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In your research int MARS did you watch the vox markets video Friday 5th where they focussed on leisure & in particular on brewers and pubs ?
If you had you would have seen them discouraged by MARS because of the debt.
I think it is well worth a watch on youtube if you want to see independent research.
Arb
I do agree with you 100% about the way he talks, indeed if he thinks in the same fashion then I guess that is the reason for the s h 1 t prformance he has given us ?
I'd love to be there to ask a question or two but sadly I'm due in hospital around that time
Arb
I do agree that failure should not be rewarded but the ongoing costs of FGT, according to morningstar & the FT, who are normally accurate are 0.61%, which given the glacial change in portfolio is a little high but nothing like some closed enders charge.
In a perverse way we would all be a bit better off if there was a performance fee in this trust, because that would not have been paid for quite a few years !
Are you planning to attend the meeting ?
FD
Indeed it should be noted that according to the results recently put up on their website that net debt, excluding lease liabilities, is currently at £1,185 million down a measly £31 mill from last year (2022 for dischargers benefit as he is usually in the wrong decade), and with lease liabilities debt is £1,566 million which considering the business had prioritised debt reduction a £31mill reduction against their debt figures looks almost insignificant, or a "rounding figure".
I don't think I am misunderstanding anything here but if so I apologise. I always feel nervous when I read the "underlying" EPS is a positive (5.1p) but the "actual" is a negative (-1.5p), there can be good reasons for that but with debt at the levels quoted I think I am correct in being rather sceptical.
Ahananda
Great spot of yours, very interesting, I dabbled my feet in on Thursday after the placing at a tad over 39p, I saw the presentation that this company put on at Amati vct agm earlier this year, liked what I saw very much so put it on my watchlist to buy when the price dropped (were about 70p then).
I'll add on further dips but do think this is a very sound business and the tie up just announced in your link was further confirmation of this.
Apart from Sense, which they thought to be a cracker, and jumped in at the end of a refinancing thinking it's sale or float was in the bag they have more lemons than plums to choose from, however they do get first choice on the plums.
My guess is they will continue to milk their EIS investors by jumping in as something is about to take off but the VCT investors have much more protection (& pay high relatively fees to boot).
I follow their house stock purchases with interest, as you can imagine.
Euse/FD
Your points are well made, but am I right in thinking that even a 1 for 1 at 30p (ouch !) would raise just under £190mill ?
With their debt standing where it is currently that would make a difference to their balance sheet of only a little more than "nothing to a jam tart" if I'm right.
Please correct me if my maths are wrong but I'm working that on the FT's figures which show shares outstanding as 634mill.
No wonder the SP is effectively just option money.
Another private equity deal today taking yet another listed stock off the London market but no PE investor seems to have checked Wolverhampton on google maps for a long time.
Lejib
Precisely !
Funny thing was that it took our midnight rambler till almot 04.00 to think that one up, perhaps his mind was slower as a result of the extended slurping time ?
Oh Lordy Super Puffer, has it never ocurred to you that brokers analysts are paid to promote stocks ?
Also their vocabulary needs reading carefully, neutral is usually a polite word for a sale, a buy normally means neutral and a strong buy is a real buy.
Brokers who suggest sales are bottom of the list for corporate deals.
If you would like any more education, like the (was it £164billion ?) debt on their balance sheet Vox were talking about on youtube at lunchtime I suggest you read Benjamin Graham, he might help you.
Meantime happy slurping this evening....
Super Puffer
Hargreaves, the astute company which backed Neil Woodfoed all the way down to oblivion, if you follow their advice you may well meet the same fate as their other investors.
Surely even you can do better than that for a reason to puff, or are we going to have to wait for your "Midnight Rambler" performance again ?
My apologies to Mick Jagger of course...