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October 2021 -Newly minted CEO leaves
January 2022 - strategic review announced
April 2022 - Interims comment on strategic review:."This work has progressed well with an assessment of internal and external market information nearing completion. The Board will provide an update during the second half of the financial year."
5 August: Executive chairman appoints himself as CEO....
30 August...Year end (or is it tomorrow)...still no bloody announcement
Conclusion: the company is a mess, the management of shareholder expectation is a shambles, whatever comes out after 8 months of review is likely going to be a massive disappointment
Yup - you are absolutely correct samson - the special divi was worth 17.54p per share (new split shares) or £1.75 per old one.
This happened during Chris Holmes' tenure as Chairman during which, despite the £1.75 payout, the share price rose from £13.47 to £15.00 (equivalent) plus the generous dividends.
Well done Chris !
The 10 for 1 consolidation and the sale of the milling business must be taken into account along with the returned special dividend.
Good afternoon – I’m new to this group chat – some interesting comments from some – seems like Fevertreeman & picstloup need to take a chill pill !
Re picstloup’ s post 8th August:
s/he describes Chris Holmes as “moderately effective” – I thought he did rather well – appointed CEO 1994 (share price £1.53) – retired CEO July 2013 (share price £13.47) (both before the share split)
I wish I had more “moderately effective” CEOs in my share portfolio !
Maybe s/he would like to offer Chris Holmes an apology ?
Never met Chris Holmes but as well as being an accomplished businessman I believe he is a rather nice chap.
Hasn't Carr's had a higher dividend in the period than the FTSE Allshare. Currently ~5% carrs to 3% all share.
I suspect that carrs is actually ahead if you consider total returns rather than just one number.
Hopefully it is the happenings of this year rather than the financial performance that is the issue. The last 12 months for example with peer groups, WYN + 15%. NWF + 8% and CARR down 15 % is the alarming statistic when comparing the 5 years. Hopefully the strategic review plus this years results will correct this.
Wynnstay +c25pc ; NWF +c40pc........
In what parallel universe do you live? Are you a board member of Carrs or the PR, because I cant think of anyone else who would come up with such tripe? I always find it useful to deal with the facts, it tends to anchor the mind....take the last 5 years:
FTSE Allshare in the period despite Covid is unchanged, which in itself is pretty dismal, but our Cumbrian heroes.....
Fact closing price of Carrs on August 11 2017= 143.75
Fact closing price of Carrs on August 10th 2022= 131.25p
Perhaps the facts have escaped a certain person, the growth of both profits and dividends over such a long period of time I would have thought would of been something to celebrate. Carr’s have one of the strongest and most profitable ag business in the UK with Carrs Billngton plus a major UK/USA/EU speciality feeds division. Engineering should benefit massively with energy prices being as they are. Carr’s has withstood many difficulties and emerged stronger. COVID is hopefully behind. The strategy is being refreshed, but one thing for certain is all of Carr’s activities have growth potential.
So Page elevates himself to CEO (nice earner for him).To take this long on an executive search, and then to announce an internal appointment is scandalous, and I will asking at the AGM how much the headhunters were paid for this sleight of hand. Reasons for the outcome are set out below.....the Board is awful and has sat doing sweet fanny adams as the company's performance and share price has stagnated
- The Board could have saved us oodles of time, effort and money by accepting the fact that no one would join, and just bloody handing the reins to Page much earlier....no CEO worth their salt would sign on the dotted line before the results of the strategic review were known!
- It seems blindingly obvious -as it was when Pelham exited - that the only way forward to break this mini conglomerate up.
- On the question, "Should this company be listed under this management lot?" Answer has to be a resounding 'No!'
_ On the question "Should the Group be broken up so the undoubted energy within the businesses can be released?" The answer is a resounding 'Yes'. The employees no longer deserve to be treated so badly by a useless board. Time for the company to be broken up and sold asap
Losing the finance director (to run a motorway service station ...) is bad, failing to find a chief executive is really bad.
I blame Chris Holmes failing to secure his succession and stupidly thinking he could transition from (moderately effective) CEO to (pretty rubbish) non executive chairman. It's been down hill since then.
So glad I cut my holding by 90% 5 years ago. Thinking about selling the rest.
how the sp has gone up today on the back of this trading update i do not know.
reading it before the market opened i was sure it would drop.
shows how much i know lol.
and still no report !!!
Peter Page is moving from Executive chairman to CEO.Is that an upward move or a downgrade? Neil Austin is leaving to become CFO at the company who run Tebay Services and other farming enterprises. The progress report is still not progressing.
What is going on? Could it be no one wants to move to Cumbria?
Yup, things are pretty rubbish. I've held since before foot and mouth, and done very (for me very very) well over the years, fortunately selling most of my holding (briefly up to 0.3% of the company) mostly in 2017-8 (needed the dosh for other things). I've still got a few and am holding them, but not planning to add any time soon - last time I was in the Carlisle store half of it was being pointlessly repurposed and poor Kevin was being kettled at the back so I had to drive round specially just to pick up my lamb milk and tip food. And the accounts people are as irritating as ever with their obtuse billing system and incomprehensible discount policy.
Massively unimpressed by the performance of our BoD. which is being reflected in the relentless drift south of the share price. What on earth are they playing at? TPelham as CEO barely last 8 months, and since he was defenstrated (Oct 2021) we have been promised a new CEO before year end which is only 8 weeks away....8 months on from appointing h/hunters we still have no CEO. Meanwhile Page announces an expensive strategic review in January, and guess what 6 months on, still no substantive announcements beyond meaningless platitudes in April that had no substance....appointing a new NED seems to have been the only thing the Board has accomplished since January
the market is going in meltdown at the moment, i can see the BOD coming back and saying that the market conditions are not favourable at present to act on our findings on the strategic review. so will sit on our hands and wait.
Gosh I thought you had somehow miraculously provided an answer when I saw the News & RNS comments 1, and the sudden volume.
Perhaps tomorrow! It’s time…..
1. Appoint & then dis-appoint CEO w/i space of a relatively short time
2. Announce to great fanfare a strategic review. And still no results despite spending 000s of thousands on advisers. Hone20 year old doing a business studies degree could have come up with a viable plan in the space this month has taken not to come up with the reviews results
3. And still no new CEO….not a surprise really as n/o in their right mind would take on the role not knowing what sort of business he was joining, and still none the wiser
Verdict this is a bloody shambles and the sp has gone nowhere for years as the board has not been under any pressure to deliver
That 5000 sale today was me buying. NWF and Wynnstay recent updates a good read across.
Very neutral statement. Still looking for CEO as don't want to make a repeat of appointing someone with different views (like Hug Pelham) from rest of board
Looking at the Edison report out today they have spent £400,000 on the ongoing strategic review. They’ve clearly got some heavyweight advisers on board and judging by the emphasis on Engineering I’d bet that will be sold next few months?
Read the interim statement. Opaque. Get the impression they're looking to sell bits/all. Been without a CEO long-time
As per subject
Don't trust the deals list on here, the ones I sold went through as a buy. ( the patio furniture is very comfy)
seems that the algo's have been turned on here to drive the s.p down loads of trades of 147 shares sold at exactly 10.21am this morning.
will not be selling any of my shares and will be adding when opportunities are right.