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Traditionally the SP has always risen after divi payment presumably on reinvestment by some into more shares, but this rise is way more than divi reinvestment might implicate, either they dropped too far too fast (possible) or there is something brewing.

Hopefully, as a holder, the latter...

@shearclass

I agree with your thoughts, the one positive though is they appear to still have plenty of cash, and something we all know but is worth repeating, management do have serious skin in the game.

Being generous one could say that this delayed contracts issue is an unavoidable factor of working entirely for the government or government agencies, just thinking out loud...

I have to say that the statement "doomsters here want everyone to sell so that they can come back at a lower price" is very silly.

Anyone who thinks that the posters on LSE site have sufficient stock holdings to materially affect a stock price which, even at these glum levels, still makes for a market cap of £196 million must be seriously delusional.

The whole point of these boards is to discuss & chew the cud over stocks of mutual interest, but to believe stock prices of this size can be manipulated on here is frankly laughable.

Trent

Good afternoon to you too, all good your end I trust ?

Nothing much to report here, on fanrasy board land, the SP is still in the toilet, basically option money down at these levels.

Still have the same puff puff puffers at every opportunity or even when there is no opportunity, have you missed anything ?

Nah, nothing, nowt at all.

Lauren Brindley seems to have a great CV for her new post at REVB, Tesco to Boots to Walgreen and now onto REVB.

Just announced in the Times online.

And a fourth just now at 16.09

Lejjb

Firstly I agree with your comment re "SC...repeatedly shouted partial pictures" etc, a very accurate assessment, imho.

However, concerning the debt, I have an email conversation with Findlay, the previous CEO from 2016 which is still both relevant & disconcerting in 2023 and I quote ;

"of total debt of £1.273bln, £853mln is long term, (out to 2035) & secured on freehold properties. It is at a fixed rate of interest of approximately 6% (fixed at some time in the mid 2000's). To repay this debt would incur a very significant redemption penalty"... and then it goes on to discuss the other debt which is less inflexible.

I suggest that this is why the debt reduction programme is so modest relative to their current debt mountain.

I guess paying 6% today with base rate at 5.25% is respectable but it does not take very long to work out what paying 6% when base rates were at nothing to a jjam tart over such a period of time led to under investment & ultimately sellng off control of the real jewel, their brewery.

However as I also posted that with the SP down here in a 30p dustbin it is option money (& of course every dog has its day).

Thus I believe Mr Market is about right, yes they might get lucky & sell off a bunch of pubs or they will continue to wallow in the gravel & grit that they are currently in.

Personally I would much prefer to re read what Findlay wrote then, which is even more relevant today without control of the brewery & having gone through lockdowns, than "poundland puffs" every few days from the usual suspects.

Oddly enough I normally find Fairdealer posts well researched knowledge as opposed to out & out puffing like some others seem to specialise in.

I too would very much like to see how many pubs on the "for sale" list have actually been sold. It is totally disingenous to take one, rather questionable sale, to a buyer who wanted easier access, and is now considered to be a possible case of arson, to read across that all their properties are undervalued when those of us with memories remember well the fiasco of the aborted Pitcher & Piano sales, pre covid when property markets were buoyant !

As I posted earlier with the shares at 30p or under we are really looking at option money, but it is important that buyers realise options are more like a punt with a spread better or a trip to the bookies as opposed to conventional investment.

So long as buyers know what the risks are that is fine, but stocks like this are never a simple one way bet.

Clearly the lack of a bid from a VC specialist or a vulture fund leads me to believe that the assets may be worth less than they are shown in the accounts currently.

Dave

I agree, there is a consistency in their brief & not terribly illuminating updates, which is less than encouraging, it is a surprise to me that they are guiding us lower as you would think the interest rate hikes would have taken up the slack in less activity.

As to the rise in costs re the investigation of the trusted person, this is a surprise that we weren't guided on this earlier than now.

All in all a disappointment today.

Dulyred

You are quite correct in thinking that Amati will likely sell some more, imho.

Reason I say this is that they recently had a vct portfolio manage (1 of 3) to leave and to "stay at home looking after the children" & she was always giving a bullish impression of this & a few other under performers.

It seems Dr Jourdan is taking a more pro active role again, as well he might with a large personal shareholding in the vct whose nav has halved in a short space of time, & that would reinforce your thoughts.

I am certainly not saying he will sell the entire holding but when they do sell in these underperforming stocks 20% is quite common.

Not saying it will mean he will keep on selling but certainly not to be dismissed on past performances.

I see the RNS today shows that Amati reduced their holding, they were one of the original backers of the flotation.

Anyone else seen the RNS today giving directors awards for their efforts last year and this year ?

If it was a plan connected to the SP we might be getting some money back.

How can they seriously be given awards on their performance?

I am flabbergasted.

Well they have had a serious hit again today, despite being long & wrong I felt I had to buy some more at just under 72p.

Fortune favours the brave (I hope) !

Onsolid

Sunday Times ran another story yesterday on BOO as well, which is that BOO suppliers are having their credit guarantees halved by at least one guarantor, Allianz.

This indicates that they are not confident that BOO are as credit worthy now as they were, which makes a bid for REVB much less likely & indeed could encourage a sale of their stake in REVB in order to become more liquid.

dyor

I thought these looked encouraging, certainly no shockers in there that I picked up, trading volumes low, as we guessed, but made up for by higher interest rates.

Stuart

Given the time this is taking my best guess is that the 3rd parties who use Jarvis platform & clearing etc under their own name are causing this issue. If, for instance, one or two of these 3rd parties were a little sloppy with selecting their own customers this would flow back to Jarvis hence the need to look right through their systems & into 3rd parties.

If this was a JIM only issue my guess it would have been cleared up some time ago as from my experience they KYC, but it is much more difficult to if the customer has been approved by a 3rd party.

Just my take on this but it seems logical.

Surprisingly though there still appears to be an unfinished seller, when the price was showing 17-18 on Friday I picked up stock at just over 17.2p, as did others looking at the live trades.

Alfredo

I was given a phone call about February as I had been told before Christmas how valuable it was likely to be !

Things are never quite what they seem in Mercia land, hence my considerable cynicism...

Alfredo

I suspect that you are spot on, clearly Koch appear better at this game than Mercia are.

Scharnhorst

As an eis holder in Sense bio I totally agree with you, they certainly suckered me (some years pre covid) & looks like they suckered themselves during covid.

Divi less than generous too...