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Nice dashboard for the US listing:
https://www.tradingview.com/symbols/NYSE-DEC/
A further tick up tomorrow I’ll be able to take a second lot out at profit….. going to be a long road reducing this without a loss! Trek £15 would be nice but I’ve still a big chunk at £20 but by then I’ll be happy to hold and have a more measured pot here
The batton has been passed to NY and they are having a good run
Typo: '...momentum does seem to now be on our side.'
Well, Closed up 3.21% on LSE @ £11.59GBP. Currently another 1.93% up on NYSE @ $14.78USD / £11.76GBP - so looking good - fingers still very much crossed! No movement so far with the shorts - or none reported (two different issues). Let's see how it closes on NYSE - but momentum does seem to now our side. GLA
I still say this is going to £15.
And that’s basic chart and momentum analysis.
£15 was the bounce back before the drop.
It’ll get there imo.
Having traded this pretty well I have no problems reinvesting divi’s in here. It’s recovered from the short term pullbacks, now ignored the shorts and we have some insti interest at last!
Usual caveats
Trek
There is a mechanism in the BB agreement where a sharp sustained rise over 5 days means buybacks pause.
From the AGM papers:
'17.2 by the condition that the Company does not pay less (exclusive of expenses) for each
Share than the nominal value of such Share and the maximum price which may be paid
for a Share (exclusive of expenses) is the higher of:
17.2.1 5% over the average market value of the Shares for the five Business Days
immediately preceding the date on which the Company agrees to buy the Shares
concerned, based on the share price published in the Daily Official List of the
London Stock Exchange plc; and
17.2.2 an amount equal to the higher of the price of the last independent trade and the
highest current independent purchase bid at the time on the trading venue where
the purchase is carried out, '
17.2.1 means when there are a couple of positive trading days then buy backs pause. What's not clear to me is why they then don't seem to play catch up in quantity.
No RNS BB today, have they used all the money up, new strategy, Rusty diverting it to himself.
The buy back will get reapproved at the upcoming AGM on the 10th May. See the agenda item below. Clearly their statement and intent is for the buy back to proceed through the rest of the year and into next, claiming that it will stop when the approval expires is just silly.
Next xd 24th May for a payment on 28th June, we should see after that whether additional capital has been allocated to the buyback program.
The 5% pricing clause is interesting and explains the stop start a couple of weeks ago. Basically if there is a sharp rise they won't be able to buy shares for the next few days, but you would think that once the price stabilised they should play catch up, which they don't appear to be doing.
AGM Item 17 states:
'THAT the Company be generally and unconditionally authorised pursuant to section 701 of
the Act to make market purchases (within the meaning of section 693(4) of the Act) of any its
Shares on such terms and in such manner as the Directors shall from time to time determine,
provided that such power be limited:
to a maximum number of Shares with an aggregate nominal value of up to £951,368
(amounting to 4,756,842 Shares as at the date of the Notice) representing 10% of the
current issued share capital of the Company, such amount to be reduced by the nominal
amount of any Shares purchased pursuant to the authority in Resolution 18;
by the condition that the Company does not pay less (exclusive of expenses) for each
Share than the nominal value of such Share and the maximum price which may be paid
for a Share (exclusive of expenses) is the higher of:
- 5% over the average market value of the Shares for the five Business Days
immediately preceding the date on which the Company agrees to buy the Shares
concerned, based on the share price published in the Daily Official List of the
London Stock Exchange plc; and
- an amount equal to the higher of the price of the last independent trade and the
highest current independent purchase bid at the time on the trading venue where
the purchase is carried out,
such authority shall expire at the conclusion of the next annual general meeting of the
Company or 30 June 2025 (if earlier), unless previously revoked, varied or renewed,
provided that if the Company has agreed before such expiry to purchase Shares where
these purchases will or may be executed (either wholly or in part) after the authority
terminates, the Company may complete such a purchase as if the authority conferred
hereby had not expired.'
As so many people mouning about BB rate. Can they have deal with institutions to buy back 100k 200k at once ? Buying tranche like this would burn shorters to a ground.
The current handling of the buy back is a joke. Authority to buy back expires on 10 May so there are only 13 or 14 more days to buy back shares. At the current rate they will likely only buy back a further 50,000 shares or so out of the 3,800,000 they have authority to.
Pathetic.
If DEC are serious about this strategy they should be buying upwards of 100,000 per day.
3750 a day is just about a million shares in a year (3750x5x52 = 975,000). Given the current share price that would be just over £10m buy back, so I round numbers I guess we could assume £10m handed over to the broker. Of course that assumes the buy backs will continue for 52 weeks.
It will be interesting to see if the run rate increases after the next quarterly dividend based on the company handing over more cash to PH.
Seems they prefer to put a dent into the resolving credit facility (It Is DEC's most expensive interest incurring debt!) and deleverage currently, while potentially looking at other assets to aquire as always. $220m due in ABS notes this year too.
Wish we knew the details between the broker and DEC for the buybacks, but so would shorters! Lol.
Instead of guessing an amount to spend,read the RNS dated 5th April and that will give you all details on the buyback programme
Looks like they have allocated £10M for the buy back for the next year.
Instead of just spending a certain amount of cash each day ie £40,000 someone has come up with the idea that 3,750 shares will average out at that amount over the year !
Certainly not the biggest of buy-backs but they want to have plenty of room to make another acquisition when the right opportunity presents itself.
LOTM
3,750 again? What is it about this number?
No stalking folks on other BBs from me GG.
Just following your example. 😉
Oh dear GG - serial stalking now - it's really not a good look - rather smacks of desperation, n'est pas?
Trek Baloney, I've left you a message over on PHNX calling out your BS.
"What is special about the number 3,750? Does it have some sort of mystical significance"
haha.. 945000 can be bought back in a year which is just about 2% of the total shares.
And/Or. American investors especially love a buyback, so it ticks a box.
And/Or. Since buybacks support sellers, there are no big share holders currently selling so there's no need for a large buyback.
And/Or. They can award a few shares, buy them back and cancel them all at once as some kind of payment.
IMO Buybacks reward sellers, dividends reward holders.
GG let me know when you get this below 10 as I would like to add some more. Should be a technical retrace there soon!
Oh my buys in PHNX today are blue! lol! Now that was lucky or perhaps it’s where you post I seem to get lucky! lol!
Usual caveats
Trek
Perfectly happy.
So you keep saying GG - but maybe it's not satiating your nefarious appetites here? I see you're now stalking Trek Madone over on PHNX - is this an expansion of your venom spitting franchise? You really don't like it when folks take a swipe back at you eh? Just saying!! LoL
I'm just here for the lols.