Member Info for LUCAN

For anyone who doesn't want to read the lot, Wexboy values INM shares at zero. That's after taking account of the pension deficit, borrowings and overseas assets. That's the rational valuation, though as he says, there may be other factors in play.

Latest gossip in the Irish papers is that OBrien may be ready to take majority control here, presumably by supporting a major rights issue, and let some or all of his radio assets go, conditional on write-down of bank debts. None of that sounds good for the share price in the short/medium term.

It's already dropped plenty, was around 30p some months ago

So the dilution is 43% immediately, 50% over 3 years including interest paid as shares, 60% in ten years. Benchmark and its sidekick effectively control the company from here, notwithstanding any cosmetic agreements that say otherwise. The only saving grace is that Benchmark really need to make it work. At least the subscription price of 20p does not further undercut the share price. Benchmark must have had all this in mind when they bought a further 5% of the company back in September, bringing their stake to 25% before this agreement.

On the other hand, Benchmark clearly were not informed about the overspend announced end Sept. - just a few days after they bought the extra shares. Still, they must have had a reason for buying.

So, Benchmark Advantage Fund now holds 25% of MOIL, up from about 20%, extra shares bought in Sept. when SP was 25p plus. Nice to see somebody sees value - especially somebody who may be presumed to be well informed.

The point is, O'Brien cannot afford to buy out the company: not for financial reasons, but because the Irish regulators would nail him for undue concentration. Anyway he has effective control at present, doesn't need more INM shares. What would suit him would be to get hold of the Australian holding, which would not worry the Irish regulators. If the Irish company goes into examinership, perhaps it could happen, arms-length of course. However there may be an Australian downturn around the corner, which changes the equations again.

Can anyone explain the profusion of very small share sales this afternoon, ten in a row all under 30 shares? Cannot be economic to trade like this

According to S. Times today, new board hopes to sell S. African assets for 200m+, persuade banks to write off 100m and raise enough by a rights issue to bring debts to a manageable level (currently north of 400m, not counting the pension deficit). Market cap at today's price is no more than 30m, so it's a tall order. O'Brien could buy in the lot for pocket money, but the regulators would make him divest all over the place, not worth the hassle. Would be a feather in his cap to turn it around, but it's hard to see how.

Thanks for that, a great relief to anyone holding the shares.

Nice to see someone else is reading this board, a bit lonely recently. Volumes today may be small, but there has been solid selling over the last two weeks. If the Board has anything to say that might steady the ship, now would be a good time.

Now down 35% plus, apparently in free fall. Are we going broke? Has the Board nothing to say?

Now down almost 30% from peak. Clarification please!

This is a real disaster, down 20% to where we were in June, before the touchscreen technology story took off. Obviously there is a view that the delayed order/orders will not in fact happen. Whether this view is correct or incorrect, surely some clarification is called for.

Very disappointing trajectory. Looks as though somebody knows something, or thinks they do.

Thanks. Looks as though a significant dilution is on the way, order of 20%.

would someone kindly post the salient points?

Loads of selling this afternoon, no obvious reason. Is there more bad news on the way?

It is good to see the share price return to a sensible level after yesterday's panic. Congratulations to the director who helped to steady the ship, by buying shares near the low. The fact remains that there was extensive selling up to 24 hours before the RNS. The only plausible explanation is that some of the sellers had access to inside information. There is a clear case here for a regulatory inquiry.

For immediate release 6 September 2012 Carclo plc AGM Statement At the Annual General Meeting to be held at 3pm today the Chairman will read the following statement: "On 16 August 2012, we issued an Interim Management Statement ("IMS"). This confirmed, and we now reiterate, that trading continues in line with the board's expectations and that we are looking forward to another year of progress across all of our business streams. At the time of the IMS, Conductive Inkjet Technology had orders in hand for September 2012 shipments of touch sensors for a smartphone. This first shipment would be followed shortly afterwards with higher volume shipments for a tablet computer. This week the lower volume order for the smartphone touch sensors has been placed on hold pending resolution of a product design issue. It is now more likely that the first production shipment will be for the tablet product in the fourth quarter of 2012, triggering the prepayment from our commercial partner, also in the fourth quarter, as outlined in the IMS. A half year trading update will be issued during the week commencing 8 October 2012". So who knew yesterday?