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Rich 62
As mentioned on the ADVFN board there should be a declaration when a significant shareholding ie 3% is reached and every 1% increase in the holding after that is reached and the same should happen when reducing a holding. This does not appear to have happened with the shareholding of Otus Capital I am wondering why that is the case.
Alas_Smith
I do believe that these institutional sales have kept the price of Ramsdens holdings lower than they should be however I don't see much downside with the share price at these levels. I expect the price of Ramsdens to increase after the interim results are out but that's only my opinion and what do I know as I am somebody who was born and bred in Manchester but decided to support Sheffield Wednesday!!!!!LOL.
Fund management companies have many teams and different funds so it is actually quite easy for one team to have a buy note and a sell note in place for the same equity. If Downing on the one hand wish to dispose of a holding in one fund, there is nothing to prevent a different fund controlled by them in acquiring the stock as a matched bargain. They might even have notified the Co Secretary that this was to be transacted and reporting the transaction was not necessary as the market is not affected.
The reduction by Otus is notifiable as it reports the change in holding by Otus. In common with sheffieldowls, I suspect there may be further weakness in the share price to take up the slack that this disposal creates. At this stage I am not looking to add to my holding preferring to wait until the release of financial results in a couple of weeks time.
Good point.
However Downing also have opened a new IHT Fund this tax year, which has been targeting new investors money and their on line prospectus shows companies that they plan to invest in including RFX!!!
I am surprised that the reason that I have been able to buy in some size in recent days has been through the selling of stock by Otus Capital Management. This makes it likely that there will be further institutional sales to come from Downing due to their proposed special dividend to their holders so the Ramsdens share price may be lower than it should be because of this further overhang of their shares.
Yeah Otus Capital finally declare their massive reduction in holding from 9.61% to 4.95%.
Good news, share price can now hopefully recover.
TR-1 out today. Big reduction
As mentioned recently Downing were blocked by Milkwood regarding winding up their fund in response Downing are going to pay a significant special dividend to shareholders. In order to do this they must sell some shares to raise the necessary cash. I believe that this has been the major reason for the price of Ramsdens shares staying below two pounds a share. I have taken advantage of this low price by purchasing a large number of Ramsdens shares in recent days so much so that I now have a notifiable holding in Ramsdens holdings. Anybody who has some spare cash could do a lot worse than buy Ramsdens shares at such a low price.
Rich 62 As mentioned on earlier posts Downing have been blocked by Milkwood regarding reducing their holding in Ramsdens.
Yes saw the Holding RNS - looks like I was wrong in believing that Downing were reducing their position.
Up from 9.99% to 10.17%.
Lets hope they continue to see value here and add more for their IHT fund.
TR-1 has been issued today with Downing increasing position to over 10%
Have tucked a few more away today, this time for elder son in his ISA
Greater clarity……
https://www.londonstockexchange.com/news-article/DSM/result-of-meeting-special-dividend-announcement/16406474
Wasn’t the Downing wind down blocked by Milkwood?
https://www.morningstar.co.uk/uk/news/AN_1712161896305451400/downing-strategic-wind-down-blocked-by-new-shareholder-milkwood.aspx
Downing hold 3.18m shares in RFX (10.05% of total shares in circulation), so clearly if they are disposing of these shares over time, they are obliged to notify the market....
Ironically, whilst they are winding up their Strategic Micro Cap fund and retuning monies to investors, they are touting for new investors to put money into their AIM Extra Planning Service ISA (an IHT scheme) where the brochure shows companies that they plan to invest in, including....and you guessed it......RFX!!
I'm expecting Ramsdens to rise as this year progresses..
Not sure if their holding is notifiable, but worth keeping an eye on portfolio changes as disposals, even when planned can with small companies take a little time to clear and, on occasion, provide opportunity for the retail investor to accumulate a decent quantity at beneficial rates
It is my understanding that this fund is being wound up over the next eighteen months so it seems likely that they may have further Ramsdens shares to sell in the market.
Has the large seller (Downing Micro Cap fund?) finally finished selling? Would be nice to get a Holding RNS to confirm...
The dealings showing on this board are not always accurate hence my purchase this morning of 5309 shares at 186.9p is recorded as a sale and not a purchase which was the case for this deal.
I view all broker notes with scepticism & wouldn't pay too much attention to Liberum's latest.
Owning H&T shares, I certainly don't recall them issuing THREE downgrades in the past year. There was one in January '24, but can anyone point to the other two?
H&T has - in any case - since reassured the market with its Prelims this morning. And its share price has responded well so far.
Hopefully some of this will eventually rub off on RFX too. I don't hold Ramsdens currently, but view this whole industry as pretty attractive & significantly undervalued right now. Decent dividends from both players too!
If you read the next paragraph it explains exactly why.
Makes perfect sense to me.
Am I being dim, but how does having a higher P/E than it's closest peer make it cheap? Ot is that a typo for the H&T P/E?
BUY, TP 290p
We retain our BUY recommendation and 290p target price, based on a blend of a FY 24 P/E valuation and a dividend discount model. The shares are trading on a modest CY 24 P/E of 7.5x. We think that is too cheap when closest peer H&T is on 6.0x. Ramsdens is more diversified and has delivered three upgrades over the last twelve months, which is in contrast to the three downgrades delivered by H&T. A dividend yield of 5.9% is also much higher than the c.4% average since listing.
Good to see store expansion strategy continuing. Effectively one store per month for the 5 month period and so reasonable to think another 5+ before calendar year end.
Board have put out a very upbeat trading update. Assume this is to reassure investors with share price 35% off last Summer's high of 265p. Note in 2023 they didn't put AGM trade update out; so a clear sign to holders not to worry and in fact add more at lowly prices (with Downing II selling off RFX and other small caps to close a fund down)
https://www.londonstockexchange.com/news-article/RFX/agm-trading-update/16369858