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Multi bagger written all over this share.
Great to see the RNS states the shares will be cancelled. I have seen buy backs where they put into treasury then wheel them back out again. These are being cancelled which is superb. £100,000 purchased today and £24.9m still to go.
This is gonna fly
Wooosh
Brilliant late RNS - 237k shares bought back today, make sure you scroll down for the itemized buys. What's notable is that they were bidding shares up this morning paying 47.75p and then taking the bids off the order book this afternoon at 46.6p, as well as the 50k buy at 47.5p. Makes sense if you want to buy as many as possible at current levels.
Those look like buy backs
Another big delayed but just printed from 11.01am. Relentless buying
Volume now too - 50p close today hopefully. Bring on the buyback followed by the US disposal
Bigger buyers stepping in
Some buys hitting the offer now
This should be £1.50 and some
SP moving up.
3 months max for a bagger
I think these closing auctions are beginning to tell the real story. Either our danish institutional holder is building his stake higher having just gone through 13% last week or FCH broker is buying back . If it’s both then even better
Closing auction again interesting, 100k buy order at 45p went unfilled (as if someone is testing the waters after the 450k at 42p on Friday) and then a 50k buy order came in at 45.5 right at the end. Neither were filled, not a seller in sight.
Very strong trading into close, quoted 47.78p for size, there appears to be limited stock available & why should there be at these distressed levels with a buyback initiated?!
Do not rule out out a (US derived) topco bid with projected H2 UK profitable
Big finish into the close
Flex pay growth - 500%. US disposal . £164m of cash. £25m buyback. £1.50 share price coming in short order
Off we go ...to 75 -80p starters
Good points there SC, just wait till the buy back kicks in as no rns as of yet and so i expect a strong rerate from current levels as its clearly undervalued imo as trading below cash, so business in for free. Just look at the growth in Flexipay, its going from strength to strength.
They hadn't started the buyback as of Friday close as they have to RNS each day the amount of shares acquired, once they do it will be really interesting to see how many they can buy at these levels.
The KPI's for Flexipay look really good indeed;
H2 Income per active account grew to £861 (6500 accounts, £5.6m income), vs H1 which was £605 (3800 accounts, £2.3m income)
Average month end balances per active account held steady (£56m / 6500 = £8600, vs H1 which was £34m / 3800 = £8900), I'd say this stat is especially impressive given the 71% growth in active accounts during the half who wouldn't have been using the product for a whole period.
In H123 they added a net 1800 active accounts, in H223 this increased to a net 2700. Should this cadence continue for the next 12 months, FY24 would end with 14600 active accounts, if income per active account stays at £861 per 6 months (£1723 annualised) , then revenue would hit £25m
What we can say with a fair bit of certainty is that Flexipay has good product market fit, now it's about scaling this product to as many UK SME's as possible. As of YE22 they had lent to 84k UK SME's since 2010, so there is loads of runway...
Ignore that last post. February volume was 21m in total. Therefore a total of 10.5m can be re purchased this month. Thats £4.8m which should really motor the share price. US disposal will be well received too.
I actually think they have started buying back. That can buy up to 50% of the total Volume in Feb which was around 5m shares. Therefore they can buyback 2.5m shares or £1.25m this month.
V strong buy here now.
Any idea when the buy backs will start. Is there a timeline? From a company perspective, it would be better to kick it off BEFORE the US sale.
Whatever they secure for the US disposal will be hugely positive. Very exciting times ahead here. All the right ingredients for a multi bagger
They should be looking at retrieving sunk costs as a minimum