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I remain positive on Speedy yet am amazed at the price. We have been steadily buying back shares, have paid a strong dividend and indicated in the last update that results will be in line if not ahead of expectations. That means continued dividends and the possibility of further buy backs (what else to do with the money?). Okay so the outlook has issues but not on capital spend, which requires machinery and Speedy is in a good place. Schroders today put out an increase in their holding so they are happy. So any ideas people? What am I not seeing? Should we buy HSS and spice things up a bit? Views welcome.
Spread very low and hardly any volume, hence SP can only go down.. Will be a right bargain mid 30s...GLA
The market doesn't like buy backs for this reason. Board are on the take. Unfortunately this will be below 40p soon and using cash... GLA
You're right Blinder! 747,417 shares awarded to the CFO today . Probably the first of many more managerial snouts to go dipping in the trough under the guise of their annual award scheme. These awards will total many millions and negate any benefits we might have derived from the share buy backs.
Hardly a wise or sensitive move, considering how shareholders have suffered with a tanking share price over the last 13 months!
They will be used as director awards, bit of a con really...
2 more directors believe in putting their money where their pay slip comes from too. id be buying too at this level but no spare to average down. 325000 shares between the three of them - not a bad indication of confidence.
There were 528 milion shares in January. Now reduced to 508 million. That's 20 million shares costing approx £10 million.
I hope they get this down to 470 million shares by September. A 10% reduction in shares should theoretically produce a 10% increase in share price. But knowing our luck it probably won't.
dab I think you will find the 8,869,283 shares have been purchased and be part of the ongoing scheme and held in treasury to be either re distributed at a a later date to raise funds or cancelled, but in treasury they are worthless. Hope this helps,
I've only just noticed that since the beginning of the tax year instead of cancelling the buy back shares we are now in a position of holding them in treasury with just over 8m now held. At an average price of under 50p, this means have only bought back only 4m shares/£2m in cash terms in the last 2 months. I've taken a look at all the transactions and roughly (as there were some shared issued for sharesave) we are look like we have repurchased 21m shares to date. Based on the agreed amount, up to 52m shares to be repurchased or £30m this means we can still repurchase 30m shares. The buy back has to complete by late September so this roughly 4 months and therefore 7.5m shares a month. Now that is a lot of shares and could substantially lift the price from here if they get anywhere near it. GLA.
Nice purchase to send out a positive message
So it's mission accomplished, filled his boots and leaving, laughing all the way to the bank. What next for this joke of a hire company? A slow death or sold off. Who's buying? hahahahahaha
Those pesky sellers on L2 keep on piling in with every tiny little uptick. They've taken charge again and seem determined to get us back down to 46p.
Excellent set of results and the confident comments on the forward looking picture are exactly what's needed. Would be wonderful if the share price reflected such confidence but Mr Market is a very strange beast at times,
We needed poor results to push above 50p!
What is it they say about keeping emotion out of business…? Someone forgot to tell whoever wrote that RNS on results delay…(!)
My buy just triggered at 45p, so will sit here for a while... GLA
Results out tomorrow - can't wait for the spike in share price so I can bail out and pause for breath. Hoping it will reach 57p so I can walk away and nurse my injuries. (joke)
Buy back will end soon I guess, that's what has been propping up the current SP.
Just noticed that HSS is actually up 4% YTD. Our buyback not doing much good :/
Sentiment certainly seems to support what you say but the construction PMI and order books tell a different story. Staying put for the time being.
Search for new CEO then, yet more new plans...
its been in the doldrums for the past 7 years - lots of excuses and reasons for not making progress, but I can only see one main reason - the board, and primarily the CEO. I'm not expecting anything dramatic to happen to this business, other than slow gradual death and ultimate sell off to either PE or competitor. Its interesting to compare the progress of Speedy with their most relevant UK competitor, Sunbelt (formerly Ashtead). Also notable how many former Speedy people now working at Sunbelt.
Look at the share price, and compare it with 7 years ago. Share repurchases are usually one of two things - making so much cash its embarrassing, and you can't hold on to it, or not having any leverage and having no strategic idea what to do next.
I'm back in at 45p, don't think it will be that long as builders work starts to dry up... GLA
As a Speedy share holder its feels like being a sailor in the pacific with no breeze to propel us along - might need to get off this ship when it next docks at a decent port. Anyone agree?
At least Speedy should save money buying the (10%) 52.8 million shares in the buyback scheme - will only cost £27 million at current level of buying - most profitable thing this year giving £3million towards the special dividend.
things maybe looking up - results in 3 weeks - time to sell and beat a hasty retreat from the punishment!