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Share price has been held down until the buy back is totally completed by LDG.
Zoolook, it is true that it has increased its cash per share position.
However, the discount we were trading at before and now it makes it seem, quite bizarrely, that the market doesn't care about the cash it holds in the bank.
It just seems odd how it's being held down and to finish with such a large buyback and no price movement is very strange indeed.
Fiat - it might have less cash in the bank but it improved the cash per share position which is actual what matters here and coupled with the CTH investment it will have increased its NAV compared to February so it’s in a better, not worse, position
I guess my question would be how they managed to buy back the sheer number of shares they did at such a low price, especially discounted heavily to NAV - and so much in one day!
Something stinks about it, I'm not saying they didn't buy back the shares (that's plain and obvious for all to see) but my real question is, who was selling? Insiders? Certainly couldn't have been retail putting huge limits at 15.9p throughout this entire buyback.
Now LDG is left in a situation with significantly less cash in the bank and a similar SP as it had in Feb, it's in a much worse position now IMO and the only shining light is a small investment in CTH.
And on that note, it's not clear exactly to what extent LDG will be involved in the deal between DBAY and CTH, which has a market cap of ~£850m.
Fair enough zoolook, I can't argue with your reasoning there. TBH I would have sold out if we'd got nearer to 19p - over 17p would have been good for me too.
Not enough to gain by selling now at 14p so will hold and wait again. With any luck the reason for the final massive buyback completion yesterday will become clear in the coming days and we will all think DBay are absolute geniuses!!
I won't be buying in further as have no funds available :-( everything tied up.
Why? I don’t know the SP will reach that level but if it does then it will have gone from stupidly low to insanely low and will be compelling enough to go large again. My lack of comfort relates to the amount I have in and my initial intent was to sell the whole holding above >17p but it didn’t happen. Since then I’ve read and thought about the investment case and been impressed with their action re CTH so more comfortable now.
Thanks Lazz,
I wondered in my first post today why they completed the buyback so quickly as it seemed odd, now that would make sense.
I was and still am in two minds what to do but the prospect of 'good news soon' makes me want to hold.
I hope I don't regret holding.
Look at the sells and the SP falling, could be below 14p in minutes :-(
Rats leaving as I thought might happen, panic setting in.
Not good.
A lot of surprise here on this chat today. Why would LDG buy back the rest of the shares so quickly? Because they have an announcement that will result in the share price going up. They’re not going to announce anything significant before the buyback is complete, otherwise they’ll be paying too much to complete the buyback. Now that the buyback is complete and considering we’ve seen some articles and RNS flirting with the idea of investments, I would say that strongly suggests there is good news coming very soon. I’m not surprised by todays RNS. Holding.
Hi zoolook, I'm a bit confused..... back on 23rd March you said "Sold half my holding yesterday. Below fair value but having gone all in wanted to hedge my bets. Still retain an uncomfortably large holding".
If you were uncomfortable then, why would you buy in further if the SP drops to 12p? Why not sell now and take the profit?
Apologies if I've misunderstood. Probably have as not a clue what is going on :-)
HD73 #me too!
I'm quite new to all this too and have similarly made good investments that 'turned bad' not least because Russia invaded Ukraine! I had 26,000 shares in LDG but sold 9,000 (at a profit, phew) to fund something else, turns out that was a mistake too.
I still have 19,000 shares here owing me a just under 10p a share so, a good profit to be had, or wait for it to increase for a bigger profit?
Hindsight always right, wish I'd sold at 16p, but if I sell now in 3 years time when it's 50p I'll be saying 'wish I'd held'!
It's a pain either way.
The stated purpose of the buyback was to allow investors to exit following the companies change of direction and to close the gap with the cash per share so clearly it did achieve its goals. That gap might not have closed enough for some but that’s hardly the fault of the company. They have been proactive with new investments too. The actions of the company so far have impressed me and the asset backing is great. I still retain a substantial amount and going to sit it out and might even pick up more if it drops into the 12’s again
I have so little invested here that for a £20 profit I might as well hold! Only been doing this share stuff for a year but have made so many bad investments (which I now claim are all LTHs) I may as well just hang on and see what happens... I believe the phrase is "It's only a loss if you sell!". :)
Very disappointing.
Clearly the buyback didn't achieve its goal. Yes, I believe the SP was suppressed to enable the buyback within a set budget but that completely negated its purpose, surely.
Have we been screwed over? Quite possibly.
What to do next? Hold or sell? I really don't know what to do. Short term maybe dump but longer term DBay should turn this into a great investment vehicle.
Dilemma!
Watch & wait (again) or run away?
Any thoughts?
All the best. DBAY have definitely suppressed the share price but why wouldn't you if you were them. They are now in a great position to take this forward.
Guess I'm crazy then, but I'm out.
This buyback was a disaster, they screwed us and I'd rather sell at a slight profit now than hold a share that could barely maintain its SP (discounted from NAV!) with millions pumped into it daily.
Good luck all.
Toto - HOLD the line
There were millions invested way above the final share buyback yesterday, anyone who sells now is crazy. In the words of William Wallace - HOLD
I don't know how they did it but yesterday Investec bought back 52,786,586 shares and hit the magic targeted number of 140,441,180 shares i.e. 100%.
They had until August '23 but have completed already! I wonder why the rush/panic?
They have now bought back 20% of the shares in circulation and yet the SP is below 16p, let alone the 19p the buyback was meant to achieve.
Even worse this has come after yesterdays results RNS which seemed more than favourable to help the SP rise, but nothing. How is that even possible??
I fear now that the remaining investors will exit like the proverbial rats and this will fall all the way back to who knows where?
I hope I am wrong as I intend to hold a little longer at least, just see what happens I guess?
Good luck anyone left holding here.
Nothing new there Biscotti, the offer for CTH was all reported on Monday. Now we just need to wait to see if they make a firm offer and if CTH accept, or if - hopefully - it starts a bidding war. Better than the other sort of war!!
https://www.easterneye.biz/dbay-advisors-outbids-founders-for-caretech-buyout/
Development
eviking - the cash balance and value per share about the only bits I understood!!
Plenty of positive info about DBays management though, all bodes well I think.
Onwards and upwards.
Wasn't me!! :-)
Big buys good news but plenty of PI's will exit as the SP rises, keeps dragging the SP back again.
Everyone STOP selling, this will continue to rise and more so if you stop selling out too cheap, IMO.
patshare buys
Another 10million & 7.3million bought by someone.
patshare
The Company now has no financial debt and a cash balance of £131.9m or approximately £0.19 per ordinary share.
good news!