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It’s not really got lost has it and is it just one year or over longer period and are going to lose another £20 mil next year?
Let's hope as the investigation continues, no more management mistakes come to light!!
Only £20.4 million of inventory gone missing. No apology to shareholders, just suck it up!
At least they spent all the money when the price was low!!
Mind you, what will happen now this buying volume has gone...
With over 15 million shares traded so far today, I think we can safely guarantee the buyback budget is now well and truly spent. I reckon we will get an RNS tomorrow saying it's completed.
It's scant consolation for the gross ineptitude of Speedy's management during this latest debacle though.
Looks like the drop was over done.
Think the bad news and the bottom is all ready in the price
Clearly poor management controls, the loss will be booked, and the business moves on. Expect that some will use the opportunity to increase their holdings.
I don't think it's a bad business model, just seems management don't have a grip on it...
At 8.45am I should state. Long day ahead
Good two way trade with the buy volume twice the sell volume.Clearly some think it’s relatively cheap despite a few leaks in the boat.
I once worked for a company that had stock issues. I was asked to review the systems, the incumbent finance team took the best case scenario however in my world (glass half empty), you should always take the worst case scenario until you can prove the former, as was proven in my case. The other item that may need a review are the prepayment schedule. Just saying.
And still it is buying back its own shares. Doubt if the shares are worth more than 30p.
Glad I sold out a couple of days ago, more luck than judgement, but agree probably better to watch from the sidelines for now.
With these situations, it's always a worry about what they haven't found yet !!
House builders now flagging trouble ahead, watching on the sidelines here for a few months.
Oh dear! So there was a reason behind the chief CEO and CFO making a bolthole for the exit at the same time. No smoke without fire eh?
The nature of these anomalies have blighted Speedy several times before. They've never quite grasped the salutary lesson of not leaving pricey un-itemized equipment hanging around - especially with light fingered scousers around!
I've sold out for a decent 12% profit. I will definitely buy back if it drops down below 40 again.
The company are continuing with the buyback to the value of £30 million which was allocated last January 2022.
Originally there was to be a maximum purchase of 10% of the 528 million shares in circulation but the last agm passed resolution to continue the exercise through to spend the full £30 million.
At the current and historic share price levels over the last 12 months I estimate that means in the order of 63 to 66 million shares will have been bought back some 12% to 13% of the total equity.
All this must be better in the long run for share holders? I hope so as my patience has been tested over the months and months. Construction is still booming so wait for the charge upwards and onwards along with the maintained and improved dividend.
In my view the share buy back is a good thing. Its shows confidence in their own future and spare cash available to investing themselves.
The fundamentals also look good. Divis @ about 5%,
2022 profit more than double that of 2021 and the best for 5 years
SP at a 6 year low, even though profits are at a 5 year high.
For me this is a buy… so I’ve bought some.
@peakybinder we will see, I am hoping this has bottomed out and the share buybacks have tempted all the sellers to bail out, leaving just long term holders. I have only opened a small trade as you could well be right :(
Buybacks were propping up the price, was obvious going to head towards 30p now they have ended...
Interesting share, trading below book value, price dropping despite share buybacks. Certainly looks like one to watch, the charts could turn positive soon in my opinion. I have opened a small position which I may add to. Seems like a fairly decent business that is currently out of favour.
Nail biting times Budgie! Someone has been consistently selling at 39-40p level for several weeks preventing any rise. Question is, with buybacks finished, who takes up the slack now?
I'd say that day is here and the 10% shares are now bought.
I'm Interested to see how much of the £30 million has been saved buying at these very discounted prices.
Upwards and onwards now but Hold tight could be a bumpy ride.
Let's see what happens when they stop buying then...