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Ramridge's Latest Blogs

On February 3rd, Johnston Press Johnston Press (LON:JPR) put out an RNS stating that following an independent review their pension deficit has been reduced from £90m on 3/1/15 to £53m on 3/1/16. Following the announcement, the share price jumped 12%.This is a massive deficit reduction of 41% at one stroke which is unusual but not entirely unheard of. The company also stated that full details…

Recent UK IPOs have proved to be a rich seam for canny investors. The following three tables analyse UK IPOs over the previous 12 months to 30/10/2015. The data excludes investment trusts and REITS.The first table shows performance from first dealing dates to 30/10/15, both for absolute gains/losses and relative to the FTSE All Shares Index.The second table measures performance 3 months following the first…

Below is the text of an email I sent earlier today to Dmitrios Gryparis, Globo's Finance Director. The main issues have been unashamedly drawn from Paul Scott's blog of today (all E&OE are of course mine).  Any replies I receive will be published here."Dear Mr GryparisI am a Globo Plc investor who has been following your company’s fortunes fairly closely over the last 18 months.…

Today's Sunday Times carries an interesting article on the extent of pension fund liabilities in listed companies balance sheets and impact on prices. Nothing new in this for those who study financial results. What struck me as interesting is that the report saw a ratio of pension liabilities to net assets of 50% as a marker. Anything above 50% is a amber to red flag.…



Ramridge's Latest Comments

The 'no report today' also gives us an opportunity to comment on the BHS report published today. Having just finished reading the report, I have to say that I always thought Maxwell's looting of MGN was the lowest point in corporate UK. Well we have a new rogue in this gallery, Phillip Green. The systematic plunder of BHS since he took ownership makes Cap'n Bob…

Hi Mark - Yes, I have gone through the admission document and the recent results and I think you are right. Admission doc: "The Placing will result in the issue of 43,328,144 Placing Shares, raising approximately £43.3 million, all of which will be used to settle existing debt within the Group and to pay the Company’s costs in connection with the Proposals of approximately £1.9…

Mark - Re. Accrol Group (LON:ACRL) I held this stock from IPO and sold it this morning with a small gain. Generally speaking, the results are good. I made an adjusted eps to be 9.0p against a forecast of 6.6p bringing down PE to 12.5 . However what put me off is the huge debt. Net debt is £61m which gives a EBITDA multiple of…

Re. PMI Data There is an interesting article in today's Times which suggests that there isn't sufficient official data yet to show the impact of brexit.Basically we need keep the powder dry and wait for the 2nd half of August before sufficient data is made available and analysed to draw any meaningful conclusion.(Note. Shock, horror. The Times misspelling 'economy')

Hi Paul - Re. Empresaria (LON:EMR)   You said"However, remember that the balance sheet is fairly weak, with a fair bit of debt."Bit puzzled about this.  The Stocko data shows net debt of £7.3m. i make the corresponding EBITDA for FY2015 to be £8m. So that gives a Debt/ EBITDA ratio of 0.9 well below the covenant of a multiple of 3.I checked this with the…

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