Misty Creamybib
05 Oct 2016
Re: 81p assets I thought the asset value had been diluted down to 22p? I did read 81p somewhereAnyone care to confirm this.
walrusty
05 Oct 2016
81p assets And the Royal Warrants for what they are worth.Big problem is cash-flow,although it didn';t used to be.Still at 11p a share worth a small investment IMHP.
numberbiter
04 Oct 2016
Isn't it strange That when a company admits faulty accounting methods the old management team walks away and they change auditors, But the question that has to be asked, is what were the old auditors doing in the first place?! If they (the auditors) cannot see that the accounts do not meet the appropriate standards they are simply not doing their job.
Ramptastic
04 Oct 2016
Oh woe Its the classic investment fail - make guarantees that your can't honor. Its the reason half the UK's life insurance companies went bust after the dotcom bust in 2.000.Won't be long till the begging bowl goes round again...Jim
TX2
30 Sep 2016
Re: Duff Accounts; Where are the accounts for the year to 31/03/16?Today is the last day.........
TX2
20 Sep 2016
Re: Duff Accounts; I felt at a share price of sub 10p in July there was some speculative short term recovery in the price;while i hope to be proved incorrect in the longer term I feel a substantial improvement in trading & prospects not yet evident was needed to support a price of around 15p;so I decided to sell.With the vast number of shares now in issue the previous share price is no longer relevant.
Ramptastic
05 Sep 2016
Re: Duff Accounts; I've followed SG for years and was lucky to have bailed when the share price was still in the £'s not pence. I was considering reinvestment on recovery hopes but this issue (see recent RNS) is rather off-putting;As part of the audit process the Board is currently reviewing its accounting policy and past accounting treatment with regard to the recognition of revenue in the philatelic trading business, specifically in relation to certain of the investment plans which have been offered by the Group in earlier years, this review is being undertaken in light of the contractual terms of those investment plans and the requirements of International Financial Reporting Standards. The new auditors consider that the previous recognition of revenue related to certain of the investment plans may not have been appropriate and the Board are likely to correct this in the 31 March 2016 financial statements by way of a prior year adjustment. The consequence of any such adjustment and correction of the accounting policy for revenue recognition is that there will be a reduction to the philatelic trading business revenue recognised in prior years, which will now be de-recognised. Depending on subsequent events, the value of outstanding investment plans, which offer clients an option at the end of the contract term to sell back to Stanley Gibbons, would fall to be recognised as revenue in later financial periods, including in the year ended 31 March 2016. Although the trading results of later years are likely to be beneficially effected, the historic reported revenue and profit will be materially reduced as a consequence of the unwinding of a material part of the previously reported investment plan revenues and profits. The necessary accounting adjustments will also increase the carrying value of creditors at 31 March 2016 and require the carrying value of a related element of stock to be reduced from the price at which it was repurchased back to original cost. Any accounting adjustment would also bring back into stock those items where the Group retains a contractual obligation to repurchase the stock from clients at the end of the investment plan term, notwithstanding the fact that many clients do not exercise this option at the end of their contract. It is emphasised that there would be no change to the cash position or the trading prospects for the Group.Its a bit like Brexit - it looks like bad news without really knowing the full implications. I'd rather avoid.Disappointing.J
urbanite
21 Jul 2016
Silver Lining I've bought in here....there are lots of issues: management, accounts, business strategy and model, but it feels that the post rights breathing space is being used well to reduce costs ( property and expensive absentee management). The challenge is for the business to rediscover its core focus and to make it profitable, divesting of noncore operations and releasing working capital. The challenge for us as investors is to be able to connect with what's going on and to access information.. but, on balance, I think this is a recovery play which has wings.
Peermade
21 Jul 2016
Re: Duff Accounts;"Jersey Boys" Out! I can agree with your points but not sure about clean net assets, although Stanley Gibbons as such a long standing company should have significant goodwill, hence the Henderson share stake. We await the BDO Audit conclusions, but looking at the 2015 accounts I think note 21 looks interesting and Note 28 there appear to be no contingent liabilities. Four chartered accountants on the board in 2015, so can anyone explain why the new auditors need to review the treatment of certain liabilities. The most recent RNS seeks to explain the point. Dare we ask what was going on before or does the share price performance do the talking.
Peermade
20 Jul 2016
Re: Value Sound advice I believe as you only have to read the latest RNS to see that there are issues with the audit. There was also an equity raise in March based on information then available so although the company has a long history its recent post 2009 share price performance is shocking. When so many directors all leave at once it usually spells trouble. I hope the new crew can steady the leaky ship.
TX2
20 Jul 2016
Re: Recent Rise Based on update of last Friday.I remain cautious;I bought a modest number at 9.25p as a speculative purchase but there is a long way to go in restructuring the business and do not value the shares much higher.
Tyland1
19 Jul 2016
Recent Rise I had just about written these shares off after a recent impulsive purchase.Has anyone an idea what's caused this recent up tick?I can't find any news anywhere.
TX2
15 Jul 2016
Duff Accounts;"Jersey Boys" Out! Well at least the update set out the bad news,much as expected.If the new management goes "back to basics";concentrating on simple retailing of quality stamps,coins etc,its various auction businesses,its specialist publications.Closes its,in my opinion,dubious value investment schemes.As soon as possible divests the Mallett Antique business which ties up capital & has little connection with its other business,has a good linked up on-line offer of its own products,services,auctions rather than trying to be another ebay.Then possibly there could be value in SGI at around the present share price.The "book value" of goodwill is a fantasy and should all be written off;so is much of the value of stock,I suspect some accounts due are not recoverable but hopefully there should be "clean" net assets of at least circa £20m going forward & a future profitable outlook.
barnowl01
28 Jun 2016
Results Anyone know when the results are coming out.............thought it was going to be last week.
walrusty
22 Jun 2016
Is there any future? This once,not so long ago, was thought to be a safe investment as people sought safety in fine assets.Do people not collect rare things any more?
