Toad have changed their name to TG21 PLC and have also got a new EPIC (TGP).

Major shareholders and the directors' holdings:

Shares in issue: 81.4m 10p Ords
Major Shareholders Amount % Holding
Barclayshare Nominees Ltd 5,995,004 7.65
Sir Christopher Evans 4,569,628 5.83
Carglass Luxembourg Sarl NV 3,639,949 4.65
TD Waterhouse 2,723,980 3.48

Other Directors Amount % Holding
Nicholas Grimond 2,021,739 2.581
Peter Terry Ward 1,579,333 2.016
David A Voss 392,453 0.501
Wilson W Jennings 50,000 0.064
Stuart Arthur Gall 12,347 0.016

Updated Broker forecast (from Seymour Pierce):
..............................................2005 ............ 2006
Broker ........ Date ...Rec ... Pre-tax () EPS(p) DPS(p) Pre-tax() EPS(p) DPS(p)
Seymour Pierce 18-03-05 OUTP .... 1.80 .....1.90 ... - .... 1.93 ... 2.10 ... -

Growth (%) 13.21 10.53
Standard Deviation (p) 0.00 0.00
PE Prospective (x) 4.87 4.40 @9.25p

Newsflow:
10 Sep 2002 - Interim Results - Company returns to profits
11 Sep 2002 - Share Issue - 858369 shares issued to vendors of S C Hill
19 Mar 2003 - Final Results - operating profit of 1M
19 Mar 2003 - Peter Ward buys 25k shares @ 3.5p
27 Mar 2003 - Peter Ward buys 100k shares @ 5.75p
01 May 2003 - Peter Ward buys 250k shares @ 5.25p
23 May 2003 - David Voss buys 17k shares @ 7.3p
03 Jun 2003 - Nick Grimmond becomes Managing Director
23 Jul 2003 - Interim Results - Profits up 3-fold
28 Aug 2003 - Placing of 3,688,880 new ordinary shares @ 19.5p
03 Sep 2003 - Signs deal with Vodafone/Unipart
14 Nov 2003 - Ex-chairman Christopher Evans sells 1m shares
14 Nov 2003 - David Voss buys 979 shares @ 20.72p
12 Jan 2004 - Ex-chairman Christopher Evans sells 1m shares
19 Mar 2004 - Final Results - profits up 380%, debt down to 3.9m
19 Mar 2004 - David Voss buys 48808 shares @ 23.75p
08 Jun 2004 - David Voss buys & sells 20k shares
22 Jul 2004 - Interim Results, profits up ~ 15%
27 Sep 2004 - Trading Update - 2nd H sales, profits below market expectations
04 Oct 2004 - Peter Ward buys 500k shares @ 11p
04 Oct 2004 - David Voss buys 17550 shares @ 10.5p and 63116 @ 10.6p
21 Dec 2004 - Signs deal with 21st Century Crime Prevention
22 Dec 2004 - Carglass convert their Toad preference shares into Ordinary Shares
02 Feb 2005 - Announces intention to transfer to AIM (in 2Q 2005)
02 Feb 2005 - Plans to increase stake in 21st Century Crime Prevention to 49%
02 Feb 2005 - Current trading is in line with expectations
16 Mar 2005 - Final Results, operating profits of 1.5M, debt down to 3.7M
16 Mar 2005 - AIM admission confirmed as 15 Apr 05
15 Apr 2005 - 1st day on AIM
09 May 2005 - Toad increases stake in 21st Century to 49%
09 May 2005 - Carglass sell TOA shares, directors buy 3.6Million (~ 7.875p)
17 May 2005 - AGM - Current trading is in line with expectations, cash flow strong
24 May 2005 - Company's new name = TG21 Plc, new epic = TGP

Seems like some PI's did not like the withdrawal from the ACTRA telematics business, the camera and computer replacement businesses and VIS or is it just that many bought for a quick profit (expecting rise before Interim Results)

From the other side. very happy with results sid.... house brokers e-mail to brokers

Daniel Stewart have put out their Morning Brief on e-mail as follows:

"TG21 (Formerly Toad Group) TGP.L 10.5p; 8.6m BUY
Interim results to 30 June 2005 - Headline figures In its interim results to 30 June 2005 announced today, turnover declined1.9m (10%) y-o-y from 18.1m to 16.2m but did not include salesgenerated by its 49% associate company, 21st Century. This investmentcontributed 144k post amortisation to total operating profit, which wasup 19% (from 977k to 1.17m) and helped push net profit up 10% to810k from 739k. The reduced turnover was attributable to a decline in the mature audioreplacement and vehicle security markets. Despite this the operatingprofit post amortisation but before adding in the profit from 21st Centuryincreased by 5% y-o-y from 977k to 1.02m. Interest payable increased marginally y-o-y from 232k to 253kreflecting a 0.5m increase in net debt to 3.9m. This was despite the2.6m acquisition cost of 21st Century. Basic EPS (post goodwill amortisation) rose 5% from 0.94p to 0.99p withfully diluted clean EPS (pre amortisation) rising 7% from 1.08p to 1.16p. 95% of operating profits was converted into operating cash flow of 1.1m(1.0m in prior year) and gearing reduced from 54% to 46% on netassets of 8.5m. Net assets per share of 10.4p fully underpin the currentvaluation. Divisional analysis Services The main activities of this division comprise insurance replacement of in-car entertainment systems, cameras and computers, the supply andinstallation of mobile phone hands-free kits, telematics units, in-carentertainment and security systems to fleet and private customers. Turnover declined 0.7m (10%) y-o-y from 6.9m to 6.2m, largelyresulting from an increasing number of new vehicles being fitted withintegrated audio systems, which led to a 25% decrease in TGPs audioreplacement business.

In contrast, installation of hands-free mobile phone car kits increased almost 30% in H1, driven by European Health & Safety legislation prohibiting the use of mobile phones whilst driving. In the last 18 months, TGP has installed over 50,000 kits, the majority of which are through a contract with Unipart Logistics, which manages the installation logistics for Vodafone. Management expects further legislation this year to give further impetus to this income stream. Distribution The main activities of this division comprise the distribution of in-car entertainment systems, satnav/communications equipment, speed camera alerts, audio leads and own brand automotive and motorcycle alarms to the retail trade. Divisional sales fell y-o-y by 1.2m (11%) from 11.2m to 10m, largely due to decline in the maturity of the vehicle security after-market (alarm/immobiliser systems fitted as standard). Management anticipated this decline and has aimed to counter this through both new products (e.g. Inforad) as well as new routes to market (21st Century see below). A recently announced exclusive distribution agreement with Inforad Ltd for the sale of their Speed Camera Warning Device throughout the UK is a valuable addition. Initial sales have performed well, with the product being sold through Woolworths, Halfords, Argos and Maplins, and we expect this trend to continue given 1) the low retail price (79.99) of the unit compared to competing products; 2) its non-dependence on laser or radar detection making the product legal; 3) the governments attempts to boost revenues through the use of speed cameras and changing their locations. The agreement includes a four-year license for the database of speed camera locations, providing an additional annual revenue stream from subscribers after expiry of the initial 12-month complementary period. 21st Century In April 2005, management increased its stake in 21st Century from 25% to 49%. 21st Century supplies CCTV and black box recording systems to public transport vehicles. Preferred supplier status has been achieved with Arriva UK Bus Division, operator of over 6,000 buses in the UK and sales of 1.8bn. We expect good growth from this business, given the governments desire to move car users onto public transport systems, with local transport authorities and operators likely to be attracted by the associated reduction in crime and fare evasion. Growth may also follow the terrorist attacks on the London public transport system. This is a mutually beneficial strategic acquisition. The use of TG21s installation team allows 21st Century to fulfil its existing order book and frees up their resources for new business wins. This also sweats the TG21 call centre and engineer overhead more effectively, whilst generating higher margin business. Revenues from this fast-growing area give TG21 a more defensible profile. Restructuring Management expects 21st Century to be a key driver of future growth and, accordingly, has decided to exit peripheral activities (ACTRA telematics, camera and computer replacement and Vehicle Inspection Services) to free up staff and engineer resources. 2
Forecasts We forecast sales excluding 21st Century for the current year to be down on 2004 at around 33.5m but pre intangibles operating profit excluding 21st Century will remain around the same at approximately 2m. Sales of 21st Century will not be consolidated so long as the company does not hold a controlling interest but management forecasts they should exceed 4m for the year. We forecast, however, that the companys 49% stake in 21st Century will yield a contribution of 0.5m to pre amortisation operating profit bringing this total pre amortisation, interest and tax profit to 2.5m (2004: 2.0m). The interest charge is forecast at around 0.5m (2004: 0.5m) bringing pre amortisation and tax profit to 2.0m (2004: 1.5m). For FY2006, we reflect the withdrawal from certain Insurance Services, some decline in the distribution arm VTD and forecast no growth in the other business lines (highly conservative) giving a FY06 sales figure of 32.6m. We expect gross profit of 13m (39.9% margin) and operating profit of 1.8m (margin 5.6%). FY06 clean pre-tax profit is forecast at 1.6m. The contribution from 21st Century is forecast to add a further 750k to pre tax profit.

Conclusion TG21 has successfully carved a niche for itself, moving the business from the sale of high specification car security systems to being recognised (amongst its other revenue streams) as a leading UK installer of mobile phone car kits and the UKs largest audio and multi-media trade wholesale business. Management has reacted swiftly to the slowdown in its more mature markets (e.g. car audio replacement) by moving the company into a key growth area through the acquisition of 49% of 21st Century and securing new distribution agreements. Net assets per share of 10.4p fully underpin the current valuation and the recent move to AIM should lower future acquisition costs and bring greater investor focus."

Makes for good reading lets now get the upgrade this one should have.

cheers GF.

Conclusion says it all really. Can't believe how this hasn't rocketed yet.....

Your right legend .

cheers Gf.

Hope your still holding gf... price held up very well... hopefully we will have eps of 2p end of year, if so p/e is really low.

Can't believe how none of financial press haven't pushed these. Looks like seller has gone... price moved up on small volume..

Just reduced my losses by 250 today what's going on at TGP?

my guess there is news on the way when the mms reduce the spread they want stock from the weak to sell on at a higher price. might be wrong

Here's the intro to Daniel Sstewart's Buy note above (which is a fine 12 pager):

"The recent H105 results showed an increase in net profit of 10% although turnover declined by 1.9m (10%) y-o-y from 18.1m to 16.2m. This sales figure did not include sales generated by the Groups 49% associate company, 21st Century. This investment contributed 144k post amortisation to total operating profit, which was up 19% (from 977k to 1.17m) and helped push net profit from 739k to 810k; o Interest payable increased marginally y-o-y from 232k to 253k reflecting a 0.5m increase in net debt to 3.9m. This relatively small increase in net debt was after taking into account the 2.6m acquisition cost of 21st Century. Basic EPS (post goodwill amortisation) rose 5% from 0.94p to 0.99p with fully diluted clean EPS (pre amortisation) rising 7% from 1.08p to 1.16p. 95% of operating profits was converted into operating cash flow of 1.1m (1.0m in prior year) and gearing reduced from 54% to 46% on net assets of 8.5m. Net assets per share of 10.4p underpin the current valuation; o TG21 has successfully carved a niche for itself, moving the businessfrom the sale of high specification car security systems to providingbusiness solutions to numerous blue chip customers in the automotive,public transport, cellular and insurance markets. Today, amongst itsother revenue streams, the business is recognised as a leading UKinstaller of mobile phone car kits and one of the UKs largest audio andmulti-media wholesale businesses;

o Management has reacted swiftly to the slowdown in its more maturemarkets (e.g. car audio insurance replacement and car security) bymoving the company into growth areas and securing exclusivedistribution agreements for the Inforad speed camera warning systemand Tom-Tom motor-cycle navigation units along with distributionrights for the Tom-Tom car navigation products;

o We expect good growth from the 21st Century acquisition (installationof CCTV on public transport), driven by the governments desire toimprove security and encourage car users onto the public transportsystem, with local transport authorities and operators likely to beattracted by the associated reduction in crime and insurance costs. Amore sombre, but nevertheless valid, source of growth may follow theterrorist attacks on the London public transport system;

o The recent move to AIM will lower the cost and burden of futureacquisitions. The current capitalisation of the company fits AIM morethan the Full List, and we would, therefore, expect the shares to benefitfrom investor focus. We forecast fdw EPS of 2.22p in 2005 and 2.62p in2006, putting the stock on a conservative 4.5x and 3.8x earnings respectively."

Bought in today on afternoon dip. These will be 20p. Mark these words....

Agreed wraz. This is the link to Daniel Stewart's 12 page Buy note:

http://www.saturninnovation.co.uk/clients/dsc/CMS/nmanagerpro/attachments/TGP_initiation_130905.pdf

The EPS estimates are:
12/05 eps 2.22p EBITDA 3.2m
12/05 eps 2.62p EBITDA 4.2m

TGP have already achieved 1.16p EPS in H1, i.e more than half of the estimate for the year already. At 10.5p TGP are on a current year P/E of just 4.7, with around 10p per share of net assets as downside protection. And the company has stated that current trading is in line with expectations.

TGP have also ramped up their investment in 21stCentury, presumably on the basis of something in the wind. Any contract news in this CCTV division should send the shares flying imo.

Welcome aboard rivaldo... the right people are in this stock. Buyers around at close on friday.

Good luck....

Ta legend. More buying early today I see.

The potential from 21st Century in particular is enormous. This is from Ashurst's (TG21's lawyers) web site:

"21st Century is one of the UK's fastest growing suppliers of specialist CCTV security systems for public transport vehicles, and is the preferred supplier to Arriva plc with whom it has developed a bespoke system. Arriva plc has an annual turnover exceeding 1.6 billion and rail and bus operations in eight European countries comprising over 10,000 vehicles.

Turnover for 21st Century in the last financial year was 2.9 million, up from 1.8 million in the previous year, and its net assets are currently 350,000."

If you link that with this recently from the Times and consider that 21st Century have an enviable reference point from their work with Arriva....

http://www.timesonline.co.uk/newspaper/0,,172-1779505,00.html
"Mr Livingstone also said that it would be difficult to install airport-style security on the Underground. For every person who goes through Heathrow, 15 will go through the Tube, he said. There isnt physically the space for the equipment. It would also mean huge tailbacks and would mean a dramatic change in the time people take for a journey.

He said that there would be be 100 per cent closed-circuit television coverage on London buses by the end of the year on both upper and lower decks, compared with the present 95 per cent coverage. He added that he would double the number of CCTV cameras on the Underground within the next five years."

once this breaks out from current trading range this will fly

Totally agree woodie, sp underpinned by 10.5p assets... did you read the bullish research note mate??

if not, will post it on here (thats if it hasn't been on here already)

market maker to market maker transaction for a quarter of mill earlier - this is good to see imho.

legend they have been 2 in the last few weeks will be ideal to post here to show how undervalued this co is.

Daniel Stewart Research BUY note below

Says it all really!!!!!! Enough said.....


http://www.saturninnovation.co.uk/clients/dsc/CMS/nmanagerpro/attachments/TGP_initiation_130905.pdf

Still in this one Legend. I feel all at once they will take off. Nice to be back.

cheers GF.

Mee too goldfinger. I bought with a 20p price target in mind. I think newsflow/coverage will only be positive from here on.

I have followed legend into a few stocks, he certainly knows how to pick the right ones given time. This is no exception.

Im sure your right.

cheers GF.