Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Alpha Financial Markets Consulting PLC GLG Partners LP 0.43% -0.13%
Agreed and it will be interesting to see just what transpires!
Great to know that they had to cover. This may explain the slight pullback now.
@PrivatePunter - I wouldn't be surprised if they were trying to flush out a few more shares.
Given that there two and possibly a third party interested here, I'm a touch surprised with the sp drifting off.
Indications are that a firm bid is likely to be at least £500m, but given the potential for a bidding war, then we could be someway over that. Always the possibility that nothing will materialise, but given other more recent examples on the market, I'm happy to let it run.
Interesting note from RBC downgrading afm….are they shorting it….
BlackRock out and GLG reduced by 0.22 to leave 0.56
Https://news.sky.com/story/london-listed-consultant-alpha-fmc-draws-takeover-interest-13126764
'Sky News and Mark Kleinman' - according to someone on A D V F N - I can't find anything on it
This is my largest AIM holding. I liked it for the dividends and the likelihood of a take out. Though I have been under water for most of my time holding it (not including dividends). Now back in profit, worth 6% of my entire pension.
Makes me laugh - what press speculation?
Also, that's not withstanding shorts below 0.5%
They will be panicking now as there are two bidders
I have shorts as GLG 0.76% and BlackRock 0.68% - either way, as you say, don't make it easy on them
GLG 0.67%….
Its possible that there is some short stock on loan here. Dont make it easy for them.
Rns out ref Bridgepoint and Civen
Big rise
11-Apr-24 Berenberg Bank Buy - 420.00 Reiteration
https://www.proactiveinvestors.co.uk/companies/news/1045098/alpha-financial-share-price-offers-attractive-entry-point-analysts-1045098.html
Peel's target price is 395p, versus the last close at 312p, while Stifel's is a more bullish 440p.
In the period being reported the company has paid out £12M as a final dividend. Looks like there was some 'one off acquisition costs too. I dont see what bearing the equity has on the front end sales of the company, Clearly growth has slowed, but according to them they expect more in H2. Its a hold from me, though I managed to sell a few this morning in my trading account for less than 1% profit! (I have actually done well here recently, buying the dip twice and selling all the way up to £4).
"The Group's net cash position was £16.1m as at 30 September 2023 (31 March 2023: £59.2m), reflecting the normal H1 timing of payments, a further £18.6m of acquisition consideration payments, including £1.7m of employment-linked amounts, and the payment of the £12.0m FY 23 final dividend in the half. During the period, the Group also provided £3.8m funding to Alpha's EBT to purchase 1,033,954 shares at the prevailing market share price. These shares will be held in the EBT, a discretionary trust, and are intended to be used to satisfy future exercises of share options by employees, including the Directors of the Company. Alpha was drawn £10.1m on its RCF at 30 September 2023, to assist with managing currency requirements in the period. "
The Board is pleased to declare a maintained interim dividend for FY 24 of 3.70p per share (H1 23: 3.70p), which will be paid on 21 December 2023 to shareholders on the register at the close of business on 8 December 2023.
Shareholder equity is down over £6m since year end and retained earnings are now below £1m. Dividend is looking precarious and cashflows are awful. I used to really like this business. No position but I'd sooner be short than long now.
I note Investec maintains a £6.72p target and sticks with a total div of 15.6p which isn't a bad yield.
PE of 13 based on normalised EPS looks decent value given the growth prospects, yield and net cash forecast to be £55m.
Thanks for posting. Just had a call with them myself and happy to hold and add on weakness.
I'll try and get a write up sorted in the next few days, but suffice to say all seems positive despite near term headwinds.
Importantly, Insurance side is gathering momentum and should play an increasing role going forward.
Pleased to hear that the forecast div (full year total) is on track and will mark an increase on last year.
Acquisitions still very much part of the growth story, although they remain highly selective.
Shoreline bolt-on has gone very well as expected.
This is quite a common characteristic of this stock. Never seems to affect the share price. Possible it is the short closing (GLG 0.6% short in run up to TU).