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I'd say- because i think from Feb announcement ,Zamano are a registered cash shell and have 6 months to do something or get suspended ZAMANO PLC ANALYSIS FX Rate GBP / EUR 0.885 Shares in issue 99,451,244 Share Price £0.0375 MCAP £3,729,422 Cash £6,333,945 €7,157,000 Annual results 2016, Cash per share £0.0637 £745,884.33 £0.0257 Discount to Cash 41% 0.68 euros 2016 receivables £2,598,360 2936000 2016 payables £3,658,590 4134000 Discount to Net + working capital 29%
you;re almost at your £3.50 target. Fair play to you, I didnt think it would come this low.
discount to net net current assets.... ..plus value of shell
Nice to see some buys here
ZAMANO PLC ANALYSIS FX Rate GBP / EUR 0.835 Shares in issue 99,451,244 Share Price £0.0385 MCAP £3,828,873 Cash £5,976,095 €7,157,000 Annual results 2016, Cash per share £0.0601 Discount to Cash 36% euros 2016 receivables £2,451,560 2936000 2016 payables £3,451,890 4134000 Discount to Net + working capital 23%
If they can dispose any of the business lines for a couple of million , its all upside when the new strategic alternative potentially comes in as we should get cash plus a little. 40 - 50% upside here I feel ZAMANO PLC ANALYSIS FX Rate GBP / EUR 0.845 Shares in issue 99,451,244 Share Price £0.0400 MCAP £3,978,050 Cash £6,047,665 Cash per share £0.0608 Discount to Cash 34% 2016 receivables £2,480,920 2016 payables £3,493,230 Discount to Net + working capital 21%
Annual accounts were out by this time last year.
Will get a nice bounce on announcement of new RTO in my opinion. They all bounce well. I'd imagine Davys have been looking at RTOs for this entity since end November. A big enough cash balance to make incoming businesses pay a premium to get shareholder base + cash. Tightly held at these levels.
Good luck with your 3.5p. So you think an AIM RTO'd entity will be able to swoop in and get even €6million cash (assuming net cash and after a few months of negative cfs from the €7.4 million end November), by valuing the current holders at €4.095 million? (3.5pence ) Good luck to ya , I'll be competing with ya for those shares! One thing i think we should ask management for however is : What is the rate of Cash Flow Negative? Can they / have they issued redundancy to everyone? Can they sell one or more of their 3 CF streams? These questions would be pointed to eliminating the Net €1.5 million working capital payables (over receivables ) from our calculations so we can truly call this a cash shell.
but now fcf negative...and plenty of fcf- companies with poor prospects have traded at substantial discounts to their CA-TL... ....I'm too greedy to pay 4.3 or 4.4p.. ....3.5p??
I had the same question myself. Wexboy reckons if remaining revenue generating business can be sold, the liabilities could potentially go with the sale price. Remember their turnover was about €23 million. 'Payforit' regulations made the business no longer cash positive but that doesnt mean there's not a few million a year someone will take? Wexboy feel free to intervene. BUT I have done the net net net cash / receivables / payables and its STILL discount ! ZAMANO PLC ANALYSIS FX Rate GBP / EUR 0.845 Shares in issue 99,451,244 25 August 2016 Half Year Update Share Price £0.0425 Mid Price Bid-Ask MCAP £4,226,678 Cash £6,166,810 €7,298,000 30 November update Cash per share £0.0620 Discount to Cash 31% Interim results receivables £4,793,000 Interim results payables £6,388,000 Discount to Net + working capital 8%
better to calc current assets minus all liabilities....
ZAMANO PLC ANALYSIS FX Rate GBP / EUR 0.845 Shares in issue 99,451,244 25 August 2016 Half Year Update Share Price £0.0425 Mid Price Bid-Ask MCAP £4,226,678 Cash £6,166,810 €7,298,000 30 November update Discount to Cash 31%
or a touch high?
bonum, they're going to change businesses, cash shell, actually trading below cash. Petro Matad was below cash too on a horrendus trading update. But the only time there'll be real investment opportunity in these stocks is at times like these, when nobody wants in and its below cash. Watch this space. Where were you in Petro Matad at 2.5 pence?
This was recommendedbon another bb, but I would strongly suggest a good read of the last Trading Update! Not very encouraging!
MCAP £3.9 million , cash about £6 million (€7.3 million at 30 Nov 2016). Initiated a position here on the panic last Friday. Risk / reward well in shareholder favour here.
This has effectively become a cash shell, whilst some are factoring a breakup share price based on cash (£6m) what if a newco injected into it, say a mining company, pharma, finntech etc etc. If that happened the shares could rise strongly. What do they have in mind I wonder, the results statement comes in early March. I sense more news is imminent.
Your question is key. Could run out of cash before shareholders get anything. Can't understand why company couldn't update re cash situation but keep us in the dark. Could be a great buy at these levels but one could also lose all money as cash position is not at all clear.
Despite a section entitled “Financial update”, there is no update on the current balance sheet position – and the shares are presently more than 20% lower, to 3.75p, on the back of the announcement. This capitalises the company at £3.7 million (currently €4.3 million) – which compares to a 30th June 2016 balance sheet having shown cash of €7.4 million and net tangible assets of €5.8 million. The November update noted a cash balance of €7.3 million, so why no further update on cash now? And what will the outflow be before any potential return to shareholders?
difficult to know what winding down costs are....or how valuable listing(s) are..or how much will be returned to shareholders
May as well go to the casino
What are your thoughts after today's RNS Wexboy?
Zamano (ZMNO:ID, or ZMNO:LN) (3.3%): Share Price: EUR 0.055 Market Cap: EUR 5.5 Million Unfortunately, with special situation/activist stocks, things can sometimes get (much) worse before they finally get better…as with Zamano, it seems. Since the UK/Payforit trading update – where management basically threw its hands up in the air, aghast – investors have tagged the business itself as (less than) worthless. Which is understandable, but a wee bit overboard… While smaller investors may have been puzzled by the apparent laissez-faire approach here of large stake-holders- who were maybe focused more on an eventual exit, rather than the day-to-day vagaries of the share price – I think that’s clearly no longer the case. While it should have accompanied the original trading update, in the end (albeit, two months later) management was forced to deliver an actual restructuring plan. Annualised cost savings of almost €0.4 million were announced, with more to come, to ‘allow the Company to continue to operate profitably into the future…whilst also protecting the Company’s existing cash position & shareholder value’. Crucially, all M&A discussion/activity has ceased, with the focus ‘on maximising shareholder value whilst continuing to explore options for further value creation’. Presuming both, Zamano now trades on a 0.75 Price/Cash multiple (vs. €7.3 million net cash as of end-Nov), and a substantial portion of this cash should now be available (logically, with acquisitions off the table) for a return of capital. But let’s not write off the ex-cash value here – after all, ZMNO’s survived plenty of industry changes & setbacks for nigh on 20 years now, plus it also managed to generate €2.5-3.0 million EBITDA pa for the last 4 years. Which suggests it can rebuild a profitable business again…except that would take time, plus a full management bench. A bird in the hand may now be more compelling – in fact, hopes for a sale could explain the radio silence re a new CEO. [Even if the company’s intangible assets were sold off piece-meal, and/or it was touted as a potential listed vehicle for a business wishing to IPO, I suspect significant value could still be realised in terms of the current market cap]. All options to ‘explore’…but to actually realise value here, investors need some timely decisions & implementation from the board. And while it’s a small stake, Farringdon Capital must be frustrated with a significant mark-down already on its new 9.0% stake (purchased from Pageant Holdings, and with little chance to exit unless they find another deep-value block buyer at an even worse price) – we can hope they provide fresh support/activism here. For this & other top picks for 2017, see here: https://wexboy.wordpress.com/2017/01/27/top-trumps-for-2017/
discount... ...@4p would likely be 20-30% below net net & fcf + (which from experience but no rigorous testing is cheap as chips) ..so buying into this (?long) soft patch may pay off ..ps secondary rationale would be punting on strengthening euro and/or weakening £