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The company is currently priced at very close to the shareholders' equity. However, one would have thought that a potential buyer would pay more than just the book value of the company. OneSource was valued at just over twice the shareholders' equity when it was sold off to ABM in 2007.
They've now gone xd without the share price seeming to be being affected, which is good. I wonder what these might be worth to one of the bigger players - a lot more than the current share price I'd think.
At least it is moving in the right direction again
Probaby more share buy backs - see IPEL website for news.
Some big buys going through recently, with £131.25K amongst them yesterday, they must be liking Ipel
http://investors.impellam.com/news-item?item=1024407682314379&ir_client_id=6513 RNS Number : 5101I Impellam Group plc 25 July 2012  Impellam Group plc INTERIM RESULTS, ANNOUNCEMENT OF MAIDEN DIVIDEND AND PROPOSED CAPITAL CONSOLIDATION Impellam Group plc ("Impellam") - London AIM: IPEL; 26 July 2012 Impellam announces its unaudited interim results for the 26 weeks ended 29 June 2012, which follows the planned transformation strategy around market-focussed restructuring, together with details of its maiden dividend payment and a proposed consolidation of its share capital. Key strategic highlights - Revenue of £590.9 million (2011: £549.4 million) - EBITDA of £20.8 million (2011: £21.5 million) - Adjusted operating profit of £15.8 million (2011: £16.2 million) - Operating profit of £12.8 million (2011: £16.2 million) - Conversion of gross profit into adjusted operating profit of 18.4% (2011: 17.8%) - Adjusted basic earnings per share of 27.6 pence (2011: 25.4 pence) - Basic earnings per share of 20.9 pence (2011: 25.4 pence) - Interim dividend of 7 pence per share payable to all shareholders on the share register on 3 August 2012 - Purchased 572,193 of own shares for £2.0 million (Adjusted data is stated before non-recurring items) Cheryl Jones, Chairman, commented: "Our operational resilience, together with our financial strength, has enabled Impellam to continue to align its brands into clear market-facing businesses, through a restructuring of the divisional and group entities, which will be completed by the end of the financial year. I am pleased to report that Impellam has continued to develop in all its key businesses and markets and that the transformation strategy is successfully progressing as planned.................................................................. Check out full statement
I confess I have difficulty undertsanding the technicalities, but the RNS refers to the recent creation and subsequent cancellation of B and C shares which were never traded and whose only purpose was to facilitate a restructuring so as to make it possible to pay dividends. It's really a non-event for ordinary shareholders but will hopefully lead to the payment of our first dividend, and with interims due very soon and with the company having had plenty of money to spend on buybacks in recent months, we may not have long to wait.
There are around 44m shares in issue. However, am I not right in thinking that the total number of shares can be more than that number of shares that are paid for and issued, i.e. there could be 1m shares in total, of which 44m are paid for and in issue. Also, the RNS refers to B and C shares. Sounds like a bit more tidying up, that's all.
How does this affect us? RNS Number : 5450H Impellam Group plc 12 July 2012  CAPITAL REDUCTION EFFECTIVE Impellam Group plc ("Impellam") - London AIM: IPEL; 12 July 2012. Impellam previously announced on 12 June 2012 that its shareholders had passed each of the resolutions at the annual general meeting held on that day, which included the reduction of the share capital of the Company by £127.1 million, involving the cancellation of all the B ordinary shares and C ordinary shares in the capital of the Company (the "Capital Reduction"). Impellam is now pleased to announce that the High Court of Justice in England and Wales has made an order confirming the Capital Reduction and that the order has now been registered by the Registrar of Companies in England and Wales. Accordingly, the Capital Reduction has now become effective in accordance with the terms of the court order. Enquiries: For further information please contact the appropriate individual below. Impellam Group plc Cheryl Jones, Chairman Tel: 01582 692658
Does it mean that they are cancelling shares, even if those shares have not been issued ?
Please confirm how this will effect the company ? http://www.investegate.co.uk/article.aspx?id=201207121230085450H&fe=1&utm_source=FE%20Investegate%20Alerts&utm_medium=Email&utm_content=Announcement%20Alert%20Mail&utm_campaign=Impellam%20Group%20plc%20Alert
hopefully with the interims due later this month or August. Could well be the catalyst for a re-rating.
RNS Number : 6502G Impellam Group plc 02 July 2012  Impellam Group plc Transaction in own shares Impellam Group plc (the "Company") announces that on the 29 June 2012 it purchased 50,000 ordinary shares of the company for cancellation at an average price of 343.5 pence per share. Following the share buyback the Company's issued ordinary share capital consists of 44,126,189 ordinary shares. Therefore the total number of ordinary shares with voting rights in the Company is 44,126,189 ordinary shares. The above figure of 44,126,189 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FSA's Disclosure and Transparency Rules.
and upwards 8-)
I'm still here. I sold a few at 320p. Should be some good news soon re share consolidation, dividends, buybacks etc.
Up 12.50 again, Gone from 285 to 340 currently since results were out 16th Feb. Are you still with us Horace?
Looking good again, up 12.50 heading in the right direction.
In short: PE of about 6. Debt cleared and cash in the bank. Share buybacks. Acquistions. Capital Reorganisation. Dividend.
Second, the strategy requires the Group to align its brands into focused market-facing businesses. To support this divisional and group strategy, two new holding companies have been established in 2011 to house the realigned Medacs Healthcare and Carlisle Support Services brands. The UK and US Staffing businesses have begun the realignment of their brands to support accelerated development of evolving client requirements for Managed Service Offerings and Client Innovation; moreover, accelerated development of the Science, Engineering and Technology related brand activities is also key. Restructuring of these businesses is underway. The accomplishments in 2011 were critical to the transformational strategy of the Group. The primary trading markets of the UK and US are anticipated to continue to show tough conditions, but the Group remains focused in delivering the most efficient and innovative service offerings. Establishing consistency of reliability and a sustainable competitive advantage are key elements for our current and prospective clients. The Group will continue to develop in 2012 in all its key businesses and markets. The Board remains focussed on maximising shareholder value and unlocking the value of the Impellam Group of Companies. This will include the payment of dividends when appropriate. To this end, Impellam will shortly be seeking shareholder and court approval for a capital reorganisation. Contingent on such approval, the Company will then have sufficient distributable reserves to be in a position to pay a cash dividend starting with the 2012 interims. The capital reorganisation will also provide for other forms of capital transactions capable of delivering value to the shareholders. Further details will be sent to shareholders in due course." Cash Flow, Debt and Net Assets The Group generated £28.4 million of cash from operating activities in the year (2010: £57.5 million). Days sales outstanding (DSO) for the Group was 35.3 at 30 December 2011 compared to 36.0 at 31 December 2010. Net debt reduced by £19.6 million to a net cash position of £1.8 million as at 30 December 2011 (31 December 2010: £17.8 million net debt). In addition, the Group has outstanding letters of credit drawn against its US borrowing facilities amounting to £3.6 million (31 December 2010: £3.4 million). At 30 December 2011, the Group had net assets of £129.3 million (31 December 2010: £106.8 million).
RNS Number : 5148X Impellam Group plc 16 February 2012  REPORT FOR THE 52 WEEKS ENDED 30 DECEMBER 2011 Preliminary Results - Unaudited Key Strategic Highlights Ø EBITDA increased 13.9% to £47.5 million (2010: £41.7 million) Ø Operating profit increased 13.4% to £34.8 million (2010: £30.7 million) Ø Adjusted operating profit increased 16.2% to £38.7 million (2010: £33.3 million) Ø Conversion of gross margin to operating profit increased to 19.1% (2010: 16.8%) Ø Basic earnings per share increased 15.6% to 54.0p (2010: 46.7p) Ø Net cash of £1.8 million at 30 December 2011 (31 December 2010: Net debt of £17.8 million) * Adjusted operating profit excludes amortisation of client relationships and non-recurring items Cheryl Jones, Chairman commented: "I am pleased to announce Impellam Group plc concluded 2011 with a strong set of financial results whilst at the same time completing several important milestones in support of repositioning the Group's businesses. Our strategy is built on the premise of 'Unlocking the Value of the Impellam Group of Companies' for our shareholders, our clients, management teams and employees. First, the financial structuring of the Group has been critical for the Company in that a highly leveraged historic debt position had to be addressed. Conversion of margin to profit and through to cash flows has been an imperative in this regard and remains so going forward. In 2011, the Group's operating profit increased by 13.4%, aligned in part to an increase in the conversion ratio of 2.3%, whilst EBITDA improved by 13.9% to £47.5 million on increased revenues of 1.6%. Basic earnings per share improved by 15.6%. At the year-end the Group was in a net cash position. Execution of the strategy in 2010/2011 has allowed the Group to repay in full and on the due date in 2011 its final obligations under the £20 million guaranteed secured loan notes; and both of the Group's UK and US financing facilities were also successfully renewed during the year. During the year, taking the opportunity of market conditions, Impellam purchased 360,500 of its own shares at a cost of £1.2m. On an annualised basis this provides shareholders with an approximate 1% increase in value, as measured through earnings per share. The Board will continue to look to purchase its own shares going forward, as well as reviewing potential acquisitions where they are accretive and fit with the Group's overall strategy. Second, the strategy requires the Group to align its brands into focused market-facing businesses. To support this divisional and group strategy, two new holding companies have been established in 2011 to house the realigned Medacs Healthcare and Carlisle Support Services brands... Continued...........
Well done http://www.investegate.co.uk/article.aspx?id=201202160700185148X&fe=1
Been following IPEL over last 6 months that bit of bad press the other month has certainly had a big impact on IPEL share prices I think now is the time buy if that sell off is round the corner which I think it may well be
http://moneyextra.uk-wire.com/Article.aspx?id=201110241422187251Q
Thanks Horace, time will tell