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Lol last time Dignity gave discount they got a rollocking back in 2020 - I believe the offer was “£100 off Discount ends 30 April” - in 2020.
They could not careless if you was invested to give you “a bit off”. Also, what would the profit be for if you was 6ft under - literally cant take it with you lol! Worse is if whoever was 6ft under did not pass on details or have a Will/Trust that person who survives them would not benefit from the profit if any, anyway.
Cut from RNS
Bidco, a newly formed indirect wholly-owned subsidiary of Valderrama Limited ("Valderrama"), a joint venture between SPWOne V Limited ("SPWOne") and Castelnau Group Limited ("Castelnau", whose discretionary investment manager is Phoenix Asset Management Partners Limited ("PAMP")) (together, the "Consortium"), notes the announcement by Dignity in relation to a possible offer for Dignity (the "Proposal") by Bidco which Dignity's board of directors (the "Dignity Board") is minded to recommend to Dignity's shareholders.
Gary Channon chief of Phoenix. Hands over the reigns via “Directors appointment” to Kate Davidson. We now know why!
During boardroom coupe 2 years ago signed off by shareholders conned into his statement “I only get paid, like you when the share price increases” people bought into this and he got over the line. At that point the share price was £7.50.
Take this private and there is so much less red tape to offload off the assests.
Bidco a newly formed company. This stinks! Well done Gary, you got your money and to hell with the rest.
I am not invested in here and haven’t been since high teens. Disgrace
Probably right.
I've sold out this morning in either respect. Best of luck to longer term holders.
Another example of a take over bid praising the high premium on offer. Delve deeper and the offer is far from a premium. This share was 750 this time last year and a fair price now would be in the region of 650-700. The board have no doubt been offered sweetners to put this 3rd bid forward. Phoenix aren’t the only large holders so there may be some pushback which may result in a more reasonable +600 offer. Also, if other cash laden SPACS see the door is half open there may be a competing bid.
The Proposal is 525 pence in cash per Dignity share, which is a 23.4% premium to Dignity's closing price of 425.5p as of 3 January 2023, which was the last trading day before the release of this announcement, and a 32.4% premium to Dignity's closing price of 396.5p as of 11 November 2022, which was the last trading day before preliminary agreement was reached between the parties on price. The Consortium had first approached Dignity on 13 October 2022 in relation to a cash offer of 475 pence per Dignity share (the "First Proposal"), which was a 37.1% premium to the closing share price of 346.5 pence per Dignity share on 12 October 2022. The Proposal, announced today, is an increase of more than 10% compared to the First Proposal.
To the moon!
Uncrossing trade hit 535
Price continuing to rise...
Is anybody else invested here?
Pretty quiet on this board, eh?
Nice little rise today.
Looks well positioned for plenty more where that came from
A sudden massive jump today......and then a sudden return to £3.70 Something is going on!
Seems like a good price at around these levels - I'm in.
Chart feels like it this could be the second shoulder of a H&S reversal - anybody else looking at it the same way?
So it seems you desperately want to own shares but are trying to talk the price down first. It seems after their recently impressive ER combined with GBP at a now new 2 week high you will most likely be left behind on this one.
Share price falls as the company can't manage the increased cost and lower profit margins.. They will not cover the inflation on their running costs, that is heading their way on the funeral's without the higher running costs of crematoriums, while reducing their charges !
Over 400 vacancies with no one rushing to be part of it.
The company needs to be rid of the simply-awful management they have in place on the ground.
I'm even thinking of buying when it drops to £2
35 years a funeral director - they are people in a round room, looking for the door in the corner !
Very good points made by you both Cassandra & Strathy! Points that I had not considered previously, so I am grateful to you. Even more so in the light of recent economic events. As you say, a key part of the equation regarding the true value of the company is not only future profits going forward. but how much interest they have to pay on their enormous borrowings. In the light of what you say....these shares could have further to fall!!!
Could they go back to £2.80 or below? In the present climate certainly!!
There are only two positives as far as I can see.....people will always need funeral directors, so it is a steady niche market. And with the recent devaluation of Sterling, a foreign bidder might emerge. But for the moment this share is looking too risky....I'm out!
There will not be a take over.
The market has changed and margins that Dignity used to make are a thing of the past. Twice the work for half the profit. They had things their own way for a long time and this is no longer the case.
The public no longer consider death a taboo subject and are willing to shop around for the best price whilst retaining a high level of service.
The original directors after listing got a fortune. Phoenix group is the major share holder and the architect of a boardroom takeover a couple of years back. Yet the price has halved, clearly it wasn’t as easy as they thought to bolster the share price. I am aware there has been a new strategy implemented. Sadly, this came at the cost of either diligent personnel who wouldn’t stoop to levels below their personnel standards or long serving experienced staff who had the opportunity to take an exit package which many have.
Mr Channon would be delighted to get an approach but in its current guise there is no appetite. Crematoriums should be sold off IMO.
If it gets to £3.50 I will have a nibble.
Range bound up to £5
Despite negative comments here, it must not be forgotten that Dignity is a major name in the funeral industry and will always be in business. I think that its a good bet to buy these shares at any price below £5. Should there be a takeover......we are looking at least for £6.75. A nice safe share to tuck away and wait for the jackpot!
Dignity are now working for half the profits Independents were working for 10 years ago
It makes them "busy fools" instead of setting a more realistic pricing structure
To suggest that they will always be in business is a very bold statement. I started my business career with ICI - a company about which many might have made a similar statement - and look what happened to that company!
I sold my 100 year old business to Dignity, then Andrew Davies left , the amazingly bad regional, area and local management along with the amazingly poor choice of staff are stuffing it into the ground.
No one tells the truth, therefore no one can be trusted. If they don't take a real look at the people problem
within this business, its only going to go one way ! .
Come on guys ! many of my friends have bought pre paid plans, sort your staff out, you only need to take a look at
Dignity Indeed to see what nice people who are employed by the company. think of it, be quick they don't stay long !!
Channon's gone but still pulling the strings behind the scenes, his toxic management succesfully tanking the share price. The puppet team left in place won't make a difference. Phoenix out!
Despite negative comments here, it must not be forgotten that Dignity is a major name in the funeral industry and will always be in business. I think that its a good bet to buy these shares at any price below £5. Should there be a takeover......we are looking at least for £6.75. A nice safe share to tuck away and wait for the jackpot!
Quite alarming that the share price has halved since the ousting of the board over a year ago.
I’d challenge the new CEO’s credentials to run a listed company however, Gary Channon needed to get out and Kate Davidson was his choice for COO only recently, something fishy here.
When you think his whole speech and courting of the investors was to increase the share price. Their new strategy is dodgy at best. In essence they have cut the price of their funerals to match the market average. All that says is we have been profiteering from families grief for the past 15 years and now we can’t do that anymore without market share implosion. Doing more funerals now but margins have been hammered.
Any long term experienced staff are looking for the door and accepting redundancy. Loads of people have left this company.
Don’t know what I’d expect the share price to get to when the strategy is fully run out but won’t see £7 for a long time.
Surprising drop in share price this morning. The Preliminary results are about the same KPIs as last period, so not sure why the fall. Perhaps many investors were expecting a significant increase in KPIs due to increased deaths, but the deaths has remained the same as last period.
This is getting embarrassing now. Fully supported the boardroom takeover, but nothing in almost a year. CHANNON OUT!