Member Info for lemmink

Goodwill allocated to Hastie Ltd was £396K (Note 15 to 31/03/2010 Full year accounts) * Equity at 30/09/10 (unaudited) was £17.982 million. * RNS (20th April 2011) says Hastie lost £110K in the year to 31/03/11 and had assets of £70K at period end. * Above suggests equity currently stands at not more than £16.4 million (87p per share) and it is mostly intangible / Goodwill type stuff. * Bank debt at 30/09/10 was £9.1 million (48.5p a share) and it is not clear to me wether this is rising or falling, plus I don't know anything about covenant terms and headroom issues. * *** Comment *** The debt remains a worry to put it mildly IMO !

Loss making business "Hastie Burton" disposed of for £1 ... Only just noticed it ... "watching like a hawk!" ... Goodwill impairments will look like crucifiction in the accounts!

Are you Chiffa?

Bought back in today 50,000 at 53p ... Horriffic amount of self inflicted dilution :o( ... taken on the chin! -- HOPER -- Many thanks for posting that link -- Made it an easy decision, in the end.

I'll take a closer look at AEC some time over the coming months, though I am feeling very reluctant to put more money in to very low market cap companies... I'm still kind of new(ish) to this share dealing thing, and have failed to appreciate how time consuming research can be ... Plus I seem to be getting burned or singed where-ever I tread at the moment ... So I have banned myself from buying stuff for a while!! Good luck.

Average of 12.46p !

Just noticed my old and forgotton about limit orders got filled ... holding 235,000 at av of 1.46p

Yep, thats what it says ... dunno what it means tho!

Thanks for the AEC mention ... had a little look ... seems ok imo, Trading update for NTBR could have been worse I suppose! ................ might have to reduce target selling price to 30p ...

*** Research Time *** This is easy to research IMO... I first became aware of these some months ago following some ramping by "ChristianF12" (from memory), who's posts have been removed. * Quality time wise I have spent 5-10 hours reading the last Interim and Full Year Accounts. * Casual time wise I have had a look at the comany website and followed links to its susidiaries websites. * *** Opinion *** I think this is a quality company with discerning clients, operating in a tough market, doing the right things... I would hope to be able to sell these shares for 40p+ in due course... I think this company is easy to research because it communicates clearly in its Accounts, RNS's and Website stuff.

25 day limit order buys placed 3 days ago for 12.3p 12.4p 12.5p, 10,000 shares each ... still not filled. * *** Live buying today between 9 & 10:00 am *** 10,000 bought at 12.25p * 100,000 tried and failed * 50,000 bought at 12.25p * 50,000 bought at 12.22p * 90,000 tried and failed * 50,000 tried and failed * 25,000 bought at 12.75p * 25,000 bought at 13p * 25,000 bought at 12.77p * 25,000 tried and failed * 15,000 tried and failed * 10,000 bought at 12.55p * 25,000 tried and failed * 10,000 bought at 12.55p * *** Summary *** Holding 205,000 at average of 12.61p ... approx 22% of pf by value.

If the talked about 14p dividend forecast can be taken on trust, then bearing in mind the planned policy of a dividend cover of 3, suggests 2011 EPS of 42p... P/E 10 implies intrinsic value of £4.20 a share (IMO) ... hopefully MEC will deliver.... ... ... As I understand it, the introductory dividend planned is an interim dividend, to be set at one third of the full year level. ie. if all goes well it should be 4-5p declared this autumn.

At 31/12/10 86.5% of the group balance sheet belonged to Mecom shareholders. * In 2010 87.2% of the group loss was bourne by Mecom shareholders. * ****** Firms by Country / Division [from website] ****** Netherlands *** Wegener 86% owned by Mecom * LMG 100% * Denmark *** Berlinske Media 100% * Norway *** Edda Media 100% * Poland *** Media Regionale 100% * Press Publica 51% owned by Mecom * *** Notes *** (i) Some of the 100% stuff owned by Mecom, have part shares in other businesses. * (ii) Press Publica (Poland) owns "Rzeczpospolita" ... a very respected title. * *** Comment *** Net assets per share is currently €1.84 IMO, hopefully EPS is what matters now!

Figures in € millions. * (Note 7 to the 2010 accounts is quite helpfull) * *** Positive Exceptionals *** Income tax credit 29.8 * Employee benefit credit 12.4 * *** Negative Exceptionals *** Tax adj write down of intangibles (62.8 -16.1) = 46.7 * One off impairment of above 15.1 * restructuring costs 11.5 * Onerous contract write down 48.0 * FINE (NOT YET PAID ... under appeal) 22.9 * Other (net) 4.3 * *** Conclusion *** I reckon costs for 2011 exceptionals are likely to be circa €50 million and that this figure is equal to the "DA" in EBITDA ?

A bit disappointing! ... EPS is a loss of 40 eurocents ... adjusted EPS is a profit of 44 eurocents ... I obviously misunderstood the 13/01/11 trading statement, quite significantly ... still willing to hold, but suspect £3+ will have to wait a while.

Total Net Asset values in millions of euros, at dates ... * 30/06/10: 251 * 31/12/09: 278 * 30/06/09: 303 * *** Trading Statement 13/01/11... "Other" *** Under the section entitled "Other" a Balance Sheet hit of 63 million euros appears to be suggested! ... Did not notice it originally !!! F ... ! * *** Comment *** Earnings expectations improving, but asset backing still under pressure! ... Not as safe as I thought !! ... rather worrying ! ... Head in sand time for me!

Taken from various RNS's ... all figures in millions of Euro's. * EBITDA * 2010: 70 + 85 = 155 || 1/2 + 1/2 = full year || 2009: 47 + 74 = 121 || || Net Debt at dates * 31/12/10 : 312 || 30/09/10 : 361 || 30/06/10 : 355 || 31/03/10 : 369 || 31/12/09 : 380 or 373 || 30/09/09 : 425 or 411 || 30/06/09 : 379 or 443 || || 6 for 1 rights issue June 2009 ish, from memory. * Early figures were found in more than 1 RNS due to subsequent "adjustments for comparitiveness ?" . * Working capital requirements are subject to seasonal variation. *

Bought 15,000 @ £2.64365 (30% pf) ,,, a bit impulsive! and somewhat galling to have to pay over £1 a share more than I sold them for a year ago ------------- Decided to buy back in after reading 13th Jan trading statement ... this bit ... ... "the Group expects full year earnings per share to be in excess of 40 eurocents per share" ... I think further earnings recovery, subsequently in 2011 can still be expected?

Sold completeley out of CAD at 32p ish ... looks like bad mistake? (now 38p) ... On topic ... These guys as Sovgem used to own CAD shares, aquired in IPO process at 80p to £1.20, I think (from memory). May be they still own them?

I have decided to sell my remaining 200,000 shares quietly at leisure. * My reasons for leaving are, firstly, this is too stressful. * Secondly, I strongly beleive as a matter of principle that all staff should be paid entirely in cash, and the importance of a constitutional commitment to avoiding dilution, where ever possible or not obviously advantageous, can not be understated. * This is my last post on this message board. * Sincere thanks to all posters for information and opinion sharing ... even the dodgey ones! * Once I have sold I will not try to buy back in ... because I need a change and feel it would be naughty. * For what its worth I personally think these shares should be trading for 26 to 28p, Mr Market is welcome to disagree!... GLA