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The proper explanation is that they issued every shareholder a new share for each one held with a value of 5p. This doubled each persons holding, but made the sp drop to the mid point between 5p and their previous value (near enough halved). The bonus issue RNS explains it..
Shares were halved in value, but each shareholder doubled their holding.. So they effectively kept the same value. Check the RNS. I think the sp actually technically rose today..
Shares of commercial flooring manufacturer and distributor James Halstead rose sharply after it reported a solid first half with record revenue and profit. In an update ahead of its results for the year to 30 June 2012, chairman Geoffrey Halstead said the group was confident its performance would continue in a similar vein for the rest of the financial year. "Overall, this confidence was well founded and the company has continued to trade solidly in very difficult global conditions," he said in a company statement. The Radcliffe-based firm said it is confident of reporting another year of record revenue and record profits for the year ended 30 June 2012, in line with market expectations.
Bit late now but nice write up on JHD by Red Ben. They tip Halstead as a buy at 520p (before the figures) citing established management team, record profits year on year since 2002, strong cash generation, global customer base etc. They do point out that although the company could easily slot into FTSE250, being the 10th largest AIM stock, the shares are very illiquid. As such one to tuck away rather than short term trading. There are two recommendations a month here (from Share Spotlight) and I keep missing BOTH of them!!
Growth in the UK was lower with a 3.5% uplift on 2010 and the UK proportion of total turnover now stands at 33%, although the firm points out total UK revenue is at a record. Most of Halstead's work comes from commercial properties; recent contracts include the Royal London Hospital and Liverpool John Moores University. Pre-tax profit up to December increased to £21.1m - an increase of 14.1% over 2010 while the dividend has been boosted by 11.1% to 5p. News of the results had pushed the shares up 7% by 15:05. Since January the stock has risen 24.7%.
International sales helped lift flooring firm James Halstead to record revenues in the half year to December 31st. Trading over the first half produced revenues of £117.7m, an increase of 10.9% over the same period the year before. Overseas sales increased by 15.2%. The growth in Germany was over 17% and France and Scandinavia were north of 25%
WH Ireland initiated coverage of James Halstead (JHD) with a "buy" recommendation and a target price of 582p. The flooring specialist has a strong focus on renewals and refurbishment, as opposed to new projects, and the broker believes that this provides the group with a resilient business model in difficult economic conditions. The broker forecasts a net cash position of 40 million pounds at year end (June 2012) which will give it the ability to deliver larger product volumes
Thanks for replying, though to be honest, I'm not much clearer on why that would be better than a special div as they have done in the past which did not require me to reduce my holding. I'm happy to hold and would prefer to be rewarded for that over selling up. It hasn't done anything for the sp either, which presumably would be the point of a buyback. Yesterday it went up, today it went down. So I don't feel like I got anything out of that little exercise. Disappointing.
Most of JHD's holders are private individuals. Tomorrow they will buy back shares at a 23p premium. As the average sahreholder has say 20,000 sahres they can get about £ 4K tax free as it is below the CGT exemption threshold. No tax to pay. And the 5% premium should be enough to buy back the shares at the mid price so a 23 p for doing nothing and CGT base price raised to £ 4.60. It should be crime to beat the 50p tax rate.
Keep at it fella! So I hold JHD and am happy to do so but what on earth does this tender offer mean? I really don't get what the beneifit to me is...if I sell my shares they give me another 5%? Is that it? But then I don't have the shares... I'm sure it must be in my favour but I simply misunderstand. Please can you shine some light on it for me if you are able... Thanks!
Current Trading In its preliminary results statement for the year ended 30 June 2011, which was issued on 3 October 2011, the Chairman of the Company stated: "[W]e have increased revenue beyond £200 million to achieve a new record level of £213.9 million (2010: £186.4 million), an increase of 14.8 per cent. "Our profit before tax at £38.5 million (2010: £35.8 million) is also a record achievement, and 7.6 per cent. ahead of the comparative." "Notwithstanding these figures, it was a difficult year. The UK economy and the construction sector in particular faced an austere backdrop. Additional challenges were the price, and at times availability, of basic raw materials. This resulted in an inevitable degree of margin erosion. Having said this, the UK turnover progressed by 2.7 per cent." "Our success in overseas markets was impressive with a 22 per cent. increase in revenue over the prior year and some 66 per cent. of our turnover is now outside the UK." "Investment continued throughout the year. Polyflor has completed a major refurbishment and upgrade to its production lines in Manchester and in Oldham our marketing and distribution facilities were completed with a showroom facility that has welcomed many of our partners." "In addition to this, Polyflor Australia has extended its warehouse facilities and Phoenix has relocated a short distance to modern premises. In addition, Riverside Flooring (Teesside) has successfully brought our newest facility into production." The Chairman further stated: "Although the prevailing challenge of this year was the increasing cost of raw materials and energy we remain vigilant to the fragile state of our home market. The coming year will be testing as our competitors look to our volume growth and seek to take back market share. I am, however, of the firm belief that as a result of the key structural investments that we have made and our worldwide experience we will continue to progress in the coming year." Since the announcement of its preliminary results, the Company has continued to trade robustly, and in line with the Board's expectations.
James Halstead plc ("James Halstead" or the "Company") Tender Offer and Trading Update Proposed Tender Offer to purchase up to 2.5 per cent. of the issued ordinary shares of 5p each in the capital of the Company The Company today announces its intention to return capital to Shareholders by way of a tender offer (the "Tender Offer"), pursuant to which Altium Capital Limited ("Altium"), acting as principal, will offer to purchase up to 2.5 per cent. of the Company's Shares, following which the Company will repurchase from Altium and cancel all those Shares purchased by Altium under the terms of the Tender Offer. The Tender Offer Price will be calculated as 105 per cent. of the average closing middle market price per Share for the five Business Days immediately preceding the date on which Shares are purchased. However, the Tender Offer is conditional on, inter alia, the Tender Offer Price being not less than £4.20 per Share and the aggregate consideration to be paid by the Company in respect of the Tender Offer being no more than £11 million. The Circular providing more information in relation to the Tender Offer and setting out the formal terms and conditions of the Tender Offer is expected to be posted to Shareholders today (the "Circular").
http://www.investegate.co.uk/Article.aspx?id=201111140700409972R
James Halstead confident after six month sucess By Natasha Roberts Date: Tuesday 26 Jul 2011 picture needed. LONDON (ShareCast) - James Halstead has announced that it is confident of reporting record profits after a period of robust trading. The commercial flooring manufacturer and distributor saw a 15.2% increase in revenue for the first half of the year, with chairman Geoffrey Halstead reporting confidence that the company would continue in this way for the second half of the year. Its pre-close trading statement says, "Trading performances across the company's export markets have remained strong and overall turnover should have increased by around 15%." "The growth in our export markets is particularly strong and it is too simplistic to put this down to the value of sterling. Our exports have grown over a generation and we are well placed to continue supplying flooring to major infrastructure projects across the globe." The group said it is confident of reporting "another year of record profits" in the year ended 30 June 2011, in line with market expectations. At 10.41 on Tuesday morning, James Halstead's share price fell 0.35% (-1.75p) to 493.25p.
http://www.investegate.co.uk/Article.aspx?id=201107260700120254L
Chairman, Mr Geoffrey Halstead, commenting said: "Our success continues with export performance surpassing even prior achievements".
Key Figures James Halstead plc, the AIM listed manufacturer and international distributor of commercial floor coverings reports: · Revenue increased to a record £106.1 million - an increase of 15.2% · Operating profit increased to a record £18.4 million - an increase of 11.0% · Pre-tax profit increased to a record £18.5 million - an increase of 9.1% · Basic earnings per ordinary 5p share increased to a record 24.8p - an increase of 8.8% · Interim dividend increased to a record 4.5p - an increase of 12.5% · Nil net gearing
http://www.investegate.co.uk/Article.aspx?id=201103310700099594D
Export market lifts James Halstead Date: Thursday 31 Mar 2011 LONDON (ShareCast) - James Halstead posted a rise in profits in the year to 31 December as the floor coverings specialist benefited from strong export orders. Pre-tax profits climbed by 9.1% from the same period the previous year to £18.5m, on revenues that were up by 15.2% at £106.1m. Revenue in Britain “held up very well” climbing by 3.5%, the company said, while overseas sales were up by 22.8%. “Localised issues have given us problems but overall the global marketplace is solid and we continue at the forefront of commercial flooring specifications on new builds and in refurbishments,” the company said. RG
I think it was justa share split to try to amke the shares look affordable and improve liquidity in my opinion. So noone lost or gained anything. It is the opposite of consolidation in a way. It's believed to be good for the SP in the long run. I like their div
There has been a 1 for 1 bonus share issue, so everyone now has twice the shares at half the price - simples!!! At the Company's Annual General Meeting on 3 December 2010, shareholders unanimously approved a resolution granting the Company the authority to undertake a bonus issue of new ordinary James Halstead shares of 5p each ("Ordinary Shares"). Holders of Ordinary Shares as at the close of business on the record date of 13 January 2011 will receive one new Ordinary Share for every Ordinary Share then held. The bonus issue will become effective on 14 January 2011, when stock accounts in CREST will be credited with the new Ordinary Shares. Definitive certificates for new Ordinary Shares will be posted to shareholders no later than 28 January 2011. Shareholders should be aware that any share transactions from 14 January 2011 will not qualify for the bonus issue.
than peanut butter.
James Halstead PLC 03 May 2007 JAMES HALSTEAD PLC Trading Update In the company's interim announcement, 28 March 2007, the Chairman noted a major plant upgrade was imminent that involved the closure of one of the production lines. The company today announces that the upgrade to the Polysafe facility was successfully completed and full production resumed ahead of schedule. Sales continue to meet expectations and the recognition of the Queen's Award for Enterprise in the category for continuous product innovation is a welcome accolade and no doubt a boost to the Polysafe product range. -ends-