The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
"I genuinely believe this is the GGP of the oil and gas world... Simple as that."
This from hydrogen earlier today. Sorry to be a bit dim, but could he (or someone else) please explain what GGP stands for in this context ... thanks.
A phenomenally successful final quarter's update from RWA this morning including the following:
"§ Strong trading momentum was maintained through the fourth quarter across all of the Group's regions with Group net fee income up 39%* (33% actual) year-on-year.
o Quarter ended very strongly with a record December performance.
§ 83% (2020: 79%) of the Group's net fee income is now generated by our international businesses."
With the current level of impetus, all appears set fair for 2022 and perhaps the company will express its confidence by declaring a tidy increase in the level of dividends, particularly having regard to the largely unused mountain of cash in the balance sheet.
Excellently thought through and probably right on the money.
If there were to be another offeror in the wings, one would expect him to declare fairly soon, hopefully with a knockout counter offer. At least Triton is unable currently to steal a march with the sp so far above the value of its offer.
A takeout price would probably need to be north of 950p, without any unimpressive referencing to the pending dividend, which came across rather as an apology for the meagre price ... didn't work.
"The timeline to monetisation is now finite and reasonable"
Really? I certainly didn't hear anything which remotely convinced me that monetisation would be both finite and reasonable.
Did I miss something concerning this coming to fruition any time soon and if not, what would you consider as being finite and reasonable ... 2 years, 3 years, 5 years, more than 5 years? Do tell.
There are some very optimistic comments here following this afternoon's presentation.
Unfortunately, at least so far, this optimism has not been shared by the market, where there has been very limited turnover in the shares and a minimal movement in the share price and in view of its already subdued level, it seems clear that not everyone is convinced that FOG rates as a buy.
Perhaps some, like me, believe that the potential big elephant in the room centres on the extent of the potential future financing required, which might still involve very substantial sums over and above the remaining amount yet to be provided by Origin under the existing arrangements. Reference is made below to the $9 million currently held by the company ... with respect, this is absolute peanuts in relation to the sort of numbers involved here.
Certainly good in parts, especially for those remotely able to comprehend all the technical data, but much joining up of all the dots still required and a possible major question mark over the medium term and beyond as regards the company's financing requirements and what this might entail in terms of possible dilution.
I for one found it particularly disappointing that Falcon appears to be refusing to state how much of the carried cost provided by Origin has yet to be expensed. I fail to understand how the company's auditors can provide a true and fair view of its financial viability without this figure being routinely disclosed and made available to present and potential investors ... this is absolutely key information.
I've been astonished by the brilliant taste of this non-alcoholic beverage which tastes astonishingly like the real thing - I feel sure it will prove to be a mega success story, especially at a time when the Under 30 year age group are drinking significantly less alcohol than previously and it's also ideal for those drivers ferrying their imbibing friends to the pub, restaurant, etc having to content themselves with a miserable glass or two of bitter lemon or diet coke throughout the evening. Without any duty to pay, it's also cheaper than its cousin with the supermarkets currently charging around £4 for 4 x 440ml cans, i.e. £1 per can. For those who haven't already done so, do give it a try ... you're sure to be impressed. This surely has potentially massive profit implications for brand owner Diageo.
The delay by YOU in publishing its final results is bad enough for a billion pond company, but to only announce such a delay on the very day on which the results announcement was due to be made is nothing short of extraordinary.
Surely all the numbers as well as the reports should have been completed at least 7 days ago to enable these to be considered and approved by the BOD. Clearly they were not, so why was there such a delay in informing the market that there would be a delay beyond the scheduled announcement date?
The situation is all the more embarrassing given the nature of the business in which the company is engaged.
A very encouraging trading update this morning in which the eponymously-named Chief Executive refers to the current jobs market as being "hot" and reports that "the Group has once again benefited from operational gearing and that profit for the full year is expected to be comfortably ahead of current market expectations."
That very much depends on how well SUPP invests the £11m it raised from the sale of 10% of its holding in ONT. It has been starved of new funds since the Woodford debacle and it's high time for the Schroders team to show their metal in terms of spotting potential winners.
Full-year eps look likely to be 45p or better based on the very bullish outlook comments in today's announcement. On this basis they're trading on a p.e. of 10.9, more than fully supported by an NAV in excess of 500p per share.
The company is in far better shape with recently energised new management than when the shares peaked at 676p in early 2013 or 667p in mid-2016 . Assuming an undemanding eps of 50p is achieved in 2021-2022 (+11%) and applying a still modest p.e. ratio of say 14, this would equate to a share price of around 700p, an increase of 43% above tonight's closing price.
Of course, William Spiegel was gifted a golden hello of 5,178,524 shares on joining the company, with Thomas Solomon, the recently appointed CFO having similarly been handed 1,210,707 shares. Together, therefore, they have been awarded 6,389,231 shares, representing 2.57% of R&Q's thus enlarged issued capital, which at today's closing price of 165p are worth £10.54m even at their current somewhat depressed level. One would hope that generosity on such an enormous scale will encourage these two individuals to concentrate first and foremost on improving the company's share price performance.
Yes but from a disappointingly low base and the s.p. remains a very long way from the recently suggested 240p sum of the parts figure. It's difficult to imagine the shares recovering to any significant extent unless and until shareholders are confident that there is not going to be yet another highly dilutive placing, reserved solely to enrich the institutions. Unless I see at least 200p by the calendar year-end, I'm out.
It seems that almost every day we are seeing some company or other being the subject of an offer, more often than not involving an American offeror. Might LLOY prove to be a tempting takeover target? By historic standards they remain very cheap. Who might be tempted make an offer ... more to the point, who would be allowed to acquire them?
The fact that the sp has since risen to 158p, within spitting distance of the rumoured offer price of 160p, suggests the former. If the would-be bidders are really serious, it's time for them to put up or shut up.
I feel sure you're right, i.e. that dividend payments are being sacrificed to fund future growth ... disappointing in view of the otherwise very bullish comments about the prospects for 2022.
I wonder whether income fund holders are/will be rushing for the exit door.
Shareholders are maybe also worried about the clear and accelerating rush to convert RQIH into an American company. including the recent appointment of two additional senior executives of whom I had previously been unaware.
Further evidence of RQIH's becoming more U.S. came with the following statement, somewhat buried in today's results announcement:
"Change to financial reporting currency
We have been reporting our financial results in Pound sterling since our public listing in 2007. As we have grown, our asset mix has become increasingly US dollar denominated, with 72% of our investment assets at year-end 2020 in US dollars. This creates volatility in foreign currency translation in both our income statement and statement of comprehensive income. Therefore we have determined that starting in 2021, we will report our financial results in US dollars. "
At first glance, the results appear to be excellent and the prospects for 2021 even more so. But then, reading down the bullet points, the following caught my eye:
"Profit Before Tax of £30.2 million, a decrease of 21%, reflecting a reduction in net intangibles due to the mix of Legacy Insurance transactions"
Does anyone know what this means, and how this should have arisen amidst what are otherwise great numbers?