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Pokerchips,
I would add that with reduction in headcount from 8600 ( 2023 Interims ) to 7700 ( third quarter trading update) we should see circa £50m reduction in staff costs. Although with net debt higher likely around £15m in extra interest costs. I suspect Sorrell will continue with the reduction in headcount possibly by another 450 to 900, saving a further £25- £50m.
Pokerchips,
But going by the fintel and Bloomberg holdings the bulls already have bought/ are buying. There is not going to be any good Macro data re advertising for some time. This recovery play is about the legacy funds selling out which is why we went down to the 30s, couple that with the accounts delays poor forecasting and the largest net debt SFOR ever had. These things will change before the macro improves then who knows what the shareprice will be. Bear in mind it bounced to 240s quite quickly !
GoCPI,
I generally don't believe what people say on these boards but I do believe what 1msn has posted. He posted the contract details and I have spoken to him on other BBs for quite a few years now !
This is all very strange though I agree !
Pokerchips,
Regarding the market wanting to see a turnaround and green shoots in the sector, what are you thoughts on Publicis Groupe shareprice being at an all time high, with record bonuses about to paid out to staff.
SplungeGasket,
I didn't say anything about a low share price being good, but you are deluded if you think a buy from a multimillionare director is going to do much to the shareprice ( a quic 10 or 20% bounce at best). Have a look at Petrofac or Enquest for proof.
Marunam2,
Great post ! Wise and insightful with a great perspective, only possible when one is able to take a step back and focus with clarity on the situation. Of course your experiences help you with that clarity of vision, without having had those experiences you might not be able to see so clearly. Do you remember Beetham made circa £2m on Premier oil one summer long ago ?
Good luck with this and anything else you hold.
SplungeGasket,
Well if you want to look at it objectively, its probably more important not to upset the remaining 8000 employees, laying people off due to cost saving while management buy knock down shares is not a good look !
Jayroz,
There will be a lot more than 2.5% short here, but below the 0.5% reporting threshold, any institution short by under £2.2m doesn't need to report it. I haven't had access for a few months but last time I looked Tullow was usually between 8 and 10% stock out on loan. Hope this helps
Kerching67,
I have said this before but will say again. 1) The directors have huge amounts of shares here, meaning they already have a vested interest, no need to buy more 2) It would look really bad directors loading up on cheap shares while the company pleads poverty and makes all these redundancies. 3) We are in a 2 month closed period right now and I think we had a 1 month one just before that.
1msn,
How exactly do you think it is being played ? Looks like you sold into this mornings strength ( taking advantage of the thin volume ) and bought back on the weakness ( partly caused by your selling.) Nice work.