Last week I wrote to AIM listed insolvency practitioners - Begbies Traynor Group (BTG) about serious concerns and need for answers to questions on the lack of full and complete disclosure on Related Party Transactions. It answered but as I revealed today Ric now has another real question to answer ahead of the AGM tomorrow. While he po0nders that one...it gets worse.
Last week I asked a few questions of Begbies Traynor (BEG) about its office space and dealings wiuth the pension fund of boss Ric Traynor. It answered via RNS but I scored that response at 5/10. Someone has availled themselves of the Winnileaks service and as you can see below, the company now has a big question to ansswer ahead of its AGM tomorrow at 340 Deansgate Manchester.
I have serious questions relating to corporate governance and related party deals at Begbies Traynor (BEG). I have communicated these to the company today and hope for answers. If I do not get them by next week I shall have to attend the AGM in Manchester and kick up a stink. None of us want that so over to Begbies...answers please. The letter is below.
For reasons that will become apparent I wish to attend the AGM of Begbies Traynor (BEG) in Manchester on September 19 as I have a few questions for its esteemed chairman. If there is a shareholder out there would would be willing to make me a proxy might they drop me an email at firstname.lastname@example.org - thanks in advance.
Begbies Traynor (BEG) has said that third quarter trading was in line and it is confident. It has also announced the purchase of small corporate finance boutique Springbord Corporate Finance. Its all good, the market loves it and the shares have raced ahead to 74.2p bid.
Business recovery, financial advisory and property services group Begbies Traynor (BEG) has announced results for its half-year ended 31st October 2017 and that “the group is in its strongest position for many years”...
Begbies Traynor (BEG) has announced results for its year ended 30th April 2017 and that “we anticipate a growth in earnings in the new financial year”…
Business recovery and property services group, Begbies Traynor (BEG) has updated on its third quarter (to end January), including that “we are encouraged to see some (insolvency) market stability”.
Business recovery and property services group Begbies Traynor (BEG) has announced results for its half-year ended 31st October 2016 and that “for the year as a whole, we anticipate growth in earnings, in line with expectations”.
Begbies Traynor (BEG) has updated on “satisfactory” trading in the first quarter of its current financial year and emphasised that “we continue to be confident of the prospects for the group”. And that makes the shares look cheap.
My father would suggest that those who run insolvency firm Begbies Traynor (BEG) really are not scholars and gentlemen when it comes to their latest pronouncement on Brexit and how UK firms are struggling. I am kinder so shall leave it with an observation that, unlike my father, myself and David Cameron, the Begbies fellows probably did not study logic at Oxford.
Insolvency, restructuring and property services group Begbies Traynor (BEG) has announced results for its year ended 30th April 2016 and that, although cautious, “the recent acquisition of the Pugh auction business, together with the Taylors valuation business, gives the opportunity for growth in earnings in the new financial year”.
Begbies Traynor (BEG) has announced an initial £2 million, and up to £4.625 million, acquisition of Pugh & Co, the largest firm of commercial property auctioneers operating outside of London, with regular auctions held in Leeds and Manchester.
Begbies Traynor (BEG) is a fine example of a counter-cyclical stock. As the UK’s leading independent insolvency practitioners, they see a great deal of business when other firms are failing. It has been an unexciting value stock for the past several years, but this morning’s acquisition news shows there is still plenty of potential here.
Begbies Traynor (BEG) has updated that its third quarter ended 31st January saw performance “as anticipated” and that it “is well placed to deliver the board's expectations for the financial year as a whole”.
Begbies Traynor (BEG) has updated on research (which chimes with our current view) of “a difficult 2016” ahead for UK companies. This follows the ‘Red Flag Alert research’ of this, the UK's leading independent insolvency firm, showing businesses ending 2015 in a challenging financial state and noting a difficult combination of factors for 2016.
Having announced in March that “increased activity levels in the typically busier winter months for insolvency leave the group well placed to deliver the board’s expectations for the year as a whole”, Begbies Traynor (BEG) has now disappointingly updated that it “now anticipates that the outturn for the full year will be below market expectations” - pointing to a further decline in the insolvency market in the UK…
Begbies Traynor (BEG) has updated that “increased activity levels in the typically busier winter months for insolvency leave the group well placed to deliver the board's expectations for the year as a whole”.
Begbies Traynor (BEG) has announced results for its half year ended 31st October 2014, an up to £8.5 million (initial £5 million) acquisition and a placing to raise £5.3 million. This is not a great share tip so far but we remain buyers.
Begbies Traynor (BEG), the UK's leading independent business recovery practice, last week warned of “lower year on year revenue which has been partially mitigated by the contributions from recent acquisitions” and that “insolvency market conditions remain challenging, which may impact on performance for the full year”. This is no great shock but has seen the shares ease by c8% to 50p but with a longer-term outlook that is more encouraging this is a chance to make a good long term investment at an attractive price.
Investment Case: As the UK's leading independent business recovery practice, Begbies Traynor (BEG) has been unsurprisingly adversely impacted by a low interest rate environment and lenders being unable or unwilling to crystallise losses. However, the company has restructured and remains profitable and cash generative, with an attractive dividend and undemanding rating based on its current performance. There are though now also signs that things are turning in its favour - “the expectation of an increase in interest rates over the forthcoming months has escalated recently” and with it “also retain the capacity and expertise to handle an increase in activity levels should they arise, which would result in improved profitability due to the inherent operational gearing in the business”. As such, at a current 53p offer price, the shares are a buy. Here's why.
Begbies Traynor Group (BEG), the UK's leading independent business recovery and insolvency practitioner, has updated that “increased activity levels in the typically busier winter months and the continued benefit of prior year cost savings, leave the group well placed to deliver the board's expectations for the year as a whole”. With the shares having recovered from falling to sub 30p in June 2013 to a current 42p, what’s the outlook from here?
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