NTG - Northgate PLC

[Spennyboy]

£681m debt... fuck me.

This is a real interesting one as there as so many factors as to why it should do well, but equally how easy it could go down the pan should the current climate not pick up as expected.

Numbers are fact and hire car purchases have been on the rise - however with such a large fleet - maintenance costs, ageing vehicles - all the debt they already have and increasing debt in Spain.

Whilst that RNS is not much of a surprise as all the facts and figures were there to be looked at, I personally think that my money will be more profitable elsewhere.

Bearing in mind that once the consolidation has gone through, unless your holding a substantial amount, which im pretty sure no one here is - then the profit margins are going to be significantly shrunk. This is a long term play no doubt about it.

Dont get me wrong, im not saying that its not a good investment, its just not the type of investment for me.

I'm out.

[tam9]

gonna stick this one out today and see how the news has affected investors..personally i think its a good rns with confidence..but i agree with long term money prospects mate.

[tam9]

and on gkp front 20 mil shares were sold yesterday from an II. news out now

[super mike]

Just got the text alert. Broken 30p.

[Spennyboy]

gonna stick this one out today and see how the news has affected investors..personally i think its a good rns with confidence..but i agree with long term money prospects mate.

With respect Tam, they are not going to release an RNS that says "Were shagged, but keep holding we might turn it around in a few months". I want confidence in a RNS, just need to read between the lines.

They done well with the Rights Issue which hopefully will give them the push they need to get through the bad times.

I think they will do well in the short term, especially up to the consoladation. Just dont have the faith myself.

Good luck to all holding.

[super mike]

I'm playing this one day by day, but I hope it spikes within the next few days. I think it'll be my first short term experiment.

[Spennyboy]

Just in case anyone has taken my post on board... i would refrain from selling just yet.

L2 shows this as about to blow up!

Interesting....

100k through at 29p

[Spennyboy]

2x 750,000 sell just gone through.

Not good.

500 sell - market maker signal to push the price down?

Lets see.

[tam9]

will be like this all day i'd expect.

[Spennyboy]

will be like this all day i'd expect.

I cant believe the price didnt drop like a stone on 1.5m sell.

Could it be that someone is holding at a higher price and wants to push the market down to fill their boots at 26?

A buy trade of 1 just went through.

Something is going on - thats 2 MM signals.

[tam9]

ive put a sell order in for 30p

[Spennyboy]

ive put a sell order in for 30p

Sells coming thick and fast, roughly another 450k gone through and pushing the price down.

Strange turn of events seeing as buying pressure was huge at the start.

Maybe people started to re-read the RNS from another angle? Maybe its just sneaky and lowering the price to fill a large order?

Time will tell.

edit:

200k buy order just gone through

[tam9]

tickly arse syndrom i have here lol...i dont fancy selling at a loss..fearing i may have too tho!!

[Spennyboy]

tickly arse syndrom i have here lol...i dont fancy selling at a loss..fearing i may have too tho!!

I would hold on mate - its only 9:30.

Buys are starting to come in slowly, a 200k just gone through and a few smaller ones.

[Spennyboy]

Well... at the end of the day, fuck all happened either way

[tam9]

held on and you know what im glad i did. im gona hold this for a while. a lot of ppls comments have bolstered my shakey arse. they moved into the ftse 250, they consolidated and makes it look less like penny shares, debt is coming down and new director coming on board (or am i thinking of another share lol)

[Q-Ball]

This is another long term share (as stated above). I've taken the plunge, and like sxx will hold for at least 1 year. There are a few shares on this forums that we are interested in - some are great for the day trade, but most are investments. Investments are those you expect to grow over time, and hopefully this will be a solid investment.

[Spennyboy]

held on and you know what im glad i did. im gona hold this for a while. a lot of ppls comments have bolstered my shakey arse. they moved into the ftse 250, they consolidated and makes it look less like penny shares, debt is coming down and new director coming on board (or am i thinking of another share lol)

Another one.

Phil Moorhouse, who has been with the Group since 1991, has decided to retire from the business and the Board in December 2010

This fella is off.

[Spennyboy]

Mistakes happen... but this is going to piss shareholders off.

21 September 2009

NORTHGATE PLC

Correction to Interim Management Statement of 16 September 2009

Northgate plc (the 'Company'), the UK and Spain's leading specialist in light commercial vehicle hire, issues a correction to the Company's Interim Management Statement issued on 16 September 2009.

The unaudited net debt figure as at 31 August 2009 was reduced by £173m since 30 April 2009, to £713m, not £205m to £681m as incorrectly stated in the announcement. Using 30 April 2009 exchange rates the reduction would have been £165m.

The discrepancy is due to an internal administrative error and does not affect the Company's ability to meet its redemption obligations, banking covenants, forecast of year end net debt position or its current trading position.

- ends -

[tam9]

woops, not wanting to take 100 quid or so loss i'm in this for the long run. Or atleast until it hits 35/3.50 post consolidation.