Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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I hope from SmElliott's withdrawal, JD took the hint that they had better enter with a sensible price, or they'll get f*cked off in the same way.
I'm guessing 86/87p as their starting price.
B*ll*x, I got my dates wrong, thanks Rock8 for correcting me.
Ok that makes life a bit easier. Dunno where I had that date from. In that case, would still hope for extension RNS by Friday 15th, or news over the w/e. Still presents a challenge if there's news on the w/e and by Mon am it's too late to react. Still hoping for something prior to the w/e.
Why is their cost way way lower?
Come on man, sod because Elliot gave up?
Of course the chine can afford higher valuations since their cost of equity is way way way way lower than Elliot´s.
We will see next week, i think is very likely to get better bids
It also now looks unlikely that JD.com will buy Curry’s: the latter was explicit about how much money it wanted, and it refused to give full access to the data room to whomever did not provide an offer of that scale according to the suitor who walked away. So it makes unlikely for anyone to be officially open to splash out at the level requested, especially as it’s much higher than £67 per share.
Good luck to all holders nonetheless.
NO
They have until 5pm Monday 18th to make an offer.
"In accordance with Rule 2.6(a) of the Code, JD.com is required, by not later than 5.00 p.m. on 18 March 2024, to either announce a firm intention to make an offer for Currys in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code."
Yeah it's tricky now.
Either Currys get an extension request RNS that must be delivered before e.o.d Friday 15th to give JD more time to prepare their offer, or if nothing heard by then, it's a lottery as to whether JD will make an offer by Saturday 16th 5pm and we wake up on Monday to whatever that price is, or the offer window expires and JD forfeit, and shareholders wake up to a SP back at 48p on Monday 18th - as the institutions will pull out such volume that's been invested in here over the last 4 weeks.
Hating the fact that the deadline is a Saturday, we either have to bail out Friday pm, or hope for the best. I can see why a number of institutions like Barclays are equal long and short on this.
Fingers crossed for something prior to Saturday. GLA
Ok so I decided to sell and get a refund for a badly timed entry last year. I just can't see the Chinese paying above what the VC offered. However good luck for those staying in, I hope another offer comes along.
If JD walk away also the price will likely tank IMO and I may buy in again later this year in that scenario. If only we knew what was going on behind the scenes? A few more days and we'll know.
Having a look at latest accounts vs those in 2015 when share price was £4.
YEAR 2015 2023
NAV 2763m 1886m
GOODWILL 2989m 2252m
OTHER INTANGIBLES 525m 317m
NAV LESS GOODWILL AND INTANGIBLES (751)m (683)m
Hence as you can see we are in much better position with a share price 90% down.
Pension deficit is coming down was 190m as October but discount rates have gone down (from 5.7% to 5.0%) this would have added another 100m on pension deficit unless they have heavily invested in equities then would see an improvement (wouldn't be surprised if deficit has been fully eliminated). Sales of Greece business should've reduced outstanding loans. The way I see it Curry's should be valued at least 150p as a minimum and fair value to be 250p (Market Cap of 2.8bn).
I was in Curry's over the weekend and it was so busy. I was asking about TV's and Laptop and their staff are so helpful and knowledgeable and those second opinions and advise are invaluable which you don't get by buying online and you get to see the items in front of you.
By using my 7% discount from my workplace and use of cashback sites I always find myself having a bargain from currys that I never get from the likes of Amazon.
I really do believe we have a future in Currys which is priced incorrectly and takeover offers being absolutely ridiculous.
PS my average is 55p.
One thing I learned from Cineworld is never allow for intangibles in NAV and hence value of Currys NAV could be considerably less and that is what a bidder is really paying for - how much do they really value things like goodwill etc.
Assets £1.82BN
Eliliot tried to buy with £756M
profit for Elliot £1.066BN
Another good day.
Strong book with strong volume all day.
Recovered well.
Next Monday or before will reveal all.
Yes I agree they are able to re enter the bidding war
US markets already open.
Their clocks changed yesterday.
Open since 1330 UK Time
With US markets due to open soon there is still a chance that this mornings losses will be gained back as all the signs are there will be some news in the next week or so.
That would be nice. I was thinking that if they're gonna extend, we'd see an extension RNS by about Wednesday of this week. Otherwise they have hopefully had better dialogue with Currys than Smelliotts and understood what a 'fair value' offer looks like.
The end game is near - expecting a JD.com agreed bid announcement to be made before the next updates.
Bit like Spirent perhaps. 85p / 90p will be too cheap but on the chopping block now and as well as gone already.
Yep, looks like a few through GS, RWC etc have slightly modified their positions, but given the significant volume of long positions bought since mid Feb, everyone's playing a wait n see game. Would have seen 48p or lower if those large holders had sold out. Next 7 days will be interesting.
Even with todays new price has not fallen by much as I am sure that most probably there is still a bid in the offing and it will sell for a much higher price than now
Maybe the board are not wanting to engage with them as come results day things maybe improving l.This is all a guessing game till then but a lot of UK companies have announced vast improvements in there pension liabilities example WIN COA PFD who knows for curry’s good luck .
Curry is already dumping Chinese goods.
Gruy, yes Eliot can then re enter the race and maybe that is their game plan - force the bod to talk to shareholders about a jd bid and then re enter.
Who knows but with the bid interest the party started weeks ago. LT this will recover and many have used the spike in the price to trim their holdings.
ATM I am in add mode around 48p or lower if JD.com shows no interest. Content to be readding trims but it is too soon to do so atm.
For the purposes of Rule 2.8 of the Code, Elliott and any person(s) acting in concert with it reserve the right to make or participate in an offer for Currys (and/or take any other actions which would otherwise be restricted under Rule 2.8 of the Code) within the next six months following the date of this announcement:
(i) with the agreement of Currys' Board;
(ii) following the announcement of a firm intention to make an offer for Currys by or on behalf of a third party;
Am I reading this aright? If JD bid then Elliot reserve the right to enter the bidding. Anyone know?