The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Any news on this? Is it going further up or should we sell?
So it's made £3 … 11 days before the closed period so unlikely to get a new share buy back tranche at £3.50 or £4 before 25th Oct ... closed period through to December interims (was 13th Dec last year) ... hence am guessing we will have a couple of months of flatlining
I'm not sure he ever stood much chance on the court case with the level of landlord support unfortunately.
On Cambridgeblue's question - MA is on about 62% of the company but each buy back is relatively small 10m shares=c.0.2%. I don't think he is trying to take the company private - it makes his assets illiquid and stops his opportunity to make a profit from trading shares. If you look at his track record over recent years then there is a pattern that could be explained as: bad news (inc negative PR) dropping the share price … then a period of 2or3 share buy backs (using up the strong cash flow from the business) getting the share price up (often coupled with better news from the company) … and then MA selling £100m or £200m worth of shares at the higher share price. Net Net he ends up with the same % but has received £100-200m pre-tax in effect using company cash flow of only £60-100m that if it had been dividend'ed out then he would of only got his 62% share pre-tax. Watching his share buy backs over the last 5 years has been interesting
DEBENHAMS GROUP
Outcome of Challenge to CVA
Debenhams notes that the judgment in court this morning has affirmed that its CVA proposal continues to be effective. The challenge to our CVA was rejected on four of the five grounds of challenge, and the remaining ground has been addressed by the deletion of a technical provision of the CVA relating to landlord forfeiture.
Stefaan Vansteenkiste, Debenhams' CEO, commented:
"We are delighted that the court has today confirmed that our CVA is effective and will continue to be implemented as planned. We note that the only aspect that the judge required to be adjusted was a technical provision of the CVA relating to landlord forfeiture provisions.
"Our proposals had unprecedented levels of support from our landlords and today's outcome is good news for our 25,000 employees, our pensioners and suppliers. We retain the support of our lenders, and everyone at Debenhams can continue to focus on trading ahead of the important Christmas period."
Well what is the difference in % that MA owns before and after the recent buybacks ?
He’s taking it private.
Indeed … announced another 10m shares up to £3/share after the AGM … runs through to 25th Oct closed period but could get to £3 price cap before that. In previous years, when that happens, they have sometimes announced an additional buy back up to a higher price. I'm not sure what appetite there is for the share without a buy back
Certainly not going to impact the SPD share price.
The buyback scheme seems to be keeping the share price on a one way train.
Mike’s % ownership must be notching up now - almost a glacial speed privatisation...
Pearls, not sure on any DEB rumours, but sadly no outcome will favour previous shareholders as the administration process has already been executed in April. FYI have already recognised the loss in my tax return.
Are rumours true that this is going in Mike Ashley's favour?