Member Info for Culpepper

They’re following suit again today.

And there is the reported short position here - but I make little of that in the longer term.

It avails shareholders nothing. But Sig is not alone in the trend over the month. Concerns over supplies ( despite Sigs outlook ) is probably at the bottom of it.

Sig - 15%
Travis Perkins -18%
Saint Gobain (Jewsons ) -8%
Grafton - 8%

And even DIY and associated
Kingfisher B and Q - 7%
Wickes - 10%

Incontrovertibly in a downtrend. Price is what you pay, value is what you get, however you see it.
Nothing more to add.

Management will get on with what they said now. In truth, I expect they have already agreed what’s going to happen on the debt. Just not telling us yet.
It may not be pretty, on the various loan notes, but next bit of information will get rid of doubt and ‘clear the decks’ - to a better extent for the company anyway - and then we’ll be waiting on something, hopefully more positive than we’re used to.

Well, I’m at 2.5 now for my sins. Not holding my breath short term, but there’s a chance.If the others convert some on the same terms as Kestrel that’ll be the price it’s done at.
Course, you have to think of dilution and so on.
Haven’t worked it out.
See what happens. It’s low liquidity.

Presumably their future actions are aimed at a better financial position for the company, themselves, and hopefully pi’s. That’s what they tell us. I think I shall be fortunate to get my money back. I don’t care how they do thar for me, as long as they do.

They’re an enigmatic lot, Mxc.
Despite all the problems here, and Ide is not out of the woods yet, they’ve continued to throw everything at it. They are significantly invested, and partner Smith went in to manage it. The pressure must be on to make something of it before they hang up their boots in 4 - 5 years and draw their last payout from the ongoing sale of Mxc assets.
In December 2019, IDE price 2p ish, in reporting to shareholders at the time they were taking themselves private, Mxc said “We remain confident that we will see a complete return of our capital from IDE.”
I was already in but bought substantially when Mxc price tanked tanked on privatisation ( moans and groans from pi’s ) Pretty much in the dark now, invested in a private company. But they must be doing things right, because returns on tender offers against NAV, despite IDE, have increased and are pretty good (so far ) in my own book.
Now, it’s all in the outcomes ( the eventual sale of this ) and not the promises, isn’t it. But they have time limited themselves and can’t afford to be laggards.

With that last in mind, and there’s been a lot of dark water under the bridge, there was a time when this board was full of conjecture about IDE being used as a vehicle to satisfy Mxc’s arrangement with Liberty Global to build a company “of size and scale”. And sell it to them.
I thought that dream was over. But you never know with these things.

On a slightly different tack, spending cash to grow is also in mind.

“Our focus is now entirely on growth, continued organic growth and the possibility of acquisitions.”

There you go.

My last on this. It must have been subject of debate by all for some time. So there may be a clue in Kestrel’s earlier conversion. Very unlikely anyway to be other than part of the scheme of things.
https://www.lse.co.uk/rns/IDE/conversion-of-loan-notes-and-issue-of-equity-03ct1h7obr0x2nm.html

Thanks for that. We shall see how they measure up against
“Given the strong outlook for Core and DIFM trends, together with half year results which delivered adjusted Profit Before Tax £1.5m ahead of guidance, we now expect adjusted Profit Before Tax for the full year to come in towards the upper end of analyst expectations (range £67-£75m). This assumes no further significant change as a result of Covid disruption or restrictions.”

Given that was said mid-September, I am thinking the third quarter will be on plan. And then a further, cautious as ever, outlook on the full year, taking the conditions affecting the industry as a whole into account.

Having read yours, I can't agree with that.

And Sig hit 50.3 today.

My posts seem to have been deleted. Never mind. I was pointing out that Sig tell us not necessarily to expect outperformance over the second half if trading conditions worsen, but they still expect a good full year over prior expectations.

Here is what they say.

“Trading in July/August remained solid, strengthening the Board's confidence in full year outlook despite caution over ongoing impact of material shortages and cost price inflation
· Continued profit improvement expected in H2 2021 and full year underlying operating profit anticipated to be ahead of prior expectations”

“Given these prevailing macro-economic uncertainties, we retain a cautious view on market conditions for the remainder of the second half at this stage. However, the strong results in H1, the solid trading seen in July/August and continuing robust demand, together with the effectiveness of our supply chain management and commercial agility, gives the Board confidence for the full year performance. Providing the disruption from material shortages and haulage constraints does not worsen in coming months, full year underlying operating profit is now anticipated to be ahead of prior expectations."

Well, on the face of it share price coming off for the worse, against value at the price.

It’s just not good enough! Like many things.

I have been waiting 3 weeks for someone to mention Blackrock’s notified short. Disappointing.

It would seem, punters at large are unconvinced. Perhaps, like me, they are wondering how the debt-holders, Mxc et al, are going to get at least their capital back ( interest is currently being rolled up for payment at end of term) Mxc will have a cunning plan - that is where the partners hold their shares - and they are looking to have sold off all the assets in 4 - 5 years.

Though invested ( and losing ) I have become more of a casual observer.
Andy Parker says, "This day has been a long time coming but for the first time in three years we can confidently look forward to a positive and rewarding future for IDE shareholders."
You would think he might buy some shares. Perhaps he will.