In my opinion this company is far from worthless, as it still made a profit in the last results, plus there is still plenty of growth to be acheived,
By delisting the company will save around £94k a year. money that i feel could be put to better use, and help them expand,
They have cash of £1.4 million, but that is needed towards paying off the £2.3 million loan next month, they have extra cash coming in from the PPI mis - selling,and their prepayment card is doing well, so not all is doom and gloom,
Yes the delisting maybe a problem if you wish to sell, but don't jump to the conclusion this company does not have a future, plus even though the company is delisted, it could still pay a dividend out of surplus cash.
Pretty well worthless now.
I really thought this company had some potential but if you are dealling with people with no money I suppose this is the most likely outcome. Oh well I suppose you live and learn. By bottorrocker
Will be interesting to see what happens here. Not so sure we will get results as early as Feb - i think it may be nearer April time, close to the repayment date - we shall see!
The price def has behaved very oddly over the last couple years...always falling down but with large % rises just before results/half yearly results. Based on last couple years we will see a rise in the next while, but are things now different?
I don't blame you, seems odd to me that more people are getting into debt, Cleardebt have a solid base on which to build, yet the share price has dropped like a lead balloon,
I really have to put it as a hold till we get another trading statement, half year results were on the 27th Feb last year, so maybe they will be around that time this year, so worth waiting another 3 - 4 weeks. By izzy bear
I fail to understand the market reaction to the results, both turnover and profits were ahead of last year, they purchased futher back books which will in time increase profits, their Pre-payment MasterCard is doing well, and although IVA's deceased over the past year, they still had over 1400 new IVA's.
With regards to the Convertible Loans , i really do not see that would be a problem, as some of the loans came from David Mond, and ClearDebt (Guernsey) a subsidiary of ClearDebt UK , which in theory is paying it's self 10% interest, the Loans are for around £3 million, they already £1 million put aside, leaving the rest to be paid from next years profits. even if there was a problem, i couldn't see David Mond demanding his money back right away.
All in all a very sound company, which does't reflect the present price.
The market doesn't seem to like the results but they seem ok to me. The company is continuing to grow, and generate decent profitability and cash. It's still a bit small even for AIM but the market cap of under £4m is crazy based on the numbers. To the extent that it doesn't have enough cash itself by spring 2013 to pay off its convertible loan, I think it will be able to refinance and continue its solid performance. I wish more companies were performing like this right now. It is now undervalued in my humble opinion. I hope there is a decent broker's review on it soon, which would help. By Beech Boy
Does anyone have any idea when the results will actually be??!!
They are noticeably later than the last couple years & there never seems to be any info given by the company
It's a pity as the price has fallen back a bit after showing signs of picking up for the results.
Im not selling- holding onto these as genuinely see value- but a bit fustrating! By dfergus
The company's financing is due to expire in April 2013 so they need to (a) announce decent results now with growth in turnover, margins and profit and (b) deliver a decent re-financing package. Then the share price will rocket. By Beech Boy
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Same happend to NAD which is a succesful company. Now on Britdaq since 25.3.13 Some PIs interested in buying to reduce their average in the privately owned company. Shared trading exists but not much activity yet. Time will tell. GLA
to death in 2010-11 by usual suspect
Following the General Meeting held on 25 March 2013 the Company announced that it would be cancelling the admission to trading on AIM of its Ordinary Shares ("Cancellation") with effect from 10 April 2013. The last day of dealings in the Company's Ordinary Shares on AIM will be 9 April 2013.
In order to facilitate the trading of shares in ClearDebt after the Cancellation becomes effective, the Company has appointed BritDAQ to provide a matched bargain trading facility (the "Share Matching Facility"). Under this Share Matching Facility, Shareholders or other persons entitled to do so in accordance with the terms of the Share Matching Facility wishing to acquire or dispose of Ordinary Shares will be able to leave an indication with BritDAQ that they are prepared to buy or sell at an agreed price. In the event that BritDAQ is able to match that order with an opposite sell or buy instruction, BritDAQ will contact both parties and then effect the bargain
as if my other shares are not doing bad enough,i come to this one and feel like iv'e been kicked in the n-ts.At the moment i feel like i'm living a nightmare.KEFI,KIBO,SAR,SER,KGLD,NEW,TOM,PLE,have all gone into freefall.Why the hell did i get into this share investing.I think i'm being mugged in broad daylight.
David Mond, CEO of ClearDebt commented
"The Group has enjoyed a good year in terms of profitability and cash flow although this has to be tempered by lower numbers of new IVA cases particularly in the second half of the financial year. This is a disappointing result but one that I feel is being mirrored by many in the sector as the IVA market as a whole remains flat at best. Against this we have been successful in generating substantial income from consultancy related to the IVA business, although it is not expected to continue at these levels in the current financial year.
I am pleased however to report that Abacus has returned to growth in DMP client numbers and profitability. Additionally I am very pleased with the number of new clients taking up our ClearCash prepaid MasterCard which now has similar features to those of a traditional bank account using its on-line platform (iCount).
We are now focused on accumulating cash to repay the convertible bond in April 2013 with cash balances currently now in excess of £1m and increasing.
Given the current economic outlook in the UK with unemployment showing no signs of falling substantially, together with high taxation and continued public sector cuts, I believe the Group is still well placed for another profitable year."
· The IVA market has plateaued and the numbers of new cases are not rising as expected due to declining disposable incomes of consumers and some resistance by certain creditors to the solution. New initiatives to increase market penetration whilst also considering new models to offer IVAs at much reduced levels of contribution are being examined.
· Revenue from financial consultancy related to the IVA business has been excellent although part of this is one off in nature which is not expected to continue at these levels in the current year. Now focused on accumulating cash to repay the convertible bond in April 2013 with cash balances in excess of £1 m and increasing.
· Current economic outlook in the UK with unemployment showing no signs of falling together with high taxation and continued public sector cuts leaves the Group well placed for another profitable year.
Financial Highlights: Good financial performance in the year. Total clients now number over 13,000. Disappointing numbers of new IVAs in the second half of the financial year, which has continued since the year-end, offset by a stronger debt management performance.
Operational Highlights: Disappointing new IVA numbers, although revenue from the provision of consultancy services related to the IVA business has been strong. Good performance from our debt management business which continues to grow.
· Abacus, ClearDebt's debt management plan subsidiary continues to make a profit and handles all of the Group's sales activity. It has benefited from an increase in debt management clients.
· In line with trends in the market place ClearDebt has seen a reduction in new IVA numbers as well as average income from new IVAs. Revenue from financial consultancy related to the IVA business has grown strongly in the year although this is not expected to continue at current levels.
· ClearCash prepaid master card successfully migrated to a new service platform giving cardholders the ability to set up direct debits as well as allocating them their own sort code and account number. Some duplication of costs arising from migration was incurred. However we now have the ability of offering similar facilities to those of a traditional bank account by the use of ClearCash's on-line iCount.