Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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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
Given the translation here last year of a high gold price = increased net asset value + increased company profits the 5% gain in the gold price this past week will at some point be reflected in the market value (30% off it's peak).
Good to note that gold is at an all time high today.
Patience required as Downing selling down their holding, however, broker note out with target price 290p
https://twitter.com/surprised_trade/status/1762759745981628713
Have topped up again fingers crossed
Totally agree. This is a very good entry point if you are not currently invested here.
For those of you who are tempted to buy - here's a reminder of how solid this business is!
The key metrics here are:
Market Capex at share price of £1.80 = £56.97m
Net cash = £5.039m
Pre tax profit = £10.1m
Dividend = 10.1p (5.6% yield)
No idea mate! Another couple of biggish trades went through earlier around 175/6p..
I'm looking forward to a Holding RNS or two, to confirm they are done.
Between 2 funds, they have taken off 33% of the share value here - just constant sells, against any liquidity.
Very frustrating for holders
How many to go?