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Think we’re going to get a better offer and the board going to cave in find out after close or first thing but obviously there is sellers panicked out there.
Fran, totally agree. I went to last years AGM and the board did not appear to be shareholder focussed to me. I think any promise of jam tomorrow in a cyclical company like ours is dangerous, when so many “unexpected”things have affected us in the past. The offer of £7.70 is well above where I believe the SP would be during the next two years so I would definitely prefer my jam today. The SP is currently 15% below the offer and f they pull out it will almost certainly be a lot lower. Just my take
As a very long term holder who saw the Board reject an offer from Carlyle over 10 years ago at around £5 more than the current offer, because it did not reflect the value of the business, I am fed up with the jam tomorrow promises. Dividend slashed, woeful share performance, share consolidation to make the price look better; around 25 years ago the price was over £20 adjusted for the consolidation. I will take what is on offer.
If you look at the SP for the last 2 years , the bidders are not offering a premium at all. the proposed offer is well within the normal trading range and should be rejected. The UK share market as a whole is depressed due to interest rate uncertainty and Renewi was at bargain basement levels before the approach.
Given this companies very strong position in the countries it operates in and the high regard it is held within government circles ..(The Dutch Prime Minister, Mark Rutte, and the Dutch Minister of State for Infrastructure and Water Management, Stientje van Veldhoven, have both visited Renewi sites).
The Australian investments giant has a reputation in Britain for financial ruthlessness, earning itself the nickname “the vampire kangaroo”. In its statement, Macquarie Asset Management said it would honour the company’s employment and pension rights, adding that it would implement Renewi’s strategy “for the benefit of all its stakeholders, including municipalities, household and business customers”.
Noone believes this and MacQuarie has ruthlessly asset stripped water companies in the UK. It is sure to lose any goodwill from the Dutch government and is a very poor fit for Renewi.. A far price would be £10 plus but MacQuarie are not suitable owners of an environmentally responsible company.
Others may disagree!
Https://www.spiceinvestments.com/assets/20210929_PR_Spice-One.pdf
Biffa is one
Trying to find other UK waste management companies on the stock market. Any ideas?
Great based on recent lamentable performance but the equivalent of about £5 a share less than the Board rejected over 10 years ago when Carlyle bid, because “it did not adequately reflect the vale of the company”.
Great price £7.75 given last 40 years SP performance. Board should get negotiating and agree an offer, not try to protect their salaries and jobs
Well not surprised by the news don’t think this will be the only offer and expecting another approach good luck all
Down 7% on Friday! Featured on Citywire at https://citywire.com/investment-trust-insider/news/expert-view-renewi-aj-bell-entain-fevertree-and-petershill/a2417962 which is often a contrarian indicator.
Might move a little higher today - results not too bad and futur looks better.
If you're here, it's for the capital gain. No divi for at least a few years - distributable reserves -€227m.
The gearing is significant, but there is reasonable interest cover. Sustained profitability and continued debt reduction should see a re-rate. May even be an acquisition target.
Good luck all patient holders.
Too much debt and no divi.
Would anybody know the reason for the reduction in SP from 22 February through to yesterday. Does it merely reflect the market trend?
Yes! it is very quiet here though... Quite like todays RNS, steady as she goes.
"Renewi is well positioned for growth in its markets and to serve customers profitably as the circular economy develops and the market for low carbon secondary materials evolves."
Is there anybody there?
Just attended the AGM, quickest I have been to! Everyone positive. Asked about dividends and company looking to
Invest but will be looking for a “balanced approach”.
be nice to see some dividends on the back of this strong performance
Add to that today's missing RNS.
I'm assuming it was a glitch but how can the spread possibly be
"Spread -25.00 (-3.62%)", with the bid being higher than the ask? Just a graphical LSE glitch right?
The FTSE 250 has taken a battering in January, hence why the sp is where it currently is.
looking very good
Following today's annual report presentation sp up significantly reflecting the huge opportunities for this company in recycling .