Member Info for 1GW_

I've put this post an advf n as well, since I see you're also over there skindle and there are some other contributors as well. I generally post over there on my holdings because it's much easier to search for earlier posts that might be relevant, but I have posted over here on Studio/Findel and 1 or 2 other shares just because there was no real debate over on advf n.

Can we expect to wait until 22nd March then before (positive) news on the strategic process?

Given the average for the convertible test is volume-weighted and given the current very low volume, any sudden spike on volume would skew the average very much towards the high volume days. So if for example they announced they had companies who had tabled indicative offers and they were now going forward to seek binding offers in a final round, the price could spike on heavy volume. While it might seem unlikely it would spike as high as 480p, they might want to manage the process so that that risk was removed by delaying any announcement until 22nd March.

Being in an offer period hasn't stopped them updating on Q3 then. Looks very strong.

I think there are issues around publishing "profit forecasts" during offer periods which tend to make outlook statements problematic, although I also think there is an exception to some extent for "ordinary course" statements i.e. if they can point to a history of issuing this type of statement at this time of year.

I've been taking profit elsewhere in the portfolio so decided to get back in here, hoping for great things from the formal sale process and any January trading update (although they may feel they can't issue one while in an offer period).

Big in the US, big in the US, big in the USA...

"Turtle Wax Teams Up with Byotrol24™ to Introduce Revolutionary Cleaner and Disinfectant Safe for Automotive Interiors"
https://finance.yahoo.com/news/turtle-wax-teams-byotrol24-introduce-130200414.html

WALMART.COM
Turtle Wax | Multi-Purpose Cleaner & Disinfectant with Byotrol® | Car Interior Surface Sanitizer
Shop Now
https://www.facebook.com/turtlewax/

I don't think Tesco ever described their byotrol product as a "key blockbuster innovation project", did they? Solvay has been working on Actizone for several years and in a September 2018 investor presentation referenced it as follows:

"This being said, yes, homecare/personal care remains one of the main segments for us and I did not mention it, but when you look at the North Care business today, we have eight key blockbuster innovation projects: three are in oil and gas and we mentioned two. Two are in agro and I mentioned one. We have still two in homecare/personal care, which are progressing well. These are the ones that we mentioned two years ago, Actizone, and one for the new softener."

https://www.solvay.com/sites/g/files/srpend221/files/Solvay%20Investor%20Update%202018%20Transcript_0.pdf

Sorry - a week today, not tomorrow!

The listing is almost upon us, if it goes to schedule. They expect it to begin trading on the Nasdaq on Tuesday (a week tomorrow), after the Labor Day holiday. In the F-1 filing they stated:

"We have applied to list American Depositary Shares, or ADSs, each representing three ordinary shares of Silence Therapeutics plc, on the Nasdaq Capital Market, or Nasdaq, under the symbol “SLN”. The ADSs are expected to begin trading on Nasdaq on September 8, 2020. "

The date could still change, since the document is subject to completion - the SEC needs to declare the registration "effective" and I would expect the "EFFECT" filing to happen on Friday (probably at the US close) if it is still running to plan.

https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001479615&owner=include&count=40&hidefilings=0

Well done to those who stayed in. The market initial reaction seems to value the very positive news on online trading more than to fear the problems with the education sale and the outlook for bad debt.

Not forgetting the homeandcleaning site, where byotrol products (Invirtu and byotrol All Clear 4-in-1) are still listed on the home page as "best sellers of the month".
I notice the All Clear product is now available on the homeandcleaning site in a 5l bottle, which wasn't there before, at least not on this "best sellers" page, so that might suggest that supply chain issues are easing?
https://www.homeandcleaning.co.uk/

I've taken a safety-first approach and sold out for now. The TU described a situation broadly as I had anticipated I think in terms of digital retailer benefit and bad debt risk. However, I read it as flagging up a potentially significant hit on bad debt and I am concerned that they could end up in trouble on the Education sale - they have furloughed the majority of non-warehouse Education staff but with demand down so much during the school closure period the business will still be a drain on resources I think. And if the furlough scheme ends before demand picks up then they potentially face a gap between then and demand picking up - but probably need to retain staff so that the sale of Education can complete. And then I can't help feeling the buyers might try to renegotiate or escape even if the CMA approves the deal before the backstop date.
The position of Frasers is interesting as well. The closure of their shops during the lockdown and the prospect of relatively poor performance post-lockdown due to continued social distancing requirements might make acquisition of Studio's online capability more attractive to them - but on the other hand might they not want to realise the cash from the Studio investment to support their core business?

Sold these at around a 10% profit this morning to finance purchase of something else.

Nice to see the bounce. I would have thought they could give us a trading update. There must be a concern around what the lockdown is going to mean for their bad debt provisions, as well as the uncertainty over the completion of the Education sale - was there any break fee payable if the buyers walk away or if completion doesn't occur by some backstop date? On the positive side, now that China appears to be getting back to somewhere near normal that should be good for the supply chain, and as a mainly digital retailer I would expect them to be benefitting in terms of increased online demand.

So lots of uncertainty, some likely to be downside and other upside. Most other companies seem to be updating the market, why not Studio?

Enough is enough (I hope). So I've started buying back today, picking some up at just under 170p.

Sold some more today, given the general carnage. Happy to keep my remaining holding now I think and add on any significant further weakness from here.

I seem to get some right and some wrong skindle, like most of us I expect.
I've sold some more today. They could be a beneficiary of more people shopping online rather than "risking" mingling with others in the shops, and of course Mike Ashley could always do the decent thing and make a proper bid, but I think the more likely nearish-term event is some kind of (negative) update on the supply chain implications of what's happening in China.

And sold some more today, same reason.

I've trimmed my position a bit, reducing exposure in case of any supply chain impact. Seems a long time until the results are going to be published, although hopefully some positive Education sale news might come sooner.

DaddyBigBucks - I think the key bit of DTR 5.1 in this context is 5.1.5(1) and the issue is whether Fidelity was holding its shares in Byotrol in a fund or funds which met the criterion of part (b) (or even part (c) or (a)):

"Certain voting rights to be disregarded (except at 5% 10% and higher thresholds)
DTR 5.1.5 R 26/11/2015
RP
(1) The following are to be disregarded for the purposes of determining whether a person has a notification obligation in accordance with the thresholds in DTR 5.1.2 R except at the thresholds of 5% and 10% and above:
(a) voting rights attaching to shares forming part of property belonging to another which that person lawfully manages under an agreement in, or evidenced in, writing;
(b) voting rights attaching to shares which may be exercisable by a person in his capacity as the operator of:
(i) an authorised unit trust scheme;
(ia) an authorised contractual scheme;
(ii) a recognised scheme; or
(iii) a UCITS scheme;
(c) voting rights attaching to shares which may be exercisable by an ICVC."

https://www.handbook.fca.org.uk/handbook/DTR/5/1.html

Trek - my working assumption is that Fidelity are long gone. Because they gave a "below 5%" notice rather than quoting their exact position I think that was their last one. Some institutions have 5% as the lowest threshold rather than 3%. I assumed that after their October notification they carried on selling which was what helped to drive the share price down to its lows.