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Woosh - ranked the 6th best value stock in the U.K.! Could see absolute fireworks here over the next few weeks. 100% upside is doable IMO
We are in Simon Thompson Bargain shares 2024, investor chronicle
Market makers just shaking off weak hands. As the question was raised, yes the buyer has also confirmed the transaction, see their (DCC) RNS earlier today.
Today 07:00
RNS Number : 2464C
DCC PLC
07 February 2024
7 February 2024
Interim Management Statement
DCC plc, the leading international sales, marketing and support services group, is issuing this Interim Management Statement for the third quarter ended 31 December 2023.
Operating profit guidance for year reiterated; Development activity continues
Group adjusted operating profit for the third quarter ended 31 December 2023 was modestly ahead of the prior year, a good performance given the volatile macro environment.
DCC Energy delivered good operating profit growth, driven by the performance of Energy Solutions, despite mild weather conditions in most regions during the third quarter of the financial year. Although operating profit declined in both DCC Healthcare and DCC Technology, the rate of decline improved relative to the first half of the year. In DCC Healthcare, DCC Health & Beauty Solutions saw improved market conditions, albeit remaining subdued relative to historic growth rates. As in the first half of the year, DCC Technology experienced difficult trading conditions in the consumer technology sector.
Outlook
DCC continues to expect that the year ending 31 March 2024 will be another year of operating profit growth in line with expectations, and continued development activity.
Development activity
DCC has had an active year from a development perspective and has now committed approximately £355 million to acquisitions since our prior year Final Results in May 2023. Since the Interim Results announcement in November 2023, DCC Energy has committed approximately £45 million to new acquisitions which will further strengthen the energy management services and renewables offering of the business, including:
· The agreement to acquire the Energy Management division of eEnergy Group plc ("EML"). EML provides energy management services including energy procurement, market analysis, risk management and net zero pathway consulting to industrial, commercial, and public sector customers in the UK. EML's technology and services empowers customers to identify and eliminate energy waste and reduce their carbon emissions. The transaction is conditional upon eEnergy Group plc shareholder approval and is expected to complete by the end of the financial year.
· Complementary bolt-on acquisitions in Austria, Ireland and a renewable fuels distributor in the UK.
In November 2023, DCC announced the agreement to acquire Progas, a leading distributor of LPG in Germany, subject to regulatory approval. The transaction is progressing as anticipated and is expected to complete by the end of the financial year.
Date for Final Results
DCC expects to announce its results for the year ending 31 March 2024 on Tuesday 14 May 2024.
The key outstanding questions I have are;
What were the final 2023 results? We are yet to see these, and the sale RNS intimated that the results were off the pace. What are they going to do with the remaining energy services business? In the scheme of things it seems too small to be listed yet the BOD have given themselves very healthy SP options with quite high SP target levels. How will they get there? I would like to see a clear strategy. If there isn't one, I suspect they will sell off this final part of the business as well at some point this year and move on to the next project.
The buyer has confirmed this also? Seems daft that have this injection with our MCAP remaining as it is.
Presume we can expect revised forecasts early next week. Current market cap is baffling
Too many 100K sellers to gain any momentum though. Beginning to wonder what this stock has to do to gain enough market confidence to maintain a rise?
It's happening
Are we waiting for the resolution? OR is this 100% happening?
RNS out. All approved. £25m hitting the bank account ASAP
Result of GM just released...shareholders approved The Resolution to dispose Energy Management Division and Initial Cash Consideration of £25mio expected in the comings DAYS. DYOR
Will there be access online?
GM at 9.00am, guess some still waiting to see the deal ratified. Let's see, should be a good and exciting day and days to come. "... the Company confirms that a Notice of General Meeting, to be held at Fieldfisher's offices, 9th Floor, Riverbank House, 2 Swan Lane, London EC4R 3TT, United Kingdom on 7 February 2024 at 9.00 am, has been posted to shareholders and is available to view at the Company's website at www.eenergyplc.com/investors."
I received the same email, with no rescheduling done as yet. I don't think it will impact the deal. It is more likely they need a bit more time for some reason, big deal near to closing maybe or want the money in the bank first..
I received an email from Investor Meet Company saying that the meeting on the 8th is cancelled.
The question is, did they cancel the meeting bc it was set for the wrong date? If so, where is the link for the new meeting? Is this no longer being done through that platform?
Not sure. Confused.
Agree, growth and potential is in services division
I dont agree on several fronts. The family silver sold, we still have the gold.
The problem is the Group does not end up with £25m in cash. £8.1m of this is being used to pay down debt, and the "family silver" has been sold. This leaves a very small, albeit cash rich business, starting from scratch with the Buy and Build strategy in tatters. The main issue is what now happens with that cash, since the Group has a poor track record on that front.
With the GM tomorrow it should be an interesting day.
Even with the SP rise over the last week the company valuation is currently bang on £30m. Obviously when the £30m sale is ratified, EAAS gets an immediate £25m of cash.
So is the rest of the business (£19m rev p.a , 87% growth) worth just £5m??
Even at 10p the market cap would be £38.7m, which seems quite conservative IMHO.
RNS 23 January 2024
Posting of General Meeting Circular
Further to the announcement of the disposal of the Energy Management Division, the Company confirms that a Notice of General Meeting, to be held at Fieldfisher's offices, 9th Floor, Riverbank House, 2 Swan Lane, London EC4R 3TT, United Kingdom on 7 February 2024 at 9.00 am, has been posted to shareholders and is available to view at the Company's website at www.eenergyplc.com/investors.
.................
the RNS above is still on the website. Where are you getting the info about cancellation, which should be conveyed to ALL sharehoders simultaneously, via RNS
Just the investor meet cancelled? Get it now. Thought it was the gm and since we all vote online anyway didn't see it as an issue for them.
atb,
Is there a Telegram group for EAAS?
Bought back in after a little while out. I saw the Investor Meet is cancelled, do we have a new time for this?
Thanks and glad to be in.
Re the GM ShareInvestment isn't this the one that's cancelled? I had an email to say the GM on the 8th was cancelled, took it that it was a mix up on dates given to investors rather than the sale having been delayed (though that would explain the sells and disappointing rise).
Couple of buys >8p. Good sign