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  1. #1
    DF VIP Member tam9's Avatar
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    Attention NTG - Northgate PLC

    Northgate plc is the leading light commercial vehicle rental business in both the UK and Spain by fleet size and has been operating in the sector since 1981. Our core business is the rental of vehicles to other businesses on flexible length contracts, which gives customers the flexibility to manage their vehicle fleet without a long-term commitment.

    The business in the UK and Ireland comprises 21 hire companies operating from 80 sites with a fleet of 62,900 vehicles. In addition, we sell former rental vehicles to both retail and trade customers. We also offer an increasing range of services and products to help customers manage their fleets effectively e.g. vehicle monitoring and parts procurement. For those customers who want to outsource part or all of their existing fleet whilst retaining ownership, our Fleet Technique business can assist them.

    In Spain, we operate through two separate brands * Fualsa and Record. With 32 branches and a combined fleet of over 60,400 vehicles we are the market leaders in light commercial vehicle rental in Spain. Vehicle sales is again an important part of the business.

    We primarily serve business customers with our customers operating in a wide range of industries of which construction and distribution are the two largest. Other major sectors include local authorities, public utilities and retailers.

    We employ 2,527 people across the Group.

    Northgate plc is listed on the London Stock Exchange (NTG).





    Got a heads up from another bird and decided to look into this. The share price is nearly at the very bottom it can get, 25.5 on the ask. It's ready to re-enter the FTSE after it losing status.



    in 07 the shares were sittin at 12 quid a pop, so you can imagine how much of a serious company we are talking here. Recently they've got themselves into some problems like any other reputable UK business as I can see during these touch economic times..anyway, my point here is it's dipped to a new low due to a RI for 115 mil which has now been passed with a 95% OK rate.


    I'm going in on this one and hope to see it starting to recover and be a little less volatile over the coming weeks/months/years.


    As usual guys DYOR.



    Tam.

  2. #2
    DF VIP Member Q-Ball's Avatar
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    Default Re: NTG - Northgate PLC

    these look great Tam - looked into them and with the economy picking up (cough) they should be great. Rumours are short term should even hit 30p within a few days.

    im in for 500!
    If I'm not back in five minutes... wait longer!

  3. #3
    DF VIP Member tam9's Avatar
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    Default Re: NTG - Northgate PLC

    650 in for me, ended up getting 2307 shares with TD. cant grumble. There;s a lot of hype about these at the moment so i can see a short term for me to get in and out.

  4. #4
    DF VIP Member Spennyboy's Avatar
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    Default Re: NTG - Northgate PLC

    I was slow of the mark on this one, despite a decent heads up from Tam - that stupid meeting!

    Im in also.

  5. #5
    DF VIP Member tam9's Avatar
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    Default Re: NTG - Northgate PLC

    good stuff guys. i can see them growing quite healthily over some months.

  6. #6
    DF VIP Member Sanj[UK]'s Avatar
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    Default Re: NTG - Northgate PLC

    nicely spotted

  7. #7
    DF VIP Member Spennyboy's Avatar
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    Default Re: NTG - Northgate PLC

    RNS...

    RNS Number : 8542Y Northgate PLC 10 September 2009
    Northgate plc ("Northgate" or the "Company")
    Notice of AGM and Share Consolidation
    The Company announces that notice was sent to shareholders on 20 August 2009 that the Company's Annual General Meeting ("AGM") will be held at 11.30a.m. on 22 September 2009 at Norflex House, Allington Way, Darlington, DL1 4DY.
    The Company also confirms that it has submitted two copies of the Notice of AGM to the UK Listing Authority which will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at Financial Services Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS.

    The resolutions proposed for the AGM include a share consolidation such that the existing issued and unissued ordinary shares of 5 pence each in the capital of the Company (the "Existing Ordinary Shares") are consolidated into new ordinary shares of 50 pence each in the capital of the Company (the "New Ordinary Shares") on the basis of 1 New Ordinary Share for every 10 Existing Ordinary Shares. Following the share consolidation, the Company's issued ordinary share capital will comprise approximately 132,602,849 ordinary shares of 50 pence each in the Company.

    The purpose of the share consolidation is to reduce the total number of shares now in issue following the placing and rights issue, and to increase the nominal value of the Company's shares to a figure more appropriate for a listed company of its size and nature. It is also proposed that Company adopt new Articles of Association. A summary of the proposed changes is set out in the Notice of AGM. The revised Articles are available for inspection, during normal business hours on Monday to Friday, at the registered office of the Company and at the offices of Herbert Smith LLP, Exchange House, Primrose Street, London, EC2A 2HS up until the close of the AGM. Copies will also be available at the AGM venue on the morning of the AGM from 15 minutes prior to the meeting until its conclusion.
    Not keen on that, wonder how the SP will react before it.

  8. #8
    DF VIP Member tam9's Avatar
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    Default Re: NTG - Northgate PLC

    spenny, not sure what that means to be honest but it's not affected the SP. This was a 12 quid company not so long ago and just needs to re-finance and structure itself solidly.

    Take a look at the charts and get a hardon mate..it will be a roller coaster but we'll come out on top, I'm sure...we're now leaving the hard bit of the economy and I think we've entered it just at the right time

    http://www.shareprice.co.uk/LSE:NTG/NORTHGATE

  9. #9
    DF VIP Member Spennyboy's Avatar
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    Default Re: NTG - Northgate PLC

    Quote Originally Posted by tam9 View Post
    spenny, not sure what that means to be honest but it's not affected the SP. This was a 12 quid company not so long ago and just needs to re-finance and structure itself solidly.

    Take a look at the charts and get a hardon mate..it will be a roller coaster but we'll come out on top, I'm sure...we're now leaving the hard bit of the economy and I think we've entered it just at the right time

    http://www.shareprice.co.uk/LSE:NTG/NORTHGATE
    I've seen the charts mate thats why i got on board - im a bit of a closet chartist at heart now.

    However, share consolidation can be a pain in the arse if your on the wrong side of it. Experienced something similar with another company only a few months ago.

    What im slightly confused on is at what point you had to be holding to be including in the consolidation and what exactly is going to happen and the RI implications.

    Maybe someone with a bit more experience in such matters can advise?

  10. #10
    DF VIP Member Spennyboy's Avatar
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    Default Re: NTG - Northgate PLC

    Right, heres a post regarding the consolidation;

    1) Every set of 10 existing shares you own will be replaced by a single share worth 10 times as much (dependent on market fluctuations on the day).

    2) You don't gain or lose anything from this process, except:

    3) If you have a number of shares that isn't divisible by 10, the remainder will be pooled with the remainder from everyone else in the same position and sold on the market. You'll then be paid back what is owed to you for the shares you've lost. E.g. you own 1003 shares. These will be replaced by 100 new shares and the extra 3 will be sold. You don't have any choice about this.

    4) It's possible that the forced sale could cause a small market movement as a fairly large number of shares get sold at once. You can help prevent this by topping up now, so that your holding is divisible by 10 :-)

    5) Higher value shares (the new one's will be worth approx £2.70 at today's prices) are sometimes considered safer and may attract more risk-averse investors. On the other hand they may be less attractive to the type of trader who prefer low value shares where a small price rise could be a big percentage gain.
    Based on that, this could get very interesting

  11. #11
    DF VIP Member Geko's Avatar
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    Default Re: NTG - Northgate PLC

    Quote Originally Posted by Spennyboy View Post
    Right, heres a post regarding the consolidation;



    Based on that, this could get very interesting

    lol

    I'm new to this, and will be watching this share to see how this turns out. But I won't be buying any. Hopefully this goes up for you guys who have invested.

  12. #12
    DF VIP Member tam9's Avatar
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    Default Re: NTG - Northgate PLC

    i read a lot of II's dont touch shares that are considered too risky and shares below say 40p are too risky..so when we bring the price up it will inclusively attract the investors again, ergo make us milliions hopefully lol...all my shares are in green today by a really nice bit! ended up getting another 600 quid today to put somewhere...my portfolio is really draining my bank and i just cant stop it. once it goes in it never comes out it ends up in another share i like.... lol

  13. #13
    DF VIP Member Geko's Avatar
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    Default Re: NTG - Northgate PLC

    Quote Originally Posted by tam9 View Post
    i read a lot of II's dont touch shares that are considered too risky and shares below say 40p are too risky..so when we bring the price up it will inclusively attract the investors again, ergo make us milliions hopefully lol...all my shares are in green today by a really nice bit! ended up getting another 600 quid today to put somewhere...my portfolio is really draining my bank and i just cant stop it. once it goes in it never comes out it ends up in another share i like.... lol

    I can see how it can start getting addictive. Especially when you're doing well.

  14. #14
    DF VIP Member tam9's Avatar
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    DF VIP Member Sanj[UK]'s Avatar
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    Default Re: NTG - Northgate PLC

    I'm not feeling this share..sold for a lsos of 6p lol..

  16. #16
    DF VIP Member Spennyboy's Avatar
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    Default Re: NTG - Northgate PLC

    Quote Originally Posted by Sanj[UK] View Post
    I'm not feeling this share..sold for a lsos of 6p lol..
    I agree. Still not fully happy with this share consolidation bit - dont know enough about the process.

    Its ticking up for the minute however, as long as its going up i may dump just before the AGM unless i do some reading about all the other bits and convince myself otherwise.

  17. #17
    DF VIP Member tam9's Avatar
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    Default Re: NTG - Northgate PLC

    i think there sticky operation is the spanish arm. I'm sticking into this. I'm up at the moment but only slightly. I'm waiting to see how I feel. I don't see whats wrong with it personally...they consolidate the shares to make it look a healthier company. Not sure what it really means but these people are the money guys.

  18. #18
    DF VIP Member Q-Ball's Avatar
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    Default Re: NTG - Northgate PLC

    Quote Originally Posted by tam9 View Post
    i think there sticky operation is the spanish arm. I'm sticking into this. I'm up at the moment but only slightly. I'm waiting to see how I feel. I don't see whats wrong with it personally...they consolidate the shares to make it look a healthier company. Not sure what it really means but these people are the money guys.
    i agree - long term this looks great, but i feel like selling and putting the capital into SXX. Oh, the choices!
    If I'm not back in five minutes... wait longer!

  19. #19
    DF VIP Member super mike's Avatar
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    Default Re: NTG - Northgate PLC

    Quote Originally Posted by Spennyboy View Post
    I agree. Still not fully happy with this share consolidation bit - dont know enough about the process.
    As I understand it, it is a really simple process that has been given a fancy name and a very complicated explanation.
    You have 1004 shares - This turns into 100 shares and the 4 remainder are sold at market rate and you take this money.
    These shares are worth 30p each - This turns into 300p each.

    Pretty sure that is about it.

    This is because big investors won't even entertain holding low cost stock as the market is more volatile. For investors holding it doesn't affect the holding at all financially, just in quantity.

    I bought into this, maybe not longterm. I'll be watching this with interest, but currently holding 3000.

  20. #20
    DF VIP Member Spennyboy's Avatar
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    Default Re: NTG - Northgate PLC

    RNS

    RNS Number : 1193Z
    Northgate PLC
    16 September 2009


    16 September 2009

    NORTHGATE PLC

    INTERIM MANAGEMENT STATEMENT

    Northgate plc ("Northgate", the "Company" or the "Group"), the UK and Spain's leading specialist in light commercial vehicle hire, publishes today its Interim Management Statement covering the period 1 May 2009 to 15 September 2009.

    UK

    Utilisation rates have continued to improve and averaged 91% for the first four months, an improvement on the 88% average achieved for the year ended 30 April 2009. Since the beginning of the financial year the UK fleet has reduced from 62,900 to 60,100 as at 31 August 2009. This reduction has been made to counter the expected fall in the number of vehicles on rent (c.1,650 vehicles) and to further improve utilisation as noted above.

    Hire rates have also continued to improve with rates increasing c.1.8% since their low point in March this year.

    The used vehicle market has stabilised and the improvement in residual values we are achieving, combined with the vehicle fleet values following the write down in February 2009, has resulted in us achieving the break even position we aim for on the disposal of our used vehicles.

    Against a difficult general economic environment our bad debt charge in the first four months of the year was £0.7m compared to a plan of £0.8m.

    Spain

    The fleet size in Spain has reduced from 60,400 vehicles to 57,100 at the end of August 2009. In line with our plan this will fall further once the "vacational rentals" are returned in October. Utilisation has improved from 81.2% at the start of the financial year to 89.4% at the end of August 2009. As anticipated, this will reduce towards the end of the calendar year whilst we dispose of the vehicles returned from the vacational rentals, but we expect to be back to our targeted 90% level in early 2010.

    Underlying hire rates in Spain, excluding the impact of the vacational rentals, remain stable and are in line with our plan.

    We disposed of 5,100 used vehicles in the first four months of the financial year, broadly in line with our target levels, and up 57% on the prior year. The residual values being achieved are slightly better than planned.

    As we indicated at the time of our preliminary results in July 2009, the incidence of bad debt has increased in Spain. In the first four months of the year the bad debt charge was EUR3.4m which was some EUR1.6m above our plan for that period and represented 3.5% of hire turnover. Whilst we do not expect the incidence of bad debt to continue at this rate, managing our debtor book will remain a key area of focus for the Group in the remainder of the year.

    Refinancing Completed

    Following the successful completion of the rights issue in August 2009 and the satisfaction of a number of conditions precedent, the new borrowing facilities came into effect on 11 September 2009.

    Debt

    The reduction in size and continued ageing of the vehicle fleet combined with the steps taken to rationalise the cost base have, as expected, generated further cash. In addition, in August we received net funds from the rights issue of c.£108m. Overall, therefore, net debt has reduced by £205m from £886m at 30 April 2009 to £681m as at 31 August 2009; using 30 April 2009 exchange rates the reduction would have been £197m. In September 2009 some £26m has been paid in refinancing fees. As a consequence of the debt reduction the financial position of the Group has strengthened.

    Now that the refinancing has been completed we have reviewed our interest rate hedging policy. As a result we have entered into transactions that have resulted in c.80% of total net debt being at fixed rates for between two and three years.

    Board Change

    Phil Moorhouse, who has been with the Group since 1991, has decided to retire from the business and the Board in December 2010 and develop a portfolio of non-executive roles. To make the best use of Phil's vast experience in the business, both as a previous Finance Director and UK Managing Director, he will focus on delivery of the IT project, the programme of "Driving Change" and certain other operational responsibilities until he leaves the Group. Paul Tallentire has now assumed operational control of the UK business.

    Outlook

    As expected the macroeconomic conditions continue to adversely affect the Group's markets. Following the initiatives taken in the previous financial year, coupled with the ongoing focus on maximising fleet revenues and further operational efficiencies we have achieved a recovery in margins compared to those being achieved in the early part of this calendar year.

    Although the need to be cautious remains, we are pleased with the performance of the business in the first four months and continue to view the outlook with confidence.

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