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05/07/07	Cobra Holdings (CBRA)	Wholesale insurance	UK
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2007-08-01 13:20 (v1.0.3)

Thanks jimmy b, good to have the questions. There will be a lot of interest in this one .Non of the original investors are selling and one of the holding comps is increasing its holding.

skinny - 30 Dec 2013 16:44 - 312 of 321

But can you burn them? :-)


Only in the dark, as they will smoke, a bit like burning a tyre. lol

Well nothing in life's a dead cert is it DC .

Is now halifax don't like them along with Blur, Wandisco. Them two have lost me a fortune. :-)). Being serious you can only go on what the top exec of the company puts out. I have good vibes for this one. I will also check the tea leaves tonight, :-))
I will buy on the day they start trading, as said they will be for the long term.

dc we wish you good luck as no doubt initially it will do well as their board and senior management is packed with bankers and accountants but who is going to deliver the operational success of this company? Have you seen their accounts for the past 6/7 years? Investco will be pleased to get this one away.

halifax you are guessing. :-)) The company is not full of bankers and accountants. Its a fully operational company with a senior management team built in. You just look up the past history of the list of managers below.


Senior Managers and Operational Team


Philip Seligmann
Chairman RM2 North America

Matthew Gilfillan
Head of North American Sales and Marketing

Christopher Gibbs
Head of EMEA Sales and Marketing

Ewa Groszek
Managing Director of Equipment Tracking

Tom Lane
Head of Manufacturing

Rick Needham
Head of Strategic Manufacturing Development

Ruari McGirr
Strategic Development and Investor Relations

Richard San Martin
North America Sales

Robert Blaikie
EMEA Sales

dc you forgot to mention the Board Members...oh and by the way please comment on their accounts for the past 6/7 years,

You will have as I have said in the past to ring the company.

We are starting to go down the track of the past . Please do not run me round, you can look it up. Lets stay on good terms.

dc no problem as you know the Board of Directors comprises mainly bankers and accountants(which may or may not be a bad thing), we are finding it difficult to access their financial statements possibly because they appear to be incorporated in Luxembourg?

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.