Member Info for andsoforth

Potential acquisition and major dividend policy shift:
https://www.investegate.co.uk/tp-icap-plc--tcap-/rns/discussions-re-proposed-acquisition-of-liquidnet/202009291826235003A/

Any comments?

Yes Chalker, a decent enough set of figures given the circumstances. Perhaps the traders were disappointed. Holding here should see profit in the medium term.

"Resilient financial performance and strong operational execution" but revenue down 23% and EPS down 81%. But balance sheet remains positive ( up 15% to E349 ) and sale of TradeTech continues to progress. Steadyish as she goes!

A 0.5p dividend is announced today, but this is off the back of a SHIP sale that would normally generate a special dividend of perhaps ten times that much. They comment "We have now moved into even more uncertain times and it is impossible to accurately assess our future trading performance in current market conditions. "

LGEN have announced selling down a further 11 holdings today, inc HEAD and SNR that they only recently added to. Most are now below 3% holdings. Are they preparing a cash pile for a coming melt down? Any opinions?

Should also have added BLV, where they sold a quarter of their holding.

LGEN seem to think so. They have been selling of RBG, ZTF, HICL, GPOR, UKW, BBGI, BSIF, CML and RIV. All but the former are decent dividend payers, and have picked up nicely since March lows. Are they being astute? (They also bought SNR and HEAD).

Interesting non-note development:

https://www.delarue.com/media-center/de-la-rue-signs-5-year-deal-with-ghana-revenue-authority

This does seem a nice wee company, in some ways. The PER sits at about 18, so not particularly cheap, and the spread is horrible, but I was impressed that they highlighted the coming Covid hit in February. The LTIP is outrageously generous, as are the retention awards, so management do love themselves. But there is some cash in the bank here, some decent contracts in the book, and a nice niche market. Overall perhaps more advantages than not.

In the low 150s we have a PER of c8, cash in the bank, a nominal dividend and a price just off the march low. Oil is in the doldrums, but the company is diversifying, and has used the slump to make a useful acquisition. Annualised cost savings (ie redundancies and closures) have saved c$60m. Is this worth buying for a long-term hold?

Selling off the FX business could be a neceassry precursor to a merger with DraftKings.

https://fxnewsgroup.com/forex-news/retail-forex/activist-investor-pushing-for-draftkings-to-buy-playtech/

The six months to the end of June saw revenue up 2%, which is pretty decent given the food service side has effectively fallen to zero for the last two months. However EPS is down 38%. This needs at least another year to see which way we are going.

Probably not worth it after all! All metrics down 70%.
https://www.investegate.co.uk/old-mutual-ltd--omu-/rns/trading-statement/202008240700099427W/

Sales down, claims up, income down.

Interims here today forecast a loss for the first half. Conditions remain hard, so it may well be that we see a small loss on the year. Interestingly no mention was made of an interim dividend, so this will be lost in the mists of falling rents!
Anyway, this company, though small and illiquid, can be seen as a bell weather for the London property market. The last year there was no interim dividend was 2010, and the last year a loss was recorded was 2009. This may well be a true mark of darker things to come, in property and perhaps the wider economy too.

There is good and bad here. The company missed revenue estimates that had been revised down (bad), but the level of debt is down (good), and the short interest has been falling (suggesting more confidence by institutional investors). Additionally with a PER at c10, it is not overpriced, but with a suspended dividend it is less attractive. I hold here (bought much higher) and will continue to hang on. What do you think?

Short interest is at c3.49%, making it the 27th most shorted UK share.

Revenue missed by c5%. Results poor, but expected to be so. Positively, debt is down c30%. this is pretty much the usual curate's egg.

I think 3% is sustainable and likely here. The dividend is really the only reason to hold here, and management know that. I think next year that may look very attractive, as dividends elsewhere continue to be shed. Meanwhile here is a link to an assessment of the true value. Seems quite positive:
https://www.linkedin.com/posts/paul-hill-a5994116_av-covid19-covid-activity-6697035712799289344-17RD

You most hold these at close of play on 14 August to receive the 6p dividend on 24 September. Good luck.
https://www.investegate.co.uk/aviva-plc--av--/rns/dividend-declaration/202008060900053408V/

The AGM statement today says printing operations will be at full capacity for the year. The recent fundraising has derisked here. Possibly one to tuck away and revisit in two years?