Member Info for mcmullank

Perhaps the difference is between pretax (and amortisation of intangible assets) and retained earnings? The digitallook website quotes this figure for last year (£4.38m) when retained profits were £3.6m. Perhaps not comparing apples with apples? Amortisation of intangibles will be considerably higher this year as they will have increased from 10m last year to 23m this year. I estimate that this will reduce profit by 630k instead of the 268k last year.

Ties in with the brokers EPS though! Unless of course the broker is expecting the issue of approx 10m new shares to drive up the Profit figure.

Any company that is currently converting over 100% of profits to cash has to be respected.

Final post on market expectations. You are quoting the companies broker expectations, not the general market. Here is an article saying 4.9m http://www.reuters.com/finance/stocks/keyDevelopments?rpc=66&symbol=RHL.L&timestamp=20091001060000

Don't disagree about the spread. Also looking at volume, today so far we are only 240k on LSE + Plus. So less than 1% traded and 10% fall.

This makes the expected profits around £4.5m unless my maths deceives me.

2.092 of retained earnings. Historically the company has made similar profits in both halfs of the year. You will also notice that the EPS is forecast to fall to 15.5 from 17.78 I don't disagree that compared to many companies discussed on here, this company is under-valued but not what I would describe as a bargain. Support also provided by the company's dividend policy.

That may be why your struggling. The only forecast that I have seen for fiscal year 2009 is £3.9m. This is the figure that I think the company have stated that they will miss. From my research, this is the analysts expectation on profit. Where did you get your 6m from?

Can't get Maryc over, she is now LindaLuck! Anyway, the SP of this company has the decimal two digits to the right of what Mary/Linda deals with!

Management (ha ha!) have indicated that each of the proposals put to the vote will be conditional on each other. Therefore, no dilution in the D4E will result in no de-listing.

With his 27% holding voting against the d4e, it will be interesting to see what his alternative is. Anything that increases the returns for shareholders will undoubtly lead to a rise in the SP. Sick that I didn't manage to buy at the 1.25 offered earlier.

support an equity fund raising. Funny, they never asked me if I would support this but they have phoned to see if I will support the current proposal. I would be fully behind an equity raising so long as the board resigned and put themselves forward for re-election.

At last someone has taken a position that could lead to management change and revised terms for shareholders. I am in total agreement with him, I would rather lose my investment in this company and see the management out of work than support a proposal that sees them keep their 1m+ salaries and gives them 10% of my shareholding.

What are they going to buy with the have no money!!! P N D here

Me thinks that is another 10% vote against management. At this rate, they will be lucky to get 50% never mind 75%

I was telephoned by the shareholder helpline asking how I would vote. Told them that there was no way I was enriching the directors of this company.

stated that the directors will be abstaining. What a fekin difference that will make given their current holdings!!

Totally agree. Potentially more value in this company for shareholders in liquidation than the 10% holding. The thing that really annoys is seeing the directors come out of this with a shareholding going from 0.186 holding in the company (less than I currently hold) to over 10%. This is robbery anyway you want to dress it up. RI would have been in shareholders interests but is given a one sentence dismisal in the proposal - I can only guess that this is because the directors would actually have to buy shares instead of being given mine!!! I think i will give them a call and ask why an RI was ruled out.

Offer price raised, bid price kept the same. trying to gather the shares on the cheap to make a decent profit. Doesn't look like anyone is selling though!

mms only selling £200 at a time!!