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I too am one of those long suffering shareholders.
Just in case anyone missed this: http://www.proactiveinvestors.co.uk/companies/news/199052/cradle-arc-chief-operating-officer-appointed-director-of-business-development-199052.html
https://www.consultancy.uk/news/17367/kpmg-finds-buyer-for-uvenco-to-save-170-jobs Almost 170 jobs across the UK have been safeguarded, after KPMG administrators successfully found a buyer for Uvenco UK. The ailing vending machine company had been unable to pay off debts of over �1 million, despite an annual turnover of around �15 million. Trading subsidiaries of collapsed vending machine company Uvenco UK � which holds offices in London, Newport, Blackburn, Coventry and Liskeard � have been purchased by Irish snack company Montagu Group. The group is an affiliate company of Tayto, the foods group which runs the Golden Wonder brand, as well as being a specialist vending solutions provider in its own right. The purchase is the latest in a succession of purchases by Montagu, which recently acquired coffee and vending machine supplier, Cambridge Vending as well as acquiring Leeds-based Freedom Vending in April last year. The latest deal notably broadens Montagu�s geographical reach, thanks to Unevco�s offices and franchisees across the UK, as well as adding a further �15 million in turnover � placing the group as the largest British-owned vending company. Montagu Director Paul Allen said, "When we recently announced the acquisition of Cambridge Vending, we were already working on this deal as we see vending and �consumption on the go� as a key area of expansion for us. This purchase brings us another 12,000 points of sale, giving us a total of more than 25,000 across the group.� All employees at Uvenco UK's trading subsidiaries have been transferred across, meaning 169 jobs have been saved by the acquisition, which was overseen by administrators from Big Four professional services firm KPMG. Unevco had appointed Howard Smith and David Costley-Wood of KPMG as joint-administrators just a day earlier, with Unevco�s subsidiaries and their assets (excluding book debts of �1.6 million) sold to Montagu Group for a total consideration of �1.8 million. Howard Smith, who is an Associate Partner at KPMG, said, �The companies had experienced declining revenues over a prolonged period, significantly impacting cash flows. Following an accelerated sales process, we are delighted to have been able to safeguard all 169 jobs with this sale of the business and assets. We wish the new owners well in the future.�
I'm not sure it's clear if they are selling everything. What about DrinksMaster? Are they just seeking off the loss making elements to concentrate on a profitable part of the business? If so then all is not lost.
I certainly hope you're right. A long term holder here with a large loss on paper at the moment. Considered averaging down but need to see some long term promise before throwing more money at the problem.
https://www.vendingtimes.com/Main/Articles/UKs_Vending_Industry_Honors_Innovation_With_Vendie_11046 Extracts from the above article: The Vendies are presented by the UK's Vending International magazine and the European Drinking Water Cooler Association. The 2017 presentation took place in June at London's Millennim Gloucester Hotel. The awards recognize the success and innovation of the companies and individuals in the UK's vending industry, and the winners are decided solely by the vote of trade members. The Vendies were presented in 17 categories, with a winner and "highly commended" runner up in each. Westomatic Vending Services is the runner up in the Best Machine Innovation category for its Coffee to Go with Milkshakes. UVenco UK's 24U earned the honor in the Best Online Initiative of the Year category. Service Engineer of the Year is Dave Grist of Express Vending; Mark McCluskey of Uvenco UK is the highly commended honoree. Joanna Cunliffe, Uvenco UK, is Route Operator of the Year; the highly commended recognition goes to Sabrina Davis, Express Vending.
I quite agree. I've been invested for 2 years and have been watching us bump along the bottom for the last year or so but, now we are regularly seeing 6p, I hope we have started to lift off the bottom. As you say, hopefully the half year results will give us some more bouyancy and we can start saying a final goodbye to these lows. Good to hear another voice on this board other than the sound of my own echo.
Sounds promising doesn't it! :)
Time for vending to join the tech revolution believes Uvenco UK: http://www.proactiveinvestors.co.uk/companies/news/182463/time-for-vending-to-join-the-tech-revolution-believes-uvenco-uk-182463.html “Machines talk to each other. We see it in everyday life but not in vending.” ....... Kornienko is also chief executive of Russian firm Uvenco where ‘smart machines’ have been in operation for five years, so he has plenty of experience of their use and potential. A consortium of Russian investors led by Uvenco owner Boris Belotserkovsky owns just over 53% of the shares, it supplies the UK business (and others) and will be the source of the new ‘smart venders’. Their introduction here would have happened sooner but for the poor financial and operational state of SnackTime, Uvenco UK’s name until earlier this year. Kornienko says it has taken two years to get the UK business to a position robust enough to start to roll-out the new state-of-the–art machines. But after a final six months of sorting out the business, the long-awaited introduction should start to happen from 2018. ..................All in all, Kornienko reckons a smart vending machine can shave up to 30% off costs with incremental revenue from better stock control, fewer outages and so on. ...............From 2018 onwards and the advent of the new technology, sales should start to pick up. ..............The market is also moving on. Micromarkets are the new big thing in vending in the US and Uvenco is trialling 30 in Russia. Essentially mini-shops, they stock 300 products instead of the 40 in a traditional vending machine. Some of these are perishables and the key is razor-sharp stock control using telemetry. Kornienko says two micromarkets are being trialled in the UK, but how the concept will work here is still under review. Consolidation afoot. This is already underway with two of the private equity –owned European giants Selecta and Pelican Rouge trying to get a €2bn merger past the European authorities. Uvenco UK is much smaller with 3,500 machines currently, but once the business has the right foundations Kornienko sees a lot of potential for expansion. “It’s a fragmented business with a lot of 100-200 machine operators.” Early stage discussions have already been held with one £2mln turnover operator and this year there were reports Uvenco wanted to buy the UK business outright. If the new smart machines have as dramatic impact as Kornienko believes, it is unlikely that will be the end of the story. Indeed, it may be just the beginning.
Worth having a quick watch of Sergey Kornienko, chief executive of UVEN: http://www.proactiveinvestors.co.uk/companies/stocktube/7914/uvenco-steaming-ahead-to-revolutionise-the-out-of-home-food-and-drink-industry-7914.html
Some more on the Ashanti deal: http://www.nasdaq.com/press-release/ashanti-gold-continues-to-intersect-gold-at-gourbassi-eastkossanto-east-project-mali25-metres-of-20170810-00554
That's what I was thinking, but if their raising money then that presumably limits future dilution for us?
Some more info on things going on: https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2038-tsx-venture/agz/35043-ashanti-gold-to-acquire-100-of-kossanto-east-project.html
Some interesting reading on UVEN ownership here: https://simplywall.st/news/2017/08/07/breaking-down-uvenco-uk-plcs-aimuven-ownership-structure/ The report says UVEN could be undervalued. In other news, its good to see we are getting back to a fairly regular level of trading and the tick up to around 6p is welcome but more is needed.
I realise this may be like asking a question on the Mary Celeste but, for anyone still here, why do Google and Yahoo finance show the last UVEN trade as being on June 13? Yet if you look at the 'UVEN Share Trades' icon on LSE above there appears to have been at least 15 trades since that time? Also Google has the share price at 3.58 yet Yahoo and LSE have it as 6.5? Any thoughts?
I agree Rosewall, we should be offered the same terms. As it is existing shareholders which will see the value of the Investment diluted and the new holder who will benefit. We are being prepared for Hobson's choice here, whereby if we do not accept the dilution the company will potentially fold.
Having time to reflect on this for a short time I think this RNS really is about the need for a future placement and readying everybody for dilution to keep the ship afloat. I think we all need to anticipate dilution is heading our way but who knows to what extent?
One small crumb of comfort I have his that MJ has more shares in this company than I do but at a similar average so he will lose more than I will in the end if he doesn't pull it off.
Wow. If we were still trading they'd be a flood for the exit based on the sentiment in that RNS. I'm sat here thinking, ALO are you about to burn me for a second time?! There will be a lot of concerned or annoyed people after reading that this morning. MJ if you are reading this you can not make a statement like you just have in that RNS without some more words of comfort about how you are going to resolve this for the existing share holders.