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Thanks Alex, I thought I’d missed something out the ordinary
I’d be interested to know what’s happening on the 20th Jan, please tell all Redman
28 January 2021 – Q3 FY21 Trading Update
20th Jan?? Whats happening on that date?
Seems to be happy to sit around the same price, nothing happening until the 20th Jan it looks like.
I think it does not help that fund managers look like they are screwing with this share. I mean looking at some buys, 1 to 15 shares bought then sold later in the day or a couple of days later. Is it me or is there an agenda to keep this low?
Mitie Group's acquisition of Interserve Facilities Management has completed. The combined business has about 77,500 employees.
After revising the terms of the deal last month, Mitie has acquired the Interserve division on a cash free and debt free basis for consideration of £120m in cash and approximately 248 million shares in Mitie.
The share element of the agreement now represents about 17.5 per cent of the enlarged group share capital.
Speaking last month, Mitie chief executive Phil Bentley said the acquisition "accelerates the delivery of our technology-led strategy, expanding our scale and footprint to create the UK's largest facilities management company".
"The combination of these two businesses will transform our competitive positioning, unlock significant growth opportunities for both our business and our 77,500 colleagues and strengthen our financial profile, better balancing our public and private sector divisions and driving greater returns from the investments we have made in technology, systems and customer service over the past three years."
Mitie has today completed its acquisition of Interserve Facilities Management, combining forces to become the biggest FM operator in the UK. In an exclusive interview with FMJ Phil Bentley, Chief Executive, Mitie said that following the acquisition, “we aim to be the partner of choice in Government as well as in the private sector.”
Together, the enhanced Mitie Group aims to create a business which combines public and private sector expertise with industry-leading technology and sustainability credentials. The new operating model is designed to combine the best of both Mitie and Interserve Facilities Management and pledges to shape the future of the industry, with recognition for frontline heroes, industry-leading technology and a focus on sustainability
Phil Bentley, Chief Executive, Mitie, said: “I want to extend a warm welcome to all the new colleagues and clients who are joining Mitie today. I recognise that there is much to do as we bring our two companies together, but I believe that we have an opportunity to shape the future of Facilities Management. By being the voice of the frontline and a standard bearer for the industry, together, we will create a company we can all be proud of.”
The group will be formed of five divisions:
Business Services which includes Security, Cleaning and Office ServicesCentral Government and DefenceCommunities which will serve Hospitals, PFI Schools, Local AuthoritiesTechnical Services including Engineering Services, Energy, Water and Real Estate ServicesSpecialist Services comprising of Mite’s existing Care & Custody, Landscapes and Waste businessesMitie has invested heavily in its IT infrastructure over the past three years. Its award-winning technology will underpin the delivery of services, using a range of connected-technology including remote monitoring, real-time analytics, chatbots and energy monitoring. Technology is changing the FM industry and Mitie is at the forefront of this revolution, supporting clients to make workplaces safer, more agile, and more efficient, in the post-COVID-19 world.
Mitie now has 77,500 employees, the majority of which continue to work as frontline heroes, helping to keep the UK running throughout the pandemic and beyond. Recognising the vital services these colleagues provide, Mitie has developed a range of initiatives which offer support, development and opportunity, creating a great place to work for all colleagues.
A range of new industry-leading benefits will be available to all colleagues including life assurance, a 24/7 virtual GP service, and an Employee Assistance Programme, as well as a range of other lifestyle benefits.
Colleagues will also have access to Mitie’s Learning Hub, development programmes, and apprenticeship courses. This investment in learning and development, combined with the Group’s broad range of services and clients across every sector, means there will be even more opportunities for career progression.
You can read an exc
I thought there may have been a small spike, but there again, the news has been out there a while so probably factored in on the previous rise. I’m sure it will find its feet over the next few trading days. It’s pretty solid at around the 40p mark so solid foundation
Small drop on initial announcement, let's see what's next.
Jag $million question. My opinion is onwards and upwards. I think Mitie is in a small group of shares unfairly treated in the COVID world. The Interserve angle will help Mitie break into the world of government contracts. Don’t forget their investment in COVID cleaning products and involvement in testing centres and nightingale hospitals. Once vaccines are available and the world rotates to normal, the areas of the business highlighted in the latest trading update as struggling will recover, what’s not to like. 80p this time next year IMHO
So the new mitie starts on 1st Dec. Interserve deal all done. I wonder what the price will climb to on Tuesday? Or will it be still up and down?
Hoping for 55p - 60p range on Mitie. I think it's exciting times ahead here.
Jefferies predicts Mitie cashflow leap
Outsourcing group Mitie (MTO) has resolved its liabilities more quickly than expected, boosting its free cashflow yield, according to Jefferies.
Analyst Kean Marden retained his ‘buy’ recommendation and target price of 55p on the shares, which were trading at 39.7p yesterday at the time of writing.
‘Mitie’s off-balance sheet liabilities have been resolved more quickly than expected,’ he said.
‘This has positive implications for future cash conversion and could boost the free cashflow yield to 15% by full year 2024 if [streamlining drive] Project Forte savings and Interserve acquisition synergies are secured.’
Marden added the Interserve acquisition was ‘not without risk but could provide upside to our 80p price target scenario when integration risks subside’.
https://citywire.co.uk/funds-insider/news/the-expert-view-cineworld-cake-box-and-mitie/a1429379
It would nice to see the price going north now. After yesterday's result of the interserve deal, being pushed through by share holders. Come on 50 -60 p min....or am I hoping too much?
Next week's shareholder vote should secure confidence and see this start to increase again
Disappointing drop in SP, decent 1/2 year results given the current climate but the lack of a dividend didn’t help. Should see a movement north again with the completion of the Interserve acquisition over the next couple of weeks
I was expecting better results from MTO...!
· Revenue from continuing operations of £972.4m, 9.8% lower than the prior year
· Operating profit before other items of £21.5m (H1 19/20: £33.0m)
Agreed, sp should move northwards (hopefully!) over next few days / weeks
Yes I thought it was a good update. Revenue still coming in .
What's not to ,like?
Results look largely positive and upbeat for 2021, should push sp into mid-40s, particularly with 30th Nov deal deadline on track.
I’m hoping for another positive run tomorrow. Positive half year results, some large buys after hours today , little resistance now 40p has been passed. 42p on opening tomorrow and who then knows where it might finish with the current climate