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REVENUE PASSES £100M IN YEAR OF PROGRESS AT INCE GROUP .
This should make Arden worth 35p approx .
Best to buy NOW .
Outstanding
Bye Bye Arden .
Hello New Co
Ince pie anyone ?
Outstanding
Assetco it seems are also Interested .
Great value ARDN @ today`s prices.
Outstanding
Good news for shareholders here , if the business is concluded .
One may also add , both companies seem undervalued by half on today`s revenue calculations .
Outstanding
Thank you and good point. I had forgotten that this was an all-share situation.
The bid is an all-share situation - 7 Ince Group for 12 Arden.
When the bid came out in Oct, Ince was trading above 50 pence. Now they're trading around 34 which puts the bid around 20p.
This morning's trade is appalling broking - the average price is 20.25 if you hit the prices at 21 & 20.
Yeah, the bid at 21p is 3,000 shares which is £650 ish. If someone wants to dump £2,250 within 11 seconds of the open you'll often get a rubbish bid, that's how it works.
Have I missed something?
Implied bid at 31p - shares trading at 19p.
Not sure what to make of this.
retired banker; thanks your views. I am a shareholder in both, and whilst my views are on the Ince page, i bought Arden post Ince announcement, that announcement making me aware for the first tome of Arden, and actually liking Arden, believing (like Ince) it was a lot underrated and a bit misunderstood. I take a value approach, and with that im happy to be patient, and wait for a rerate; at that time of Arden purchase, i viewed the conversion rate as being a better deal for Ince, and feeling Ince itself undervalued/unloved, felt it was a cheap way of getting more Ince.
i love your positivity and don't disagree with your reasoning that earnings will rise, that both firms are undervalued. But i disagree that the market cap to revenue ratio supports value or an increase towards £1 for the enlarged Ince; it is undoubtedly undervalued, and it will rise some, but i am happy to be wrong (these 2 holdings being my current 2 worst investments by a yard). And here is why i think so:
The increase in partners to Ince announced in the last 12 months, with their 'specialist expertise/experience/market knowldege', has not translated correspondingly into an increase of income/awareness/industry standing - from a low point. Which begs the question, what are they adding to the business?
For a firm whose primary offering is centred on attention to detail, to seemingly be unaware of the detail, requirement for non conflict, listing requirements is more than an oversight, it is incompetence. How can you sell professional services, based on attention to detail, whilst acting in an incompetent way? It's not an oversight, an inconvenience, it has devalued the brand offering, raising doubt over professionalism to potential clients when it needn't have.
The actions (inactions) on this takeover only confirm concerns i raised on the Ince page, that Ince was basically being run as an old style PriceWaterhouse partners business, whereby the partners are renummerated richly as they are the owners, whilst utilising a stock market listing for credibility whilst ignoring the shareholders (the increase in partners but negligble increase in profits reinforces this concern).
Frankly, i shouldn't write this, because it's truism doesn't help a recovery in the Ince/Arden share price/valuation, and won't help to recoup my losses. But sometimes you have to say what you see, add to the viewpoint to (hopefully) inform people's investments. I hope you right, and will be delighted to be wrong, until then i'm holding to sell as SOON as i break even, having frankly written off this combined investment to zero. Because i still believe this company will continue to value 'partners' at the expense of shareholders.
A very inactive bb - this one !
I considered taking my profits when the Ince takeover was announced and accepting that I wouldn't see the further gains I had anticipated back in Sept. But the fiasco with the Ince suspension prevented that and today I have re-assessed the potential within the Ince group. Accepting that the Senior Partner Adrian Biles must be a bit of a buffoon for getting his firm suspended for not understanding terms of Nomad for AIM listing - my research suggests that Ince is undervalued by reasonable profession services standards. The group has 350(ish) fee earner to 350 other support staff which is an excellent ratio ... and I feel has potential to grow total revenue to somewhere between £130-200m over the next few years organically. I also feel that a market cap of 0.75-1x revenue is appropriate for such a firm ... so think that my new Ince shares could easily revert towards the £1 level
Revisiting some of my holdings to determine whether I need to reconsider investments and Arden just stands out as hugely undervalued. Really expect this to move from 20p to 40p+ on full year results .... or maybe Arden get subsumed into a bigger Corporate Finance / Venture Capital house. Either way I could see this becoming one of my top holdings in my SIPP by y/e
£10m revenue would certainly be good to see. After a lack of meaningful corporate deal flow and the collapse of 'equities' revenues in recent years, the 'open' capital markets of the past 9/12 months have certainly seen a far healthier business, although overhead (c£8m) would see to still be very high for this type of business....
£10m ... so basically double the interims ... but back to 2017
£100m revenue or £10m?
What a good month this has been for Arden.
But imagine if the final results come in at £100m revenue and PbT around £1.5m
... so better than the 2017 earnings when the share price was 53.5p
... and that would still only represent a p/e ratio around ten !
The EBT being able to buy that many shares at that price yesterday looks good business for their employees, but whoever sold that many may need to notify a change in holding
Return to profitability well underway, should benefit from continued rebound in Equity Markets.
So quiet here I am doing the updates :)
Wednesday 24 March
Arden Partners PLC AGM
Look at that for a NEWS GL
Tue, 16th Feb 2021 08:59
(Alliance News) - Arden Partners PLC on Tuesday said it had made a good start to its most recently ended financial year but later trading was hurt by the Covid-19 pandemic.
The London-based corporate adviser and stockbroker said revenue in the year to the end of October 2020 totalled GBP5.9 million, down 11% from GBP6.6 million reported a year earlier.
Arden highlighted that revenue before equity trading losses increased by 7.2% on the previous year.
Pretax loss for financial 2020 was GBP1.4 million, narrowed from GBP2.6 million loss the year before.
Net asset value per share, however, declined to 13.9 pence as at the end of October 2020 compared to 18.1p the year prior.
Arden Partners shares were untraded in London on Tuesday, last closing at 11.90p each.
"The strategies adopted in recent years regarding the changes in our industry and then those adopted to cope with the challenges posed by Covid-19 are now showing positive results and our team delivered a strong result in the second half of the year and this performance level has continued into the current year," noted Chair Mark Ansell.
"Whilst the macro outlook remains uncertain, our second half performance and more recent trading, together with less volatile equity markets and a good mergers & acquisitions pipeline, gives us confidence of a return to profitability in the current financial year," added Ansell.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
you could have bought some under 13 p this morning. A few buys will increase the price significantly here. I was in GCG, now bought some here GL
a movement soon? didn't we just have a big one?
time for a movent soon IMO GL
Note the date, the 10th
It was a sale, not a buy
irector/PDMR Shareholding
Arden Partners plc announces that on the 10th, March 2021 the Trustees of the Arden Partners plc Share Incentive Plan acquired 33,330 ordinary shares (comprising 16,665 Partnership shares and 16,665 Matching shares) for the benefit of the participants of the Plan. The price paid by the participants was 13.50 pence per share. The Partnership shares will be used to satisfy employees' contributions to the Plan deducted from their February salary. The Matching shares are purchased for the employees' benefit by the Group and are subject to certain eligibility criteria.
GL all