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Interesting reading from Ocado. One could read that as paving the way for MS to buy the remainder of Ocado Retail in the not too distant future? But good to see an improvement in Ocado Retail...may even be tempted to dip my toe back into Ocado!
" Ocado grp losing 85% of their declared revenue is a big step."
Yes...but what will really matter is the loss of Ocado Retail EBITDA , not the revenue ...as the EBITDA contributes to cash inflow ...and the EBITDA margin is of course a very small % of their revenue
Ocado grp losing 85% of their declared revenue is a big step.
Its good to see a return to profitability at Ocado Retail - underlined today by excellent results from Ocado Group.
The following is very relevant for MKS shareholders -
Deconsolidation of Ocado Retail - from Ocado results.
"Ocado Group plc and M&S are both joint equal shareholders of Ocado Retail Limited. At present the results of Ocado Retail Limited are consolidated into the results of Ocado Group plc as Ocado Group plc are deemed to be the controlling shareholder via certain tie-breaking rights. Our current intention is to give up those tie-breaking rights to M&S in early April 2025. There will be no change in the economic interest of both shareholders in Ocado Retail Limited, or any consideration paid by M&S, as a result of this proposed change. After giving up the tie-breaking rights to M&S, we expect that the results of Ocado Retail Limited will cease to be consolidated into the results of Ocado Group plc and will instead be equity accounted for as an investment from this point onwards. From this point, M&S would have the right to consolidate the results of Ocado Retail Limited pursuant to the terms of the original Shareholder Agreement signed in August 2019 when the Joint Venture was formed."
Https://www.dailymail.co.uk/news/article-13125027/marks-spencer-UK-favourite-supermarket-survey.html#:~:text=Marks%20and%20Spencer%20is%20the%20UK%27s%20favourite%20supermarket%20%2D%20even%20though,score%20of%2076%20per%20cent.
There is no mcap for Ocado retail. It’s a JV
Perhaps would be nice if MKS could use this as leverage to take ownership of the other half of Ocado, but the market cap still seems silly, nearly the same as MKS.
Marks & Spencer is due to pay a final instalment of £190.7m by August after the pair joined forces in 2019
Ocado used to count Waitrose as its retail partner but dropped the upmarket grocer in favour of Marks & Spencer
Ocado used to count Waitrose as its retail partner but dropped the upmarket grocer in favour of Marks & Spencer
OCADO
Marks & Spencer is withholding a multimillion-pound payment to Ocado Group after their grocery delivery venture missed key performance targets.
It's possible they were sitting just below 3% previously, perhaps from purchases much lower last year, and then took the opportunity this month to buy the dip to top up?
Apologies- share purchase price was meant to be stated at £2.37/ £2.38
So RWC Asset Management are the largest institutional investor on the share register now at 4.73%. Shares purchased at around 37/38p on 9th February.
They won’t be wanting to see much further drifting in the share price.
I wonder if Silchester International Investors have been building up a stake like they did with Morrisons?
It's an occasional glitch in the LSE system, happens a few times a year and is across the whole platform. Sometimes they catch up with the data feed later in the day but there are a few like this where they just never appear. Agree with your approach to always have other sources you can rely on.
Looking back on the recent RNS history of MKS, I notice that there was a holdings declaration on 12th February which does not appear in the “Live RNS” heading
https://www.londonstockexchange.com/news-article/MKS/holding-s-in-company/16329064
I have set up RNS alerts for all companies in which I own shares and this RNS was delivered to my email address in the usual way.
The company acquiring the shares is RWC Asset Management and there does not appear to have been a previous notification according to the form submitted on 12th February.
A new holding of just under 5% is excellent news, especially as the financial press are talking about potential interest in MKS.
Just don’t quite understand why it hasn’t been logged under all the other RNS announcements on this page.
A PE is just that, a ratio. It should never be used in isolation to determine value as it doesn’t include many other metrics in determining value.
Regarding my message about private equity and the appointment of Cheryl Potter
https://www.proactiveinvestors.co.uk/companies/news/1041238/currys-bid-battle-highlights-m-a-potential-for-dr-martens-m-s-dfs-and-halfords-1041238.html?rel=scroll
Retail sales data:
https://www.ons.gov.uk/businessindustryandtrade/retailindustry/bulletins/retailsales/january2024
Retail sales figures out today which beat expectations - I would expect MKS to go north today on the back of this, let's see
gla dyor etc
It's a waiting game again. Entry point is around 212ish before trading announcement. Hope we bounce back to required level before May.
Https://www.retailgazette.co.uk/blog/2024/02/ms-puma-reebok-sports-edit/
Not sure if someone is going to find this useful but they exactly know what they planing in near future.
Today I'm delighted to announce a couple of leadership changes as we continue to reshape M&S for growth.
Firstly, Rachel Higham will be joining the business as our new Chief Digital & Technology Officer.
And secondly, Mark Lemming, who has done a brilliant job leading our Clothing & Home Supply Chain & Logistics over the past two years, will step up to be our new International Managing Director.
Both of these roles will sit on our Executive Committee, reflecting the importance of Digital & Technology and capital-light International growth to the next phase of our transformation. As I set out at our recent Capital Markets Day, we have more to do in both of these areas and so much opportunity.
Rachel and Mark are fantastic additions to our Executive team and I am confident that, with their leadership, we will accelerate the pace of change in the business as we reshape M&S for growth.
And everyone selling minimum 6k to benefit from TY CGT