wouldn't worry about Westside. They own the Elms and this is a trading company. That would negate any problems with the new legislation. IMHO.

[canford cliffs] 19/2/2005 20:00

topvest - after your success on DAN, how do you rate WST to give as good a return?............

[topvest] 19/2/2005 17:31

Anyone figured out what the new rules on investing companies will have on Westside Acquisitions? The consultation paper seems to cover all investment companies, but seems particularly poorly drafted for true investment companies like this one. I can think of about 10 companies that I own shares in on AIM, this one included, that seem to be impacted as they haven't done a reverse takeover or invested 50% of their initial cash. They only seem to be covered in the document by saying that "Where an investee company believes that this requirement is unsuitable given its stated investing strategy, its nominated advisor may apply to the Exchange for derogation". Clear as mud if you ask me! There is nothing wrong with investment companies, it's pure cash shells that do nothing at all, they are trying to clamp down on.

The proposals don't impact WST's reverse takeover strategy though as they prepare the shells off-market, which seems to be the way to go.

[rivaldo] 16/2/2005 18:46

Ta topvest and Mark.

The shares are slowly moving up, but the m/cap is still only £4.5m. With cash of £2.4m and £2.8m of value in YRK that's £5.2m alone, without CLS, ADE and The Elms. Plenty still to go for.

[mark c graham] 15/2/2005 08:53

topvest - RTI sold 3m warrants in CLS in June 2002. At that time, they still retained 1.5m exercisable at 0.5p. I'm not aware that they don't still own them, but could be wrong.

rivaldo - I hope to have time to update and expand the header this week.

[topvest] 14/2/2005 22:35

50p and 3.25p ish on CLS. They don't own any warrants in CLS though, if I remember correctly. They sold them.

[rivaldo] 14/2/2005 22:27

Yep, the late dip was a shame. I have a feeling the price is heading higher though, especially with YRK heading ever higher.

Do you know at what prices the YRK and CLS warrants are exerciseable? If so, perhaps you could fit them in the header - I'm just trying to get a complete handle on what WST's NAV is.

[mark c graham] 14/2/2005 21:49

It didn't.

[mark c graham] 14/2/2005 09:24

Told you! Not sure if it will hold, however.

[mark c graham] 14/2/2005 08:34

This looks ready to move again today.

Topvest - I think you're being a bit ambitious. I'd be very happy with two a year, so long as they're decent ones.

[topvest] 12/2/2005 09:49

I'd like to see them do something with The Elms. About time for a partial exit on this one I think. The market is good and now is the time to set it free. I am not sure how they will achieve this though - I think a demerger would create tax problems if treated as an income distribution.

Overall, WST has done well on the RTO's done to date. All have substance. I'd like to see them "up the pace" a tad though. They are still really only doing on average 1 a year which is not enough in these bouyant markets.

[rivaldo] 12/2/2005 08:59

Good stuff ursamajorra.

Why don't peeps join us on the other, newer WST thread - it's got charts and more importantly lots of useful info on the NAV in the header post for newbies etc etc....see you there?