Member Info for Discodave4561

ST Its a fair comment but a cash raise is highly unlikely IMV. "This seminar will focus on the Group's North American business, Sunbelt Rentals, and our five year plan to increase our location footprint by circa 50% by 2021." Current number of North America locations 546, so the "growth plan" = 55 new locations pa. For FY16 they acquired 68 new sites in North America. Total group spend was £65m for bolt-on acquisitions and 69 greenfield locations. Did they have to raise additional cash to fund this?, NO, Did they breach their net debt to EBITDA of 2 times, NO, are they likely to in order to deliver their stated growth plan, NO. From their Q1 RNS: "We will continue to grow responsibly, adhering to the capital allocation priorities we have outlined. We have therefore invested £328m by way of capital expenditure and a further £64m on bolt-on acquisitions. In addition, we spent £17m under the share buyback programme and all of this was achieved whilst maintaining leverage well within our stated range of 1.5 to 2.0 times net debt to EBITDA." In terms of their debt: "The Group's debt package is well structured and flexible, enabling us to optimise the opportunity presented by end market conditions. The Group's debt facilities are committed for an average of five years. At 31 July 2016, availability under the senior secured debt facility was $941m, with an additional $2,025m of suppressed availability - substantially above the $260m level at which the Group's entire debt package is covenant free." DD

Thanks Gerry557, Only a "tad" nervous! :) Will see how things are up to Q3 and make a decision then. DD

Strictlyslick Not going to follow you into EZJ that's for sure, not until it's £8 or less! Trying to get a target price for RDSB is way beyond me to be honest, not only because of its shear size and complexity but also because nobody can foresee where poo is going. Did have a sell target of £19 (based on 20% profit rather than fair value), then £20, then £21, etc., will now sell when I feel it's starting to roll over, will never get the top, not bothered about that as always happy to make a profit (hopefully 20% or more) and leave some for the next chap. DD

Gerry557 Thanks, agree completely. Have decent profits here and starting to get a bit nervous, Q3 coming up and four weeks later the next OPEC pow wow........which if they don't deliver will kill poo. Will keep holding though, and keep everything crossed. DD

Strictly, Been in these since Feb and tbh haven't a target price as it's too dependent upon poo.......and despite all of the so called experts around, nobody IMV can predict what the price of oil will be, so just along for the ride and the divi's naturally. Possibly getting a bit frothy now, hit intraday 52 week high this afternoon and seems like it may be building up for a retrace. Any thoughts on what their Q3 will be like in 3 weeks time and is the divi safe I wonder?. DD PS not following you!

Squirty, It's my understanding that they don't have a CFO, they have an acting chief financial officer who is on a monthly contract and paid only £80k pa (the average for this role is circa £315k), thats why they messed up the hedging pre Brexit (they didn't have any in place!) and still seem to be making a balls of it now after the horse has already bolted and crossed the winning line!. In terms of the share buy back, as posted previously I believe they are restricted to how many they buy and and what price. DD

Is mitpracle even a F&£)(NG word?.......meant miracle! Another Eric! Lol :) DD

Eric, ORE have £652k in the bank, they need at least half of this in the next 12 months to adhere to the Silverton EIA, the BoD will make sure they take at least £330k (for all their hard work.....pmsl), that leaves, errrr, sweet FA. So they will have to raise funds via a placing, that will not be taken up given the fiasco of the last one and the FCA watching closely (I can but hope), nobody will won't a JV, the BoD IMV have no credibility so this will fold...........or by some mitpracle morph into something else completely different and Adam Reynolds and his pals will keep riding the gravy train whilst sitting on their fat arses doing nothing. Rant over. Message to ones self, do what you said you were going to do and forget that this dog exists. Have a good one chaps. DD

Doubleheadedcoin, Don't disagree about the share buy back but they are still restricted in how many and when they buy so can't always be at the dips. From the RNS 9th Sept:- "The buyback will be conducted in compliance with the relevant conditions for trading, restrictions regarding time and volume, disclosure and reporting obligations, and price conditions." DD

that's "only be paid". Got Eric's affliction!, no offence Eric, the frustration makes holders post incorrectly and have to post corrections! DD

Hi Cast, hope all is well. Hats off to you for what you did over at VAST. Did work out a while back how Birdy's initial salary (c £150k) compared to Martin Sorrells (WPP), ok perhaps not a fair comparison in a lot of ways but it demonstrates how extortionate the BoD's salaries at ORE are, based on market cap as can't base it on profits or revenue, then Birdy by comparison should in,y be paid about £5k pa. Another comparison is the acting COO at SPD, who is well underpaid IMV, is only on £60k pa. As you say Cast, this BoD by any measure you wish to take and based on their performance SHOULD NOT be taking anything out of ORE, it's absolutely a disgrace.........but clearly they don't give a shit what any shareholders think. DD

Doubleheadedcoin, You may well be right, interesting times.........will keep watching, all the best if your in here. DD

Doubleheadedcoin, Don't think it was entirely down to the "flash" crash, yes they have had a £15m hit because of it but they will also incur a further £20m if they have not hedged conservatively, which given the fact they have already seen underlying EBITDA whacked post Brexit for not even having the foresight to have hedging in place in the first instance, combined with not having a COO, all adds up to one profit warning after the other, with more to come IMV. This isn't worth much more than where it is now, so 250-260 is on the cards, may consider a punt then but you do wonder what other disasters are lurking around the corner. DD

FY17 eps now looking like 24p, PE12 £2.88, if this falls back to 250 may be tempted. DD

MTB wouldn't disagree or turn down £15.....that said it could end up closer to £17 (being greedy!). If my memory has serves this was around £13 when the non farm numbers were released early Sept, the non farm are due this Friday. With the increased $ over the last 3 months (c +4%) that will have increased pre tax profit by about £28m. That's about 15% of Q1 pre tax profit........so could be a very good Q2/H1 (end Oct) result issued early Dec. DD

Thanks Eric. Looks like annual salaries will de down by c £55k, but share based payments up c £15k, so overall they have reduced how much their taking from us for doing sweet FA (in my books that is daylight robbery - go ahead admin remove my post!), but that doesn't include their share options though!. Any thoughts on how long this will survive? 6 months - 9 months? Feel the same as most LTH here, want to just offload and be done with it, but given how little my investment is now worth (£110), decided to just delete ORE from all my electronic files / spreadsheets / PF website lists, etc etc and delete it completely from my mind. Will look at it in 6 months time and take it from there - the pent up frustration on how this BoD is taking the **** out of me, and all shareholders, is not worth it given it's only true worth to me is a paltry £110. So, thanks all posters Eric/Jibber/Bannor/Colli/Cast, etc, for your support over the years, will keep holding but will take Colli's advice and forget this dog for a while. GL DD

It is a bit ironic given the woeful rating DB has been giving AHT.......glasshouses and stones come to mind!. DD

Jibber From last years annual report (note 15) when share based payments, for the year, was £5k: "The Group has a share ownership compensation scheme for senior executives of the Group. In accordance with the provisions of the plan, as approved by shareholders at a previous general meeting, senior executives may be granted options to purchase ordinary shares in the Company." You guessed it....the BoD. It's now gone up to £10k so annualised c £20k, a four-fold increase. At least Dick Turpin had the decency to wear a mask when he robbed people! DD

Hottentot Well called for this morning!.......I blame Deutsche bank, in more ways than one. DD

Hottentot URI up 2% so not so sure it will open, or close, down tomorrow. Aunty Janet talk on banking and the economy this evening as well, so who knows what tomorrow will bring!. GL DD