gamesinvestor
08 Jan 2015
Schroders adds to stake Schroders took their share from 12% to 13% of the company yesterday.Games
gamesinvestor
20 Dec 2014
Re: Placing to part fund PVM deal FRTEB, What are the factors that make you consider TLPR is sub 200 stock?I'm curious, since there are a number of things that could (I stress could because it's all a guessing game of course) point for the stock to move north. These are the one's I think are most important :-1. Volatility has returned to the markets big time and is an important factor for interdealer brokers.2. Consolidation in the industry - RP Martin was taken out only last week3. Some brokers are bigging it up - Numis has a 305p target on the stock.4. Terry Smith has retained a huge holding in this company since standing down.5. The revenue is set to climb in 2015 to a guesstimate of 731m from 700m this year6. The Pre-Tax profit is forecast to jump to £92M from £78M7. Earnings growth of 8%8. The dividend yield is 6.7% and more importantly is covered not fantastically but reasonably 1.7 times by earnings.9. The stock has a > 5 years of unbroken dividend growth10. Borrowings are still on a steady decline - £357M in 2009 and £219M last year.Games -- apart from charts, is there something else you think is going to drive this lower?
FRTEB
18 Dec 2014
Re: Placing to part fund PVM deal Humbug!
Spain Fund
18 Dec 2014
Re: Placing to part fund PVM deal Bottom of the class you two, no turkey for you - lol
FRTEB
17 Dec 2014
Re: Placing to part fund PVM deal LG will see your post and reply no doubt but FWIW I think this is a bounce from <250 before heading lower but DYOR....Don't forget prices move in wiggly lines, not straight ones!
Spain Fund
17 Dec 2014
Re: Placing to part fund PVM deal LG, Have you and FRTEB called this wrong?.
gamesinvestor
15 Dec 2014
Consolidation BGC Partners buys UK rival RP MartinGames
gamesinvestor
27 Nov 2014
Numis rating Tullett Prebon: Numis lowers target price from 320p to 305p, staying with its 'buy' recommendation.Games
Vosene
27 Nov 2014
Re: Placing to part fund PVM deal The market is already offering this share at a deeply defensive PE at a time when its area of business is at a multi year low. I can't see it going much further down. Once the market for brokers such as Tulletts stabilises I would expect the PE to be closer to the market average. It is currently a long way from that.
FRTEB
26 Nov 2014
Re: Placing to part fund PVM deal "Just got out in time last Thursday. What now?" Wait for the sp to fall below 200.
gamesinvestor
26 Nov 2014
Old article Tullett like it is - Structural issues are a concern but not necessarily terminal for a businessNick Kirrage8 Aug 2014Inter-dealer broker Tullett Prebon issued its half-year results at the end of July and it would be fair to say these lived down to the market’s very low expectations. While equities tend to be bought and sold electronically, other assets are less easily traded and inter-dealer brokers help this happen by providing liquidity. In recent years, as you might imagine, this has been a very tough business to be in.The reasons a company can struggle fall broadly into two categories – the first being ‘cyclical’, which means the problems are down to the business or its wider sector going through an unhelpful part of the economic cycle and so things may be expected to improve over time. The other category is ‘structural’ and these problems can be far more hazardous to a company’s health.Certainly structural issues are the ones investors view with far more concern because these can make it look as if a company is about to drop into a bottomless pit, never to emerge. The impact of the internet on businesses such as Blockbuster and HMV is a textbook example of a structural issue seriously wounding a company – and Tullett undeniably has a few such problems of its own.Foremost among these is the aggressive regulatory environment the company faces – not least because it is so involved in trading derivatives, which have been at the root of so much of the financial mayhem of the last decade. There have also been concerted efforts to force all trading to be done electronically as this is seen as more transparent and less risky – though whether it is practical is another matter.At the same time as its business and volumes are being hit by these concerns, Tullett has also had to cope with an environment of extraordinarily low volatility. High volatility may not be to everyone’s taste but, for a company that makes a margin on every deal it facilitates, high volatility means more trades and so higher profits. For Tullett, the ongoing low volatility is very bad news indeed.Investors can often convince themselves a company’s problems are all structural and that nothing is cyclical. However, while we are firmly of the opinion the current low volatility cannot last for ever, we would also acknowledge some of our less successful decisions historically have come from buying too early and a company’s problems turning out to be far more structural than we had initially thought.Trinity Mirror, for example, may have come good for us in the end but, although we bought it low, for an uncomfortable period of time it traded lower. While Trinity’s structural issues were fairly obvious, however – it is easy enough, for instance, to envisage a world two decades hence where nobody is reading newspapers – we believe the structural outlook for Tullett is not so bleak.Ultimately, there are certain things that are hugely difficult to put on an electronic exchange – whether that is because they are non-standard in nature, because businesses don’t want to reveal their positions or because the contracts are time dependant and simply lack liquidity. you have to know people who know people who can source and find individuals to take the other side of your trade.Thus, while Tullett is clearly facing some structural pressures, it seems likely that, when all is said and done, a base level of business will exist. The key questions then become – what is that level and what are you paying for it? It is time to look at some numbers, among the starkest of which is that Tullett’s sales have fallen by £225m – that is, 24% – over the last five years.Some effective cost-cutting has seen profit margins fall by a lot less but profits are still down from £170m to close to £100m this year – so how much further could they go? Let’s assume Tullett’s sales fall another 30% from this point. This would put them down around the £500m
Spain Fund
26 Nov 2014
Re: Placing to part fund PVM deal Just got out in time last Thursday. What now?.
FRTEB
21 Nov 2014
Re: Placing to part fund PVM deal "the machine predicts the news(negative).. "It sure does, LG. It predicted an initial fall to "< 250" (I was getting between 245 and 249)... From Spain Fund's post:"The placing is expected to be issued at a price of 248p per share"I would call that close enough to be another BANG ON! for the machine 
lambrini girl
21 Nov 2014
Re: Placing to part fund PVM deal the machine predicts the news(negative)..
Spain Fund
21 Nov 2014
Placing to part fund PVM deal Tullett Prebon announces placing to part fund PVM dealDate: Friday 21 Nov 2014LONDON (ShareCast) - Tullett Prebon, the FTSE 250-listed inter-dealer broker, is set to raise over £32m from a placing to help fund the acquisition of PVM Oil Associates.The announcement of the placing, which was set at a steep discount to its share price the previous day, saw Tullett's shares fall sharply on Friday.The purchase of the broker of oil instruments was first announced in May and is expected to complete next week.Once completed, Tullett will have to pay $112m (£71.1m) through the issue of 25.8m shares, representing 11.8% of its issued share capital.The group said it would be issuing half the shares to shareholders of PVM and the other half in a placing to institutional investors.The placing is expected to be issued at a price of 248p per share, raising £32.1m which will be paid net of transaction costs to certain PVM shareholders who have elected to receive cash proceeds.The purchase of PVM should expand Tullett's activities in the energy sector and give it a "significant presence" in broking crude oil and petroleum products, according to a statement in May.The placing will take place on 26 November, at which time the PVM acquisition is expected to complete.Tullett Prebon's shares were down 4.8% at 255.2p by 08
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