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pleased to see there will be a trading update before the presentation.makes sense.last year they issued an update on the same date, but so far as i can see there was no corresponding investors presentation.anyway,all depends on what they say in the update.
I can't attend this week - anyone else going? For me - there needs to be a serious discussion about the future direction of travel here. Six years in - and no doubt a lot has been achieved. However - it's all changed. We are no longer in an ultra-low interest rate environment which facilitated our acquisition model; European economies are likely facing difficult conditions in infrastructure and housing spend; SRC has a significant debt pile linked to leverage and SONIA; and the market value/goodwill of the businesses acquired has been significantly written down by the market. In short - my questions would focus on - what's the plan to reduce the debt; at what point do you transition from a buy to build into an investor focused commercial business making returns - because the market needs clarity on what the future looks like. It's all fine and well for management to have great options linked to eps (some are share price related) but the complete destruction of value here on borrowed money and rights issues needs to addressed imo. SB
just had second email from ir, to say sorry, they have just had an update from the team and presentation/summary slides will in fact be made available after the event, on co website. much happier with that,as that is what you would expect.
reply from IR "due to the setup of the event,we are unfortunately not able to record the session". there are still slots available though.
Oh for goodnes sake, it is research - tree.
more recent videos
https://*********************/media/sigmaroc-joint-venture-announcement-12-09-2022
https://*********************/media/sigmaroc-plc-trading-update-29-07-2022
Both are interviews.
But what else could they share than what we already know from the last earnings call and also the August interview? Looks like a general drive to promote the soundness and diversification of the business, which makes sense if the prolonged dip is really just due to misplaced investor sentiment or institutional stop losses.
https://liberum.com/videos/firesidechat-sigmaroc082022/
have to agree that the number of invitees seems very odd.i assume the selection process will be crucial and hopefully targeted.
They should have just done a interview and put it on Youtube.
How is addressing 25 people going to soak up 35M shares?
not going myself ,but i emailed IR on tuesday to ask if a transcript, or at least a summary, will be made available. no reply as yet,but will chase up next week and advise.
At least mngt have begun to appreciate that comms matter. anybody planning to drop in? Hope you remember your LSE buddies and send us a line here or in premium chat :)
"Following the recent publication of H1 results, as well as several key developments in the Group, SigmaRoc is happy to invite its private investors to a talk held on 20 October 2022 at 19:00PM BST at the Isokon in London."
https://sigmaroc.com/wp-content/uploads/220920-SRC-Isokon.pdf
I think the 38p's were ninety one selling out (roughly adds up). Blackrock more obfuscated.
Its a lot of shares not to generate a TR1 for a new holder - worrying if that is the case, impact going to be similar to a placing if they are to be sold and sold.
As for today, reminds me of Jaws. Nobody wants to get in the water now. 5 trades today. Shark still at large IMO.
big reduction (6%) by ninety one.also further reduction by black rock.will make for an interesting investor event! if no corresponding purchase TR1s will not look good im afraid.
Strange day - company announces a plan to engage with PIs and one our IIs offloads a shed load at the lowest price we have seen since Nordalk reverse deal. As you say will be interesting to see who’s coming in and who is exiting. Could be Rettiig - lock in expired in July? SB
Blackrock last count had 11.59% equity and 1.34% CFD.
For every seller, there is a buyer. Maybe BR have switched to long, and increased stake! Looking forward to TR1.
Doesn't mean its over, but good price / odds of recovery to buy at.
Hopefully Blackrock cleared out and share price can return to a more normal level.
2022-09-20T14:21:25.377 GBX 38 26,784,070 £10,177,946.60 Off-Book AIMX P
2022-09-20T14:22:06.723 GBX 38 6,691,020 £2,542,587.60 Off-Book AIMX P
2022-09-20T14:20:12.487 GBX 38 1,992,450 £757,131.00 Off-Book AIMX P
Adds up to 35M, around 5.4% of the company. Would expect a TR1 off the back of this.
Hopefully it includes the CFD closing, but who knows. Must be related to the recent share price.
70p would be enough for major shareholders to stick their grubby hands in the air knowing they will have plenty of growth when they take part in the private jamboree.
Good post Dartron. Although you do wonder what price would be acceptable if a PE bid came in - the upside here does appear substantial once current risk weightings are reduced. SB
63% of the company is held by institutions. All of whom are now under water. One thing I think is fairly certain is that
any take over offer would be voted against, if it did not value the company fairly.
Blackrock are not the only sellers, reading the TR1s, another fund sold some recently. Why are the directors not buying, possibly for the same reasons that PI's are now not buying, as this share is now a falling knife. Why buy now, when the price could drop another 10% today? Who ever is short selling this, has probably over done it, IMO, as there are hardly any buyers now, and believe it or not, but you need buyers to sell short.
I can understand Blackrock wanting to de-risk this somewhat, at 12% of the company they are quite exposed, if anything bad happens in Europe etc. However, I think this is a great opportunity for PI's to buy here (a modest stake) and see the upside over the next 18 months. My own thinking is that this stock will be a great recovery play once we see peace in Ukraine, and will significantly benefit from the rebuilding of the country. Like all stocks, the art of trading is to buy when no one wants it, then to sell it when its in demand. I see the company as fairly financially safe, and well behaved, so other than geographic risk, at 40p I cant see much downside, other than it could be 35p for a few days / weeks. Best to buy incrementally.
BlackRock Investment Management (UK) Ltd. 73,143,031 11.5%
Von Rettig Family 50,276,521 7.88%
Ninety One UK Ltd. 45,421,428 7.12%
M&G Investment Management Ltd. 40,753,864 6.39%
Chelverton Asset Management Ltd. 40,000,000 6.27%
BGF Investment Management Ltd. 33,557,577 5.26%
Canaccord Genuity Wealth Ltd. 32,972,287 5.17%
Janus Henderson Investors UK Ltd. 32,837,608 5.14%
Polar Capital LLP 32,221,580 5.05%
Premier Fund Managers Ltd. 24,850,846 3.89%
Why is Blackstock selling this down?
Why aren't the Directors buying?
It could be that a low ball bid is being planned below 40p to go private
Just to remind myself what on earth is happening here - I can confirm SRC has spent in excess of £550m in the last six years on its acquisition strategy. Despite an EBITDA approaching £100m a year, PBT of £60m, 7p eps, strong cash generation - the market value quite frankly is in free fall. Our last rights issue was at 85p; and our market value has declined by c.£450m. Yes blackrock are selling which doesn’t help matters - but there appears to be no case for investment beyond simple reporting and no effort from management to address the issue. Completely disconnected from reality - running a PLC requires shareholder accountability and for me this is completely lacking at present. SB
sell off completely overbaked. Will plan to add at this level, what an opportunity! Never thought I would see this price again.
The price is going to keep going down until Blackrock selling stops. Pretty obvious.
I follow simon thompson closely
His recovery buy tips can drift a bit. His buy and strong buy tips are the ones people action