Member Info for Davde

Sector sentiment maybe changing, the MAB update yesterday was fairly positive, inflation falling and interest rates maybe at peak or close to. If no more major macro shocks next year could be good for SP I live in hope!

Even with limited LDS 01 figures this production is starting to offset Dreiver reducing production levels. The next few months will be more indicative of the actual flow rate from LDS 01 and what can be expected going forward. The July figure is a part month, it is just a question of how small or big the part month is!

Confirmation that Barburrito is excluded from sale is good. The leisure division had a positive EBITDA in H1 last year of £5.1m so the FY £65m loss was primarily related to impairments and exceptionals last year. Looks like Big table got a good deal from RTN but agree given current trading best to get rid of these leisure sites so at least from 2024 onwards we will not get continual write downs associated with he leisure division as we have had for a number of years. Full year accounts will be interesting!

No mention of Barburitto so presuming it is excluded from the sale? I hope so, as they only got it last year!

Captain whilst ODX have never made a profit the H&N division has been profitable in the past and maybe again, the interim's will tell us if they are once again. Historically losses were associated with the Global health division primarily.

Captain agree with your guess that he has another offer, it is a tight labour market. The sinking ship line is what I do not buy into quite yet! Time will tell.

Disappointing the CFO is leaving as he is unwilling to relocate to Cambridge, I am sure they will find another. Any other comments are purely speculative!

We may not see 200p again due to dilutions but no reason why we cannot see £1 plus in the near future it all depends on on how they perform in coming year and market sentiment regarding wider economic factors. If inflation comes under control, interest rates begin to fall and the economy starts growing again then market sentiment will improve as will SP. Until then a good set of interims may perk up SP in the short term, here is hoping.

My money on TST bought the lot. Not sure there are any others.

Ephemeral the utility hedging provides cost certainty and it looks like they paid £11m for that certainty over three years versus the 2022 prices. For me it was a prudent move unless I am misunderstanding the statement re this, quite possible!

The main benefit of the the group is that it's diversified brands appeal to different segments of the casual dining market so your prediction may well be correct, we will find out soon enough, here is hoping we get a sustained re-rate of the SP thereafter!

TST did say they would RNS any buy back so agree unlikely, unless they issue another RNS shortly. So yes question is who bought them off book.

Think TMR need to do more research and analysis before expressing opinion on future strategy. RTN debt level is circa £220m, excluding leases. The freehold value of the pub estate (circa 50% freehold) is worth £160m. That would imply the pubs, leisure and concessions business is only worth £60m which seems low. They are assuming the majority of profits come from Waga and the remaining businesses are all performing poorly, segmental analysis will tell in September if that is true or not. The proposal to buy out US franchises and expand Waga outlets in other countries may have merit and RTN is expanding where opportunities appear. What is unclear is how far can the expansion of Waga go? Interesting no mention of taking private unlike other activists.

We know that all parts of the business have a similar level of profitability, (F&B) after recent closures, this was stated as the reason for not doing segmental accounting previously. This will be confirmed or not, when they show segmental accounts in the September interims.

£200m would be a steal given the freehold valuation of B&P is £160m for about half the pub estate!

Activists stirring it again on flimsy grounds imv! They need to put forward a reasonable bid rather than trying to get their strategy adopted by changing the board members for those who favour their strategy. If the activists offered RTN the price they paid for Waga £560m or thereabouts to take Waga private they may get a reasonable response! Suspect they are looking to get RTN assets on the cheap! Not sure we will get financial numbers at update, more likely LFL sales which indicative it will not say profit or cash generated. We will see.

Article is biased in my view, repeating activists point of view only. No mention that RTN's largest shareholder is supportive of the board and there are others. No explanation that losses last year was a result of impairments, or that it was cash generative. The activists plan to sell all the assets and take waga private maybe a good idea but they have not explained how that benefits shareholders IMV. I keep getting the feeling that the only winners will be the activists and not the majority of shareholders! The interims are not far off and hopefully they will be relatively positive given current trading conditions. The promised segmental reporting may also help clarify if the activists have a point or not we will see.

The GPA project has never been reflected in the SP for many years so the reduction today is way overdone. The most interesting comment was the one re tax and acquisitions as the current enviroment will present opportunities so it will be interesting to watch what happens with that. An update on flow rates would be welcome as PMG are cash generative currently and any enhancement to revenues will be good for SP.

16m shares sold in 9 minutes this afternoon!

NU from RNS . "Further to commentary in the Company's 17 April 2023 notification, at present the working capital position of DeepVerge is such that the sum total of its trade receivables (net of impairments) and cash balances together exceed the sum total of its trade creditors and other payable balances (with the amounts owing to Microsaic set out above included in this). In addition, the Company has agreed payment plans, or payment phasings, with substantially all its creditors."

Cash is the issue, or lack of, they maybe down but not out yet, it is all down to getting audit done and reducing cost base. Revenues are there to be had but lack of working capital hampering progress.

NU nothing would surprise me! The investors who funded the last placing who are now well down may have something to say. DVRG is still generating revenues and possibly profits after restructuring it is all down to whether auditors and BoD agree or not it is still a going concern, cash is the issue!