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2007-08-01 13:20 (v1.0.3)

John Walsh (CEO) Mr Walsh was recognized as the third most influential European in US Financial Markets by Financial News (November 2005) and the seventh most important British Businessman in the US by the Sunday Times (December 2005).


Chief executive John Walsh said: “Admission will give us the ability to turn a meticulously developed and tested pallet and logistics approach - for which we believe there is a clear demand - into an operation of real scale.”

DC says it will float at 88p..

Wonder what it will open at at 8am.


Pulled this off sky news - Although it operates in a relatively unglamorous sector, RM2 and its existing investors believe there is substantial scope to grow the company rapidly because of the industry's massive fragmentation.

The biggest operator in the US had a market share of just 3.1% last year, according to material circulated among prospective investors, while the global market is forecast to grow at an annual rate of 4.5% to $4.5 billion (£2.8bn) by 2017.


The business is run by John Walsh, formerly a senior banker at Royal Bank of Scotland, and is understood to have attracted the attention of prominent investors because of its proprietary technology and ability to control wastage in the supply chain through the use of sophisticated tracking software.

RM2's eye-catching board line-up also includes Ian Molson, a member of the North American brewing dynasty, who has been appointed as the company's chairman; and Amaury de Seze, a director of Carrefour, the French retailer, who will join Sir Stuart and Mr Walsh as a non-executive director.

The only thing that worries me slightly is that this float appears to be basically a binary play on whether the pallets are successful or not. (i.e a single product). There is nothing else to produce enough revenue to keep the company solvent.
Interesting that they are floating after the recession. Tight company budgets would probably have made this a flop a few years ago.
Not sure.........especially as the very well established Chep pallet system is still running in competition.
Another thing that occurs to me is, what about international traffic. Many seafreight container contents are now palletised to reduce product handling and for H & S issues. Presumably pallets shipped abroad are 'lost'? Likewise road transport across international borders etc

Good point Harry.

Purely my point of view - The contacts of this company must be huge. I'm thinking this board would not been interested in being appointed on chance. There are some big names here. They have just raised something like 100 million before this IPO.


Carrefour SA (Public, EPA:CA) is a French international hypermarket chain. Headquartered in Levallois-Perret, France, Carrefour is the largest hypermarket chain in the world in terms of size, and the second largest retail group in the world in terms of revenue and third largest in profit after Wal-Mart and Tesco.

post 332 Harry, the growth for pallets is forecast to grow.RM2 is manufacturing 1m pallets a year at the moment and says it can get to 2.5m next year with the £137.2m proceeds of its float, and 7m by 2015. Another point is that the company will sell pallets as well as lease.

I certainly hope they do well dc, but the pallet market is so well established with many players with vested interests that I think they will have a very tough time achieving their sales targets. The current players in the existing wooden & plastic pallet market must be gearing up for some kind of response to this threat. I also wonder how RM2 will get round the problem of the various size and weight capacities of the current models. (UK, Euro, US are all different sizes).
One other point I would dispute, though it's based on UK prices, is that is does not cost $40 to make a wooden pallet. As an educated guess, I would suggest nearer $25 based on the current UK selling price of a 40' trailer load of 4 way 1.5 tonne pallets.
Sorry to be so negative. I just hope the Board have done their arithmetic correctly and not produced unachievable targets.

Very interested in your thoughts Harry. Please don't think I am a know it all, just interested that's all. On the sizes I see the pallet is available in the standard 1200x1000mm, 1200x800mm, 1165x1165mm and 48"x40" footprints with other bespoke sizes available for specialised applications.Its Canadian plant can produce one million pallets a year. RM2 will increase capacity to three million units in 2014, helped by the launch of a new factory in the US. The following year should see a UK plant open and annual production capacity reach 6.5 million pallets. North America and Western Europe are the target markets.

Like most of these IPO's isn't it less of a risk to just let the float get underway, assess, and then trade them?

Six year high for London Stock Exchange IPOs



31st December 2013






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Press releases



105 IPOs raise a total £15.7 billion in 2013
62 AIM IPOs raise £1.1 billion
Strongest year for technology IPOs since 2007, 36 firms raise £1 billion

London Stock Exchange this year welcomed 105 new companies to its markets, a record number since 2007 and a clear sign that confidence is returning to the UK and global IPO market. The total capital raised was £15.7 billion through 43 Main Market listings and 62 AIM IPOs.

Key statistics:
Royal Mail Group was the largest European IPO of the year, raising £1.7 billion
Other household names listing included Merlin Entertainments - the owners of Madame Tussauds - Foxtons and Bon Marche
Tinkoff Credit Systems was the largest international IPO of the year raising £1.08 billion and was joined by other international companies including Al Noor Hospitals and Stock Spirits Group
36 technology IPOs on London Stock Exchange in 2013 raising £1.00 billion – the highest number and value seen since 2007
14 private equity backed companies floated on London Stock Exchange markets this year – the most since 2007

Xavier Rolet, CEO, London Stock Exchange Group, said:
“2013 has been an exciting and positive year for the IPO market. We have seen a very healthy mix of UK and international companies using the London market as a platform for future growth. London continues to be the world’s pre-eminent venue for international institutional investor capital and, high profile IPOs have helped reawaken the strong retail investor appetite for equity investment.”

“We have been particularly pleased to see the number of tech companies using AIM, raising over £350m in the process. This is confirmation that high growth companies, as well as their backers in the private equity and VC communities, are recognising the exceptional power of equity in driving growth.”

- ends -

We’re ready to float this year, reveals House of Fraser chief: Record Christmas trading at House of Fraser has laid the ground for its flotation before the end of the year, according to its chief executive.

Had a reply this morning to the e-mail I sent the company RM2. They have sent me the admission documents in pdf format and have no idea how to copy.



Mr ----

Your e-mail somehow found it's way into a spam folder, so my apologies for the late reply. I attach a copy of the Admission Document in the event that you were not able to get one from another source. The Placing was closed in December prior to the receipt of your e-mail, though the first day of dealings has been delayed to tomorrow, Monday 6 January because of the effect of the Christmas break.

Shares can obviously be bought in the usual way at that point should you be interested.

Regards, and thank you very much for you interest.

Ruari McGirr

Are you still a bit iffi on this one DC ?

jimmy b, by the sounds of it, they certainly have interest. My email was sent a week ago at the time skinny mentioned there was no facility on the company site to download the admission document. Looking like they had closed early. Its a shame I cannot get the document on the site. Going to have a read this aft. One thing I do see is the pallets are 80% glass and 20% plastic and would have to be smashed to remove the tracking device. Also they have acquired the tracking company.

Thanks DC , we'll have a look in the morning :)

dc do you have any financials as they have been in business for 6/7 years?

Are you joking, I'm having nothing to do with you. So don't ask anything else, as you will not get an answer in short. So you know where we stand now.

I think other posters will know why, before you comment.

Thanks jimmy b.

Jimmy b, I have read admission document (all 167 pages) I would not give anyone advice to buy in or not. Pleased it was sent today.

RM2 seems to be a holding company with 10 further legal companies
I will gladly put up a thread tomorrow, but have decided I will not be investing.
Big industry players have been drawn and I think the business is using these names to draw the investment. They clearly have to go out and get the business still.
Short term there may be some profits to be had via the hype the company has received, they may well be very good. Long term there are no guarantees and to me its all about the big gun names pulling in new business.
The company has only put up the last three years figures of trading as well as 6 months to the middle of 2013.

All in US $

2010 2011 2012


(6,708,264) (11,580,288) (21,310,112)


And the six months ended 30 June 13


( 6,023,199)


In my view its all down to having faith in the directors achieving their forecasts. I am not strong in this area. This is no way giving advice, but only fair to say not for me on this occasion.


Thanks for your input as well Harrycat