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G.Smiley. Different rules for AIM. Sagi owns 60% of Kape. Kestrel own 22.3% of CNICand Royde owns 22.5%. So between them they own 45%. The shares owned by Kestrel are for various nominees accounts. Possibly 2 directors who seem to have sold a similar amount of shares over the last couple of years, probably for tax efficiency reasons. Other institutions hold 50% and we hold 5%. Slightly better situation than Kape, but that doesn't seem to have held Kape back at all!
@oogle - just read your post.
I doubt it - I think there is a double count as disclosures repeatedly refer to Royde as a parter in and shareholder of Kestrel. if that is the case, then if both held 22% I think Kestrel would be forced to make a takeover bid as connected parties would own over 30% of the whole.
GS
Something I just noticed is the institutional shareholding here is now 94%! after Max Royde former managing director of Peel Hunt, co founder of Kestrel and now board member of CNIC has beneficial interest in 22% of shares as well as Kestrel owning 22%. Looks like we are all tied in! Just over 5% free float shares. Thats must be us guys! Incidentally Ketrel who specialise in investing in under valued, low geared under researched tech companies also own 22% of ULS.
Another 250,000 shares bought at 84.2p and 84.4p in five 50k tranches this morning. Someone's keen to take the seller's stock off his hands.....
A load of buying coming in now, and it's starting to have an effect - the bid price is now up from 83p to 84p:
More coverage here:
Https://www.streetinsider.com/Intl+Ratings/Berenberg+Starts+CentralNic+Group+PLC+%28CNIC%3ALN%29+at+Buy/18592159.html
Berenberg have initiated coverage with a Buy and 180p target - over 100% upside.....
Https://www.proactiveinvestors.co.uk/companies/news/953167/centralnic-shares-offer-over-100-upside-reckons-berenberg-953167.html
"Centralnic shares offer over 100% upside, reckons Berenberg
Wed 23 Jun 2021
Centralnic shares offer over 100% upside, reckons Berenberg
The trio “often overlooked because they are viewed as cyclical, too expensive or too small”
Centralnic Group PLC (LON:CNIC), Spirent Communications PLC (LONLSPT) and Dotdigital Group PLC (LON:DOTD) are the top three shares to buy in the networking and communications subsector, according to broker Berenberg.
The trio are “very different” but what connects them is their “top-three positions in niche and highly technical markets”, with all three stocks “often overlooked because they are viewed as cyclical, too expensive or too small”.
In a note to clients on Wednesday, Berenberg initiated coverage of the three companies with ‘buy’ recommendations on each, with CentralNic given a price target of 180p that offers around 120% upside to the last close price, Dot Digital 290p and Spirent 310p, offering around 30% upside for both.
CentralNic, through operating across the entire domain name supply chain from top level to backend and via wholesale and retail channels, has 99% SaaS-based recurring revenue and “customers hardly change supplier”.
Management is using the company’s free cash flow (FCF) to consolidate what is currently a fragmented market, the analysts noted, acquiring attractive acquisition targets at near distressed multiples.
With the group’s new online marketing business offering “potential for substantial organic growth, which we think has been largely overlooked by the market, we see scope for outperformance”.
As the business “remains unknown to many investors”, the analysts said it has a P/E ratio of around 10 times, which is “highly attractive despite its market opportunity”."