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It's on their website
https://www.trgplc.com/investors/shareholder-information/
Interim Results 2023
The Restaurant Group will announce its Interim Results for the 26 weeks to 2 July 2023 on Wednesday 6 September 2023.
Half-Year Trading Update
The Restaurant Group will provide an update on trading for the first half of 2023 on Wednesday 19 July 2023.
At Odsal, please where did you find / estimate that date from? In my head next update would be September (interim results).
Well next trading update is due on 19 July to give some insight into how well things are going.
Ephe - Sound about right - we are on the same page 👌
Yes I agree Spades. It’s more that I expect they’re probably primed to make an offer but will only do so once they have a bit more confidence in RTN and/or clarity in everything else that’s going on. So it leads me to think post Sept interim results. Running against that very argument, August would be a good time to launch a bid - whilst comp are off on hols etc.
I imagine if you want a but a business you'd want best value, and that is clearly now when the stock is out if favour. If any interested parties wait until sentiment changes then they will have to pay more. I understand there is risk involved but that is what these PE funds and venture capitalist do, they buy and sell risk.
Im not sure what the incentive to ‘go’ early on a buyout / takeover is (unless there are internal reasons at the prospective purchaser) over waiting until Sept. SP may lift on good results but that’s also a validation of buyout rationale and buyout price probably above the SP lift (if results are good) : so probably best to be stalking the business
I would imagine it would be a the merest sniff of momentum returning to this stock. For a transaction of this size the VC's and PE funds will have boots on the street doing due diligence . When they think the time is right the bid will go in.
I think sept is too late and I'm quite surprised it hasn't already happened tbh.. . although I'm an optimist and they clearly still see risk
At Spades I wonder if this happens after interim results (Sept) or whether someone bites the bullet and goes early with a bid. I would expect trading to be good. Competition poor. B&P should be smashing it in this weather. Concessions (airport) big Summer ahead. I think B&P might do surprisingly well.
I'm 100% pinning my 2023 YE valuation (1b +/- a few %) on a bid and/or asset sale . IMO It will come around the time of the interest rate turn or global sentiment change.
I shake my head whenever I read a doomsday account of the UK, industry is booming! All the capex jobs I've been on in the last year have never questioned a PO, regardless of cost the mantra is "just get it done!". (specialty chemicals and power gen)
Mkt cap of £1BN is an SP around 120p. For such a rerate in 6 months there’d have to be an offer (my view) I don’t think it happens incrementally (that quickly) - Brunning & Price sale would be fab -but- I expect it’s doing really well, with weather etc. so who buys it at a price that suits RTN - not many in market. I guess RTN best gets value over short/medium term with PE buy-out and break-up
I think we’ll drift sideways until interim’s in Sept. Annoying as could do with being a more in vogue stock
Your top end was the true value in 2020 but with the extra borrowings and lockdown losses its nearer £1-£1.20
The share may get there quite soon if they offload some of the non core business and re brand to waga. It will get there in time. Possibly a lot sooner with the sale or IPO of Brunning & Price to raise capital for debt re repayments and reinstatement of divi.
RTN has good brands but too slow far to slow at decision making - They should have been all over a restructure as soon as they saw the upward trend of revenues.
The reason why is still hold this share has not changed since 2019,WAGA. The management hold a lot of shares and want more, they clearly see long term value, but as a small investor I want to see movement now!
Prediction: Market cap will around 1Bill by YE 2023
90p today and I’d sell. Must be worth somewhere btwn 150-200p. How can it realise it
I've been waiting from Pre covid times for someone to realise the value of waga Its Hugely popular and vastly undervalued.
I wanted £2 but i'd take 0.50p today
Article is biased in my view, repeating activists point of view only. No mention that RTN's largest shareholder is supportive of the board and there are others. No explanation that losses last year was a result of impairments, or that it was cash generative. The activists plan to sell all the assets and take waga private maybe a good idea but they have not explained how that benefits shareholders IMV. I keep getting the feeling that the only winners will be the activists and not the majority of shareholders! The interims are not far off and hopefully they will be relatively positive given current trading conditions. The promised segmental reporting may also help clarify if the activists have a point or not we will see.
I think removing Kirk Davis (presuming he got the boot) and replacing internal was a missed opportunity. I actually think Kirk had done okay and most investors did too - his reappointment was well supported. I am also pleased activist investors are holding some challenge : which the board should ordinarily do
The article seems reasonable enough, as it is a bit of a joke how Hornby earns his money. True he's had a rough ride on economic factors outside of his control, but the board could be a bit more vociferous on cost cutting and streamlining. But the article is a bit biased about the losses as it doesn't go into detail on how they were incurred.
Maybe he is doing a decent job - but we just dont know??.... and that is why we are at sub 40.
Activist investors have launched a fresh attack on the parent company of Wagamama after its finance chief stepped down and its share price plunged by 20pc in one month.
The Hong Kong-based hedge fund Oasis Management, which has built up a 14pc stake in the noodle chain’s parent company The Restaurant Group (TRG), fired a salvo at the company for promoting a finance chief with close links to its boss Andy Hornby.
Oasis, now TRG’s second-biggest shareholder, said it was “concerning” that Mark Chambers had worked with TRG’s chief executive Mr Hornby for years prior to TRG and had not held a chief financial officer role for a decade.
Daniel Wosner, MD and head of Europe at Oasis, told The Telegraph: “The company appointed, in a matter of weeks, a candidate who has worked with the CEO at … other companies, and not in a CFO role. Was this truly a robust and healthy process to find the best candidate for the company?”
TRG’s chief executive, Andy Hornby, has been locked in a battle with Oasis since the end of 2022 CREDIT: Richard Green
Mr Chambers worked under Mr Hornby from 2012 at the gambling firm Coral (which became Ladbrokes Coral and eventually GVC Group), which Mr Hornby led, before joining TRG in 2019. Mr Chambers joined TRG in 2020.
Mr Chambers, who is currently TRG’s leisure and concessions boss, will officially take over as chief financial officer in September. He replaces Kirk Davis, who has been the restaurant company’s finance chief for five years. It comes shortly after non-executive director Alex Gersh, who chaired TRG’s audit committee, also said he was stepping down, citing “other work commitments”.
A spokesman for TRG said: “The TRG board ran a thorough internal and external search process.”
It comes as TRG’s chief executive Mr Hornby – who was at the helm of Halifax Bank of Scotland when it collapsed in 2008 – has been locked in a battle with Oasis since the end of 2022. Oasis has singled out the company’s business strategy, low share price, debt levels and the high salaries paid to Mr Hornby and other top executives and heaped pressure on the board.
Other activists have joined the fray since, including the New York-based funds Irenic Capital and Coltrane Asset Management, as well as the British Virgin Islands-based TMR Capital, which is thought to own around 1,000 shares but has met with Mr Hornby and chairman Ken Hanna.
Over the last five years TRG’s share price has dropped by around 80pc as it struggled to recover from the pandemic. It has also had to contend with the surging cost of everything from energy to ingredients, and, although its sales grew in 2022, losses more than doubled, hitting £86.6m. It has closed a swathe of underperforming sites this year.
Didn't see it
Can anyone share a summary / their thoughts on it ?
Agreed on the 90p! “Used car” fuelled inflation punished rtn today . What next ?
Walk the streets no one actually gives a rats posterior unless you’re a Left wing activist. The Fiscally active contributors of Society are completely disconnected from the narrative being pushed.
I thought Kirk was okay. Jump or push? RTN properly sideways slightly down at the mo. I was hoping for a double bagger this year. Need 90p for that. Unlikely. Keen on a trading update soon. And massive sliming down of leisure portfolio
Market doesn't seem happy about it, they wanted new activist blood , maybe that is coming... ?
This is one Delicious noodle