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Im interested on this;
Following completion of the Disposal, the Board will conduct a review to determine the most advantageous route to deliver shareholder value and apply the net proceeds from the Disposal.
So we might get some special dividends same as BRH did recently?
Im going to suggest something to the board, why don’t you invest in “syringe“, already got the facility, experience in plastic, equipment and just need to speed up to use it ASAP in coming Covid-19 Vaccines.
Even i have feeling that what have been disposed will be used as factory to make “syringe“. Who’s interested in plastic as this time ? Other than to meet the shortage in syringe !
We shall see a RNS soon to confirm their plan.
Thanks for the link magmanus. Charting is not my forte, but anything that generates interest in Coral is very welcome.
Long wait till Tuesday....
here is the link....on buy issued. Volume was very high at 10-11p, so buy up ad hold tight for nice move up - now with £7M cash + Assets. Market cap us way to low, and should have caught the eyes if many on Friday.
https://www.britishbulls.com/SignalPage.aspx?lang=en&Ticker=CRU.L
I've also been thinking 5p per share dividend, around the middle of 2021.
That's about £4m in total, which is comfortably within the pro-forma retained earnings figure of £6m (which I assume equates to the distributable profits).
I wouldn't expect a revised bid from the US company, but the deal may spark some interest from other plastics companies.
Whatever happens, the SP definitely hasn't yet caught up with developments, actual or potential, so it's worth continuing to hold for a relatively low-risk upside.
Based on 7M cash in hand and market cap less than CASH+ASSETS now expect the next leg up to 16p min.
''Our system’s recommendation today is to BUY. The BULLISH HARAMI CROSS pattern finally received a confirmation because the prices crossed above the confirmation level''
Market Outlook
The green light is on and this security is now screaming BUY. It is action time! The bullish pattern that was previously identified is finally confirmed and a BUY signal is generated. Most probably, it is the right time to participate in bullish fervor. Do not miss this bullish opportunity''
It held up well, and there is a lot of interest, now they have got rid of less performing parts of the business. Lean and mean from here.
With very low share count, and demand outstripping supply this will move fast now, as been held down for so long.
Had the US company wanted the whole company they would have bought it -so IMO they have bought the parts they want .Unless Joe & Paul have large acquisitions in mind ,which I consider to be most unlikely ,a return of capital is most likely & could be 5-6p per share ,leaving a profitable smaller company (which excludes Mouldings which has been a Banana skin for years & Automotive which was never a good idea ).My view is that our 2 remaining subsidiaries will also be sold ,as will Haydock (£2-£3mill for this type of commercial property) & more cash will be generated & what will remain will be a shell ,into which a private company (not involved in plastics )will be reversed .Alternatively it is possible that a decent sized private plastics company could reverse into CRU ,keep the subsidiaries & we become a much bigger company with shares which should be more liquid & reflect fair value .
Either way 15-20p next year is entirely possible allowing long term holders to exit with a profit -something which seemed unlikely a week or two ago
yes, and now mkt cap less than cash. I accept the new big Co to make some sort of an offer, as CEO has moved across. If they bought part of the group, its n their interest to buy the rest now with excellent balance sheet, and profit positive.
i think we may in for nice couple of weeks here.
Reminds of BMN - once over 10p it did onto look back and now 20p.
If any other company has been running its ruler over Coral, now would be the time to come out of the woodwork. An equivalent offer, but for the whole shooting match, would be more likely to receive shareholder approval than the current deal.
yes magmanus - amazing to see CRU at the top of the leader board at +63%.
All that stopped it rising further today is the market's reluctance to mark up any share by too much in one day.
There'll be a few more days of double digit increases I'm sure.
Grimmond won't let this one slip through his fingers that easily.
excellent close. held up well. hardly bought, many forced out at half day.....looking to buy next week. :)
Pianista...perfect.
Just some sell outs feeling the FOMO, and risk of selling here. Next stop close to 20p.
threeputt - The deal certainly does "reduce net debt" - but so much so that it creates net cash, as the balance sheets show.
So they are actually underselling the deal. They should have said "eliminates net debt, and gives the group net cash".
What matters is not their (loose) words, but the actual, hard figures per the balance sheets.
Pianista, from the rns:
"The Board believes that the Disposal provides the Company with the opportunity to crystallise an attractive return on invested capital with respect to the Sale Companies, reduce net debt and also to provide additional financial flexibility to further develop and support the recent progress of the Continuing Group"
"Reduce net debt", their words
GLA
Cash offer for business, because the other side (current buyer) is bigger fish with operations in USA.
Getting interesting here, weekend DD.
MrBB - correct - it has been kept hush hush.
Major rises, always continue, and here we very low float so expect another 50% from here, and then 20p in the year.
Defo a nice favor. They will pay devi, anyone buying and holding from here.
I bet they get cash offer for the business now CEO has moved across to the other side.
"ignore those rampers stating cash in bank as nett debt was £7m at half year results so this sale just reduces that" (threeputt)
This is incorrect. If you look at the pro forma balance sheets, the deal takes us from net debt of £6m to net cash of £6m (roughly), so a dramatic turnaround.
I wonder if they will return any of that cash to shareholders in due course.
Additionally Mick Wood ,Interpack Directors & others who sold businesses to CRU & still hold paper may be inclined to cash out now-either as the funds would be useful, or they arent investors usually in the stock market & view their exit as a reason to sell.My stake will be sold when Joe sells - the end game , hopefully 15-20p , unless something transformational happens, which is unlikely .
This deal will have been in process for at least a few weeks & clearly no leakage in respect of our SP which was in decline for weeks ,assumed to be the Miton overhang ( & how happy will they have been to sell part of their holding for 4p ).
One wonders, mischievously, whether Gyllenhammer acquired his holding based on more than a hunch -perhaps a favour was being repaid - as if that still happens today !
AIMHO
FOMO....
you will be lucky get back under 10p, so would I for that matter,any body.
yes, once out hard to get back in..hence the FONO...:)]
very low float here, expect some big moves ahead.
sell outs ..already feeling FOMO :)
Its holding up well, and will only gap next week.
Looks like Peter Gyllenhammar got it right this time (he loaded up recently at 4p).
In it since 5, sold at 10. It could go higher with some more news but fair value now imo, ignore those rampers stating cash in bank as nett debt was £7m at half year results so this sale just reduces that
"The Disposal provides the Company with the opportunity to"........"reduce net debt" in their words on the rns
Agree too early. But,
I bought some on half year results 7 December and topped up this morning. So im in nice profit. Got to sell half to keep going and add on TWD. Check TWD is amazing stock EV and recently announced 38m contract with Arrival ( IPO of arrival next month- you about buy on both as advice)
Still looking for over 16p soon and 20p+ by early 2021 on here for rest of my holdings.