I've been wading through company reports recently (still am..) to
further research companies I thought looked interesting. One of
those companies was AIM listed Albemarle & Bond (ABM)

During reading I found a potentially interesting piece of information
that I wish to pass on to anyone who may be interested.
This information is taken from the company report and accounts 2003,
but is written in my own words.

There appears to be a 28.93% share holding in the company by EZCorp.
International Inc.- this is the largest share holding listed. Further
there appears to be two members of EZCorp on the board of Albermarle.
The lastest addition being Philip Cohen who is(chairman of Morgan
Schiff & Co)and the controlling shareholder of EZ Corp.

I'm not offering any personal appraisal of whether the above is a
good or bad or indifferent matter to potential share-holders.
But I do think it is something a potential investor may wish to
research further. ABM's company report is available via the free
service (FT)

stockbunny, for what it's worth, this is taken from the Nov issue of AIM & OFEX newsletter:

"US pawnbroker EZ Corp has a 28.9% share of the company and has 3 reps on the board. However this is viewed as a protective stake and there is little prospect of a bid from this quarter".

They rated it a buy @ 103.5p. Now stands @ 93.5p but pretty much the whole of AIM has taken a hit these last few days.

Thanks for adding this hawkeye, as I said I am not passing any
comment positive or negative on the information but thought it
may be of interest to others, guess it all proves the old saying
Do your Research and ultimately follow your instincts based on
the information you find. Couldn't find any existing threads on
this company, so it appears to have been 'quiet' on the board.
Agreed AIM - amongst other indices - have taken a hit this week
roll on next week and hopefully a bit more positive movement all
round.

Have also been into this one for a few month's got in at 79p.
Here's a link to the website.

http://www.albemarlebond.com/

With interest rates on the up and some strict regulations on loan sharks, the future looks good.

This share that is well suported by assets.

10% rise today, any ideas why?

Screaming North recently

Might be worth looking at again.

10:10 Albemarle & Bond Hld (ABM) Director/PDMR Shareholding RNS

Are so thats why the price has been drifting down then.

Results out last Mon. didn't look frighting, but 166,000 trades today so far (3 times Av.Vol.) and all sells according to the trades page on here...oh yes and the price hasn't moved a jot all day.

Wonder whats cooking? and Is It burning? will be interesting to see what happens to SP later.

A bit more share juggling by Mr. Nicholls I see today.

Zipped up earlier this week after a trading statement but usually shunts up July/August looking at the 10 yr chart.

Anyone in to these lately?

Changes at the top:

http://www.moneyam.com/action/nav/news?epic=ABM

Finals out today: http://www.moneyam.com/action/news/showArticle?id=4451162

Down over 12% yesterday, Sell on the news with this one I suspect.

Down around 35% at one point this morning, drop in gold price have hit the SP hard, Hope no one here still holds them.

Not me Stan ..

sub 100p some point.

I think it's overdone

SP down due to fear of Gold hitting the real High Street. I guess folks have already sold everything to Scrap for Cash merchants and ABM is staring at an empty shop, but still paying Rental.

Yield is nearly 6%, so previously under 3% which isn't generous for a business that has little Tech-risk . . . . but I guess they cared not to see the Elephant (in the shop) that was invisible customers, now that everyone has pawned whatever and have stopped buying expensive-stuff they don't need.

Could go sub-£1 if their situation doesn't improve and even an uplift in US economy (and China, too) will to too distant for ABM, which could teeter for a year or more, er IMHO. I'm not about to buy, until that yield is g'teed; losing that will shock the sp some more. One to watch from the sidelines, perhaps? (( & See Stan, Post#11.))

Shares in Albemarle & Bond, one of the UK's biggest pawnbrokers, have fallen sharply again after it failed to get support for plans to raise £35m.

On Monday, it had warned of "significant uncertainty" over its profitability, which could force it to breach debt agreements.

But attempts to persuade its biggest shareholder EZCORP International to underwrite a share sale failed.

The firm is now in discussions with its banks about lending arrangements.

Looking very cheap right now. Good article below.

http://ftalphaville.ft.com/2013/10/02/1654932/pawned-out/

Bought 2 long futures..

I've had a small dabble @24.5p

+21.5% today

33.25 currently Skinny, thats gives you a 35% gain.

Unfortunately only 'a punt'. But thanks for the heads up.

I'm out @39.15

I'm going to hold, have a little more faith in the companies pledge book. Have a good weekend.

Yes and you.

Appointment of Chief Executive Officer and CRO

Albemarle & Bond Holdings PLC, the specialist retail financial services provider, is pleased to provide an update to the announcement made on 30 September 2013 with respect to the appointment of Chris Gillespie as the new Chief Executive Officer.

Chris Gillespie will now join the Board as the Company's new Chief Executive Officer on 7 October 2013 instead of the previously planned date of 18 October 2013 and Greville Nicholls will simultaneously revert to his former role of Non-Executive Chairman.

The Company is also pleased to announce the appointment of Colin Whipp as Chief Restructuring Officer and Executive Board Director from 7 October 2013.

Colin is an experienced turnaround executive who has worked in public and private companies in the UK and Ireland. A Chartered Accountant and a Fellow of the Institute for Turnaround, Colin has extensive wide experience in consumer facing companies in delivering improved financial change and results. Prior to this in his early career, he qualified with BDO Stoy Hayward, and then worked for Procter & Gamble UK. This was then followed by financial and commercial roles with Scholl Plc, BacardiMartini Inc. and Bertelsmann UK.

Greville Nicholls commented:

"In the current environment, Chris' experience and leadership will be very valuable to the business. The acceleration of his appointment to the CEO role from the previously planned date is in recognition of his energy and enthusiasm to take up the role and the Board's confidence in the difference he can make to the Company. We also welcome Colin on his appointment and I am sure that he will be of great assistance to Chris in his new role."

Save as set out in this announcement and the appendix below, there are no further disclosures required under Rule 17 Schedule 2 (g) of the AIM Rules.

Just bought in again @35.09

Whats your target Skinny?

To be honest, I closed for +4.5 and am looking to buy it again.

You know more about the company - what is your view - taking into account this morning's RNS?

.

Current market cap is £19.435m @ 35p a share. 30th June 2012 accounts show a Net Worth excluding intangible fixed assets of £52,429 which supports a 94p share price against valuation. RNS 5037P 02/10/2013 stated that "As at 30 September 2013, net indebtedness was circa £51 million." This reduces 2012 Net Worth by around £7m (£51m now-£44m then). So if Net worth is around £43m the supportive sp would be 77p. I've not allowed for any asset valuation decrease, the world of commonsense tells you that just because an item of gold may have a scrap value at the time of writing a loan you wouldn't porn it for 100% of its current worth but maybe discounted at 60-70%. At the same time the price of gold has fallen by a third so at the worst this will be the fall in the company pledge book if nobody returns to repurchase their assets on porn, 77p less a third is 51p worst case and my initial target. I would expect though we'd be looking at around 63p+ though as you never get the market value for an items when porning it. As for the directors coming in I know nothing about them, this business isn't rosket science and from what I've read loss making pop-ups have already been shut down.

Thanks Shortie -I've had another dabble @36.59.

"....assets on porn..."!!! I will have to have a root around in the loft. I'm sure I've got a few old 'assets' lying around from my teenage years! ;o)

Harry - that was my main reason for 'going in again' :-)

Have to say I giggled when writing it... Sorry about all the spelling mistakes, I wrote the post in a hurry..

+12% to 42p..

Out of auction +26.7%.

hic!

51p initial target, nearly there

good opportunity to buy :-0

Financing and Trading Update

Albemarle & Bond Holdings PLC, the specialist retail financial services provider, today issues a further update in relation to its financing and trading.

The Board is pleased to announce that it has now agreed with its lending banks a deferral of the Company's covenant testing dates until 3 February 2014, the tests having previously been deferred from the original date of 30 September 2013 to 30 October 2013. This follows continued constructive and supportive discussions with the banks. As at 25 October 2013 the Company's net indebtedness stood at £49.9m compared to its revised £53.5m banking facilities.

The Board continues to explore all options to maximise value for all stakeholders whilst resolving the current financing and banking covenant issues. At the same time, Chris Gillespie, the Company's new Chief Executive Officer, and Colin Whipp, the new Chief Restructuring Officer, are making good initial progress reviewing operations. The Board will provide a further update on its plans as soon as it is appropriate and will release the 2013 final results as soon as is practicable thereafter.

As previously reported, trading in the Company's markets continues to be challenging in line with the trading patterns referred to in our announcement of 30 September 2013.

Chris Gillespie, Chief Executive, commented:
"Today's further covenant testing date deferral agreement is testament to our constructive working relationship with the banks and to their support while we explore a range of financing, strategic and turnaround options.

"Since my appointment as Chief Executive, I have been focusing on operating our retail estate on a business as usual basis whilst considering the future strategic direction of the Company. Colin Whipp and I are also considering turnaround actions to improve trading performance. I am encouraged by the quality of our stores, our offering and our people and am confident that there is a sustainable and competitive future for the business."

Back in auction. +10.6%.

Fortelus Capital Management LLP > 3%

Very uncomfortable reading....

Trading Update

From the above :-

The Group has delayed the publication of its 2013 annual report reflecting current uncertainties. It is currently working towards announcing its results for the year ended 30 June 2013 on or around 9 December 2013, which should allow the AGM to be held before the end of December 2013.

Partly as a result of the Group having not yet reported results for the year ended 30 June 2013, market expectations for the current financial year have not taken account of the trading trends described above, and in previous announcements. As a result the Board believes that market expectations are significantly more optimistic than its own.

Yes, Down another 37% so far.

Tempted to buy back in..

Rather you then me -):

I did well on these last time (percentage wise) - but having watched this morning, I think I'll pass this time and wait and see what December brings.

I can't ever remember a company ever saying something like "As a result the Board believes that market expectations are significantly more optimistic than its own." Have you Skinny?

It is unusual - interesting month coming up!

Pawnbroker Albemarle & Bond resorts to melting own gold

Or as the trading update called it :-

"The Group continues to manage within the current constrained banking facilities of £53.5m with current debt of £50.1m as at 25 November 2013. This has, in part, been achieved through constraining unsecured Speedloan lending, closing the online lending business to new advances and a programme of exceptional smelting of retail stocks."

:-)

Which could mean they are torching inventory in order to claim on the insurance policy!!! ;o)

All in all - it doesn't bode well!

15p next stop?

Albemarle & Bond Hld (ABM)


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Print Mail a friend Annual reports


Monday 02 December, 2013


Albemarle & Bond Hld

Commencement of Formal Sale Process


RNS Number : 5025U

Albemarle & Bond Holdings PLC

02 December 2013






NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM, ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.



2 December 2013



COMMENCEMENT OF FORMAL SALE PROCESS



Following the trading update on 27 November 2013 the Board of Albemarle & Bond Holdings plc ("Albemarle" or the "Company") considers it in the best interests of the Company's shareholders to seek to sell the business by means of a formal sale process in accordance with Note 2 on Rule 2.6 of the City Code on Takeovers and Mergers ("the Code"). This process includes the possibility of an offer being made for the Company although there can be no certainty that an offer will be made.

The Panel on Takeovers and Mergers has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Code such that any interested party participating in the formal sales process will not be required to be publicly identified as a result of this announcement (subject to Note 3 on Rule 2.2 of the Code) and will not be subject to the 28 day deadline referred to in Rule 2.6(a) for so long as it is participating in the formal sales process. Interested parties should note Rule 21.2 of the Code, which prohibits any form of inducement fee or other offer related arrangement and that Albemarle has not requested any dispensation from this prohibition under Note 2 on rule 21.2 at this stage.



The Company is conducting the formal sale process through its financial adviser Canaccord Genuity Limited ("Canaccord"). Any interested party will be required to enter into a non-disclosure agreement with the Company on reasonable terms satisfactory to the Board of Albemarle and on the same terms, in all material respects, as the other interested parties, before being permitted to participate in the process. It is intended that any qualifying participant in the formal sale process will be provided with certain information materials. Following receipt of these information materials, interested parties shall be invited to submit proposals to the Company.



The Board of Albemarle reserves the right to alter any aspect of the process as outlined above, or to terminate it at any time and in such cases will make an announcement as appropriate. The Board of Albemarle also reserves the right to reject any approach or terminate discussions with any interested party or participant at any time.



There can be no certainty that any offers will be made as a result of the formal sale process, that any sale will be concluded, nor as to the terms on which any offer might be made.



As a consequence of this announcement an "Offer Period" has commenced in respect of the Company in accordance with the rules of the Code and the dealing disclosure requirements below will apply. A further announcement will be made as and when appropriate.



On 30 October 2013, the Company announced an agreement of a deferral of the Company's covenant testing dates until 3 February 2014 with its lending banks. Shareholders should note that the Company will need to continue to comply, as it has done to date, with the various terms and conditions of that agreement for the deferral to remain in force.



In accordance with Rule 2.10 of the Code, the Company confirms that it has 55,532,891 ordinary shares of 4p each in issue and admitted to trading on AIM under the UK ISIN GB0000343110.

What a disaster this is.

it is indeed..................

Monday 02 December 2013
Four directors have resigned from the board of pawnbroker Albemarle & Bond as the company teeters on the brink of collapse.


The non-executives, Robin Ashton, Tracey Graham, Sterling Brinkley and Tom Roberts, would only cite “personal issues” for leaving the company, according to sources at Albemarle.

Relations between Albemarle and EZCORP have been frayed recently when the shareholder refused to back a £35 million rights issue, which led to frantic negotiations with lenders to avoid administration.

The latest fallout at the company comes a week after bosses admitted they had started melting down and selling its own gold stocks in order to boost the books and avoid breaching strict covenants with its lenders.

The City is still waiting for the company to publish its full year results, which were due in October but have since been delayed as a major restructuring takes place including the closure of all but two of its pop-up stores and ending new payday loans.

If the result are delayed by more than six months the shares will be suspended.

None of the directors could be reached for comment.

< 12.5p perhaps tomorrow?

previous low........

The company came close to breaking lending agreements with its banks in October and was forced to delay announcing its annual results. The smelting spree was revealed in a gloomy trading update warning that its plight was worse than investors believed.

The shares slumped on the news, closing down 33.5%, or 12.5p, at 24.75p, compared with a 52-week high of 240p

interesting to see how this will react today - gla
head for the exits or???????????????

Barge poles spring to mind!

it does skinny - see the bad article for abm in the daily mail this morning - that wont help at all....................

Stay well clear this could get nasty.

could do mitzy - but I notice lots of risk takers appear to be coming in buying now and the naughty mms are hiding buys on isdx so they wont show up on the normal l2 platforms -what are those mms like lol!!

gl

looks like a broker buy rating??????

3 Dec N+1 Singer N/A Buy

didn't expect that

please ignore that N+1 Singer buy rating post from me - I took that from moneyam front page but cant find anywhere that confirms it

There you go.

03 Dec 13 Albemarle & Bond... N+1 Singer Buy 14.75 - - Under Review

Every chance this will go sub 10p imo.

Lets hope they dont bank with RBS otherwise GRG will be rubbing their hands together..

For anyone still in :- Final Results

because of todays rns - expect a blue day here amazingly!


Agreement of a deferral of the Company's bank facility covenant testing dates until 3 February 2014 with its lending banks

expressions of interest#et al

moving fast now

gla

well against the odds abm is bouncing hard since the last rns - apparently the confidence is because of Norges Bank taking a serious position and adding because they see real value here and also the reduction of the cfd - so plenty buyers right now value abm much higher!!
available shares appear to be very short with only 55M in issue total but many of those unavailable!
strange world we live in - probably end the day VERY BLUE

atb

btw keep an eye on isdx trades - lots of abm buys hidden by mms outside of l2 on isdx :-0

onwards and upwards - close of business 25 to 30p today?
very strong algorithmic trending north and few shares available
norges bank accumulating apparently

well done deltazero never thought it.

looks like some 10% profit takers now

gl mitzy

Is very easy to follow for some time

easy UP easy DOWN ( not many shares on the market )

too risky at the moment, many companies with the same problem ( huge debt ) eventualy go under as the market at the moment is against them ( gold price )

the only reason to be in if one is lucky enough to get in at a low price 16 / 17p and sell over 20p after a few days, not a share to hold at the moment is my take, though it has a good round bottom on the chart for the last 10 days

good chart cheers

off to a good start again today

gl

don't forget hidden isdx trades

maybe explain continued norges bank stake building: “A formal sale process for the business was commenced [last week], and although we have received expressions of interest there can be no certainty that an offer will be made.” H&T Group and Apollo Global Management are said to be interested in Albemarle. However, the most likely buyer is expected to be the company’s biggest shareholder, the US pawnbroker EZCorp.

been doing some digging - as at 30th june 2013 (latest report) abm has assets totalling £140.629M - no wonder norges bank are stake building and rumoured other background buyer hovering - onwards & upwards

Annual Report & Financial Statements for the year ended 30 June 2013 25
Highlights Business Review Directors’ Reports Governance  Financial Statements Company Information
as at 30 June 2013
Consolidated Statement of Financial Position
Note
2013
£’000
2012
£’000
Non-current assets
Goodwill 14 24,869 23,318
Other intangible assets 15 7,179 4,544
Property, plant and equipment 16 14,249 16,507
Total non-current assets 46,297 44,369
Current assets
Inventories 18 20,454 18,383
Trade and other receivables 19 63,763 67,382
Cash at bank and in hand 20 10,115 5,061
Derivative financial instruments 22 – 35
Total current assets 94,332 90,861
Total assets 140,629 135,230

Thats a massive leap from when I last took a look at the numbers round about October..

interesting isn't it

I stripped out intangibles and deducted liabilities to give me a value of net worth, thats where the difference is...

ok still suggests undervalued here - norges bank continued stake building, several expressions of interest - couple that with AIM being a crazy place would expect to see much more blue here - additionally there is hardly any free float around so any increase in volume and sp will just go north sharply rapidly
strange old situation

onwards and upwards - bid war ahead..............................


Albermarle & Bond in early talks with several parties

StockMarketWire.com

Albemarle & Bond Holdings said through the course of the formal sale process announced on Dec. 2 it is in preliminary talks with a number of interested parties, one of which is Better Capital.

There can be no certainty that an offer will be made as a result of the formal sale process.

At 1:53pm: (LON:ABM) Albemarle & Bond Holdings PLC share price was +2.38p at 22.38p

I hardly think we'll see a bidding war... I wonder what the pledge book is currently worth?

the pledge book looked much better than I expected

lining up for a very strong finish here - mms putting buys through on isdx to hide from l2 trades

would expect a mad rush at the bell as well but not many will be lucky due to scarcity of supply

blue open tomorrow again only cost more tomorrow atb

And when did you see the pledge book then? 9th December results the board stated that it was in decline, unless theres been a rapid increase in the price of gold I fail to see how it could have increased... SP is driven by pure acquisition speculation and nothing more, why would there be a mad rush at the bell or any scarcity of supply..

I would not want to be out of abm this weekend - seems to be moving for no reason atm

algorithmic trading right now - ii buying someone is accumulating

are norges bank buying more?


abm have multiple interested parties - would suggest it is prudent to be in abm right now before the news on takeover

gl

@£8k traded today?

bargain atm 20.3 to buy - topped up
gl

H&T is understood to be one of a number of trade and financial buyers that have formally lodged interest in buying Albemarle, which has put itself up for sale recently as it continues to keep within lending limits after lower gold prices and competition has left it nursing losses as reported.

As a further prudent measure Reading-based group Albemarle , which includes Herbert Brown jewellery and pawnbroking stores, announced recently that it had been melting down non core gold jewellery stocks to improve its cash position.

A takeover by H&T would bring together Britain's two largest pawnbrokers.

But H&T faces competition from other potential bidders, including Albemarle's biggest shareholder EZ Corp, the US pawnbroking giant, as well as New York vulture fund Apollo Global Management, according to The Sunday Times and others.

Albemarle has hired Canaccord Genuity to advise on the sale process and has been granted dispensation from the UK Takeover Panel, which means bidders do not have to be publicly identified and the typical 28-day takeover offer deadline is also waived.

Top faller this morning.

Because it's bankrupt and up for sale.,.

Its not good whatever.

8p! Used to be a good earner years ago, H&T never did make a bid.

@ 12.09 I've taken a small long position.

you like living on the edge shortie, when you go long does the spread still come into play or is that only when you buy and sell the share?

Right now I can go long (buy) 12.60 and go short (sell) 12.00 so the spreads still there... At current prices ABM isn't high risk with small stakes, worst case is I lose 12.09 times my stake, on the upside though this is a viable business if it can restructure its debt. The banks know it, which is why they've extened the covenant testing.

will watch with interest.,.

Here's also another reason I view these as low risk, right now the stocks market cap is some £5m... Well last years pre-tax profit before exceptional restructuring costs was £9.5m. When you look at debt the company owes some £55m and the companies pledge book covers more than half of this. So my downside risk is 12.09 times stake, if the company does manage to refinance its debt the upside is 48p a share (first target) or 35.91 times stake (48-12.09).. So for me I don't see this as risky but common sense (good gamble, good odds), if we were loss making over the last 5 years I'd no doubt view things differently..

So you can only lose £12,090 then! :-)

ouch! thats some risk.,.

Good job I'm only playing for matchsticks then!! :-)

Worth a read, I continue to hold..
http://www.independent.co.uk/news/business/sharewatch/market-report-reprieve-for-struggling-pawnbroker-albemarle--bond-9193906.html

Its all over now.

Clever clog - Shortie - bits the dust
maybe not a thing one wants to do to shareholders, but after the recent ... stalking, a bit of - p!ss taking - is deserve,
and put them were they belong


Albemarle & Bond shares suspended

Pawnbroker Albemarle & Bond's shares have been suspended on AIM after its lenders refused to back the management's turnaround plan for the business.

The company says the board is continuing to work with lenders on possible alternative options.

It said these options - which include the sale of the business at a level below its current indebtedness - provide no realistic prospect of any value being attributable to the company's ordinary shares.

As already announced, the company's current covenant deferral agreement expires on 31 March.

The company's lenders have indicated they may be willing to extend this agreement in certain circumstances, but if they do not then the company could be required to repay its outstanding loan facilities and although the company has sufficient cash headroom to meet current trading requirements, if the entire debt facility became repayable it would not be able to meet this liability.

The company said it requested its shares be suspended from trading on AIM pending clarification of the financial position.

Refuses to die....

Well it's gone now [ the EPIC ], replaced by an African Battery Co...oh deary.

There really should be a 10-year retirement for EPIC-codes . . . to avoid any hint of "confusion" . . . . In addition can I suggest to LSE that AIM companies are prefixed by "-AIM-" ( that's with two dashes), to make sure no-one thinks they are dealing with a fully ( some hope), monitored company? Did I see an AIM company with sp=£30 - that takes some thoughtlessness on the part of Punters. Obviously IMHO... and they will say I'm wrong.


However,
Can we shunt the old A&B-chat elsewhere? ..... so as to give fresh daylight to this new company....?