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The reality is changing management will not change current service delivery in the short term, the issue is a lack of available drivers and this being addressed. Will they keep under direct control for long or award back to FGP or another provider time will tell but with an election looming suspect it will be decided sooner rather than later.
The £75m share buy back commenced in Dec 22 has to date purchased just under 40m shares. So they are roughly two thirds of the way through the buy back process. How much the buyback is supporting the current price rise is debatable!
Atanasoff I do not disagree with the point you make re skin in the game however my point re 12p remains, however unlikely that seems at present. Re warrants they need to get the SP above 4p before any will be taken and the exercise period runs out in 6 months, given the current SP funds raised and dilution impact may well be minimal without some very good news!
Any idea why, odd!
Are the 1.2m shares not dependent on meeting SP target of 12p, if they do I for one would be happy they get them!
To me it is indicative that they or their client believes that the SP will rise as it it CFD funded! Could be wrong as this is the murky world of hedge funds and high finance!
Archy147 your post gets a mention on RTN media.
LFL sales are less than inflation so it looks like in real terms volumes have dropped already as a consequence of the COLC, some inflationary costs will have been passed to customers, those that have not been will have impacted profitability as seen if final results. The cost reductions will mitigate, to some extent, reduced profitability impacted by absorbing inflationary pressures. The RTN SP already reflects current concerns re outlook and as inflation recedes sentiment will change and with luck the SP will improve in the coming months it should become clear by the time we get to the interims I hope!
Good update. The comment re enhanced financial segmental reporting in interims is good.
The lack of segmental reporting makes it hard to determine how much each division makes, it is clear from the annual report is that the leisure divison is the least profitable currently but the board expect similar returns to be made in the coming years hence further rationalisation of primarily F&B sites, thereafter all divisions are deemed comparable financially. That being the case, the strategy to sell of all but Waga and use funds to develop Waga further seems odd. Why sell the other divisions if broadly achieving the same profitability and ROCE seems daft. The other issue is why put all your eggs in one basket brand wise when you have a portfolio that caters for different segments of same the market allowing you to adapt to challenges in this sector, the clue is in the company name! The proposed change the incentive scheme may enhance shareholder value short term but likely to diminish longer term value. If they want a takeover then asset strip, then fine by me, as long as the price is right and it way north the current SP.
Certainly good news, clarity on future dividend policy will be welcome, i.e cover level. I expect this will be prudent, rightly so, and buyback will be dependent growth plans, we will find out more shortly. All good though it been a long road to recovery!
Makes you wonder where they got the shares from given relatively low volumes in recent weeks! Maybe another Institutional Investor(s). Whatever, it looks like they are going to make a move which should help SP, as the current MC is way to low!
We got one last year so hopefully another this week that will provide some cheer.
Not surprised quality pizza and good value, outstanding compared to peers, only wish RTN had bought them!
Scott240 re the comment that you made below "I expect GPA to be written off this month after director told me it was a stranded asset at AGM" I have asked PMG to provide reassurance that this statement is not true, I will post the response when received.
When they bought the wind farm for circa £4M producing revenues of £400k p.a. I did think they overpaid as well, however the 250% increase in wholesale prices from Aug does put a different complexion on the purchase and it may turn out to be a sound investment. The move to accelerate the decommissioning of Athena using the cash in bank again may be an astute move given the extra cash being generated from the peak in gas prices during 22/23, we will get a feel for additional cash generated in the coming weeks. News on the new gas flow rates would also be welcome and should provide a lift to revenues going forward. I cannot see this in the 20's but you never can tell! The real prize comes with news on GPA/Skerrymore coming to fruition!