London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
You will only have one login account. Registering with multiple accounts is not allowed. Any user found to have more than one account on this site will have all, and any future accounts suspended permanently.
Your email and password must only be used by you. If a post is made under your account, it will be considered that it was posted by yourself.
Your account nickname must not be the same, or contain, listed company names or board members' names.
While debating and discussion is fine, we will not tolerate; rudeness, swearing, insulting posts, personal attacks, or posts which are invasive of another's privacy.
You will not;
discuss illegal or criminal activities.
post any confidential or price sensitive information or that is not public knowledge.
post misleading or false statements regarding the share price and performance. Such posts are deemed as market abuse, and may be reported to the appropriate authorities.
post any private communication, or part thereof, from any other person, including from a member of the board of directors of a listed company. Such posts cannot be verified as true and could be deemed to be misleading.
post any personal details (e.g. email address or phone number).
post live price or level 2 updates.
publish content that is not your original work, or infringes the copyright or other rights of any third party.
post non-constructive, meaningless, one word (or short) non-sense posts.
post links to, or otherwise publish any content containing any form of advertising, promotion for goods and services, spam, or other unsolicited communication.
post any affiliate or referral links, or post anything asking for a referral.
post or otherwise publish any content unrelated to the board or the board's topic.
re-post premium share chat posts on regular share chat.
restrict or inhibit any other user from using the boards.
impersonate any person or entity, including any of our employees or representatives.
post or transmit any content that contains software viruses, files or code designed to interrupt, destroy or limit the functionality of this website or any computer software or equipment.
If you are going to post non-English, please also post an English translation of your post.
If you are going to post non-English, please also post an English translation of your post.
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium and Verified Members
Premium Members are members that have a premium subscription with London South East and have access to Premium Chat. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Eliot Kaye, Director of Puma Investments and Investment Director of the Puma VCTs added: "The ongoing effects of the credit crisis mean that SMEs are still finding it difficult to access the funding they need from the traditional banks. As a consequence, we have seen a significant increase in our pipeline of potential investments. In particular, we are seeing many established companies which have substantial assets or predictable revenue streams, over which a first charge can be taken, thereby reducing the risks usually associated with venture capital investing. For us it's all about backing the right management teams, adding value where we can and letting them get on with what they do best - running their business."
Today sees the launch of Puma VCT 9 plc, the first VCT to be launched by Puma Investments the newly formed specialist provider of tax efficient solutions from Shore Capital Group. Under the leadership of CEO, David Kaye, Puma Investments plans to launch and manage a new range of tax efficient products.
Commenting, David Kaye said: "Puma Investments will benefit from the successful track record, skills and expertise of the Shore Capital team. Having our products under one distinctive brand creates greater clarity at a time when investors are increasingly seeking vehicles which offer capital preservation within a tax efficient structure."
The new Puma VCT 9 will run a similar investment strategy to, and be managed by the same team as, the previous successful Puma VCTs, seeking to preserve capital whilst producing regular, tax-free dividends to shareholders. The VCT intends to maintain a regular dividend payout of up to 6p per annum, the first such payment being made in April 2015. Qualifying investments will be in established unquoted companies, primarily in the form of secured loans.
Applications for shares in Puma VCT 9 received before 31 December 2012, will receive a 1% enhancement in additional shares. Puma VCT 9 will be attractive to investors seeking a tax-efficient, higher income investment with the defensive qualities associated with Puma's emphasis on asset backed, well managed companies.
Shore Capital launches new investment business and latest VCT - Puma VCT 9
· New standalone brand to focus on tax efficient products · Highly experienced investment team, successful 16 year track record · Launch of Puma VCT 9 - 1% early bird discount offer · The only planned exit VCTs to have returned 100p per share in cash to investors · Over £57m paid out in cash dividends to VCT shareholders
"Our growing market share is mirrored in the robust performance from our Equity Capital Markets franchise, which boasts strong market making, research and institutional sales capabilities combined with a substantial book of corporate mandates and a burgeoning pipeline," he said.
"A striking example is our research and sales team which delivered a nie per cent increase in revenue in the first half of 2012 over the comparable period last year; a very strong performance especially against a contraction in broking capacity as a number of our competitors either closed, sought mergers or were acquired."
Shore Capital (SGR), the boutique investment bank, is to take a controlling stake in a German telecommunications group, as it seeks to re-enter the fixed and mobile industry for the first time since the late 1990s. Shore and a consortium of investors are to take a 58% stake in DBD, a German telecoms group that specialises in WiMax, a fourth-generation wireless technology that enables fast internet searching on mobile phones. The shares inched ahead 0.25p to 32.5p.
For a company that has delivered an average return of 40 per cent a year to its shareholders, measured by the growth in NAV per share and the accumulated dividends paid between 1 January 2000 and 31 December 2009, it seems incredible that you can still buy shares in Shore Capital below book value.
Moreover, net assets of £68.7m look rock solid and include £27.5m of net cash, £1.9m in bonds, £3.4m of quoted equities and £13.8m invested in the asset manager's highly successful Puma Funds. It's not as if those funds under management have been poor performers as the track record of Shore Capital's alternative asset class and structured finance funds is mightily impressive. Total assets under management now exceed £1.28bn and the company reported a pre-tax profit of £1.3m from this operation in the first half of last year.
Shore also has a successful equity capital markets division which posted a first-half profit of £3.4m. In fact, the company is the second-largest market maker on Aim and the third-largest on the main London market, so it should have benefited from the surge in small-cap stocks last year.
Overall, the company reported pre-tax profits of £4.8m on revenues of £18.1m in the first half of 2010 and generated an annualised return on total capital employed of 12.8 per cent. And with chairman Howard Shore controlling 41 per cent of the share capital and managing director Graham Shore holding a further 8.9 per cent, then outside shareholders can expect dividends to remain firmly on the agenda. The company paid out 0.875p a share in 2010.
However, despite these positives, the shares trade slightly below book value even though a high percentage of net assets are in cash and readily realisable assets. That looks anomalous and fails to attribute any value at all to the asset management business the company has built up since it was formed in 1985. Trading on a bargain rating of 0.65, and with Shore Capital clearly able to redeploy its sizeable cash resources on value-enhancing acquisitions, the shares are undervalued.