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@hubster1 - Broadly, your shares are usually treated as 'fungible' and you could then ask your broker to start the 'cross border' process (or similar), which is arranged through the custodian that holds the shares on their behalf. For a company this size it is likely that that process will automatically be put in place by custodians and your broker should then contact you to notify that you have the choice to either sell in the UK before delisting, or ask them to complete the cross border for you and then you can trade them on the other exchange (assuming your broker offers a US trading facility, maybe not all do). There may be a fee for this process.
But specific details will be issued weeks/months in advance by any company considering that, plenty of time to go through it all if it was to happen.
The actual transfer of the shares should not have any immediate tax implications (that I know of), but it then depends on if you choose to sell them before/after and where you hold the shares (so possible CGT). Also, if they then pay future dividends (yeah, I know, don't go there) in USD it will have different tax implications at that time. But tax is variable to personal circumstances so I'm not going to comment further on that.
What I'm unclear about, because I've not been through it with another holding, is how that would pan out. If they were ever to delist in the UK, what happens to share holdings? Do they automatically transfer, and what would the tax implications be(?) So many FTSE companies have threatened to move to the US, but not many actually have.
@valueplay - if I were you I would reduce your short position like some of the other bigger players have recently…
The UK market is recognizing that Ocado Solutions has not signed an automated CFC contract in over a year. More share price weakness to come imo
Time for key shareholders to apply more pressure. The UK is not recognising the tech solution and GROUP potential. The NASDAQ will.
Now the demotion is official those Footsie 100 tracker funds that had Ocado in their portfolios will need to adjust and sell up to meet their investment criteria and prior to the 24th June when the changes take effect.
Online supermarket Ocado (OCDO) has suffered a humiliating demotion from the UK's blue-chip index, but Morningstar analysts point out the company is significantly undervalued, and that its core business thesis is still sound despite high levels of uncertainty.
Once a darling of the UK stock market, Ocado shares have witnessed a protracted fall from grace since February 2021, when the pandemic was causing huge – and initially beneficial – disruption to shopping in the UK. Its booting from the UK's largest index begs now questions for the fund managers who celebrated its rise, but also directly impacts passive funds tracking the FTSE 100. The latter will now have to automatically sell the online grocer.
Key Morningstar Metrics for Ocado
• Fair Value Estimate: £9.20;
• Morningstar Rating: ★★★★★;
• Morningstar Economic Moat Rating: N/A;
• Morningstar Uncertainty Rating: Very High.
Why Has Ocado Been Demoted From The FTSE 100?
At a market capitalization just under £3 billion, it's no longer valuable enough to make the cut. Ocado shares currently trade at £3.53, compared to a £28 peak at the height of the pandemic. So far in 2024, they have fallen a whopping 52.18%. The numbers also look negative over longer time periods. Over three and five years to 5 June 2024, shares have dived 81.2% and 68.2%, respectively.
"This underperformance is due to intense competition in the UK grocery market and a cost-of-living crisis, which traditional brick-and-mortar supermarkets were able to manage more effectively," Morningstar director of equity research Ioannis Pontikis says.
The resulting falls in Ocado's share price mean that its market capitalisation (the value of its shares multiplied by the number of shares on issue for sale and purchase) robs it of its status as one of the UK's 100 biggest companies.
Ocado has been slow to make good on proposed business deals. The biggest of its tie-ups – with premium clothes retailer and food distributor Marks & Spencer (MKS) – appears to be benefiting the latter more than the former. Over the last 12 months, shares in M&S are up over 65% to £31.00.
The pair is also yet to agree on the final payment M&S owes for its 50% stake in Ocado Retail, which it bought in 2019. M&S has argued it should not pay the remaining £190 million it originally owed Ocado because the business has not hit certain performance targets. Ocado chief executive Tim Steiner is now threatening legal action.
Twin headwinds of a cost of living crisis and the return to normal shopping have weighed on Ocado's prospects. After peaking at 14% of all shopping activity in 2021, online ordering has since reverted to its pre-pandemic norms of 11% of market.
Fair Value Estimate for Ocado
Assigning it a 5-Star Rating, Pontikis says Ocado is significantly undervalued and represents a buying opportunity for those willing to keep the faith in the power of technology, and specifically its proprietary p
Yep, and someone else has leapfrogged us into the grand title of "2nd most shorted stock"... we're now 3rd.
The market could well react positively to this move now . The markets hate uncertainty and we should see a continued positive reaction now this move is definitive, IMO.
Alas poor 100, we knew you...
Official announcement:
https://www.lseg.com/en/media-centre/press-releases/ftse-russell/2024/ftse-uk-index-series-june-review
I make it being about 15 places / 15% below keeping it's place in the end. Rebalance is not effective until 24 June though, still in the 100 until then.
Maybe not all doom, I saw some stats last year (don't have to hand) that indicated that companies being demoted often out performed those moving up in the few weeks/months after the event. Lot’s of day to day volatility still to come I think and we have still not had a follow through day, either up or down, since last Tuesday.
Taking the cash so they don't get burnt like they did on Darktrace
https://shorttracker.co.uk/manager/kintbury-capital-llp/
OCADO GROUP PLC 0.49% 4 Jun 2024
OCADO GROUP PLC 0.62% 29 May 2024
OCADO GROUP PLC 0.73% 23 May 2024
OCADO GROUP PLC 0.89% 30 Apr 2024
OCADO GROUP PLC 0.93% 24 Apr 2024
OCADO GROUP PLC 1.06% 21 Mar 2024
OCADO GROUP PLC 1.11% 8 Mar 2024
OCADO GROUP PLC Kintbury Capital LLP 0.49% -0.13% 4 Jun 2024
Seems to be popping again. More short covering? Looks like fun at the moment if you're long.
Welcome to the party @Pearls 👍🏻
FTSE tracker funds selling out, and Smaller FT250 funds buying in. Once this is done, we will be back on track to £4 ++
Interesting piece Daniel
This is way over sold and I’m buying accordingly
Who’s Peril 🤔
https://www.ft.com/content/e4d32fb6-4f42-41bc-adf1-9a10edec4928
Flying Robot
Https://youtu.be/tR0znm__efc?si=rMG3fLdzHHRaO8bP
Petrofac still down 85% so the shorters have still won on that one. Fight them at your peril !
Shorts still closing now at 6.84%
Https://shorttracker.co.uk/company/GB00B3MBS747/
Please do your own research as always and follow FCA guidelines.
Decided to add a few more at 356p - for me there is more upside than downside atm - lets see
gla dyor etc
NURSE!!! Bring the syringe. No, the other one, the bigger one.
Kitty, step away from the catnip ;o)