London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Really is a patience game this one. Eventually the sellers will dissipate.
There’s 160m of ‘free cash’ in the company so once US has gone (for some consideration one would imagine), little stopping them from adding a bit more to buyback if it fails to get the SP to where they want it to be.
A few large trades today, over 2 million shares. So far, the highest volume since the RNS back in March.
Some big buys reported after hours again. That's £1.4 million in after hours buys in the last 2 trading sessions.
So we have an institution selling down, an institution accumulating and a buyback . Good
Yes, there is no £12.5m increase in the buyback.
Pre AGM they could only repurchase 10% of their share capital, as per the 7th March buyback RNS;
Pursuant to the 2023 AGM authority, the maximum number of Ordinary Shares that can be bought back by Funding Circle is 36,130,314, representing 10% of Ordinary Shares in issue at today’s date. Following the expiry of the 2023 AGM repurchase authority, or to the extent that Funding Circle meets the limit of that authority prior to the 2024 AGM, Funding Circle will seek further repurchase authority at the 2024 AGM or an earlier General Meeting"
They are seeking authority to repurchase up to 15% of share capital, this gives them headroom for ~53m shares or £25m, whichever limit is reached first.
At the current 10% limit, if they bought 36m shares at an average price of 45p it would cost them £16.2m. They would then be unable to purchase any more... post AGM they won't have this limit.
Just a matter of patience. These drops are nice little opportunities. 25m is 50m shares at this level so a long long way to go. Not sure where the additional 12.5m has come from mind.
Because annoyingly there are sellers - one of which just issued a TR1. Zedra Trust's previous TR1 was on 17/08/22 for 14,832,952 shares, todays shows they now hold 13,941,138, so they've reduced by 891,814 shares. Clearly there are also II buyers, it would be nice if one popped through a threshold to give us a clue whether it's a new or existing shareholder. In the meantime, FCH need to step up the buyback back to the 250k levels.
That’s c£2.5m spent so far on the buyback so £22.5m still to deploy. Then a further £12.5m increase after the AGM next month. Am I missing something here? Why are we only 47p? We have £165m on the bank .
Takeover me thinks
There's another big buy of 184K, someone wants in big here
Seller is out and new institution in - thats how I read it. T.Rowe out I reckon which is superb. Back over £1 in now time
And another 400,000, has a positive feel to it now as it wants to breakout
Looks like we have a major player accumulating here
That’s stake building pre takeover me thinks
Yes, that's a big buy - must be an II buying, what a big one that is. Now new tax yera has begun we should see some nice buys coming in
£500,000. Buy. Thats v interesting
800,000 buy at full ask.
It would make more commercial sense for the US bank to buy FC outright opposed to just the US division. I think thats a strong possibility now.
SBA forges ahead with Funding Circle license despite pushback
Decent 250,000 buy at full ask
I think you should digest that in more depth SC. The politician is frustrated we were issued with the license then we immediately started the sale process. Making it look like the licence was the key art to sell. They have already answered the Chinese question. Furthermore the disposal will need to be approved by US regulators and they have advised they are talking to well funded banks so I’m sure the politicians will be happy with FC US business going into a tier 1 US bank. I’m extremely positive about this US situation whereas your slant is over alarmist. Onwards
Crikey, that twitter profile is like opening pandora's box. Some crazy Republican's has been accusing FCH of having links to the CCP & wanting their banking license to be blocked / revoked due to them putting the business up for sale. Makes you wonder whether the reason they want to sell is due to political risk to their business upon a potential Trump win? The sooner the US business is disposed of the better!
The market is just looking for FC to offload their US loss making business for £1 . However, it appears they are speaking to well capitalised banks in the sale process so we could be pleasantly surprised.