The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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to the interims but I think clearly the market does not understand our furry friend. No surprise to see a paws in recent good performance and things look a bit hairy on first sight of the Bear We should soon claw back losses as we have recovered well from a poor first quarter. Holding shares on results day is always a bit like being in bear pit as even when results are decent you get a sell-off. Looks a massive buying opportunity to me as the divi is fairly safe though another special divi looks remote. Ask me am I gonna buy some more and I will simply ask you " Does a bear **** in the woods?"
with enough shares being tendered to take the holding >25% and thus empowered to veto any special resolution. Provides a bearricade against any resolutions the tenderer doesn't like. Hopefully we will get a bid at a premium but I think upside will be somewhat limited by the concentration of shares in one hands. That said, some weak hands were takn out and investors will have to pay more to gather in shares.
the Tender Offer a southpaw by rejecting it. I was going to lock myself in a cub-icle to consider whether to cash in some shares bought lower down but think as the directors do there is more honey here for investors by resisting the offer. I am gonna shut my trap now until the situation plays out.
Yep a bit mixed - dark adding
Seemed to me to give very mixed messages. I would have bought more if it had fallen as the Tender Offer will underpin it. The profit undershoot is disappointing of course but it is being compared to an exceptional year. And it enjoyed a strong quarter. Still not surrendering any to the Tender Offer.
I happened to be passing through Alnwick last week, and was pleased to see a Northern bear board on the Playhouse refurb. in the high street. Think its a 3.3 mil project, not sure of Ntbr's share of it, but good to see. I wont be selling, having watched them claw back debt over the years with a lot of hard work, to now paying a dividend. GLA
They have unfortunately stated they will not be making a bid while reserving the right to do so, There would be a good arb on this unless it is scaled back as the ask is under 70p. I think most LTH will see this as a cheeky way of accumulating shares. At 29.6% holding with a good yield to underpin while you wait I think the bare facts that this is a good investment which will be acquired at some point and at a premium to today. In all fairness I will read the tender offer through while opening a can of Coco Koala. I hate being the bearer of bad news but there is not much honey in today's offer even at 20% premium.
Agree, although this represents a 15% profit for me it's not particularly enticing. Do we expect the directors to issue a statement ?
72p for upto just under 30% - nice to see but the price is too low - not interested
Results FY Ending 31 March 2019
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/NTBR/14148499.html
Underlying EPS 13.5p vs 12.5p last year - although last year I got 11.3p vs 11.2p (doing things differently).
Dividend 3.25p + 0.75p special (payable on 30 Aug to those on register 9th) – they say no more specials unless profit improves further.
H Peel under performed … other stuff over performed … so was the acquisition the best use of funds? – they could have given it to me to invest in Debenhams!
Net cash position (8p a share) although they say this can fluctuate by £2 million either way (11p a share).
I’m interested in how Kier (KIE) compares to this so I have done a balance sheet summary for NTBR below.
Total Assets £37m (100%) £2 a share comprising .. 55% intangibles 34% normal working capital assets 8% fixed assets and 3% non current receivables.
Total Capital and Liabilities £37m (100%) £2 a share comprising .. 62% equity 32% normal working capital liabilities 4% Borrowings 2% other.
Kier is different Intangible assets and normal working capital assets comprise 28% and 42% of Total Assets.
For Capital and Liabilities – equity, normal working capital liabilities and borrowings are represented by 24% 45% and 22%.
NTBR’s bottom line net profit margin is just under 4.6% -- turnover £56.6 million
Bought 10k @ 65p ... holding 250k
Well in two elections London was given a BJ which lasted 8 years. In 2019 the Conservatives have just given the whole country a BJ but we don't know how long this BJ will last and whether the ending will be quite messy and sad so we will be reaching for the tissues. At least with this BJ the government is committed to putting a smile on our faces.
This gruff ole bear seems to have awoken over the last few days. The director sale must have been a small hangover in a tightly held share because I can't see why this rise would have occurred otherwise. But quite welcome obviously and I really think this bear is horribly undervalued.
same nothing change
Becomes new pm ... good bad or indifferent??
for the decent divi.
Look very reassuring - only had a quick look - underlying eps 13.5p they say
I feel like giving someone a bear hug today! Ok so an end to the special divis it seems but a 4p final divi on shares that can be had for 67p looks an absolute beargain to me! The divi looks secure too having gone from net debt to 2 million in the bank. Of course some of these cash inflows will unwind but the company is clear the divi can be paid in a downturn. The fact that it is slightly ahead of strong comparatives is very pleasing. Looks compelling.
darker & darker
Over 4%
Holding 240k
Bought 15k @ just under 60p each ... holding 250k -- painful
bottomed?
to sell below 60p
which seems sensible given what's publically known:
(1) management team with questionable trackrecord in tough volatile sector
but
(2) EV/EBIT v tasty
dyor, all
anyone seen any forward estimates?
if the Bear isn't falling off a cliff, the p/e here is not to be sniffed at
I prefer "angels"...