Member Info for dallo

Watch the buyers move in very shortly
I am sure Lanstead know more than we do.
Watch it move higher today

Dame Carolyn McCall performed extremely well at the Commons
Committee today.
Very impressed.

Net debt/EBITDA as at 31st March 2019 was 1.2; 1 which is not high
and very sustainable at very low interest rates.

The earnout payments in 2018 were £60m not £35m.
The earnout payments in 2017 were £90m.
Sorry for error

Jonmot

The earnouts are performance related and highly structured.
For example £35m was paid in cash in 2018 in respect of earnouts
A potential further £ 300m( maximum) could be paid in earnouts over the next 2-7 years
provided certain targets are reached.
However( and this is important) the Net Present Value (NPV) of the earnouts net of
increased profitability on reaching earnout targets was just £11m in 2018 .
So the effect on the overall debt will be negligible one way or the other.
Also the expected proceeds from the sale of the Southbank site of c £200m will
reduce the debt when received.

The share price performance and the abject management
have scuppered any possible defences to a possible takeover.
If a predator doesn't pounce soon it never will.

Share price down another 1% to near 7-year lows
and not a budgie of information from the Dame on Britbox et al.
Patience wearing thin but hanging on for a while yet.
We can forget about a takeover given no interest at just over a quid
from anyone.

Nige
That is old news
We had about 5/6 posts here on the buys in May and
all agreed it was a piddling amount bought by each and
was not a confidence builder in the context of their huge
salaries and options .

Nige,
I share your frustration at the dreadful share
price performance and the fact that ITV has failed to deliver
even one piece of good news in the 18 months since Mc Call took
over the reins.
Surely the big Institutional investors like The Capital Group( 11%) and Blackrock(5%)
are putting pressure on the company.
There appears to be no defence against a bid given the abject performance
of the management and the plummeting share price.

ITV share price now at 5 year lows
175P in June 2014 and 280p in June 2015
No predator circling at these bombed out levels( as yet)
Very sad

On the way up again
Maybe some substance this time

Ofcom has just provisionally approved the extension
of the catch-up period for BBC programmes on BBC IPlayer
from 30 days to 1 year.
This looks like the end of the proposed Britbox collaboration with ITV
leaving ITV no choice but to tie up with one of the big streamers
and admit defeat imho.
Another failure by McCall who surely must be close to the exit door.

Marineville

I could not agree more with the neverending takeover story
but I thought that at £1.10 somebody might be interested
but no signs as yet.

A takeover by BT of ITV is the obvious corporate action ( if it happens)
as BT's market cap is £27b versus just over £4b for ITV.

The simple solution is for BT and ITV to merge.
That would set the cat among the pigeons.
Don't rule it out as it makes a lot of sense imho

In the blue today
I expect a reasonable rally from this crazy oversold position
but after the past 6 weeks I remain very cautious.

Atalatal

I am buying also on the way down but my average is still around 135p
Unbelievable share price level
The ITV Studios are worth around £5 billion as a standalone business
so I suspect the cold steely hand of Malone aided by the giant blood sucking
squid behind this walk down of the SP

In auction

Here she goes
12p and moving and little on the offer

Relentless selling continues bringing SP to
multi-year lows.
The position of the Dame looking shaky and any reasonable
bid now would be accepted imho.