White Young Share Discussion Threads

[b1lly bob] 27/8/2009 21:31

Still here myself ,bought 1k as a punt day before rns ,lucky me .

So now worth under £400 ,sitting tight now ,will see what the next news is re financing ,share dilution ,which should be next 2 weeks ,hell if there is light on the horizon ,i'll average down .Some you win ,some you lose .

It's not good but they are also not finished .... well yet anyways .

[squire007] 27/8/2009 16:34

looks like just you and me fillipe.........

[fillipe] 27/8/2009 16:02

Anyone taking a punt on an recovery here after a deeply discounted open offer or suchlike, or is that pie in the sky?

f

[squire007] 26/8/2009 21:59

BB whats ppl all about ???

[dickbush] 26/8/2009 12:29

EBITDA in the first half was over £15 mil, i.e. anualised at circa £31 mil. Assuming a Net Debt/EBITDA of 2.5 times, a number that should satisfy their banks(s), that means they need circa £15 mil. Why can't they persuade a lender to take a £15 mil convertible loan at, say, 15p, carrying, say, a 7% interest rate. On conversion, there would be 145 mil shares and existing shareholders would have 30% of a decent business with a decent balance sheet and battle scarred executives who are going to concentrate on reducing the remaining debt. Rather that than 100% of a company in administration. I'd take some of that convertible.

[chrisjg] 26/8/2009 12:24

Sold out this morning - all the best to those who remain chrisjg

[squire007] 25/8/2009 22:08

just say what your best guess is ......... you all got differing opinions, this go to a complete sale !!?? hope not.

[karldinnel] 25/8/2009 19:11

I got in at an average price of about 25p and sold out today for 14p. This was supposed to give me some growth within my ISA but since they sound like they are moving down to AIM I thought best just to sell.

You win some, you lose some. I can afford to be philosophical because one of my other investments (GKP) shot up today, making me several times what I've lost on WHY...

[b1lly bob] 25/8/2009 18:23

Not ashamed to say got caught out on this one ,put £1k in yesterday on the back of covenants being tested end of month & results due September .

Seen this drop to 11p ,ouch but recovered slightly ,still holding ,will see how this pans out in due course .

GKP ,PPA ,FML & CRND certainly made up for my loss here ,thankfully .

[chrisjg] 25/8/2009 17:17

Looks like private investor will be rolled over again - been here before, seems to have Energis written all over it. I am afraid I will be taken my losses and be out as soon as possible tomorrow.

Dreadful shame - all the best chrisjg

[pelleeds1980] 25/8/2009 10:14

jg sorry must confess i never looked at the full context thoguht you were referring the the share price there

[fireplace22] 25/8/2009 09:49

jg, At that time in June I understood that the sale of some of the company was being contemplated/negotiated to reduce debt. However the comment 'restructuring essesntially complete' seemed to negate that. I was just fishing for others opinions on any potential sales. They obviously (sales)haven't transpired.

[silverfern] 25/8/2009 09:44

It is not exactly concealed that the nature of the survival options could well require delisting. Don't ask me what financial tools/solutions, but I'd be on the phone to the CO Secretary if I was invested right now. Banks won't be selling these shares on the open market to get their money - the bank won't be owning shares on the stock market is why; they could for example sell the debt but they can't do that if it is listed.

[jg1882] 25/8/2009 09:40

wow....you should be a journalist with that lack of putting things in their proper context! Was saying that the debt was unlikely to come down in a short space of time and that EBITDA was crushed at that point. Its not totally screwed, look at the FDL model for how basically reissuing share cap goes. Means upside capped at 30 over long term if they pull off similar deal. Bought some at 7p and sold half at 33 so not crying over spilt milk.

fireplace22 - 30 Jun'09 - 09:10 - 318 of 322


'with restructuring essentially complete' Thereby suggesting any partial sell off is unlikely to happen soon, just how do they get the debt down in such a short space of time?

jg1882 - 30 Jun'09 - 09:14 - 319 of 322 edit


its unlikely to come down substantially in a short space of time. The interest payments are not overly onerous but as i understand it the covenants are debt/ebitda based so waiving covenants in short term is a nod to the fact that current trading is exceptionally difficult but may normalise at a level in the medium term that is able to support current covenants

[pelleeds1980] 25/8/2009 08:56

jg1882 - 30 Jun'09 - 09:14 - 319 of 321


its unlikely to come down substantially in a short space of time.

That comment = EPIC FAIL!

[fireplace22] 25/8/2009 08:53

eipgam, It's probably beacuse it is a good company that the lenders want to become owners of the bulk of it. Hence the probable D for E.

[eipgam] 25/8/2009 08:30

Sorry everyone.... they are a good company with a good reputation in their field throughout the world.... but the banks do want their cash.

SWG, on the other hand, are down as a buy at Brewin Dolphin.

[fireplace22] 25/8/2009 08:22

I wonder if they issued the RNS to give a reality check and put a break on an unrealistic share price hike just as spawny says 'it had been recovering quite nicely'.

[sleveen] 25/8/2009 08:17

epigam you have your answer this morning:-(

[spawny100] 25/8/2009 08:15

Aw it had been recovering nicely recently too. Fair hammering today considering no indication was given as to scale of dilution etc. Hoping it was an overreaction....

[tip top] 25/8/2009 07:26

The work underway to establish the appropriate long term capital structure for
the Group is now based on considering options which are likely to result in a
material dilution for existing holders of equity. Furthermore, the Group may
not, in such circumstances, continue to satisfy the conditions for listing on
the main market.

NOT GOOD IMO

[silverfern] 25/8/2009 07:08

"The options being considered aim to create a stable and long term financial base which should benefit clients and employees in the long term, enable the Group to be more competitive in its chosen markets and assist in delivering the Group's strategy" That takes care of everyone but shareholders and the banks and the solution seems to be to pass ownership from one to the other- this appears to be the price the banks have exacted for support of the business as an ongoing concern.

[chrisjg] 24/8/2009 16:57

eipgam if the banks bail these will be below 10p before any private investor blinks and well I could all but write off my investment having averaged down at around 60p to add to my older holdings at 250p. I am currently on a 70% loss so hope the banks don't bail but that is the risk and that is why the price is where it is....

all the best with what you decide - there are safer consultants with battered share prices than WHY - but WHY could offer a great recovery from here. I also hold WSH and SWG, the latter making a nice recovery.

all the best chrisjg