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)

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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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.