Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Hopefully this will happen, and ASH can continue with the many projects they have ongoing. It might not be the outcome many would have liked, but something is better than nothing, especially in these difficult times. GLA.
www.ashleyhouseplc.com/wp-content/uploads/2020/07/RNS-CVA-Final-1.pdf
Piper Homes set to list through reverse takeover of Ashley House https://t.co/VfJlQrUZZ2 via @proactive_UK
Sorry for all holding , how on earth could this happen when the F1 modular was the new kid on the block? It was obviously not that good otherwise ASH would have ridden the storm with orders a plenty.
Remind me of another "building" company on AIM called Artisan many years ago. Exactly the same scenario.
Not sure wether these two bit builders on AIM are to be trusted.
Sad all round, suffering staff especially and including for us remaining - mug ?- shareholders too. I didn't sell any today and have somewhat written off my total bet here in my mind now. But a few twists and turns to come here yet I guess and hopefully for all concerned it's not going to be a case of all over soon ( my instinct is that it isn't /won't be all over but I may just be kidding myself.. or maybe not ! )
How can those debts not be paid ??? what a joke nasty they can see peoples may lose their jobs ,yet they are nor paying ??
It was a good decision
Well, that’s a new one, a ‘Trading Update’ which doesn’t mention trading.... to which I assume....there isn’t any? One things for sure though, they need cash. Not immediately but when the cash from the recent business sale have been burnt. Will they be able to go to the market for funding or will they manage to get another loan?
The future remains very uncertain indeed.
a seller about, clearly.. damn.. looks like you're right or going to be right dibs.. no idea how low this can go but if there's even decent sized ongoing selling then it can of course go much lower, alas.. wish I'd sold out now... instead i'm in here for a year more or much more now, I guess.. assuming the co doesn't capitulate completely .. oh well. c'est la vie..
My latest thoughts:
https://cube.investments/ashley-house-reflection-on-a-painful-lesson-ash/
Hi Nice I think you make a good synopsis and I largely agree with you. However, the gp and health centre part of the business I don’t think was any longer core. Neither is F1m, that’s still very small. So my main concerns are twofold:
1. Their core business has gone
2. They have large debt to service which, with a core business was probably serviceable
So, there is way too much uncertainty about how they scale up the business at all from here.
All that said I accept my wording may be interpreted as deramping but I just say it how I see it. I wish you and other investors good fortune and success here.
they have a 33.33 per cent share in partnering health ltd with is front line GP services orientated in Hampshire and is looking to expand and will need hopefully new buildings etc going forward.. also they have a long history in primary care facilities builds including NHS builds so its far from a new area for them dibs...indeed its their core prior to this ederly care journey...and that elderly care facilities jouney has been somewhat of a mare for years now because of lack of contract closure.. and had complicated funding requirements that ate into any potential profits too.. as councils for eg were cash strapped forever etc .. so they've walked away from it and taken a decent bunch of money from MS in the process too and downsized staff nos - without redundancy - decently too..
I guess, you or I don't know the co. well enough to say with any authority what their prospects are in this primary healthcare facilities sector..and not really either in F! modular. ...so you using 'so poor' is akin to deramping imho...you may of course be right to sell up, only time will tell.. and I do understand why you chose to sell up.... (I sold a quarter my holding towards downsizing my exposure here and will hope for the best with the rest.)
This, imho, is troubling news. It’s something of a distress move, forced on them.
This has removed the rump, potentially £200m pipeline, of their business. What’s left? Not a whole lot. They’ve effectively got to build the business up again from scratch. I would take with a pinch of salt the idea they are going to gain any NHS business from MSI. So that leaves F1 modular.
But the biggest concern has to be the lingering £1.5m worth of debt so the debt gearing is over 60% at this valuation. Maybe it is serviceable short term but this cash boost, in their own words, is short term. That is the most worrying statement.
So yep I was out earlier today and doubt I’ll be back with the current prospects so poor.
elderly care housing sector business via Morgan Ashley had a decent pipeline but was very slow to convert into closures so far, at least.. so to step away from it seems a reasonable path, in the circumstances. The price achieved from MSI for that 50% is broadly the same as the price paid by them to enter the 50/50 JV in the first place.. that seems fair/decent to me. And there are cost savings to Ashley House from staff reductions and MS is also give them new intros to NHS primary care buildings business. Also F1 modular has plenty of potential. A period of re focus will be ongoing from Ashley House now,with early funding in hand too and a meaningfully lower baseline staff costs too..3m is a small market cap in this context imho so 6-7p s/p here would not be stretch at all.. but the next two financial updates will be important towards give a clearer handle on the new picture here now..
Equity Raise not required now thankfully .. and cash in hand to refocus the business for that alone surprised this hasn’t gone up more this morning .. maybe it will go up more thru day as it’s an under the radar stock
£2M sale of Morgan Ashley and market cap is £2.78M no wonder this is rising strongly
To me tomtom an equity raise is a last option for management here... and I think there's a good - maybe even very good - chance they won't have to.. more deal closures in Oct and/or Nov and/or Dec is optimal outcome obviously and solves the problem.. asset sales and/or borrowing are the next best outcome(s).. and the extract you quote below is about the asset sale(s) path imho.. and then there's a possible borrowing path too, I guess.. MS total buyout of Ashley House left field possibility too imho..
I'm tempted to buy more of these at this sub 5p s/p level.. their appalling historic delivery record on closing deals is stopping me though..
Anyone thoughts on this one?
You would think that they have funding from one of these entities below sorted, for them to take this step RE: the director resigning and mentioning all that detail in the PR.
I am assuming they are waiting to see if further schemes close and will only call for funding if their cash flow becomes critical. The scheme that reached financial close must have given them a decent amount of time to play with.
"Stephen is Chairman and shareholder of Wildlife Group, a company which is a potential customer of the F1 Modular business and he is also Chairman and shareholder in Partnering Health, a company in which Ashley House has a 33.3% stake. Following the announcement by the Company last week, Stephen has been advised that conflicts of interest may arise by virtue of the Company considering certain funding solutions and that these potential conflicts are best avoided by his resignation from the Ashley House board"
Can't see this one mentioned previously? https://www.ashleyhouseplc.com/bridport_extra_care/
Now another financial close or two would be welcome and confirmation if we are going belly up or not.
I was hoping for some positive RNS's off the back of the budget review from the govt, end of austerity and all, but no doubt these things take time (years I'm guessing) to actually click into place.
One day Rodney...
Problem might be Dibs that with the history of non delivery that Ashley House has versus plans/targets/talk the market will perhaps have to see one or two more signed contracts in September/ October before it marks this up well even from 5p ish. And more signed contracts again and nett profitability outline in next financial update before this could get back to double digits again, perhaps.
Welcome back hobione. My first target here is double digits. If good momentum is looking to be ongoing - including a decent/good financial performance update - subsequently I'll refer back more seriously to my - now silly looking - 2020 target of 20p .( Five years ago I had a 50p target for this in 2020, fool that I clearly am. I was revising that down year after year thereafter. This company has a long history of underachievement now, sadly.. still, hope springs eternal .. etc.. )
N2M - I concur with your hypothesis. Was encouraged to hear there are other schemes moving through the pipeline. The big issue is the rather lumpy nature of the revenue flow and when that can have a negative effect, as in recent months. But we look to be in for a good financial year here and at some point the market will pick up on it. That’s my thinking anyway.
Bought in this morning on the bell. Fantastic opportunity here. Sold down due to uncertainty and that’s now lessened due to the first deal being done. Onwards and upwards here. I have a target of 12p any one else have a target?
And I hope that they will be able to close another one of those three scheme contracts in September. Also I'm pleased that they have other scheme beyond those three contracts which they are looking to close in coming months too. So their additional cash requirements will not be great I guess and, including not doing a new share issue raise by now, my guess is that other mechanisms would be used to cover any short term additional cash injection requirements, if still required ( eg short term lending or low priority asset sales )
I small topped up this morning off the back of this positive -imho - RNS
I've added also. Have taken profits previously but see good upside at these prices. Some patience required. GLA
Was going to purchase shares in the morning have i read this wrong , for each share a employee purchases they get 2 free if they stay with the company for 3 years. is this true???
welcome back dibs .. and, seemingly, well called on this so far.. off the back of you getting back involved I just did another small top here this morning to get me back to 100,000 shares @ approx. 6p average.. I'd happily add at least another 50000 if this goes to 4p and or lower ...hopefully for others sake it doesn't ... and here's hoping we get a good funding update RNS very soon and this rally's.