Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
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£200m is an opening gambit. The whole current value of the Co is £350m.
£200m would be a steal given the freehold valuation of B&P is £160m for about half the pub estate!
Missed yesterday’s posts. LSE since the update sometimes don’t show recent posts, unless you refresh by pressing share chat.
Just reports T/O rumours, just caught the tail end and will see what I can find out.
£200m for Brunning & price + rest of leisure feels low. … suggested this would be a good offer in article below. B&P are smashing it.
Https://www.telegraph.co.uk/business/2023/07/23/activist-investor-restaurant-group-wagamama/
What would be the impact on SP??
What’s everyone’s view? Is the SP just going sideways for yonks? Cracking update and within the week no movement. So odd
At same level before trading update?
Just shows what a fool the market can make of one. Update like that, falling inflation and 0.5% rise… ehhh
Tbf didn’t expect that . Maybe an activist losing interest as they realise it’s a slow burn
Tbf didn’t expect that . Maybe an activist losing interest as they realise it’s a slow burn
Seems strange to have dropped from 12% up this morning on a great update !
Expecting this to fly today
The pubs are doing very well. That’s a good business in its own right. I guess you’d get rid of leisure - bundle Waga with concessions and separate from pubs for sale. Was hoping for more bullish language in update but maybe I ask for too much : it’s good.
Inflation figures are god too could we see 50p again in short term?
This message is a strong hint that alludes to, If you want our brands you are are going to have to pay top dollar
“ In evaluating strategic options including potential disposals, the Board remains mindful that any transaction must be at attractive levels for shareholders and must reflect both the strength of current trading and the long-term prospects of our businesses”
Read - can’t place link - one of the activist investors wanted Ken Hanna out. In that piece also said THG would benefit from drop in gas as hedged higher - maybe that’s why Kirk Davies is out? Hoping we get some strategy update with trading update. And guess in September it will be easier to do sum of the parts valuation with interim results streamed by unit : so at least that can be clearly seen by market
2,500,000 went through an hour ago as a sell. Not in here at the moment, sold with a small loss a while ago. May buy a few before the trading update next Wednesday.
Fingers crossed Morbox. Hoping they’re good too. And that sentiment on future doesn’t cloud them. I would expect Brunning & Price to be smashing it. Also, and I have no data / justification - I sense those who might visit B&P / Waga / concessions at Airport are in a not so bad financial place - words a bit messy here - what I mean is they may not be as challenged by all that’s going on - meaning their custom is more sticky. On ‘high street’ / mall there isn’t much comp.
Old Wetherspoon‘s did well today, I know it’s different business, but proves that the drinking market is going strong. I’m tempted to add before the TU. Airports, pubs, Wagga’s busy, and hopefully inflation moving slowly in the right direction.
Activists stirring it again on flimsy grounds imv! They need to put forward a reasonable bid rather than trying to get their strategy adopted by changing the board members for those who favour their strategy. If the activists offered RTN the price they paid for Waga £560m or thereabouts to take Waga private they may get a reasonable response! Suspect they are looking to get RTN assets on the cheap! Not sure we will get financial numbers at update, more likely LFL sales which indicative it will not say profit or cash generated. We will see.
Previous trading update shared first 4 months of year went well. So this next one adds May and June. Given weather and plethora of bank holidays i have fingers crossed for some positive results. 9 days to go.
Made a small top up today. My minds eye rationale is results are good = SP uplift. Results good (and headwinds) = SP static small uplift. Results bad = maybe SP static - why? Because it makes activist investor action / buyout more likely. In my minds eye May bank holidays + better footfall in airports must have made a +ve difference. Fingers crossed
Sorry - completely missed it. I tend to go straight to reports… silly me - and thank you.