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There is real value in INM. However there are three things holding SP back at the moment from what i can see 1) resolving the pensions issue with staff 2) Dividend 3) what it does with cash pile. The first two are inter-linked and why i would say the AGM is delayed (i.e. without pension issue resolved, unlikely to announce any dividend) Recently there has been a good volume of shares traded, which is a good sign. Hopefully with some good news on the three points above there could be significant movement in SP.
Here's a link to it https://seekingalpha.com/article/4028333-undervalued-company-europe-independent-news-and-media-plc
Interesting to watch INM trading on these types of P/E with cash on the balance sheet, profitable & relatively low debt - does anyone have access to this article below on seeking alpha pro they could send me? The Most Undervalued Company In Europe - Independent News & Media Plc - on seeking alpha pro Wonder is INM the classic Benjamin Graham cigar butt - cheap with a few puffs left......
No surprise, has been run in certain interests for awhile now. They should look back to the last INM & APN restructuring deals. Why SP is not reflecting the true value
Astonishing news in the paper today. A house divided?
There is nothing here for the vultures. The two principal holders have around 45% between them, and I think the bank or banks have another 5%. Tidy arrangement.
I suppose, on reflection, you cannot propose a dividend while at the same time attacking the company's pensioners. That would be a bit blatant, even for INM. Maybe next year, when the blood has been washed off the streets. Not sure the results are as good as they look, advertising/circulation still falling.
what to do with it and when is the question. If they dont do something soon, some vulture fund is going to cop on that cash and assets are worth alot more that an 11c share price.
1.537M in Dublin it seems
Where traded? Dublin? Nothing showing here all day.
Much higher than normal volume traded today, not sure if it was buys or sells.
Property tax day. Very fitting.
Results are due March 21st
Final results came 4 March last year, should come Friday unless there is some reason for delay?
Shares may be pledged against a loan somewhere, ok there are ways around that but it's a little messy. Dividend seems perfectly straightforward. A 5% dividend would leave plenty of change from the expected annual profit. Cash on the balance sheet is nice, but INM will not be allowed to buy anything substantial now unless the target is facing imminent closure - hence can drive a very hard bargain.
Dividend is a must to see share price improve and give shareholders some reason to hold stock Share buy back:- For any share buybacks the majority shareholder can dispose of the stock amount that would bring them over the limit or alternatively face the consequences and bid for the company. Who's interest is INM being run in again!!!!!!. Its no wonder its SP is tanking
Current Market cap is 153m...less 30% owned; leaving 103m and less cash 85m+ they were to have in the bank at end of last year = <15m. If market cap stays like this with additional new cash generated by mid year it would be free.
Dividend is certainly possible. Share buyback is not, as it would push the majority shareholder over 30%, with all sorts of consequences.
Market cap is currently 177m. To 'buy the company', main shareholder would need another 20% for 50% holding, which would cost minimum 35 millions, not 15 (actually much more, as any serious buying would push up the price). Of course it's academic, he doesn't need or want majority control, current situation suits him fine. I still think full year figures will be interesting, they cannot sit indefinitely on all that cash at bank (earning what? 0%?)
The main shareholder at current prices could buy the company for <15m ....that alone should tell you how screwed up the stock is currently. The stock has been tanking for about a year now and the company doesn't appear to have a plan for all the cash. The stock price will only rise if someone buy's the stock or INM uses the cash to buy back its own shares. It could also return some of the cash through a dividend and in turn create some buying interest. Are any of these likely!!!
looks very weak, must be nothing encouraging in the annual report?
Reports INM management in talks with owners of Irish Examiner (loss making, debts of 20 million). Hard to see much advantage to INM in picking up the pieces there, unless they got it for nothing. DOB is right, there are too many Irish dailies.
Cash at bank 31.12.15 was just under 60 million. Receivables were about 25 million, liabilities 63.5 million, leaving a net cash position somewhere over 20 million. Results were released 6 March last year.
Annual results due in a few weeks, will be interesting to see how the cash pile has grown. Share price looks weakish at this stage, not encouraging.
One good reason. Money in the bank. Against that, people are not sure they can trust the major shareholders to play fair. Bound to tell in the end, though. Cash is king.