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A £50 million share buyback programme (the "Programme"). The Programme will be undertaken in two tranches.
Under the terms of the engagement with Numis, the First Tranche Programme will be for maximum aggregate consideration of £25 million. The First Tranche Programme will commence today, 26 June 2023, and will end on or before 29 September 2023.
The second tranche of the Programme is expected to be undertaken by HSBC Bank plc.
Has the buy back finished
''Investors have sold shares in CVS Group and Pets at Home, listed veterinary companies exposed to the review, but City analysts believe that the sell-off has gone too far. Davy, the broker, said there appeared to be “little risk of price controls being introduced”.
Berenberg also expects any focus from the regulator to be on “sunlight remedies”, requiring better-quality consumer information and price transparency.''
Analysts expect review to be 'light touch'
Its in the RNS dated 26.06.2023
Good morning,
I was just wondering if anyone knew how long it will take for the buy back to be complete please. Thank you kindly. Robert
I agree too. If I remember correctly, a couple of years ago, there was media coverage regarding the criticism CMA levied at DTY for high funeral costs and their share price went like a rocket. Go figure!
Same for me. And I probably wont stop using them as a vet either. Big vet bills would be covered by insurance anyway, so unless PETS are in the insurance business, rather than just an agent for the insurer, then if the insurance premiums get cheaper in 2024 as a result of this investigation, I somehow doubt that would affect PETS' profitability. Still a buy.
While the Vet side of PETS is an increasing arm of the business, PETS also have many retail outlets, food, toys, bedding etc catering for dogs, cats, small mammals, fish etc. The retail outlet near me is always busy, often with me! Can't see this drop lasting. Until yesterday, it was a definite buy, think it still is.
Good point Dulwichman. CVS are struggling because they can only recruit Vets. by paying very high salaries. Maybe because some "self employed" vets can charge excessive amounts to pet owners !
Well something is wrong within the Vet industry. Here in my neck of the woods vets charge between £250 to £550 for the same procedure (Spading of a medium size dog) the other issue is the price of drugs ie the % mark up by vets vary a lot. As to if vets are making excessive profits I think that is full of too many variables rents etc. I think this is a bit of a market over reaction but what do I know
CVS not doing very well yet their shares crashed. CMA clowns will waste everyones time . Pathetic but what we can expect from our shoddy government. If Pets really are ripping of their customers this would be a good buying chance. They are not but just being hastled by inept political intervention. Medium term it will damage the sp.
CVS group suffered an even bigger fall of around 30%
Definitely a chance to buy. The precise 10% drop looks like a random knee jerk reaction.
Could this be an opportunity to top up?
Geez, didnt think the reaction was going to be this bad! Surely PETS are not overcharging their client lol
Ultimately, if you cant afford the vet, dont get that pet.
Yep , seems the Competition and Mergers association ( CMA ) have opened an investigation in Vetinary practices and whether pet owners are getting value for money and proper information regarding there choices .
Regs on vet bills
Can only assume it's the vets pricing review
What the heck has caused this insane drop over night? This is insane. It would never happen the other way?
Any thoughts
Buying the shares back is a way of protecting the buisness and the share holders. Pets is a sound buisness
"manipulating the market"? nobody would admit to that although we know it happens often. The Buyback itself is manipulation, using company cash to prop up the price. Often done when shares need to be above a minimum price ie: to qualify the board for a bonus. Just tell the Plebs its for their benefit, that keeps them happy.
Nothing good, China is stalling and worldwide confidence are at all time lows and it docent help with a lot of talk regarding market crash this year.
Would really be grateful if any explanation on what is going on in the markets please.
I was just wondering if anyone might be able to explain to me why the share price seems to go down when there is a buyback in place? Is this manipulating the market to ensure that the purchaser, in this case pets at home, get the best price possible?
Any help would be greatly appreciated.
Thank you
The rise in the base rate hasn't helped. Pets are a strong buisness.