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Rumours have been floating about the city for a couple of weeks now , but SMDS(MC Currently £5.7 bill) would be a big mouthful to swallow for Mondi(MC £ 8.7 bill.)It may be that Smurfit (MC !0.8 bill euros) would be interested and create a bidding war
SMDS is a very well run company in a growth area and the astute management would not IMV let it go for much less than a 30/40% premium ie ~ £ 8bill or SP over £5.
I have held here for some time with an average of <£3and would rather the company stayed independent as I see nothing but steady growth for a decade or more. Some holder might choose to pocket a quick profit on the current bounce and that's their choice but it will create volatility. I am happy to ride it out hoping that the outcome is a wider recognition of the company's merit, a share re-rate and continued growth.

Just thought I'd offer a few notes about the mechanics of the OO .many of you will know all of this stuff but for the benefit of less experienced investors .....
This is an Open offer , NOT a right issue so your choices are :
To buy the shares on offer (1 for every 17 held ), to do so you must have sufficient cleared funds in your broker account by 11 am this Friday 26th and a completed application , but check as some brokers may set an earlier deadline.
To ask for additional shares (up to any amount you like - not exceeding the total shares on offer!!!),similarly your funds and request must be in place by Friday 11am
To do nothing, BUT note in a rights issue your allotment not taken up would be sold and you would get a cash payment to make up for the (presumed) loss in value of your holding, in this case That will NOT happen . You will , in effect be accepting a possible loss when trading begins on the 2nd, as some cash out their 15p shares.
As it happens I don't think this latter scenario is going to matter much , but you should be aware of it.
Assuming the GM on 1 March approves the offer, you will know very shortly after, the number of shares you have received (depending on how slick your broker is)and they will be available to trade on the following morning (2 march)
The above is, I believe, entirely factual, this next is informed speculation.
The SP after an initial fall on the announcement has held up well , I expect all available shares to be taken up and the SP to recover fairly promptly, even if it wobbles on the 2nd, at least to the 20p region. longer term augurs well for the company and a steady SP rise over the next year or two, to a level well above the present is my view.

Hi Idiot......I have applied for an excess equivalent to my holding , it depends on your cash position but the crucial fact here is that the SP is holding steady well above the OO price and sits currently just above the TERP (theoretical ex-rights price) , that is quite unusual and implies a lot of confidence both in the success of the offer and the company's future prospects. We can have no knowledge of whether there will be excess shares to take up (IMV highly unlikely) and if there are, how they will be allocated. I posted recently that I thought the offer was rather kinder to PI's than usual and it may therefore be that KMK fill excess demands from the bottom up (ie smallest bids first ) that is a longer -winded process than a top-down approach as you can probably work out , but for my part nothing ventured...I still believe that though poorly managed in the past the companies battery of products is in a very sweet spot.

Just a few thoughts ,
First this is almost entirely good news, it is not a "rescue" for a company in trouble , the cash will go to specific purposes which are for the company's short to medium term benefit.
Second the impact on the company's cash position will be positive , at the last accounts the cash in hand and debts were at about £9 mill, almost equal and I have no doubt that as a smaller company the interest on the debt would be in the high single figs. The comparative cost of this funding will be much lower.
Third the balance of funding is highly skewed to institutional investors , they're coughing up £10 mill, the pi's are being offered £ 3mill and for each of us that means a payment of 5% of our stake to maintain or holding without dilution . If you don't think that's tolerable you shouldn't be invested here
The one obvious downside is that the offer is "NOT UNDERWRITTEN", that means if if fails the SP will tank .
BUT I cannot imagine the KMK have gone ahead without the absolute certainty of full take up by the II's

The buyer..... The problem these days is scale , the cost of producing aero engines and planes is enormous and creating green solutions, which are clearly going to be necessary in the medium term will involve massive expenditure. The proposal seems to rest on the premise that the UK could seek to assemble(and could only support?) one major aerospace ,entity. It was also said in one of the articles I mentioned that future engines might be much more closely integrated with (or within?) the airframe . After all an electric engine might not need airflow to function and the improvements in drag from getting rid of an enormous lump of engineering hanging off the wings might be a part of a low carbon future.
I am at, or beyond, the limits of my engineering knowledge here but perhaps you and or others might be able to further the debate?

HI Bilston , I last psoted any significant comments on this board on 17 november when i sadi i would hold on the basis of a possible 50% SP rise over a year or two but did caveat that with this
" I think a more fundamental solution would be found , a merger /takeover involving BAE , or some sort of government driven multi-merger of the UK's defence/aero interests and I am under no illusions that the PI's interest would not feature!!

I therefore that fear I must disagree with your price target of £3-4 within 12 months . Todays Sunday times has two long articles, one from a guy with whom I share initials and an occasional email exchange and who I know has a pretty good set of source inside certain government departments. Both set out the concern that on present timescales, the return to high volume flying won't come in time to save Rolls from either a forced takeover, without the usual premium such an event would normally generate or a return to government control as has happened before. There is also fear that Rolls cannibalising itself by selling off parts of the business will neither generate enough cash to survive nor stave off the need for further cash raises at either higher coupons , or if equity, larger discounts (though the last equity raise at a massive discount was the main reason why, having sold out almost all of my holding I still show a small profit . i will exit this stock tomorrow by selling the last 20% of the holding I had built up in the early part of last year and deploy the cash in the many better opportunities available in the current market .
I suggest you and other holders examine the business press over the next few days where , I think you'll find, an informed pessimism is rising. This is going to be another tricky year for RR and the outcome may well not ne positive for holders.

I have just bought in here at an all-time low (or v near)as I firmly believe that the SP reaction is wrong-headed and borderline crazy. I have been watching these and BEG for some time on the obvious basis that their business is likely to grow sharply when the current government subsidies evaporate as they must .The co. history over the last few years has shown a quadrupling of both revenues and profits and a doubling of the SP by the beginning of 2020.
The current investing climate is one of hysteria (on both the up and the downside)and it allows sensible investors to buy sound companies at seriously deflated prices. I believe this is one.

See this long article about the possible origins of Covid, I make no assumptions about its accuracy but post it to underline how widespread the activity relating to biohazardous substances is and hence how significant KMK's target market may be.

https://nymag.com/intelligencer/article/coronavirus-lab-escape-theory.html

Shandypants ... useful follow up , You are right about US revenue streams , To make my notes clearer , I should have written "up to $200 million PER ANNUM by 2025" clarification agreed.

A summary of my notes.
A review of current situation including availability of Ferracru in Europe, but strikingly no details of sales volumes or revenues.
Suggestion that the phase 3 trial and approvals in China will mean no sales until 2023
Argument that the current market cap. was supported by those two revenue streams.
Review of US citing lots of interest two "live" partner prospects, both of which failed because of their product failures.
Restated evidence for benefits of Ferracru versus existing orals and intravenous iron .
Market analyses showing possible non-US revenue streams of up to $200 mill by 2025
Description of "go it alone" route to market in US costing $30-40 mill which will be raised by "50-50" debt and equity , debt element at a coupon of ~10% and an equity raise of (by implication)$20mill.
conclusions ;
The product works and their is a market .
Getting to that market needs $40mill which STX intend to raise by a debt/equity funding round SOON.
Thus a debt raise of $20 mill , coupon 10% ,term 7(?)years, annual debt service and repayment cost of ~$5mill
An equity raise which will require holders to add 30-40% to their current holding to maintain equity share.

This has become a high risk , long term reward stock, I hold a few but am unlikely to add , at least until the terms of the fund raising are clear.

CCas..... Yes, and holding overnight and holding intra -day!
Leveraged shorts are designed to ensure that the 75% who lose money lose it faster.

Value ... I am aware of the annual increase in basket size, the fact remains that OCDO does seem to be at the limit of delivery capacity. Indeed in the trading statement of 15 sept, OCDO referred to a basket size "normalising" ie falling to £141, so the recent trend is down.

Having read the RNS , and as someone not currently invested , I note the following:
The major issue seems to be capacity constraint, the average weekly orders have only risen by 10k or 3% over one year, despite the references to a "smoothed trading week" , in the current climate that is an enormous missed opportunity.
The reference to a return to a "normalised trading week" seems to be setting up next years excuse for poor capacity growth well in advance, as does the failure to offer even a provisional date for " increased capacity".
While I accept the RNS is about Ocado retail , it is ominous that no soothing words about the Elephant in the room were offered.
I have no doubt the devotees here will take umbrage , but rational analysis suggests caution , I will hold off for now.

Just watched the results webinar and initial conclusions as follows:
Let's hope the CEO knows his stuff because presentation is clearly not his forte.
TGP are clearly well-positioned in an enormous growth area and have a number of divisions which can benefit.
There is , finally, a significant UK gov. impetus behind both offshore wind and local content in the product.
All estimates are for explosive growth in the sector with the US and China planning to play catch up with Europe where the bulk of currently installed capacity lies, TGP attest that they are well-positioned in these markets.
The next major growth area is in floating platforms in deep water and TGP claim that there new products fit well with this sector
It seems therefore that the stars are aligned and that TGP can succeed in significant scale if they execute well.
I hold , in relatively modest scale and am optimistic , but will be watching for contracts and profits to flow before adding,

"C "shares convert to ordinary , and very positive results.

The 118 p trade was a late recorded off- book trade, the UT at 110p is the closing price.

Many retrospective price charts have adjusted for the RI so they divide the previous price by (roughly) four to get to what it would have been with 8bn shares in issue. It is therefore irrelevant to look at past prices as a guide to all-time highs, of either SP or MC.

Jenn... check the facts . RR revenue at the half year results in August. £5.8billion, that's not quite zero.

GS appear to have let their options over about 8% of RR stock lapse, in other words the original owners who received a fee for such options , retain ownership, or less probably, invoked the option and sold in a private sale (had they sold in the market the SP would have fallen sharply).Either way a compensatory RNS showing the new, or old owners should pop up PDQ.

OILbe.. first of all thank you for a sensible and considered response - they aren't all that common!
Second, your point about RI's is fair and clearly the RR RI was, as you say, in the latter category, and as I have suggested previously a pre-condition to the successful debt raising. The point about sales is partially valid , but there are a number of relevant factors, as we know most of RR's profits in Civil come from miles flown rather than cash upfront, in one sense that's good 'cos it takes the lumpiness out of revenues and it provides in a normal , flight-hungry world a secure revenue stream and reduces short-term reliance on sales.
Your point about zoom meetings is highly relevant to the business sector which impinges more on the airlines than Rolls, In terms of airmiles flown Rolls don't care whether they are business or steerage, and long haul travel is still likely to appeal to the holiday traveller(I am waiting to visit my grandkids in OZ and will be on my way ASAP)
As to the business community's view of the rights , it was the underwriters rather than the investors who got cold feet although the investors no doubt made it crystal clear what sort of terms they would tolerate. I have suggested previously that the eventual terms were remarkably well - received by the market hence where we are today.
As to restructuring , the evidence is that RR are very serious about that , planning to sell the ITP division and instituting a number of initiatives in topical areas.
I am aware of the risks, but , on balance think the medium term prospects are good, if your fear comes to pass I think a more fundamental solution would be found , a merger /takeover involving BAE , or some sort of government driven multi-merger of the UK's defence/aero interests and I am under no illusions that the PI's interest would not feature!!