Member Info for Batfasted

Merry Christmas Banbury
Thanks for all your great posts and keeping the information flowing.
As requested, I predict end January 2021. = 300.
Christmas Eve 2021 = 500.
GLA

Yes Ddawud88. You are just guessing and in the long term you will be proved wrong. Just look at the clever analysis that others have posted on this forum and compare to your own bald guess.

There were more shares purchased than sold so the SP should have risen today. The SP is being held back in my opinion. I am not an expert in these matters so I don’t understand what mechanisms are at play.

Banburyboy and Pianista.
I totally concur with Pianista and I also apologise for any misunderstanding. The old/new SP debate is no longer useful. Banbury your accounting view and insights have been extremely helpful for which I thank you.

Hi Pianista. No. Only a 36” waist which is not bad for my age and lazy retired lifestyle.

Great post Pianista. I agree that all the postings about historical comparisons were only interesting for a short time and now are no further use to us.
I, too, am a substantial shareholder and I am expecting a doubling (at least) from here in 2021 based on the eps argument that you have put very well.

Hi Pianista
Thank you for your explanation. That must explain what I had heard.

Hi Pianista
Is there not a further restriction on Sir Roger that any purchases he makes would have to be at 27P x15 = 405P? I believe this arises because 27P was the highest price he paid during the share placement before the consolidation.

Hi Banbury boy
What does it mean when you say “H/ L in auction for last three minutes trading”? What is H/L?

Hi Banbury boy
What does it mean when you say “H/ L in auction for last three minutes trading”? What is H/L?

Hi Tomc1
Cut & paste from the prospectus:
Dilution
If a Qualifying Shareholder who is not a Placee does not take up any of his or her Open Offer Entitlement, such Qualifying Shareholder’s holding, as a percentage of the Enlarged Share Capital, will be diluted by 46.4% as a result of the Capital Raising.
If a Qualifying Shareholder who is not a Placee takes up his or her Open Offer Entitlements in full, such Qualifying Shareholder’s holding, as a percentage of the Enlarged Share Capital, will be diluted by 16.6% as a result of the Firm Placing.

Hi Smorty
Thank you for your recent posts which put things in better perspective.
However you say:
So who do we think is right on price,
Option 1 Roger the dodger £370 mill
Option 2 The Yanks £375 mill
Option 3 Baldrick £840 mill
Vote now.
Do you not think that Sir Roger and the yanks might value the business higher since they would want to make a profit so we’re buying at what they consider is a bargain price?

Hi Banburyboy
You are obviously right. See also my earlier post at 13:44. Sorry Rox but I think you have confused yourself.

Should have said : .....due to the capital raised.

The dilution has nothing to do with it? He would have to pay £4.05.
The dilution arises because shareholders own a smaller proportion of the Company due to new shares being issued. However the Company has a bigger value to the capital raised.

Hi Rox
Please see below extract from RNS concerning result of the open offer:

The Open Offer closed for acceptances at 11 a.m. on 30 September 2020 in accordance with its terms. The Company announces that it has received valid acceptances under the Open Offer in respect of 271,937,350 Open Offer Shares, representing 43.63 per cent. of the 623,335,182 Open Offer Shares available pursuant to the Open Offer. The remaining shares have been placed with conditional placees, a significant proportion of which comprised existing shareholders. These shares have been placed first with Sir Roger De Haan and then subsequently to other conditional placees in line with the preferential clawback arrangements as set out in the Company's announcement of 10 September 2020.

It doesn’t agree with you about 3M not being taken up. It implies that about 350M were not taken up and then placed with conditional places. Is this what you meant? Was there some news about how many Sir Roger acquired?

Thank you Selecta6. As I understand all the Open offer shares that remained were to be bought by Sir Roger. However this a completely different subject to that posted in such explicit detail by Rox.

Hi Rox.
What are you talking about? These are the 140m new 15P shares issued to replace all other previously issued shares at 1P that were cancelled. This was the consolidation.

Hi Rox
As I understand it, there is large amount of cash left over on the balance sheet from the capital raise (don’t know how much). Also I understand that most of the £140m was used to reduce debt. Clearly the net assets were increased and so the pie is bigger. This is my opinion but I am willing to learn or even to agree to differ.

Hi Rox
You state: Fact2. The pie is exactly the same size it’s not bigger BUT its is better.
The purpose of the Capital Raising process was to raise capital and hence, in our analogy, to increase the size of the pie. The pie is bigger. It has fewer liabilities and more assets. Unfortunately the arbitrary value assigned by the market is currently lower but this will IMHO increase. This is the reason you have given for investing more today to make a profit when the assigned value increases.