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CONT Our Insurance Support Services business provides support services to clients in the London and international insurance markets, as well as providing third-party administration services to insurance companies in run-off. The business has performed in line with expectations. As previously indicated, the business has borne its full allocation of head office costs in 2011, leading to a broadly similar result to 2010. The Insurance Companies Run-off business owns insurance companies which are closed to new business and runs off their liabilities in an orderly manner. The fourth quarter results of the insurance companies in run-off which the Company owns are not yet finalised, but their results are not expected to be material to attributable earnings. Net Debt: Net debt at 31 December 2011 was £34.2m, compared to £38.6m at 30 June 2011 and £36.3m at 31 December 2010. As previously announced, we have focused on improved invoicing and cash collections by our Adjusting Services business which has started to have a positive impact on debt. In addition, the consideration paid for Alico Isle of Man Limited in November 2011 was financed by debt. Net debt is expected to improve materially once the Alico business is transferred to the Company's Isle of Man life run-off business in H1 2012, which is expected to generate significant cash releases. The Company's final results for 2011 will be announced on 23 March 2012. Corporate broker: The Company is pleased to announce the appointment of Peel Hunt LLP as financial adviser and sole corporate broker with immediate effect.
Trading Update Charles Taylor Consulting plc, the international provider of insurance services, announces the following trading update prior to entering the close period for its results for the year to 31 December 2011. Trading performance was towards the lower end of management's expectations, principally as a result of slightly higher fourth quarter costs in the Management Services business and a quieter end to the year in Adjusting Services. The concentration on cash collections in our Adjusting Services business is having a positive impact on debt. Our focus is on delivering insurance services globally through three professional services businesses - Management, Adjusting, and Insurance Support Services - and on the ownership and run-off of insurance companies which are closed to new business. The Management Services business provides mutual and captive insurance company management, investment management, underwriting, cover holder and risk consulting services. The performance of the mutual management businesses which make up the bulk of revenues is slightly below expectations, principally as a result of higher costs in our shipping mutual business. The captive management, risk management and underwriting services businesses continued to find trading conditions challenging. Our Adjusting Services business provides loss assessments and claims-related advice to insurers and insureds across the energy, marine, aviation and non marine sectors, focusing on large and complex insurance losses. In the fourth quarter, trading was marginally below expectations, although the business is significantly ahead of the previous full year's performance following a particularly strong contribution from energy adjusting.
http://www.investegate.co.uk/Article.aspx?id=20120123070000PAD05
Peel Hunt initiates buy Charles Taylor Consulting, target price 170p
David Marock, Group chief executive officer, said: "We have made it clear that we will pursue opportunities to acquire life and non-life businesses in run-off where they are a good fit with our existing businesses, generate an uplift in our earnings, and create real shareholder value. We believe this acquisition creates shareholder value and keeps our strategic options in the run-off sector open."
Charles Taylor Consulting plc ("CTC" or the "Company") Acquisition (the "Acquisition") of Alico Isle of Man Limited ("Alico IoM") The Company announces that it has entered into an agreement to acquire the issued share capital of Alico IoM, an international life assurance company in run-off, from American Life Insurance Company. Alico IoM was established in 2002, provides investment life insurance products and was closed to new business in 2008. At 30 June 2011, Alico IoM's equity shareholders' funds were £1.8 million. CTC will rationalise the operations of Alico IoM by transferring its business into LCL International Life Assurance Company Limited ("LCLI"), CTC's wholly owned Isle of Man-registered closed life business, and integrating its management into CTC's life insurance services company, LCL Services (IOM) Ltd. The Acquisition is expected to be earnings enhancing in the year ending 31 December 2012 and thereafter. In addition, CTC expects the Acquisition to enhance embedded value and to release cash in excess of the consideration once the transfer of Alico IoM to LCLI is complete, expected to be in the first quarter of 2012. The Acquisition is subject to regulatory approval by the Isle of Man Insurance and Pensions Authority. The business transfer into LCLI is subject to court approvals.
http://www.investegate.co.uk/Article.aspx?id=201110100700128293P
"Charles Taylor Consulting's business performance in the first half of the year was steady and we have seen progress in our professional services businesses. Our new CEO, David Marock, and the entire business are focused on delivering profitable growth and he has commenced a thorough business planning initiative to do so." Rupert Robson Non-executive chairman
Business highlights · Overall business performance steady · The professional services businesses - Management, Adjusting and Insurance Support Services - delivered combined robust adjusted operating profit of £5.4 million (2010 - £5.1 million) · Adjusted earnings per share 9.51 pence (2010 - 10.02 pence), adjusted profit before tax £4.5 million (2010 - £6.8 million) · Statutory earnings per share 4.68 pence (2010 - 7.38 pence), statutory profit before tax £2.6 million (2010 - £5.7 million) · Interim dividend of 3.25 pence in line with 2010 year-end re-basing · David Marock joined as Group chief executive officer and plan for profitable growth being developed
http://www.investegate.co.uk/Article.aspx?id=201108190700116491M
Charles Taylor Consulting (CTC), it is worth pointing out, has nothing to do with the former Liberian president on trial at the Hague, and everything to do with the business of insurance. With an undemanding forward earnings multiple of less than seven times, we think this stock may be worth a punt, says the Independent.
26% shaved in a day and no one has a single word to say about it ?