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Hang tight the North Lanarkshire contract will be announced this week
And we have an expected RNS for Axxion reducing their holding further. Would expect to see some further RNS this week.
3.7 million shares traded today
CFO buys 20000 shares. Not the RNS I was expecting, but always good to see the directors getting their cash out and buying shares.
We have had two days of share turnover in excess of 2 million, so would expect at least 1 RNS concerning large holdings
Axxion unloading more of their holding. Looks like they may want to completely unload. If the price holds up then a real positive.
The shares they have been buying back in the latest round fall into this years results. If they do manage to hit the same profit as they are suggesting from last year then they will definitely have a record EPS. It would not surprise me to see a further buyback later in the year. This one may be over today or tomorrow by the look of it. The all-time high share price was about £5.25, so they are nowhere near this on a similar EPS and far better cash position.
Maybe because they haven't cancelled the bought-back shares held in treasury?
Very close to their best ever EPS, and yet the share price is nowhere near the all time high
Happy with very strong results RNS today. Good to see them not using that scary euphemism “challenging”.
I'd hoped to see a bit of an increase following this - I suppose it's still to be approved.
40% of the £20 million already spent
I'm wondering whether the buybacks are of shares being sold by a large holder who wants to unload.
Thanks
Last year Uncle Doug it was supposed to be 30th March, but of course the auditors unavailability pushed it back, so I was working on that basis. As we know there is nothing certain in this game, but £4 looks likely in the very near future given how much the price is moving up already with the buybacks made. I've never been a great fan of buybacks as I've seen in other companies money just wasted doing it and share price going south, but with the last buyback programme Mears look like they played a clever game, and this one looks strategic as well in getting it done in quick time before the results.
Alan, you make some good points there. BTW - do you have an exact (or rough) date for Results Update?
So far they're buying back a lot stronger than I was expecting ; as you say at this rate could be all over in a few weeks.
Given how much they spent on the first day of the buyback this could be all done and dusted by the time of the results
Another £20 million buyback announced. This is arguably a huge buy signal, as they could have waited for the final results at the end of March to announce this, but going early likely means they can buy cheaper than after the results, and they will not be paying a dividend on however many they are able to buyback before the shares go ex dividend, so will be saving a large amount.
Liked the numbers in the Interim update and all that is going on @ Mears and probably have them as likely takeover candidates for Home Group when it has transformed itself out of all its poorly looked after and poorly managed properties and got itself relisted. Memory serves me right they have already picked up a slice of the portfolio of properties on the cheap.
Doug, you should really have waited for the Scotland announcement
Looking back on my August 2023 post, that's now ten good updates in a row. SP is still well under fair value. Expect another nice rise in dividend this year. North Lanarkshire contract should be announced fairly soon and that will boost SP even more. Having said that, I've banked some profits and sold 1/3 of my holding @343p. I'll let the other 2/3rds run for a while longer. Thank God I didn't take DayTroll's advice to sell @152p. Liontrust were a bit stupid to dump these last year @219ish ... sometimes you just need a little patience.
We'll be touching £4 if the Scotland contract gets announced which is due this month...BOOM TIME
I reviewed my older post of 13/12/23, and my advice regarding the doji candlestick low of 289.5, as a stop level , was correct. Unfortunately my advice to sell, was incorrect, but anyone who took the stop level advice, would have benefited from the subsequent equity price rise. I am as keen as anyone, to learn from what my comment of 13/12/23, to hopefully perfect.
Symmetry theory provides a sp, target of 349.5, using the previous major rally, from the beginning of the current major rally . MER, is the leading equity in the sector today, and the sector chart, shows the least line of resistance, is up.