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The RNS this morning just confirms my opinion that the directors of Connect did not have a clue on how to run a major express carrier. They bought Tuffnells just over 3 years ago when it was making around £15m profit (if I remember correctly), started making the people who knew how to run it profitably so now there can be hardly anyone left from before the takeover, Now it is loosing money. What is surprising is how long it has taken to get rid of the connect CEO given the mess that was being made.
Another total disaster makes u wonder why people leave their hard earned in bank
that may have been why the mm been walking it down ??? to me thats good news they may let it off the leash a little now ??
agree way oversold, most bad news already priced in and shorters have had their payday, one substantial buy and they will buy back and we may well see a bit of a spike !! aimho obviously
Someone highly confident.
MMs will have to move this now..
Fortunately my holding in CNCT is pretty small in my p/f. It's a punt now at best. The divi will very likely be cancelled or be a token sum. The co ckup regarding the disposal of the books division - the directors should have been sacked at that point for not ensuring that the sale was actually a done deal. Cashmore and Bauernfeind have effectively been putto the sword somewhat belatedly imho. Folks, there is danger here. The only thing this had going for it was the dividend and you can say goodbye to that.
bite i reckon ? lets hope a large investor see's the overreaction and there is a little shorters bbq later :)
i got a quote at 20p. clicked to buy. it didn't get actioned. sods law :(
Heading back into the 30s.....Could we finish 35p Plus???....AIM is crazy
‘..Mark Cashmore, Group Chief Executive will be stepping down from his position. An external search for a replacement is underway. Mark will remain with the business for sufficient time to ensure an orderly transition to new leadership. David Bauernfeind, Chief Financial Officer, will leave the business with immediate effect. Tony Grace will join the Group as interim CFO from Monday 18 June. Tony brings strong and relevant experience, most recently as CFO at Yodel, and previously in senior roles at Virgin Media and Telewest..’
If you look at the trading history not many got in below 24p . A few spoof trades have been cancelled.
would be 55% up
Decided to close Pass My Parcel and wind down the associated Parcel Shop network. Senior executive changes - Mark Cashmore, Group Chief Executive will be stepping down from his position and David Bauernfeind, Chief Financial Officer, will leave the business with immediate effect. Meanwhile, Tony Grace will join the Group as interim CFO from Monday 18 June. The Connect Group said that Grace has “strong and relevant experience, most recently as CFO at Yodel, and previously in senior roles at Virgin Media and Telewest”. The Group plans to make a provision this financial year for all closure and onerous contract costs to be incurred in FY2019. Details of the ongoing contractual requirements and their associated costs will be confirmed at our preliminary results in November.
Announced in results early May of this, and most of bad news is already priced in before trading statement today...should recover significantly come afternoon..gla
Thanks for your work
Thin margin = deteriorating sales and business model = disaster. Today, the disaster has arrived! Read http://bit.ly/2JK9GK7
Aberforth Partners LLP increased their shareholding from 5% to 10% on 8th May 2018 and the share price hardly moved. The Share Save Scheme for employees was set a couple of days ago at �0.43 (20% discount)
I think the following in the results almost says to me that a dividend cut is on the way - '..the Board will carefully consider the optimum allocation of the Group's excess free cash, balancing the capital requirements of the business and shareholder returns with an ambition to reduce net debt over time.' If they don't cut it will be madness, the best hope may be to cut the debt and then a merger to happen as the newsprint market contracts further. We must be getting to a point soon where the lack of competition' hardly worries the authorities and it becomes part of distribution logistics. Unfortunately they seemed to have utterly failed to diversify into a different business, and almost admit it by selling off those other parts.
Connect Group valuation of �150m looks cheap and is on a forward-PE of under 5 times multiple. Brokers free cash flow forecast of �30m+ gives the impression the company will generate enough internal cash generation to pay dividends. And management leaving full-year adjusted profit before tax of �42m-�45m gives them that confidence. The problem is declining sales from their existing divisions, especially their Smiths News division. With low margins of 2-3%, any small decline in revenue would drastically harm profitability. Take the 3.4% decline in sales, this translate into adjusted operating profits falling by 28%! What happens if sales fall 10% or 15%, will this lead Connect Group to report a loss? Connect Group is in a declining sector of distribution physical newspapers and books. If you are a long-term investor, then it is a total avoid at all costs. For more Connect Group, click http://bit.ly/2JK9GK7
Well that was unexpected, a dividend of 5.4% at the halfway stage. Totally out of my calculations. The market would appear to unimpressed by the maintenance of the dividend and {for the share price] perhaps they should have started to make cuts to it now rather than waiting until next November when, if the trend continues, cuts will have to be made. Still I will bank the dividend and say thanks very much, whilst staying hopeful that the market has a re-think and the share price rises on the back of this, what must, at the present share price, be considered a gigantic dividend. You cannot but admire the boards positive outlook in the face of all this adversity.
Goodness , after all that's gone on this last 6 months and still to give a divi of 3p+ with a sp of 57p looks good value. But what happens next ?
The way I view the present share price is:- dividend halved to 4.9 pence [full year], would equal 8% at a share price of 61.25p [around it's present price]. That, I think is how the market, at the moment, views CNCT given the area they trade and their future prospects.. If correct, then on Tuesday 1st May when the half year figures are released the interim dividend would be circa 1.65p. Any more than this figure then, in my opinion, the price will rise commensurate with whatever more, percentage wise to maintain 8%, CNCT pay out. Any less and I am off to the loft with a piece of rope!!!!!!!!!!!. Next Tuesday will tell.
Surprised the share price hasn't recovered today on strength of FTSE. I would have thought 60 a good entry point on basis of dividend. Even if dividend is chopped which they don't need to do as it's secure the yield would still be fantastic.
Taken from the RNS dated 22/01/2018, "mean that we now expect full year adjusted profit before tax for the continuing operations to be in the range of �42m to �45m, with current dividend expectations underpinned by a continued good cash performance". The closing share price on 21/01/2018 was �1.05 and the rns must have been written before the "great fall" of 22/01/2018, to .76p. If, as the RNS stated, "current dividend expectations underpinned by a continued good cash performance" are maintained then one would expect an interim dividend of around 3p.. Should this materialise in the half yearly figures due on 01/05/2018, then, with the current share price, [always providing the dividend is covered by earnings], one would think and expect a large rise in the current share price. One can only wait and see what that price might be, but must surely be a large percentage increase from it's present level. On this basis I would rate CNCT as a strong buy, bearing in mind the above caveats. All the above in my own opinion.