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today of 100k ?
As I thought & I reckon that BDOs final Audit fee for the Group & subsidiary accounts was through the roof .I am sure that there are several top 20 firms who will be very pleased to win a quoted company client & happy with a much more modest fee-assuming our CFO,who has been in situ for a few years, continues doing a decent job.
So it turns out to be positive news - a reduction in audit costs.
Document now available
Statementunder519 of the Companies Act 2006 ("the Act")
To the Directors of Coral Products 02429784
In accordance with 519 of the Act we detail the following reasons for ceasing to hold the office of auditors;
the client changed auditors to a Firm more commensurate with the size of the business.
This is not considered to be an exempt reason as set out in s519 A of the Act.
We confirm that none of the reasons for us ceasing to hold office and no matters connected with our ceasing to
hold office to be brought to the attention of members or creditors of the company.
https://find-and-update.company-information.service.gov.uk/company/02429784/filing-history
I would expect that the appointment of a new Auditor has been done & will soon be announced.
perhaps JG considered the BDO charges excessive with view to a now simplified structure with 3 operating subsidiaries & no major complexities.
The proposed property disposal is interesting as, if it is achieved, adds more cash to our substantial bank balance & would enable more buy backs, more acquisitions or larger acquisitions & confirms the ability to maintain (or increase) dividends-assuming that business remains solid.
Thanks for the reply's
I will leave you with something else that I spotted of interest
Dated March last year at the bottom of the page. Not sure if it is still live. Not on the pk3 site https://www.pk3.agency/investments
SOUTH MANCHESTER INDUSTRIAL INVESTMENT
TATRA ROTALAC LIMITED, SOUTHMOOR ROAD, WYTHENSHAWE, MANCHESTER M23 9DS
PROPOSAL
Our client is seeking offers in excess of
£1,732,500
for their Long Leasehold interest, subject to
contract and exclusive of VAT.
A purchase at this level reflects the following
level, after deducting purchase costs:
6.75% NET INITIAL YIELD
9.06% REVERSIONARY YIELD
£47 PSF CAPITAL VALUE
https://trakr.blob.core.windows.net/pk3website/Rotalec_Plastics_v62021-08-19.pdf
This is dated 2018
Proposal
WELL LOCATED
INDUSTRIAL INVESTMENT
ROTALAC PLASTICS LIMITED, SOUTHMOOR ROAD, WYTHENSHAWE, MANCHESTER M23 9DU
Our client is seeking offers in excess of
£1,000,000 for their Long Leasehold interest,
subject to contract and exclusive of VAT.
A purchase at this level reflects the following
level, after deducting purchase costs:
9.87% Net Initial Yield
11.80% Reversionary Yield
£27.32 psf Capital Value
https://why50.com/wp-content/uploads/2017/08/Rotalac_Plastics_v7.pdf
Not necessarily a red flag. Persistent buybacks suggest that sp is undervalued. The dividend looks secure for now so I'm reluctant to take a good profit.
Well spotted! BDO were only reappointed as auditors at the AGM in October, so the reason for their resignation is unlikely to be a falling out. It may simply be that a conflict of interest has arisen which necessitates BDO choosing between CRU and some other company.
The directors will need to appoint someone else pdq, and inform the market via RNS.
Any thoughts?
21 Jan 2022 Auditor's resignation
https://find-and-update.company-information.service.gov.uk/company/02429784/filing-history
100k at 17.9p is also interesting. Could be an error, I suppose.
It will be interesting to discover what todays transaction related to ,while appreciating that we may never find out
It's now 17.125p to buy. Haven't seen that for a long time.
Today?
Maybe...but the long-term trend is definitely up.
from a few sharemuppet followers..will get sold off again later today..they won't hold long
Inside information is a bit of a fuzzy issue. If trading is generally strong directors might be encouraged to buy although that's not necessarily going to require an rns. The overall tone is positive and the divi reflects that. This has the feel of an old fashioned company with solid tangible assets. I bought sub 5p but reluctant to take profits yet.
Fallingknife - I think you’re overcomplicating it.
Firstly, it would be naive to think the directors don't know what's going on in their own company.
Secondly, they will have regarded the impending trading update as mere confirmation of bullish market expectations, i.e. not technically "inside information".
There is no need to theorise about “profit warnings”.
Not so Pianista. If they knew and bought with inside information it would be illegal.
Two different directors bought less than two weeks ago. They obviously don't see today's RNS as a profit warning, quite the opposite, and they should know.
on today's announcement. It is a profit warning wrapped up in good news. Personally I think with the yield it is worth persevering and trading is ahead but with be cognisant of what they flagged today.
Looks likely we spent a additional £370k buying back a further 2.8mill earlier today ,which explains our SP weakness earlier this morning .
If we can maintain or grow our profitability & therefore sustain or grow our current dividend we will remain a high yielding stock with scope for some capital growth, if our cash surplus can be utilised effectively & either earnings accretive bolt on acquisitions can be made or we continue buying back shares in the market .We have spent approx £300k so far this week on buy backs , reducing the free float further.There also remains the possibility that we could be used as a SPAC & a much larger business could reverse into us.
Either way, we are a tiny company & fly under the radar of most investors & IIs & we also have a chequered history in respect of banana skins & disasters & it will take a period of positive reporting for that tarnish to fade
a slight sense of anticlimax but the company has been derisked (cash rich) and well worth holding for the dividend yield.
Yesterday's purchase of own shares and director's purchase appear to be undoing some of the damage done by the slightly self-contradictory - and inexplicably delayed - final results RNS, which was not well-received by the market despite confirming that the the company will have cash of 9p per share (following the imminent completion of Haydock) and that it is on target to earn 1.3p per share this year.
Good turnaround.
Here's Joe from June 21: https://www.youtube.com/watch?v=WKGokmfUsB0