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Wow, up to 12.19% I wondered if they would keep going after the results were a little weak. They must have a plan.
Cancelled old shares from previous buy back, very happy.
I think you are right, 28th was the 2nd court date and after that plain sailing
Looking at the time scale of the last share buy back, I think we could be due the RNS this week.
Thursday is favourite.
In my view share buy back will commence soon.
Any shares the company buy back under Nav is a good move for them.
If we hit 20p then I'm selling half my holding but keeping half for the long term.
Anything under 20p and I'm holding as this company is a money making machine.
I missed Monday's RNS, how did that happen?!
So, they approved the "further buyback" as we expected. All that remains to be seen now is a) when the buyback begins b) if the SP rises and by how much and c) how many shares DBay will offload at a premium to make themselves a load of money? Just like last time.
Question - why are they so concerned about the perceived discount to NAV? And why spend a big chunk of the cash pot trying to narrow that gap when surely that cash could be put to better use by investing it in something and growing the company/value?
It's all smoke & mirrors I think.
Still watching....
* Assuming 112,352,944 LDG shares are acquired pursuant to the Share Buyback Authority and the Concert Party does not participate in the Share Buyback and no further LDG shares are issued by the Company.
Capital Reduction
As set out in paragraph 4 of Part I of the circular published by the Company on 16 February 2023 (the "Circular"), the Company intends to make an application for a Court Order to cancel 140,441,180 Ordinary Shares (the "Cancellation Shares") by way of a Court-approved reduction of capital, as approved by the Shareholders at the General Meeting. A provisional date of 17 March 2023 has been obtained for the directions hearing, and 28 March 2023 for the confirmation hearing. These dates are subject to change depending on the Court's timetable.
Pleased it's all gone through. Last time they started buying shares back almost immediately! 20p would be fair.
All passed
Roll on 20p
BTW they’ve said in the share buyback they will
target a share price discount to NAV per share of no more than 15 per cent. Anyone know (or guess!) what NAV figure they will choose to use?
They’ve said it’s to reduce the discount for shareholders seeking an exit, not specifically PI’s - why would they?
It may appear odd that LDG are investing in LDG but don't forget who's running the show - DBay.
If LDG is being used as an investment vehicle and those investments perform well then DBay do well too, and like last time I wouldn't be surprised if DBay sell back a chunk of their own holding in LDG during the further buyback when that proceeds and the SP rises, as they hope it will.
They say this is for the benefit of PI's, to narrow the perceived discount to NAV and that may well be true, but DBay are very good at making money - for DBay.
Only time will tell, but for sure the SP falling back may tempt me back in.
Still watching....
Presumably people taking the money and running. I can't blame them as this is a slow moving investment and maybe they see this is a good time to get out rather than having to wait another year for it to go up again (hopefully not...hopefully just a few more weeks/months).
As far as the NAV goes, this is a good thing. The share buyback is better value for money if the share price is low. The NAV (worth of the company / number of shares) goes up when LDG buys its own shares...and it goes up more if it costs less to do that.
In fact, if we assume that LDG is currently a really good investment (it clearly is on paper) then any company that invests in it is doing well. It's just a bit peculiar that it's LDG investing in LDG.
on its ass again!!!! frustrating!
D'oh!
*number of shares bought back
No idea what 'bough back' means, sorry.
*your circular expectation.
I think that's the only typo! Stupid fingers!!
Evening all! First chance I've had to post since this morning's RNS - good work Bergcarls, how did you know? Spot on with you circular expectation!
I would say an excellent RNS although I don't profess to understand all of it. Good info regarding the "further buyback" which will almost certainly proceed by the look of it, and good to see an update comprising their investments to date, including the purchase of CareTech shares for £13,116,740 and subsequent disposal of same for £14.8M - I make that a profit of £1,683,260. Ker-ching!
So they currently have approx. £77.8M in cash (I'm assuming that includes the £14.8M received from the CareTech sale?) and £30.3M invested, with 562M shares in issue. On that basis the NAV should be around 19.2p, I think that's right.
Looks like a bit of a ****-up on the Prior Buyback though, seems they forgot to cancel the 140M shares they bought back!
They intend to buyback up to 20% of the shares - a further 112,352,944 - and spend up to £15M in doing so. There's already a problem there - based on today's SP of 16.2p they could only buyback some 92,000,000 shares, and if the SP increases further between now and the buyback commencing - or during the buyback - then the number of shares bough back could be even less. It's a conundrum for sure.
I also suspect, like before, that once the buyback has soaked up a chunk of shares on the open market that DBay will 'fill the gap' with a big chunk of theirs at the then higher SP and make a killing. Again. Nice work DBay, what about everyone else invested here?
So, what does all this mean going forward? I have no idea, maybe someone who actually understands all this could shed some light on it please?
My feeling is that the SP will rise, both before and during the buyback, but to what? I don't think 20p is unrealistic.
My only problem with all this? I wish I had bought back in a while ago when the SP was 13.5-14p and now I have nothing available to invest even if I wanted to. I think I missed the boat here :-( however I took a side-bet for a tenner with a friend of mine today that LDG will hit 20p this year :-) so hope it does.
Never mind, still watching though....
Good luck all.
Nice I’m glad it came before April! I was trying trying manage my expectations so I wasn’t disappointed
Should be positive for the SP.
And here it is
I think we will have news before April
I'm expecting a circular with details of the proposed share buy back announced in the RNS dated 1/11/22.
It should be similar to the share buy back RNS dated 14/1/22.
As time ticks on buy I think we won’t hear anymore on the share buyback until final results in April
Be interesting to see the success of the investments made, I know FIF is due to realise there results next Monday
What do you guys think
Happy to sit a wait for the time being and watch this one gently grow
Simon Cawkwell buy tut tut 20p soon kaaching
100% agree. Share buyback should have a larger effect this time round as well i think.
Agreed
LDG have made great investments
We have no debt
We have 10s of millions in cash
No reason this should fall. All investments have made money and still to announce share buyback. That's why this share is a steal at 15.5p!