Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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The lack of segmental reporting makes it hard to determine how much each division makes, it is clear from the annual report is that the leisure divison is the least profitable currently but the board expect similar returns to be made in the coming years hence further rationalisation of primarily F&B sites, thereafter all divisions are deemed comparable financially. That being the case, the strategy to sell of all but Waga and use funds to develop Waga further seems odd. Why sell the other divisions if broadly achieving the same profitability and ROCE seems daft. The other issue is why put all your eggs in one basket brand wise when you have a portfolio that caters for different segments of same the market allowing you to adapt to challenges in this sector, the clue is in the company name! The proposed change the incentive scheme may enhance shareholder value short term but likely to diminish longer term value. If they want a takeover then asset strip, then fine by me, as long as the price is right and it way north the current SP.
What’s a worry for me is oasis buying 12% and the sp not changing.
What will it take to get this moving.
Sounds reasonable enough to me.
The current group debt to asset ratio is getting better by the day, and there's future value in anything that makes a profit! And there are plenty of profit potential plays in RTN
(+ I'd seriously look at offloading B&P "when" the brand matures "and" the market improves)
April 26, 2023, 8:00 AM EDT
NEW YORK--(BUSINESS WIRE)--Irenic Capital Management LP (together with its affiliates, “Irenic” or “we”), a substantial shareholder of The Restaurant Group plc (LON: RTN) (“The Restaurant Group” or the “Company”), today issued the following statement in response to inquiries:
“Irenic intends to vote against the Remuneration Policy. We have already communicated this privately to Non-Executive Chairman Ken Hanna and Chief Executive Officer Andy Hornby. In place of the current compensation scheme, we have suggested the Board adopt a new plan that more closely links compensation to shareholder returns.
We believe Mr. Hornby is capable of unlocking the substantial value that exists at The Restaurant Group. But unfortunately, the current remuneration plan provides little incentive to do so. In fact, it does the opposite. Under the current remuneration plan, the only direct financial incentive for Mr. Hornby is to increase overall profits at the enterprise – irrespective of the capital employed to do so. This encourages ill-advised acquisitions (Barburrito) and provides a disincentive to make the hard but necessary decision to sell non-core assets – and use the proceeds to de-lever.
Ultimately, The Restaurant Group should own just Wagamama and focus its efforts on growing that business. We have urged Mr. Hanna and the Board to design a Remuneration Policy that encourages Mr. Hornby to get to this end-state as quickly as possible. Should the Remuneration Committee adopt such a policy in the future, we would support it.
The path forward at The Restaurant Group should be clear. Dispose non-core assets, de-lever, and grow Wagamama – a brand that has excellent unit economics and a substantial global runway. Performance of The Restaurant Group’s non-core assets has rebounded from the depths of COVID-19 and financing markets are open. There is no reason for further delay in an asset sale program. It is time to get on with it.”
12% is a significant holding. Warrants seat on the Board in my view (whether Board / Exec like it or not - or whether it is a good or bad thing). Strange it was released at 4:30pm
Don't need another low ball take out...had 2 already this year!
Defo in for a quick up tick on here .. hold on to your hats!
100p .. no lower!
Makes you wonder where they got the shares from given relatively low volumes in recent weeks! Maybe another Institutional Investor(s). Whatever, it looks like they are going to make a move which should help SP, as the current MC is way to low!
Oasis make their next move it seems....
This could get interesting.
Same old same old.
Short article in Sun about F&B.
Guess we’re waiting for AGM and/or Oasis next move.
As they are over at THG. On a more relevant note RTN must be prime for a PE but-out?
Exeter. We wanted to go at around 1 but didn’t want to queue in the rain, at around 2:30 still a small queue (and still raining).
Easter Travel day + everyone is bank holidayed out!
Same everywhere
And dead today
Busy in Camden yesterday.
If anyone passes / pops into a Waga or Brunning pub over Easter pls may you share how busy / not so busy it is? Esp interested outside of London. Tah
Wagamama out there on its own … in terms of offer … I’d like to the good acquisition… esp for international expansion/ licensing…
Not surprised quality pizza and good value, outstanding compared to peers, only wish RTN had bought them!
Hoping it bodes well for general interest inc. RTN!
AGM in May… annual report out (yet to read fully)… may prompt some action from Oasis? Separately, now is the time we find out if the hedging for energy was worthwhile : I must say I thought it was sensible when taken out at the time.
Whatever happens the value of the business is higher than its current market cap., that's why I'm holding them.
There will be bumps, but baring economic melt down where you only own what you can carry in a backpack, this investment will pay.
GLA
Hi Spades, yes that makes sense (and I wonder how much despair is built into price already). I think some wider buyout activity would stoke interest too. I think RTN doesn’t survive as is : gets bought and broken up or breaks itself up.
Hi Ephemeral, Any positive economic news regarding inflation should see gains, any feel good factor news should add a significant %
Hi all and at Davde, sense there’s not much action on SP now until material update : good to see slight rise but I’m guessing this SP only moves when Oasis act again and/or Exec make statement on future. I’d be okay with a break up to release value or PE take-out but I think for the latter probably best for a PE to bide time and sit tight : no reason to pounce right now unless you need to put funds to work. Keen to here other views on what might move this? Tah
The Buyer is back