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)

.

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.