Another Jacko
05 Oct 2016
Re: Time to go I'm not sure whether to tender any of mine or not. The tender price is not great so I may just hang on to all of mine.
seadoc
04 Oct 2016
Re: Time to go PS, putting all of mine up for tender at £2 but do not expect to sell more than the half and will buy back at anything less than tender price in next few months.Regards,Seadoc
seadoc
04 Oct 2016
Re: Time to go tejo,Fare thee well. I hold from 1987? 'Twas Stainless Metal Craft, floated in SW by brokers, one of whom was later on Tele and * later found was a brother of my colleague, now retired neurosurgeon in Nottingham, (only discovered after I had bought in) and connection to Oxford and MRI/CT scanners, remember not which At least 20 yrs ago I did a simple points total for directors of my first two big buys, kept this one and sold something that went huge and flamed out a few years later.I think you might be wrong, they got a good price for aviation business, having built it up to limit of stainless in UK, Chinese can now do it much cheaper (but probably rubbish, google rocna anchors). I think nuclear has huge future (I am also into FSJ but that is the de-commissioning). The potential upside here is on the medical side.Regards,Seadoc, retired surgeon
Lion Rock
01 Oct 2016
Re: Time to go Tejo - I was very sorry to read of your decision but given your recent comments was not surprised. I honestly believe that there will be progressive performance from here on with regard to the new emphasis in the nuclear market, and the opportunities believed to exist there.It is my belief - and still is - that had you been able to attend an AGM and meet the Board you would have had a clearer perception of them and their intentions. I sincerely hope that before too long you will have your faith restored and will once again be a shareholder before very long.Best wishes
tejo
28 Sep 2016
Time to go It was with a heavy heart that I sold my holding in AVG yesterday, having held the shares for a long time. I was not happy that the high tech and growth part of the business was sold and part of the proceeds being returned to shareholders. I wanted an investment not the cash. The tender offer has been long drawn out and the adviser is being replaced. We are left with a tiny business that now has to bear all the central corporate overheads in, at best, a seemingly slow growth business. There is a lot of residual cash that hopefully will be invested well, but will take a long time to produce good results. There may well be some further upside when the details of the tender are finally announced but that will be followed by a long period of fluctuating fortunes before the clear picture of the future emerges. The nuclear sector looks good but not so good elsewhere in the residual business.. I will be truly sorry not to have further exchanges with Lion Rock and, because of his faith in the management, I will keep an eye on proceedings and may buy back at some time in the future. Good fortune to all!!
Lion Rock
27 Sep 2016
Results Sixoclockticket - many thanks for the tip, results are out today: and notification of new broker appointment[link]
sixoclockticket
27 Sep 2016
Go Figure Net cash of £51m, market cap of £52m, ongoing operations returned to profit, £47m 10 year contract with Sellafield for it's boxes, quality management team. Looks like an attractive figure to me!
Lion Rock
05 Aug 2016
Maloney order [link] excellent order to kick off the remaining business accompanied by a recent article in IC:'To put this into some perspective, after stripping out net cash from the current market value of £52.8m, the company’s energy and medical division is in effect being valued at only 17p a share, or £4.8m, hardly an exacting valuation given that analyst David Buxton at brokerage finnCap expects this business to make pre-tax profit of £300,000 on revenues of £24.3m in the 12 months to end May 2017, rising to pre-tax profits of £1.4m on revenues of £31.1m the following year when the Sellafield contract really kicks in. This means that the medical business is in effect being priced on little over three times profits. I would also point out once you strip out the cash pile, the retained businesses have a net asset value of around 60p a share, so are in effect being valued on less than 30 per cent of book value.
Lion Rock
25 Jun 2016
Broker Update AVG Avingtrans trades below its cash pile. Finncap; Also we point out that Avingtrans at 156p (down 10%) is now at a 17p discount to its net cash of 173p per share – clearly an anomaly and we remain buyers!
Lion Rock
09 Jun 2016
Re: No Subject Hi tejo - I am very grateful for your observations and playing devils advocate, after all that's what keeps me grounded and prevents my enthusiasm running away, therefore many thanks for that.One cannot argue against your observations as they appear and the conclusions you draw, having said that neither can one argue with the reasoning behind the Boards decisions especially as they emphasise the raison d'etre of a Company is to maximize shareholder value. I am very sorry you may not be able to attend the AGM as I feel it would be interesting on two fronts in that you can ask the Board for answers to your deep seated questions and also to get an insight as to the Board itself that I have come to respect over the last 8 years or so.
tejo
08 Jun 2016
Thanks to Lion Rock and Simba. Unlikely that I can make AGM since, although I am over my arthritis flare up, my wife has Motor Neurone Disease which is not good news.I do find the comings and goings of Avingtrans something of a light relief and one could become a hobbyist rather than an investor for this holding. One moment we have an investment in a high tech company, then we find that has gone and half our money is coming back despite it being likely that most people want an investment rather cash. We do not know where the other half will go except into some new investments that may or may not do well. The management sees itself as a Private Equity manager based on two successes but the company's share price is only back to where it was a year or so back. In between these highs, there are dark periods of nail biting worry as orders fall off and profits slump. Cash in the bank equals the market cap of the company, with a trading arm seemingly poised for growth thrown in for nothing.. We have a very clued up and savvy investor (Lion Rock) who keeps a close eye on proceedings and sustains other investors when their faith wavers. Add to the mix, stockbrokers writing enthusiastic scenarios without any real idea as to the benefits that will arise from the new investments or indeed what they will be.Clearly this is a case for The Harvard Business School where students should be asked to decide whether they sell out and run, just hold on and see what happens or sell their Grandmother and invest the proceeds in buying more shares.Answers on a postcard.In the meantime, clearly time to enjoy the sunshine with a glass of wine and await the next chapter.
Lion Rock
08 Jun 2016
Re: Disposal of Aerospace operations Posted elsewhere: finnCap reiterated their BUY recommendation for the company today, based on AVG now holding c. £47m net cash or 173p per share (versus 180p mid price). Remaining business is in for free. They also suggest that c. £28m or 100p may be repatriated to shareholders leaving c. £20m for acquisitions."The group has has now completed the Aerospace disposal for £65m, with net proceeds of £52m. This leaves the group with net cash of around £47m, or 173p per share, a significant proportion of which will be repatriated to shareholders, leaving the group with a war chest estimated at c£20m for acquisitions. The group will be keen to utilise cash on EPS enhancing acquisitions in precision engineering, probably targeting areas that boost its nuclear and energy sector capabilities. We reintroduce forecasts, which eliminate the Aerospace operations, with unchanged underlying trading assumptions but also factor in a £28m return of shareholders capital. In addition, 2018 forecasts see a significant uplift in profits as the Sellafield contract kicks in. Our forecasts have upside potential, with EPS-enhancing acquisitions and with recovery potential in the oil & gas sector, both of which remain outside our current forecasts." The broker has adj EPS of 108p for year just ended following the Aerospace Division sale & indicates AVG will be on a PER 13.7 for 2017/18 prior to deployment of the cash on acquisitions.
Simbr
06 Jun 2016
disposal of aerospace operations "The group has now completed the disposal of its Aerospace operations, which unlocks significant hidden value and focuses the group on its Energy & Medical operations, with net cash per share level with its current share price. We expect proceeds will be partly used in a return of capital and partly on acquisitions; both have the scope to enhance EPS materially. We rebase forecasts for the disposal and pending buyback, while maintaining underlying forecasts for Energy & Medical. We see significant upside to the shares on a 1-2 year basis; with upside to forecasts as M&A activity occurs." finnCapp's note published this morning on Research Tree
Simbrad
06 Jun 2016
"The group has now completed the disposal of its Aerospace operations, which unlocks significant hidden value and focuses the group on its Energy & Medical operations, with net cash per share level with its current share price. We expect proceeds will be partly used in a return of capital and partly on acquisitions; both have the scope to enhance EPS materially. We rebase forecasts for the disposal and pending buyback, while maintaining underlying forecasts for Energy & Medical. We see significant upside to the shares on a 1-2 year basis; with upside to forecasts as M&A activity occurs." finnCapp's note published this morning on Research Tree
Lion Rock
27 May 2016
Re: General Meeting Hi Tejo - many thanks for your kind words, I do in fact really enjoy attending the meetings and writing them up especially when they are appreciated so much. If it was down to the Board its likely I would have had a lunch invitation but it was the lawyer who issued the invite, and when I shake hands with a lawyer......I always count my fingers afterwards!!I fully understand your reservations about the future but I do feel the Board have taken such issues into account and will mitigate as much as possible any disruption financially that may result which is why I feel it was expedited in order to complete by year end. I gain the impression there has been significant developments within E&M over the last 12 months and this will improve further by the time the next set of results are published in Autumn 2017 that will be the first results to solely reflect the E&M unit. In the midst of all this as you say we have to wait and see what the return to shareholders produces. Any chance you can make the AGM in Novemberish?
