Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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From report looks like good financial discipline with cash pile - looks like they paid 10 x earnings for Surpreme Stationary - 4.7m acquisition cost on 400k + of earnings - and would think that unlike a lot of deals there will be genuine synergies if only in distribution costs
If on deposit with Bank of Ireland for example corporate deposits are 0% last time i checked
I do not see any record in the posted results of the interest paid on the 91 million in the bank. I presume this must be disclosed to shareholders in the full accounts, can anyone enlighten us?
Top line revenue drop is concerning as always. Lets see if INM has enough perceived quality that they CAN put some material behind a paywall. I'm not fully convinced they have enough perceived quality. Get the sense they took 2017 as an opportunity to get some bad news squared away in the accounts when the other compulsory one off hits were being taken too like libel,CEO pay-off....they've 'chosen' to write down Belfast Masthead , make significant pension top-up payment. This all creates a good YOY net income comparison for new CEO/Chairman moving from 2017 into 2018. They've kept cash pile under 100m which keeps loud chorus of dividend hunters subdued. Not trying to claim here they're in complete control of a business in clear secular decline but think 2017 was a year to squeeze all the bad news into.
Deafening silence. Outlook not great. They really need to make the cash pile work, before it starts shrinking.
Rather strange piece in today's Phoenix magazine, says INM is cheap but ignores the reason why, i.e. no mention of the elephant in the room
Was Murdoch told he could have INM only if he also took Newstalk? Would make sense.
Interesting article in times this week where it mentioned Rupert Murdoch recently explored a potential bid to buy Newstalk. Very strange why would he want to buy loss making newstalk.....i wonder if he is interested in buying INM from DoB instead. Didn't he buy DoB shares in APN awhile back!!
Bit of buying today...some news must be coming soon
Somethings up all of a sudden. Big buy ins, but who's selling??? Sir Anthony and friends anything left to sell.
Nearly 19m shares traded this week and SP still drifts down (obviously sellers). INM is still not releasing any positive news to help current shareholders. Around 10m cash added to the balance sheet since AGM and share-price still drifts lower !!! It is unbelievable that existing shareholders (outside DoB & DD) are not jumping up and down and asking serious questions of INM management.
does this mean anything? DH was said to be DD's nominee.
Unlikely, there are very few distressed assets out there and INM due to DoB share holding face all kind of competition hurdles buying media assets in Ireland (Irish Examiner a prime example). Cash building until DoB decides whether to make a bid or not. Anyone know when ODCE are due to deliver on their corporate governance investigation. INM is unlikely to move anywhere until this is settled.
In my view, the cash pile is being preserved in expectation of distressed assets becoming available at some point. In the meantime the imputed assets can no doubt be used to balance other borrowings. But wtfdik?
How is it cute? Neither is getting any cash from the company (no dividend), suppressed share price might help if one or the other looks to take private but a premium to average share will need to be paid perhaps 50% premium. So looking at it and speaking about investing at only these levels 0.09 / 125m market cap. I think an investor is looking at an asymmetric trade here at these levels, it simply can’t grind much lower. Two positive catalysts both suiting DOB/DD would be enough for a good return - (1) resumption of dividends (2) taken private with share price premium What would be the bear or sneaky DOB/DD case (in my valuation I already build in slow cyclical decline in revenues so something else)?
The trouble is, there are two major investors, who between them control near enough 50% of the shares. In my opinion they act as a concert party, but I doubt if anyone could prove that. Forcing one of them to reduce his holding won't change the situation, the other will just take up the shares. It's a cute arrangement. Nobody ever said DOB was stupid. I would expect him to run rings around ODCE.
DOB influence should be permanently clipped at INM. Similar to Ryanairs stake in AerLingus in the past, he should be put on notice and forced to sell his INM stake It shouldn't take a genius to see there is something seriously wrong at INM. A market leading company valued at 120m, with a cash balance of 100m and circa 30m/ year profits and where nobody wants to invest ....something seriously stinks at INM!!
ODCE have Buckley in crosshairs - Pitt has done a great service to the common shareholder. DOB influence has definitely been clipped. INM dipped again to 120m market cap on Friday - I�ll happily buy all day long at each slide to that sort of level. End of year 2018 INM will have 120m in cash in the bank!!
Trading statement was 9 November 7am. There were three significant sales on 8th - 600k once and 466k twice. Seems the statement was not a complete surprise to someone.
There was some hefty buying after the midsummer profit warning. May not have been DD, but no surprise if there was some connection. He can buy if he wishes, which DOB can't without problems. Of course some people might view them as a concert party.
You would still have to ask why it suits DoB & INM to keep the share price suppressed. There is also very little from DD and you have to wonder why he is not increasing his stake at these low values. Most of the profit dip is related to the wrangle over the newstalk purchase and pay-off for Robert Pitt. You would have to imagine they are once off payments and will not impact 2018 profits, which should push back to 30-35m next year. Management should be selling a more positive story for INM, you'd have to ask why they aren't!!
Unfortunately DOB does not need to buy this in, even for half nothing. Suits him well enough as it is, in my opinion.
Market Cap at �127m, cash pile c.�100m, even impaired full year profits still prob �25m You can pick this thing up for free practically In terms of M&A deals what premium to share price is considered reasonable?
Something strange happening here at INM....drip, drip, drip of bad news; no positive news or effort to us cash available (dividends, share buy backs, investments). All of which only leads to the suppressing the SP and in who's interest. All lining up for a takeover bid from DoB soon !!
In my opinion nothing will happen here, until and unless the Irish Times comes into play. If that should happen - and it may be several years away - we will see what DOB and DD really have in mind. I suspect the game plan is already ready. It won't be plain sailing, obviously, but if the alternative is Armageddon, who knows? Until that happens, if it does, they will just keep piling up the cash. No law against that, is there?