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Stacey Solomon launched 27/4 and has pretty much sold out!
https://www.mylondon.news/lifestyle/fashion/stacey-solomon-breaks-internet-following-20481874
Andrew Duff, Chairman of Elementis, said:
"The Board firmly believes in the attractive value to be delivered for Elementis shareholders through the execution of our strategy. Against a significantly weaker demand environment in 2020 brought about by the Covid-19 pandemic, management took swift action to reduce costs and position the business for recovery. The business has good momentum and is delivering on its Innovation, Growth and Efficiency strategy with clear medium term objectives that will deliver significant value to Elementis shareholders. This Conditional Proposal does not reflect this value.
The Board of Elementis would always consider the merits of an engagement at a level that offers attractive value to its shareholders and that reflects the nature of its high margin activities with strong underlying growth prospects. However, having reviewed the Conditional Proposal from Innospec carefully, we are confident that the best value for shareholders will be delivered through the independent execution of our strategy and building on the encouraging start to trading in 2021."
Now we wait for a revised offer or another suitor
ELM waiting for more?
From December 2020 in Shares Magazine
ELEMENTIS ‘WORTH 200P PER SHARE’
Expanding on why the latest bid still undervalues the firm, Elementis pointed to the fact it is the owner of ‘differentiated resources with high scarcity value’, including the world’s only commercially viable high-quality rheology grade hectorite mine.
It added that as a result of the significant refocusing of the group, over 80% of earnings are now from the premium performance additives businesses of Personal Care, Coatings and Talc, which benefit from ‘fundamentally attractive’ margins and GDP growth.
Elementis said its Personal Care, Coatings and Talc businesses have achieved an average adjusted operating profit margin of around 15% over the last three years, and that its medium term group adjusted operating profit margin objective is 17%
It argued that specialty chemicals companies with margins in the range of 14% to 17% currently trade at 17-19x 2021 EV/EBITA, and that applying this range to average operating profit for the Personal Care, Coatings and Talc businesses over the last three years implied a valuation of 163p to 190p per Elementis share.
The company added that this excluded its Chromium business, which could be valued at an additional 35p per share, implying a group valuation of 200p or more per share as the firm ‘delivers on its medium term objectives.’
152 to buy currently
So our baseline cash value for starters is 96p - cracking board here so expecting an exciting acquisition
Vin Murria is no slouch
Currently $5.60 but has touched $5.84 today
touched $5.35
£53m mcap
As a result, the Board now expects total income for the current financial year to be in excess of £43m, approximately 65% up on FY20, and that the Group's profits and year-end cash balance will accordingly be well ahead of the Board's expectations at the time of the announcement of the interim results to 30 September 2020.
It cannot have gone unnoticed to shareholders and observers alike that the sustained growth of USA licensed expended gambling is the hottest subject in the global industry. In that regard, Webis and our principal subsidiary WatchandWager, remain very well-positioned as a licensed operator in many states, and of course in California. Almost all factors are in our favour with legislation passing or on the verge of passing in many key states, as updated almost daily both in trade and financial media. At the same time, many major large multi-national gambling entities continue to search for merger or acquisition of key assets in the USA. This is compounded due to the ongoing downturn in the industry, in the UK, where the affordability review is a very real threat to non-USA players, unlike our operation. On top of that the unfortunate economic impact of Covid-19 and other natural disasters has hastened the need for more taxes and duties in states, especially in California.
It now seems a certainty that more and more states will continue to legalise sports betting in the next two years, including California, the most complex but lucrative state. As a result, the Board believes that now is the time to escalate our plans to take advantage of our position. As a relatively small but well positioned company, we will upgrade our profile on several levels. This includes to reviewing and improving our Board structure, especially in the USA, plus increasing our presence in California and our overall profile in the industry. One key factor is educating the decision-makers and regulators to understand the fiscal benefits of including mobile wagering within retail operations.
Overall, we consider the company to be undervalued on key metrics and our potential for growth it is important that now we "fight above our weight' to make the industry aware of this. We will keep shareholders fully informed of developments in our exciting future strategies.
The mcap here is woefully low when you consider how valuable the infrastructure and licences are in a market that is exploding
owns 63.1% via Burnbrae
I’m seen this algo at work on several companies recently - so easy on SETS to move the price in whatever direction it chooses
https://www.sharesmagazine.co.uk/news/shares/funding-circle-dips-despite-gaining-market-share#.YAVujMqWJuQ.twitter
My guess is that beleaguered Jupiter are selling which has caused a drag on the potential upside here - very peculiar trading activity with large premiums paid for volume
As at 13 December 2020, we represented c.25% share of the number of CBILS loans approved since we began participating in the scheme. When CBILS ends we will operate our core lending product alongside the long term government guarantee programme previously announced by HM Treasury.
Tipped in the telegraph - Interims tomorrow