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Share Name Share Symbol Market Type Share ISIN Share Description
Work Service S.a. LSE:WSE London Ordinary Share PLWRKSR00019 ORD BR PLN0.10
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 55.00 10.00 100.00 55.00 55.00 55.00 0.00 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 0.1 0.4 137.5 10

Work Service Share Discussion Threads

Showing 926 to 947 of 1275 messages
Chat Pages: Latest  39  38  37  36  35  34  33  32  31  30  29  28  Older
DateSubjectAuthorDiscuss
01/10/2014
15:08
Russman "I have already stated my Agenda". Can you remind us what is your agenda ?
smithie6
01/10/2014
15:07
"If you WSEL shareholders were to back the Marshall ventures directly you would be showered with tax incentives". fair point and the dividends ....by investing in shares via Western we have been partly paying Mr David Marshalls directors fees at Finsbury, Creston, MWB etc. David Marshall pocketted around 400k over 10 yrs.t from Creston !!..while the Western investment in Creston has produced a loss compared to inflation and benefits to at least one son..... directors fees at City group....which runs Western ... a dir. for at least 10 years I think...over 900k pnds imo... and one assumes expenses as well these are some of the reasons why I think Western shareholders need to be organise and flex their combined muscle to force improvements.... (the Marshalls are getting their benefits from LFI and Western....but what about the co. owners ??...us !!) and also to decide the future strategy of the co. (I have repeatedly posted that I think that the Artemis or Blackrock strategy produces better results.......invest in listed cos. and sell and buy as preferred....and dont have anyone on the board (since limits selling/buying) the charts for last 20 years show that I am right all UK small cap. invest. cos. blow Western perf. into the weeds ---- btw I converted some warrants at 64p.....was it in 2006/7 a fair number if I sold now I would get 63p..... so I am not too impressed with the perf. achieved by the Marshalls !
smithie6
01/10/2014
14:54
"we" have 56% of the company the Marshalls only have 44% changes can be voted through if needed.....or pressure applied to achieve what the co. owners want, without neccesarily needing a vote or of course the popular UK tradition of apathy can be followed ! (as you might guess Im not a supporter of that !)
smithie6
01/10/2014
14:51
Topvest btw I reckon that the bank debt (3-5M) for the recent acquisn. can be paid off by end of Dec if NBI holds back on new expenditure....which it could do if it wanted since it has acquired new kit in the acquisition (has to keep increasing fleet size to produce growth to justify the growth P/E rating) and then say 7.5M-8.5 cash generation in H1 next year and 2.5M I think to pay to NZ sellers.....leaving a good few M for new acquisitions or more hire equipt. the cash generation is impressive..... as long as NBI can keep its margins up and keep its occupancy rates for kit....and find profitable ways to re-invest its cash generated....then the NBI EPS growth could/should keep going WHile for shares...there are always risks.
smithie6
30/9/2014
23:07
If you WSEL shareholders were to back the Marshall ventures directly you would be showered with tax incentives. Backing them via WSEL, you lose them all.
coolen
30/9/2014
21:26
Frankly, Mr Marshall does not like you or your style. As you (or I) do not have a significant shareholding, he can ignore you (or us). I have already stated my Agenda. Unless we can "marshall" significant votes, nothing will change. I note that there was no change in strategy for LFI, still a donkey with 1 leg.
russman
30/9/2014
19:04
I think management are better than you make out. They have created some very good businesses over time, but they DIDN'T LEARN a key lesson of taking profits on the way up. If they had done that better on Finsbury Food, Sanctuary Music or whatever it was called and MWB to name but a few then they would have generated better returns. I agree you should hold on to great investments, but none of these are great. They are good businesses with some cyclical characteristics. Hartim and Creston are both very good businesses and should be worth more in the future than they are today. Swallowfield is a bit more of a basic company lacking competitive advantage, but has the ability to do reasonably under strong management.
topvest
30/9/2014
18:01
Topvest recent Paul Scott comment on VP (one could consider a similar opinion...for NBI....but assume written in 1 years time) "My opinion - I wish I'd bought some of these when I saw management present at an EDIF event early last year. They impressed me at the time, but I decided (wrongly) that the shares were a little too pricey. The shares have doubled since then! I'll have a think about this one - it still looks quite attractive, as a reasonably-priced growth company, in my view."
smithie6
30/9/2014
17:25
Topvest topslicing did they topslice in order to increase SWL investment ? paying 180p per SWL share now worth 100p.... wasnt a good move ---- Hartim investment at present it is almost a dud book value was below investment cost....after 5 or so years.... the bod has imo no skill or experience or qualifications in investing in inlisted cos......not even VCT qualification You and I have probably each read more IPO docs. than the board members have....we have time to do it, they dont !....and we have ignored/rejected many/most of them as over priced. ----- the older and wiser I get my investing choices are tending more and more to investing in "step and repeat " companies.....often boring ...and often limited to say 20-30% year gain ....but often they outperform the average of small caps with lots of promise but which often dont deliver ( I could reel off a list of recent ones that have seen large price falls) so I think (as I have posted before) that a strategy a la Artmeis or Blackrock smaller co. funds would be the best solution. Noting that ALL funds al la Artemis etc have pummelled/thrashed Western performance over the last 10, 15 or 20 years. If invested in bigger cos.....if the dirs. are not delivering.....just sell..... whereas if invested in unlisted cos. then you can not get out ! Read VCT co. reports to see what I mean...and then I think that readers will perhaps agree with me.
smithie6
30/9/2014
16:54
I see your point but we have similar but slightly different views.... NBI, I see as a hold or even a buy ! The co. has plenty of money to seed new investments if it wants to. By holding NBI from 300p to 580p ...Western has received a massive amount of paper profit....it needs imo to keep to that winning receipe. Westerns history with new investments is bad. NBI is the main winner. sure holding so much NBI is a risk.....but what else can one buy.....very little or nothing is worth buying at present imo.... NBI margin is a risk, but I see no reason at present for it to fall......everything they have done has been 8 to 10 out of 10. Good chance they can continue that imo. NBI is not MWB ...I sold lots of LFI at over 50p...I managed to know it was time to sell...my guesses are not always right....but reasonable odds imo
smithie6
30/9/2014
16:40
Russman do you have any suggestions then to prevent repeats of past mistakes by the bod of Western ? including - agreeing to Hartim losing 3M pnds via an adventure ?! - investing in Doctors direct at a price that was plainly nuts ! and then allowing the dirs. to vapourise the cash raised in around 18 months causing the co. to be sold to reduce debts...while Western had the chair position and E.Beale on the board to monitor the financial aspects - dubious actions of DAvid Courtney Marshall at the following cos - MWB (allowing the dirs. to subcontract out the running of the HQ to...themselves ! at a very expensive price - FIF (acq. of Ligthbody at an insanely high price....good for the selling chairman of FIF but TERRIBLE for new investing FIF shareholders...co. almost went bust due to the new debt load) - Doctors Direct - sitting as a dir. at Creston ....and allowing the MD excessive feeding from the shareholders assets etc ----- there is a real risk that a new policy will be put in place....to allow Marshall junior to operate as David Marshall did in the past.....being a passenger at investee companies....producing poor results....but them getting nice return in the process and noting that Mr Marshall jnr has imo no track record of any success at operating companies.....and actually sat on Hartim bod which has recently lost 3M and almost gone bust in the process. 3M is a large amont for Hartim and for Western. personally I think that some action is needed to make sure that can not happen again... I note that the shareholders own the co. and NOT Mr Marshall snr nor Mr Marshall jnr. alternatively we can just remain asleep and let them do what , and take, what they want
smithie6
30/9/2014
16:12
I'm not a seller of NBI but do recommend top slicing. It's fair value at about £6 in my view, until we get a view on next years EPS. WSE need to learn on their past mistakes and top slice their successful investments. They have top sliced twice and should do a third time in my view. Running the winners is the way forward, but top slicing on the way up to seed new investments needs to be done to make the strategy here work.
topvest
30/9/2014
15:13
Any support for the proposed advisory board ?
smithie6
30/9/2014
15:08
an advisory board has been formed to assist in the operation of New Western formed by interested parties who are large shareholders (3-4 large holders) and interested smaller holders who can demonstrate they are experienced skilled active investors the advisory board will operate to - advice the company on any aspect - review and agree "in advance" any new strategic investment, large investment, large divestment ....because the bod has had a poor record over the last 25 years the advisory board hopes to provide more brains, experience, knowledge and also more cold separated opinion before jumping in to any new strategic investment which the co. might want to do but which are perhaps liked due to a factor of excitement/interest or good presentation skills from dirs. of new investee companies..... and especially to avoid over-paying - to ensure that the co. does not investment so that any Marshall will receive directors fees, as a selection criteria. - whether an existing listed co. would be a better investment The shareholder advisory board will establish a set of investing rules for any new strategic investment, the following is proposed as a basis for modification - good margin - barriers to entry - global possibilities - a track record of financial numbers - where the investment deciders know the sector quite well over the last 10-20 years, ideally having worked in the sector (this rules out many sectors)
smithie6
30/9/2014
14:16
Topvest Northbridge ...Ive ground thru the results and tried to crunch some numbers... and my view is that NBI is still a good story....and that one should run your winners and cut your losers.... the EPS jump for this fin. yr is now fully gteed imo as a result of the recent acquisition and a large part of the EPS increase for next year The full acquisition cost could be paid by just 1 year of cashflow ! And then 1 year later they could make another similar acquisition !....and again increase the EPS !! and also imo NBI ticks all the boxes for investing...(experienced bod, good margin, good assets, acceptable gearing, not reliant on 1 product or 1 customer, track record of growth, no excessive pay or options, owned by institutions, bod owns a considerable stake, ....... trying to find other shares that tick all the boxes is very difficult) just because something becomes fairly priced is no reason to sell .... (if Western could sell some NBI and spread the money over say 5 identical cos. with identical bods then it would be lower risk and make sense but that option does not exist imo) further comments on NBI blog page on fulltimeinvestors.com
smithie6
29/9/2014
19:26
It would be helpful if they actually commented on the NAV per share in the Chairman's Statement. They always leave it to the investor to calculate which isn't very market friendly. It's 102p, so 2013/14 was undoubtedly a very good year for WSE. Lets hope they can continue with this better performance. Out of their portfolio of investments, 3 of the 4 are probably undervalued being Hartim, Creston and Swallowfield in that order of under-valuation. Northbridge is their best investment to date but is probably fairly valued as things stand. They should be taking another small top slice of £500k or so at the £6 mark to give them a 2014/15 realised profit in my view.
topvest
29/9/2014
18:45
I liked this... "We are optimistic about the prospects for Hartim and our quoted core holdings." First time they have majored on Hartim I believe. IPO on the way medium term? Yes, I agree the 21% cost increase is not good. I wonder what the professional advisors have actually been doing with their increased activity? AIM float to match the investment strategy change?
topvest
29/9/2014
18:32
21% increase in costs !! ---- 40% of Gen. Portf. was in USA stocks. they achieved 1% growth in its NAV !! maybe we should buy them some dice for Xmas ! ===== update Gen. portfolio increased by 9% over the year I think.... ....I guess can accept that... but recently the cos. management of the Gen. Portf. has not been good.
smithie6
29/9/2014
17:34
Yes but they do better using this model than investing in a general portfolio. I'm happy to support this. They need to find attractive candidates a bit more rapidly though. Must be 4/5 years since Hartim. I agree that the best period has passed. Wonder if they have a target up their sleeve? It's a real shame that they exited Treatt a few years back. That would have been a terrific strategic investment!
topvest
29/9/2014
17:22
They just have terrible timing. They should have been trawling Pre-IPO a couple of years ago. This looks like a good way to generate some extra fees (for the Marshall Empire).
russman
29/9/2014
06:55
Results out. 2p dividend.18.3p NAV. Hartim looks to have recovered well. New strategy thought whereby it looks like the general portfolio is going to be liquidated and invested in more pre-IPO and IPO stocks. Tends to indicate that they will do more Hartim's and Northbridge type investments. I think that is sensible really. No indication yet on what the new investments will be. Will study more closely later.
topvest
28/9/2014
21:03
Shareholder pressure to return to AIM might prove more worthwhile.
coolen
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