BOWOOD
23 Jan 2016
Re: Trading Update Perhaps on reflection the loan note was the only option as further equity to those who took the notes would have put either holding over 30pc. From the interim report it also seemed that the Interims needed to be supported further. The problem has been IMO that over the recent past the only way NBB could buy into the recovering market was to raise money as there was nothing in the kitty to build on. The going of Sue who perhaps was costing too much for the low earnings of NBB was good from a cost perspective and perhaps a new CEO on a similar salary is not what we need. I would rather see promotion from within and the new funds spent on investing in and developing more consultant earning potential. I also feel that when things improve over the next couple of years, the sp should have improved and there could be a broker placing that will spread liquidity with the proceeds in part being deployed in paying back the Loan Notes
broomfielder
22 Jan 2016
Re: Trading Update B - Fair points.I gather the Loan Notes issue (which irked me given there was no explanation provided at the time etc) was a technicality arising from the falling SP and the holdings of the major shareholders. I am no expert but it would appear further equity from the same shareholders (who provided the Loan Notes) would cause some issue with the LSE.Nonetheless there is now an added carrying cost for the Group albeit it will be payable to their cornerstone shareholders. Whether on maturity it rolls over or is redeemed by further equity remains to be seen.To expand on my annoyance on the Loan Notes issue was that it centred not only on the lack of explanation in the RNS but a worry from the comments within the earlier announced H1 figures that post reporting, the dominant Executive Search sub had reported softer trading in August and September than had been anticipated. My suspicion that the loan monies may have been used to fund further losses - apparently this is not the case (at least that's my interpretation of the justifiably guarded comments made etc).This very point actually appears to have weighed on the Markets view of the H1 figs rather more than the very good progress made elsewhere across the Group and possibly explained the continued dip in the SP since.The Group accept there is an issue with the liquidity of the shares and a meeting with their Broker has been set up to discuss this amongst other things. They also take on board the lack of interaction with non institutional shareholders and again are looking to see how this can be improved when speaking to their brokers. (After all Ennismore and other IIs will get their own presentations etc.). Not expecting too much but to be fair they appear receptive to such observations etc. but we are not likely to see detailed forecasts/projections which is understandable. So we can but hope that performance as you say continues to improve toward what the Group view is really the 2nd year of their 3-5 year recovery play. They continue to enjoy the support of their key investor shareholders but are clearly very focused on expenditure control with organic growth carefully managed. Don't suppose we can really argue with that but I just wish companies/groups like NBB would manage their public / investor profile a bit better. It really would engender greater interest and support from PIs. NBB recognise their website (for investors) needs a major revamp but there a few other areas ahead of it in the old cost/benefit equation.Always so much better to hear things direct from the Group and even if understandably they cannot divulge anything of a price sensitive nature, it can still be reassuring for investors nonetheless.B
BOWOOD
22 Jan 2016
Re: Trading Update Let's hope that the £350k they raised will help to bed in the new CEO as well as assisting in the progress of the core operations. It's going to cost £42k to finance the loan each year and will need to be repaid in October 2017 unless they issue more equity. The major shareholders continue to support which is good and a mc of £3.5m at 20p should be within reach when we have an update for 2016.
broomfielder
21 Jan 2016
Re: Trading Update B - Yes I did although it took a bit of an effort to make contact at the appropriate level.B
BOWOOD
21 Jan 2016
Re: Trading Update Have you contacted office then B?
broomfielder
21 Jan 2016
Trading Update I understand that we won't be getting any trading update ahead of the May/June release of the Audited Accounts.B
broomfielder
07 Nov 2015
Re: Is this a Public Company? If it transpires we are that close to major Corporate activity then I can expect a bit a deaf ear as a response to my approach.From what you say if things get really interesting we might even see a reverse takeover and JM etc taking at least a partial exit at this stage. Well we can hope - depending upon the eventual structure of the deal of course.Secrecy when these sorts of events are pending is one thing but AIM Companies general lack of interaction with their shareholders is quite another.They do really need to waken up (IMO).B
BOWOOD
07 Nov 2015
Re: Is this a Public Company? The loan was for two years and enough to do DD on a possible acquisition - RTO. I would expect news within the next couple of weeks or so as there would have been little point in raising Money too early. A comparable sized search company where the owner is looking for a listing and will no doubt become the CEO. We shall see.
broomfielder
06 Nov 2015
Is this a Public Company? What may be expected by way of information made available to shareholders is severely lacking in NBB's case. This has simply been emphasised with the recent issue of Loan Notes (at 12% Interest) for purposes which have not been specified. The Interim Accounts suggested the possibility of an acquisition and this might well feature as organic growth becomes more challenging in an ever more competitive marketplace. I'm not expecting price sensitive information but the Bod here appear to operate in a vacuum. Perhaps I am being naive but hasn't the consistent slide in the Group's SP over recent months merited a structured PR counter argument on where NBB are headed etc?Don't they realise that by informing shareholders, keeping them informed etc it will widen the appeal of the Company (and its shares) to potential (and existing) Investors? I will update on any response I receive from NBB to my approach.B
BOWOOD
30 Sep 2015
Buys It looks as if Scanes Bentley may have purchased 50k shares. RNS to confirm
BOWOOD
30 Sep 2015
Re: Interims I will need to look at the figures later and will comment then
broomfielder
30 Sep 2015
Interims With the MMs again reducing the SP on no Trading activity whatsoever, I was expecting todays announced H1 Results to be very poor.Whilst I have not dissected these in detail yet, these look on balance to be quite good. After stripping out Exceptionals Profits would have also shown at the Pre Tax line as well as he Gross and Operating lines. So the return to Profit has been delivered.There is also strong growth in Revenues from Continuing activities and while support for the New SubCos continues, this is reducing and will hopefully cease in the H2. There is clearly optimism for substantial growth here but meantime softening market conditions in NBES for example over August / September suggests an increasingly competitive environment IMO. So its right to still be cautious going forward.The New Senior Man / Exec structure inc new CEO should be in place by early 2016 and this to me is crucial in taking the Group forward. Now focusing solely on UK the Group are also signalling potential acquisition(s) in future. Best perhaps to get the new Exec team in place first??? Still have Cash and no debt but any acquisition would need further Equity. All in all fairly good figures which should have resulted in something positive happening with the SP but the lack of liquidity is the real burden here allowing the MMs to tinker to their hearts content.Really needs a higher profile with a M Cap of less than £2.5m, improving Turnover, no debt and strong shareholder support.B
BOWOOD
28 Sep 2015
Re: Share Price Figures tomorrow or Wednesday. Even small selling when the MMs don't need to get rid of more stock does not help hence the mark down IMO. On the other hand a better than expected half year figures and good prospects for the second half could see the sp move strongly ahead if the market is short of stock and wants to rerate.
broomfielder
28 Sep 2015
Share Price A decline today of more than 13% on a tiny (total) volume of 1500 shares suggests something is a bit odd here. This share is hardly noted for its high liquidity so the more usual explanation of the MMs having a large Sell order to fill is probably unlikely. Or could it be a leaky ship ahead of the awaited Results.......?Its quite something to see shares like NBB react a lot on small volumes, but I have to say not usually this small etc.B
broomfielder
23 Sep 2015
Re: Strategy B - Should the awaited Interims disclose a strong H1, then the limited free float might see a significant uptick in the SP. The very low levels of share trading activity does however act a brake over time. What we really need are some sparkling figures to get the Co a bit of Press comment.We were after all told that NBB were back in profit at Q1 so we have to hope that not only has the substantial investment in the new Subcos come to an end and the write-downs on disposals (Belgian outlet) complete, that genuine trade led improvements are the engine of this return to profit. This would be significant.Appreciate your remarks re JM. AIM itself is risky enough but yes turnaround positions can be closer to Roulette. The real problem we all face is the lack of meaningful info with which to fully assess our risk. Oh for some monthly management accounts!B
