The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Continuing to sell. They have lots more to go... They appear to be swallowing the pill. Whilst it concerns me why I am relaxed to continue to hold. They are losing a bundle..
Dr_K - What are you seeing exactly? I don't have access to the order book.
Amount available on the ask suggests that Miton are still very keen on offloading.
Miton have reduced by nearly a third. Will they continue reducing, or is that it? We simply don't know.
Reality..
In regality there has not been a lot of buying or selling. Until we get a decent rns we are treading water. I have decided to just wait and be patient.
Last holdings RNS from Miton had them at around 14%. Probably require agressive buying from PIs to shift that lot. Am surprised a deal has not been worked out by the broker.
No let up in the buying (by CRU's standards at any rate).
It’s good that buyers weren’t backward in coming forward today when the SP dropped for no apparent reason.
It’ll be even better if we find out that some of the buyers were directors.
Now seems to be a buyer about
It takes time for investors to discover a company recycling plastic. Sadly the company is not good at updates either..
is an old fashioned sort of business with substantial tangible assets. I am happy to keep adding at or below the price of recent director purchases. I can see this recovering strongly post covid.
I agree, the market is waiting for the actual numbers for the half year to 31/10/20, together with the outlook for the year, which may not come till late January on past showing. Not much hope of seeing anything before then - the finance department is obviously under a lot of pressure these days, having recently deferred by 3 months the publication of the 2019/20 annual accounts, for which the deadline is now 31/1/21.
So it looks like the SP will be stuck around the current level for some time, unless there is any significant news in the meantime.
However, as long as the results really are good, when they come, I'm happy to wait...
Despite director buys and a fairly positive update the drip drip drip of selling is taking its toll here. Not sure if Miton is still selling a few or not.. This company needs to get the figures out and start letting its shareholders know the real position. I think it is probably not good but not bad either..
Interesting comments, Mr BB.
We don’t know exactly what is in the minds of Miton - they’re holding is now down to 14%, from a maximum of 20%. But they have lost about 80% of their original investment, so one can understand any impatience or concern they may have (and I think they have more to worry about than the massive spread at the moment).
They probably can’t see the SP getting back to their average of, perhaps, 25p any time soon; more like 15p, with luck. So I’m sure CRU has been slated by them for partial divestment as and when opportune moments arise, and will be used, only with that proviso, as part of any cash-raising exercise, despite its illiquidity.
Miton clearly bought at the wrong time, but they now appear to be selling at precisely the wrong time too, having sold 2.5m shares last week just before the surprise trading update (issued just 9 days after the last one) which appears to herald improved prospects for the company. Will this encourage them to sell some more CRU, taking advantage of the likely additional buying interest (though no evidence of that today!), or to continue holding instead for the long-awaited rise in the SP? We shall see…
I would love to agree with you Pianista ,but I don’t .If Milton need some liquidity I would expect that almost every other stock in their portfolio is more liquid & with a lower spread than tiny CRU .My view is they want out & they will sell when they are able & until they are out the overhang will remain .Our brokers have clearly been unable to find a friendly investor to take their holding & JG & our Board ,while presumably being to ‘afford ‘£500k between them ,have chosen not to .Maybe they accept that our SP will remain suppressed until the overhang is cleared & hope to pick up shares in The Market for below their perceived market value .The update was positive & we are now more than halfway through FY 21 so when the FY20 Results are announced the outlook statement will hopefully remain positive .A market cap of £4mill for a profitable quoted company with annual revenues of approaching £30mill sounds cheap so hopefully we will all be soon put out if our misery .Should the overhang result in a further lurch downwards in our SP I will buy more shares for the first time in years ahead of JG disposing of the company to a larger competitor -IMHO
I am holding this. Update was positive and we know the figures are due out soon... It is hardly on anybody's radar..My green investment..
The disposal by Miton needs to be put into context.
The shares sold were part of the "LF Miton UK Multi Cap Income Fund", an £800m+ fund comprised of over 100 different holdings. The fund's Coral shares represent less than 0.1% of the fund by value.
As an OEIC, it has no choice but to sell some of its investments when investors pull out of the fund and need to be paid off. This is almost certainly the reason for its selling 1.5m Coral shares.
However, the fund still retains 12.5m Coral shares, or 15%.
It may just be that its timing of the sell was unfortunate, in view of the next day's upbeat trading statement. If so, they will now want to avoid selling more Coral. Let's see...
Why would Miton sell 1mill to raise £45k unless they have just want out of what has been a bad investment for them , & us.JG possibly knew & brokers were looking for a friendly home for their holding -although not a vast sum to take 15% of a quoted company which has revenue circa £30mill & is currently profitable - but clearly no takers,as yet
Coincidentally, an institution holding about 15% sold 1.5m shares in the last 24 hrs. No doubt the MMs are struggling to find corresponding buyers in this very thinly-traded share. Despite that, the SP has held up well. You could say the trading update was well-timed to neutralise the effect of the big sell...
mate on those revenues what sort of margins is the company running off ?
Nothing will.....
Bearing in mind my last two posts, I'd be amazed if we didn't see some significant PDMR buying.
What a surprise! And a pleasant one at that! If this doesn't wake up this share, nothing will.
This contract appears to secure c£1m pa of gross profit (gross profit is around a third of sales), and should at least buttress the currently depressed SP.
Having now released this "price sensitive information", the directors are free to deal, provided we are at least 30 days away from the release of financial results, which is probably the case (they’ve applied for an extension of the deadline to 31/1/21 for the publication of the annual accounts, and this would seem to indicate that the half year results are unlikely to be published within the next 30 days either). I wonder if we'll see some PDMR buying, therefore?