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It's difficult to say. I'd be happy with £3. Christopher Mills sold a million and a half at £2.30 four months ago. That can be interpreted in different ways though. Those buying at £2.80 today probably know something, and you would imagine they are looking at make a small margin gain. I can't help wonder about other waste operators who might see the landfill capacity Augean have as something to go for.
Historically this sp hasn't gone above £3. Is that the best outcome do you think?
Move up this morning seems to suggest that an offer will be made.
If the opening this morning is anything to go by then there is no deal at the moment. MS have to say one way or the other by 5 on thursday
It was always going to come down to whether Christopher Mills accepted what was proposed. If yes, then it's a done deal. If no, then there is little point in a bidder making an offer without agreement. We will find out this week.
Had a look at the website, but am none the wiser as to what was agreed by the shareholders...
There were some large buys over the past few days, and a resulting small rise...so will the news about the offer just be presented as a done deal?
Surely any potential suitor would wait for the uncertainty around the tax liability to be resolved. It’s difficult to value the business as long as this matter is still outstanding. Perhaps they know something?
Amazed no one has commented on the news of a potential offer. Even at the current price just below £3 it looks low, given the impact a win the tax case would have.
Great results given Covid.
Also, huge upside still if they win vs HMRC. High probably I reckon given that HMRC already lost 1st payout of 1.6mn.
North Sea biz should return given expected economic growth in 2021.
Worst acquisition in the industry. MD of Augean North Sea has had the bullet from the London suits. They can’t run the equipment and the market is in the toilet. Hilariously bad buy. That site will lose £1m in 2021. I expect it will be sold before then.
Why didn’t Augean RNS this to the market in August??
Acquired at a significant discount for £1.4m and is expected to immediately enhance earnings! Never miss an opportunity to promote the success of the company, especially when it is earnings accretive.
The guidance at the end of 2019 was that the company would not be declaring a dividend until they had eliminated their net debt position. With net debt of £3.3m as at 30 Jun 20 they would now be in a position by September where there is no longer a net debt position and could have opted to reintroduce the dividend (even a token one). The new guidance is that a dividend will not be declared while the group appeals the HMRC assessments. This is disappointing and I think the market’s reaction to the H1 results partly reflected that. Given the board expects to meet full year market expectations and Q3 so far has been encouraging I think they should have declared a dividend to add some support to the share price.
The uncertainty over the tax position doesn't help either. It would be a great boost if they win the appeal and get £40m back
Disappointing but affected by Covid big time. I think basically a sound business currently being held back
it was pumped up a bit last week but this is a big fall on the Half year report which I didn't think was too bad considering and certainly didn't deserve a 15% fall. Probably enhanced by the general carnage on the markets today but disappointing nonetheless.
Half yearly not due until 21 Sep
Looks a bit suspicious. Maybe there’s some good interims on the way
Something must have leaked for this to happen on no news or rns.
I wonder if they have reached agreement with HMRC? That would be one big obstacle out of the way especially if it is favourable.
One of the update issues might be the state of the planning application that would extend the amount and lifespan of an existing site. From what I saw some time back they really have a considerable percentage of existing land disposal capacity in their category in the UK.
I was wrong results came out in february, but they are one of the few companies not to have made any COVID announcement. Last year they gave a trading update on 1st May
AGM June 15 so before then I expect
Results must be due any time now - so pre-results buying?
and similarly why the steep rises. I understand the tax claim but this is a roller coaster in what should be a fairly staid company.
Not complaining about it going up and wondering whether to top-slice or ride it out.
Anyone with any thoughts?
Dont understand this huge drop today either. I know the market is in meltdown and panic has hit the streets but this seems overdone. Will give it a few days and then think about a top up perhaps