Member Info for colebrooke1972

March trading update RNS: The Group received c.£187m in cash (including repayment of intercompany debt) from the sale of its Air Handling division to France Air Management SA on 31 January 2020.

Raise would be seen as a positive shore up balance sheet. Net debt at 31 December 2019 c.£162m. Air Handling sale net proceeds £152m exclusive of debt owed to SIG by Air Handling of £34m. So a raise could make sense? Regardless the business has minimal debt a luxury at this time!

Cash raise could be seen as a positive by the market. Strengthen the balance sheet. There have been numerous raises these past few weeks which have been seen as positive. Although £140M cash as per last update I don’t get it.

Aviva results today positive read through for the Saga insurance business

SIG have been fully operational in Europe: We have remained open in most of our other countries of operation and trading has continued on a near-to-normal basis in ‘France’, Germany, Holland and Poland, all within local government guidelines in each country.

In the UK SIG fully open now but did NOT completely shut down: six sites Edinburgh, Manchester, Birmingham, Bristol, Rayleigh and London. From these sites we were able to serve critical and emergency projects for the NHS, and across the energy and food sectors in the UK.

IKO, which has a history of acquiring businesses in the roofing/construction sector, has built a 14.77% stake in SIG Plc (latest purchase of shares March 2020). Their latest acquisition was the Roof Tile Group in New Zealand in November 2018.

Good to get that gap filled on the daily. Onwards and upwards. Sale of this small profitable division was not priced in anyway .

Updated assessment of the potential impact of COVID-19
· Strong progress from largely unaffected Insurance business underpins cash flow and profitability.

Saga has strong liquidity and diversified sources of income, and has the flexibility to respond to the challenging market environment due to the cash generative Insurance business, an expected £23m in cash proceeds to be received from the sale of Bennetts and the £50m remaining undrawn revolving credit facility.

The travel business is dwarfed by the insurance business.
Insurance profit before tax: £130.8M
Travel profit before tax: £19.9M

SAGA is more than well prepared to ride out the disruption to the travel industry based on its insurance business.

concerns over the revolving credit facilities now put to bed, should see a rise back up to resistance of 28p quickly

Crazy markets bodes well for tomorrow!

When the M’s move it up they’ll mark it as a sell.

#SHI - IKO, which has a history of acquiring businesses in the roofing/construction sector, has built a 14.77% stake in SIG Plc (latest purchase of shares March 2020). Their latest acquisition was the Roof Tile Group in New Zealand in November 2018.

Carnival swamped with cruise bookings after announcing August return
By Isabel Vincent

May 9, 2020 | 9:35am

Carnival Cruise Line was inundated with bookings last week when they announced that they would return to the high seas after months of coronavirus lockdown.

Cruise Planners, a company that books cruises on the world’s largest cruise ship line, said bookings shot up by 600% when they announced that cruises would begin August 1. The spike is a 200% increase over the same time period last year.

The travel company told TMZ that those booking the cruises were “not a bit concerned about traveling at this time” because many said they were healthy and looking forward to having fun after being in lockdown for months.

https://nypost.com/2020/05/09/carnival-swamped-with-bookings-after-announcing-august-return/

In auction twice this morning huge volume and buying pressure +18%

Gone into auction just before market close currently +21%

Centrica upgraded as Credit Suisse says coronavirus impacts now ‘priced in’
The Swiss bank moved its rating to ‘outperform’ from ‘neutral’, with a price target set at 70p (current price: 31.95p).

Credit Suisse has upgraded British Gas owner Centrica PLC (LON:CNA) because it believes the impacts of the coronavirus (covid-19) pandemic is “priced in”, and, the share is at an inflexion point.

“We believe Centrica’s balance sheet can weather the impact of the COVID-19 pandemic and the collapse in oil and gas prices,” analyst Mark Freshney said in a note.

READ: Centrica double upgraded to ‘overweight’
Perhaps less positive for shareholders is Credit Suisse’s assumption that Centrica will cancel its dividend for two further years, in order to save £590mln and help ride out future challenges.

“We forecast bad debts of c£450m in 2020 and £325m in 2021 (from c£200m in 2019). We think this is conservative,” Freshney added.

Credit Suisse expects a £500mln of working capital outflow in 2020, based on 10% of customers not paying for three months.

The Swiss bank reckons other companies will need government support before Centrica, and, noted that maintaining credit ratings with Moodys and S&P (Baa2 and BBB respectively) will be key for the company, which Credit Suisse believes is possible.

It also noted that it is assuming that Centrica will, finally, sell out of its oil and gas production interests (a 69% stake in Spirit Energy).

According to Credit Suisse, the business should still be cashflow break-even against commodity prices of US$34 per barrel crude and gas at 34p per therm. Pegged against a long-term oil price of around US$60 per barrel the bank said the business could be worth £1.2bn.

Taylor Wimpey, one of Britain’s biggest housebuilding companies, has announced work on its construction sites will restart from May 4th

It’s the first of the major house builders to announce that construction will restart

Britain’s economy slowly starting to reopen!

Game changing news quite literally. ESports is massive. Huge opportunity for #WMH.

5.7 Million volume already and it’s only 11am