TX2
28 Apr 2016
Strategic/Trading Update. If realised the shares would be inexpensive.Have some caution re Tower Loan,however the management must have some confidence in its repayment at least in larger part.Perhaps it is secured on stocks & monies due from customers & there is some value in plant & equipment.The Maltby pension scheme may cost more as these things have a habit of costing more.However if the residual business could be turned into a profitable business even at the lower end of estimates this alone would support the present valuation of the business.Obviously at this early stage there needs to be a significant discount to the potential sum of the parts;land,surplus stock realisations,ongoing business to be worth considering.
CASTLEFORD TIGER
19 Apr 2016
Re: Very thorough analysis of HSP you are joking right?Tiger
mcescher
28 Mar 2016
Very thorough analysis of HSP This looks like a great income stock at 15.54% what are peoples opinions? I've been using this app [link]
mexicoman
18 Mar 2016
Re: BOUGHT ANOTHER COMPANY That's right they are advertising for a transport manager on there web site
TX2
18 Mar 2016
Re: BOUGHT ANOTHER COMPANY Interesting seems C J Pryor went bust,probably a useful add on acquisition that could give extra work to Hargreaves existing transport fleet.
mexicoman
18 Mar 2016
Re: BOUGHT ANOTHER COMPANY Prior plant Harlow
CASTLEFORD TIGER
03 Mar 2016
BOUGHT ANOTHER COMPANY So its rumoured.tiger
Another Jacko
19 Feb 2016
Starting to Look Cheap? I haven't looked at these for ages but someone suggested them to me today.As far as I can see the market cap is about the same as current assets less total liabilities with the fixed assets in for free. All three divisions are struggling and are unlikely to ever return to historic levels of profit as far as I can see, but on the other hand should be able to make some sort of profit and hence have some value.On the property front even assuming fairly low prices for consented land then I think the gross value of their land bank is potentially worth a multiple of the share price. Of course they still have to get planning permission on the land and it isn't all going to be realised in the short term.I've put these on the watchlist. I don't think there's any need to rush in, in the short term I can see trading deteriorating further and hence the price may have further to fall, but I think this is starting to look like a reasonable risk/reward.
TX2
17 Feb 2016
Re: updated February 2016 In simple terms the property portfolio is worth easily the £24m book value now;the recent Blackwell acquisition say £10m.Together that's circa £1 per share(on 32m shares in issue).How much net value can be salvaged from the rest?Remembering that the pension scheme will cost at least twice the present funding shortfall to close(ie transfer to an insurance company).Bearing in mind you will have to hold the shares for some years possibly without dividend.I feel Tigers present 150p value is close to the mark.This is a much more complex situation than the Coalfield Resources/Harworth transformation.When I bought into Coalfield Resources initially at about 2p from memory it was a "shell" company with about 3 employees owning a minority interest in Harworth Estates,the mines,employees,pension fund had gone.The RTO with Harworth was engineered by Peel on terms that was fair to other shareholders and gave the pension scheme an opportunity to realise value from its holding in Harworth.The rest is history!I don't think even at 150p,and we have not reached that figure, this is going to give any thing near the Coalfield/Harworth return;more risks & longer time frame.
lambrini girl
16 Feb 2016
Re: New low and danger sign £2-2.50..<<indeed the £2 hit...BANG ON!!...bounce anyone??
CASTLEFORD TIGER
16 Feb 2016
jonwig The threat of further power station closures has been carefully considered. The Group's activities at Tower are most exposed to the risk of further power station closure given its dependence on a single power station customer. Whilst the cost of mine restoration is cash bonded, Hargreaves is concerned that early closure would result in a failure of the Tower joint venture to fully repay the outstanding loans to the Group. As a result Hargreaves is working with its joint venture partner on a number of initiatives including shortened mining plans which could still result in a modest debt impairment. However, overall this would mitigate the more significant risks associated with operating a longer term mining plan at current world coal prices. Given recent low levels of coal production and coal off-take, the Tower joint venture may require additional bridging funding to complete the mining programme. Hargreaves has indicated to the joint venture partners that it would be prepared to provide additional short term bridging finance if it was linked to the initiatives including a revised mining programme that delivered an improved ultimate realisation of cash from the project.The Tower joint venture performed in line with management's expectations during the first half of the year. Whilst coal sales volumes during the period increased from 335,000 tonnes to 416,000 tonnes, the Tower joint venture has also suffered the impacts of weak demand for its thermal coal and pricing pressure against the backdrop of low thermal coal prices. Consequently, the Group's share of the Tower result represented a loss during the period. Whilst Tower production for the year ending 31 May 2017 is now contracted with the customer, for the same reasons as within our Scottish operations, we retain a floating and unhedged position. Consequently, we continue to carefully monitor the Group's exposure to the Tower project, where loans currently extended to the joint venture amount to £23.2m.tiger
CASTLEFORD TIGER
16 Feb 2016
Re: updated February 2016 inter co loan with over 24 million outstanding.tiger
jonwig1
16 Feb 2016
Re: updated February 2016 Taken private - how? Directors hold around 7% of the share capital, six institutions hold over 50% between them.To delist the directors need a stranglehold, and the ability to impoverish outside shareholders.According to the 2015 AR, Tower contributes zero to HSP's liabilities. Can you explain how you get £20m? (I'm not doubting, just asking!)My interest isas a potential asset realisation - I'm not familiar enough yet to give a view.
CASTLEFORD TIGER
16 Feb 2016
updated February 2016 Coal trading production profit down from 40 million to 8. NOW ZERO transport 2.2 million NOW 1.7 Ind services 3.2 NOW 2.7 total profit 13.4 million SO 4.4 MILLION That's IF coal is sold in the second half as they suggest but just 25% of last year.WE KNOW THATS A NO NOW This gives approx. 35/39p of earnings and dividend of 14p. MAYBE 12P EPS PRE EXC NO DIVIDEND Anyone see that differently? UPDATED DEC 2015 The story just gets worse. Not management fault who predicted the warmest Nov and Dec EVER? No demand prices keep falling/oil keeps falling/no cold weather no transport of rock salt. Once again the price will continue to fall. I can see this ending up private with very little value for shareholders. AVOID is my view. regards Tiger Well first half makes poor reading but just as I thought.Dividend was the only bit I got wrong they are still paying 1.7pConcerns raised today.No coal to be sold in second half and a huge stock pile going to left in Scotland. Weather will have also destroyed any chance of this division breaking even.Tower owes over 20 million and I doubt HSP can get all that back.Loss of more power stations/customers in both coal/ind services/transport division.I now see a LOSS for the year with all the exc items they have to take.I am surprised by dividend as I think they will need the cash.I think 150p on what we have today.The good news is that the land holding is greater than I thought.I can see HSP maybe falling to someone like HOWARTH EST ,them shutting or selling off bits and keeping the land.Trading next year should improve as some coal orders come through.Views please.tiger
CASTLEFORD TIGER
14 Dec 2015
Revised numbers Coal trading production profit down from 40 million to 8. NOW ZERO transport 2.2 million NOW 1.7 Ind services 3.2 NOW 2.7 total profit 13.4 million SO 4.4 MILLION That's IF coal is sold in the second half as they suggest but just 25% of last year.WE KNOW THATS A NO NOW This gives approx. 35/39p of earnings and dividend of 14p. MAYBE 12P EPS PRE EXC NO DIVIDEND Anyone see that differently? UPDATED DEC 2015 The story just gets worse. Not management fault who predicted the warmest Nov and Dec EVER?No demand prices keep falling/oil keeps falling/no cold weather no transport of rock salt.Once again the price will continue to fall.I can see this ending up private with very little value for shareholders. AVOID is my view.regardsTiger Tiger
