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AJL, AJ LUCAS LIMITED
Barra
post Posted: Jan 24 2009, 07:38 AM
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In oct AJL announced they would proceed with a 10% buy back within two months..Its now been three months and we've had no notices.

Can anyone confirm if the daily buyback notices are required by the asx or can a company start buying and keep quiet about it?

Hopefully the next quarterly will confirm what they are doing on this front.

 
Barra
post Posted: Dec 17 2008, 02:35 PM
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In reply to: Col Lector on Wednesday 17/12/08 12:16pm


G'day Col

Just saw this after responding on SGL thread.. We are thinking the same way..

This low price will have to involve some pay back or else its a sham. I note the AJL ann. does not mention the reserves at all whereas the AGK one does!

They set this up at the AGM where they started low balling the project - csg was for the big players ..hah

What happened to the spin off idea, that would have netted this and left them with a substantial slice of stock..

Either there will be some other upside or the advisor stiched em up.

Still have to hold though as I know its undervalued on a p.e basis

Cheers

Barra







 
Col Lector
post Posted: Dec 17 2008, 12:16 PM
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In reply to: Barra on Wednesday 17/12/08 10:01am

G'day Barra..., Happy days....but a bargain for AGL at first view....was hoping AJL would retain some equity in the Gloucester expanded project, (and /or net a few more $...!), .
Alliance with AGK (at Gloucester+Sydney+?) ensures plenty of work but the close matey relationship does bring concerns that top prices/margins are not going to be obtained.
Consolation in the fact that AJL likely to retain Gloucester services contract, & may pickup a bit of paid pipeline work, rather than having to finance it.

..but deal definitely underlines how undervalued AJL is......still.

I hold AJL+SGL+AGK...(& unfort just offloaded MPO) because expected crossbenefits of Gloucester+Sydney Basin's to flow to all parties. Not too concerned therefore at price, but my portfolio does have an AJL bias....

However AJL very strong balance sheet now & well positioned to fully exploit SGL/AGK Sydney Basin tenements as a complementary project. The SGL iinvestment, with Hunter Project projected at >25000PJ GIP could well dwarf Gloucester, & sooth any ongoing doubts about the timing/price of this deal.
wink.gif

 
Barra
post Posted: Dec 17 2008, 10:01 AM
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QUOTE (Barra @ Wednesday 26/11/08 11:43am)


AJL sells Gloucester to AGL for $259 million ( being its 70%) ..Had a strong feeling that when AGL got the all that money from BG that this would be their next move.

Seems a bit cheap to me.., infact by about half , which is possibly why the market is not doing more with the sp. the 2p has is being sold at little over a $1 a gj..mates rates.

that said it still means they are in a very solid position given the market cap and EBITDA target unchanged at $80 million for 09.

Deal on Qld tenement still pending?

DYOR..but if this doesn't go to $6 when the market wakes up I will eat my hat!

 
Barra
post Posted: Nov 26 2008, 11:43 AM
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In reply to: blueice on Tuesday 11/11/08 10:50am


I don't think the buy back has started as yet or otherwise wouldn't we start to see notices?

Anyway Lucas have today reaffirmed revenues on tract for $600 million and EBITDA of $80 million.., with zero ascribed to Gloucester and Qld csg...whats that a p.e of 4.5?

and what does the market do?

Not surprised though, flip flop logic reigns supreme atm.


 
blueice
post Posted: Nov 11 2008, 10:50 AM
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This has been quite strong lately, especially today - any ideas why?? is it due to the buy back??????????

 


Col Lector
post Posted: Oct 28 2008, 07:21 PM
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QUOTE (Barra @ Thursday 23/10/08 09:44am)

Couldnt agree more Barra...as you have probably gathered. Enough though to check myself out of the psych ward and back into AJL accumulation mode...

 
Barra
post Posted: Oct 23 2008, 09:44 AM
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In reply to: Twobees on Sunday 12/10/08 03:11pm


What a solid quarterly . Market cap = approx $250 million

EBITDA for Sept qtr = $16.8 million. = $67.2 m p a

Add in Gloucester being 250pj 2p seemingly flowing unassisted at high rates, 15% of a producing qld gas field (up for sale), other csg investments in NSW and canada..leverage into a complementary csg water process offering, pipeline order book restocked( and much more will be needed to reduce evaporation and pipe gas to Gladstone etc ) positioning for co2 sequestration drilling (going to be a huge business for someone), ability to offer a singificantly cheaper high speed internet cable laying service ( and a contract will be awarded to a consortium to roll out a multi billion dollar cable soon)

Seems to me management know where to steer the co. to find growth and have proven they can deliver on a promise .

This probably can't do a multi bagger with such a bleak economic outlook but it has a good chance of delivering strong returns even in a downturn. dyor


 
Twobees
post Posted: Oct 12 2008, 03:11 PM
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In reply to: crooky on Sunday 12/10/08 01:58pm

Its looking good at these prices isnt it. All those CSG wells to be drilled in the coming years. Not sure when they will start buying the shares back. It says in the announcement that they have to start within 14 days? but don't give an actual start date.

 
crooky
post Posted: Oct 12 2008, 01:58 PM
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Hey Col Lector,
Finally took the plunge into AJL on Friday , share buyback , re confirmed it's FY09 EBITDA guidance of $80m and revenue of at least $600m , surely way oversold .






 
 


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