Member Info for Filshare

Been waiting for this to go back below 19, looks like it is getting there....any one know what is moving the price down?

Looks like lots of investors were waiting for the artificial skin to take off and opting put no it looks unlikely to work. Still looking like an interesting growth storymand getting more attractive by the day. Not in yet, but certainly on my watch list...

Be interesting to see how the sp eacts to this. Both sides will have invested a lot of time, effort and money in the process...I think there is more pressure on RBS to do the deal, so is this BNC aiming for a better price, or are they really more interested now in the mbna deal. Either way, interesting times ahead...

I still like their online capability. Sales at full price might be down, but Directory has recovered, and they make a lot of money offering finance, on online purchases. With BHS gone, they must pick up some additional high street sales, and seem better placed that some of the other clothes shops to benefit from that, although BHS going bust seems to have turned sentiment against clothes. I read today that people are spending money on eating out instead of clothes but seems to me people will still want new clothes to go out in, if they can afford them of course...

I still like their online capability. Sales at full price might be down, but Directory has recovered, and they make a lot of money offering finance, on online purchases. With BHS gone, they must pick up some additional high street sales, and seem better placed that some of the other clothes shops to benefit from that, although BHS going bust seems to have turned sentiment against clothes. I read today that people are spending money on eating out instead of clothes but seems to me people will still want new clothes to go out in, if they can afford them of course...

Bought in today under 290. Terrible publicity recently, and I hate shopping in Sports Direct, but I still go there to get any kind of sports equipment, ( I wouldnt want to buy a tennis or badminton raquet online ) and it doesnt seem to have much real competition in the high street. Other sports chains seem to only sell 'fashion', with a high mark up It is a horrible shopping experience at SPD but they are cheap and could afford to put prices up without losing too many customers, bit like Wetherspoons which did well recently, despite minimum wage worries. Similarly if incomes shrink, people will always be able to afford to shop at SPD, over other sports shops. Do wonder if there isnt a masterplan to drive sp. down and take it private on the cheap but understand MA has ruled this out, so thats ok then!!

K3, Can you expand on the AGM? What gave you most confidence in the future, what do you think are the biggest risks and what was the best question asked from the floor? Thanks....

Very similar name to another company that I have been looking at, wouldn't want anyone buying it by accident given the warning from bross.

Bought into this at 90p and bought a lot more at 43p, so back in blue for the first time here in ages, and starting to beleive it might properly take off soon, at last. Loads of large businesses have inefficient payment systems and the abilty to provide funding/cashflow to small suppliers whilst having confidence in repayment due to their larger customers credit rating still sounds like a winning idea to me. I also have greater confidence that the new management will execute the strategy well. Seems to be less focus on rns announcements and more on running the business.

Interesting news, at very least mht help us drve a better deal with RBS: "Santander UK is reportedly considering a takeover of Bank of America's UK credit card group MBNA. Sources told Sky News that Santander UK is looking to make a formal bid for MBNA next week at the deadline for offers. Santander UK is said to be mulling the acquisition as a way of strengthening the balance sheet to deal with tough new industry reforms due to be implemented in 2019. The government reforms are designed to protect taxpayers and savers against a future financial crisis. A takeover of MBNA could cast doubt on Santander's interest in buying a separate set of assets from Royal Bank of Scotland. Santander and RBS are in negotiations over the sale of hundreds of branches and a big chunk of the personal current account and small business banking market.

Sharp drop today, anyone know why?

So, no surprise, the FD has now been replaced with an (experienced) outsider. Share price has dropped by a third since the new CEO started, but that seems to be due a slow down in their markets rather than any kitchen sinking. I havent invested yet, but certainly the price now looks much more interesting than last year. Still worried about their extensive pension debts, which will be come bigger problem if growth falters further.

Originally bought in when this dropped to 90p, so a bit sore, but have averaged down to 58p today, as it is difficult to envisage price going much lower. This is a business that is going to take hard work to get going, but once it gets momentum, I'm optimistic long term holders ( from 46p at least) will see some value one day. Have seen the shorters in action before and they can only keep the thumbscrews on for so long. Once good news starts to flow they will flee and, hopefully, the price will rise quickly. If not, then maybe at these prices we will see someone else come in for them at a bit of a premium. You would think Capita for example,if they have appetite left after eating Xchanging, could cross sell Tungsten products across their client base?

With Apollo falling away, and nothing else on the horizon, looks like Capita have this won. Shame, I was hoping xch would find a way to avoid being absorbed by Capita...or at least push the price up closer to£2. I think Capita have themselves a bargain.

I may be wrong but my reading that the Capita bid is now firm, due diligence having been presumably completed, whereas the other offer has some conditions still on it. Board are recommending capita unless a firm better offer comes in, and this i think locks capita in at a minimum of £1.60, protecting lion share of shareholder gains to date, and therefore protecting the directors from a shareholder class action if it all falls thru. This implies to me that 1.60 is the bottom end of a range that the BoD have settled on. Apollo may yet put in a firm bid, (and their timescales to do so have now changed) but recommendation may even put pressure on them, to up their bid above the conditional 1.70. If capita found mothing scary in due dilligence then some of the risk of appollo coming out is removed. Of course they may calculate that they wont be able to be able to outbid capita, and decide to pull out of the race to avoid wasting fees and time, which would be a shame for shareholders.. Presumably xch would have to declare any 3rd bidder that asks to look at the books, but suspect 3rd bidder would have to up the ante above 1.70 to join the game. In summary, I agree with Prof that there is more upside than downside, .160-190. Range ?.. market is still pricing in a modest increase on the capita reflecting the risks of Apollo pulling out and no one else joining, but at 5p a share I'm happy taking a punt on landing higher. DYOR, GLA..

Interested in the NHS example given earlier. Presumably Odey, if invested here, won't be shy in advocating the potential advantages to any chums he has in the UK conservative party of using a product like Tungsten. Or you could imagine that Capita, currently on the acquisition trail with Xch, might see how they could use their connections in the public sector to help Tungsten reach it's potential. Certainly at the current price it must be attracting some admiring glances from potential buyers and competitors. I see this one as a bit of a punt, but think one day it might just go up very far, very quickly. Here's hoping that day is sooner rather than later...! GLA.

If Apollo see value at £1.70, the business must be worth much more to Capita given potential synergies. The Capita RNS from Monday states that £1.60 is the max they will go unless a 3rd party comes in (the news about Apollo in the Xch RNS the same day must have come as a shock to them!) but Capita RNS also made clear that they expected to comfortably exceed their return on capital target at £1.60 which suggests they would be willing to go a fair bit higher if necessary, due dilligence permitting.

Surely the best way to increase the number of suppliers is for the buyers to require suppliers to use tungsten. For that to happen the blue chips need to not just be able to use tungsten but have it embedded. My recollection is that the blue chip client list is impressive, my worry is that many of them may not be using einvoincing throughout their businesses. It may be that the blue chips prefer to have the excuse of lost invoices and poor invoice admin,so they can manage cashflow. Only one company i have worked for had any e invoicing actually up and running....

Just seen this, and certainly cheered me up, as Xch was my largest holding, and this moves my whole portfoli into profit again after a rough few months. Only regret is not topping up even more when it went under £1. Reading the RNS, do I detect a quite confidence that there will be futher movement in the offer price? Also, what chance the bidding was flushes out another buyer or two? Accenture maybe? Xchanging has a very strong position in the London insurance outsourcing market, and there must be significant strategic advantages for other outsourcers to seize that position and cross sell other services. Think I'll sit tight for a bit, despite the temptation to cash in some profits....GLA

Forward pe is based on analyst expectations, usually over next 12 months. Different analysts or time periods could account for the 12-14? Debt looks (and is) heavy due to the large pension liabilities they are carrying, exacerbated by low interest rate environment which pushes up the accounting value of the pension liabilities. I think this company is interesting, and price has fallen since I last looked, but am waiting to find out a bit more about how the new CEO will run things before diving in.