Member Info for Dret

Realturbo - that's very interesting. The reason given for the tender being scaled back was that the family didn't want to have to make a bid for the Company. But I find this strange since i would have thought they would want to mop up any small residual shareholding to make life easier for them going forward and to get 100% control. Did Cavendish give any clue as to why the family were reluctant ? And indeed why they were confident that we would receive 100% in the tender? Many Thanks

Hi, Presumably an unknown factor is how many shareholders will actually vote. If we assume they control 61%, then we only need c20.3% if the remainder don't vote? Still difficult

But i f they kept the shares listed we wouldn't need to !

If a share is delisted it has to be removed from the ISA within 30 days. For CGT purposes the cost price of the share now it is outside of the ISA is deemed to be the market value at the date of the transfer from the ISA. Not good news !

RNS this morning clarifies the timetable - how they made such a schoolboy error is unbelievable

The circular has an ISA section that states we should be able to continue to hold the shares in an ISA since investment trust status will remain. However, it doesn't address the de-listing point.

The government website

https://www.gov.uk/guidance/stocks-and-shares-investments-for-isa-managers#qualifying-investments-for-stocks-and-shares-isas

States:

Shares including shares in an investment trust, are qualifying investments if:

• they’re issued by a company that is incorporated anywhere in the world

• they’re:

• either officially listed on a recognised stock exchange

• or are admitted to trading on a recognised stock exchange in the UK or the EEA

Since the shares will be delisted I cannot see how the shares can still be classed as qualifying investments ? Over the years I have had many shares removed from my ISA when delisted

So I think the circular contains misleading/wrong info. What do others think ?

Also the circular recommends we discuss with our retail platforms - given that HL & II hold 50% plus of the shares why haven't they done on our behalf ?

Well done - I have done likewise and contacted share soc - they simply haven't bothered thinking about the impact on RI's

Why not just sell the remaining assets, distribute and then go into liquidation. There is no reasoning in the RNS

If I lived closer to Edinburgh I would also attend

Yes looks inconsistent to me as well.

Our base price post the suspension and exit from ISAs will be the last trading price - which is likely to be low . I've warned about this before !! I just don't understand why liquidation is necessary to ell the investments - just do it while solvent , distribute virtually all the assets and then liquidate and delist.

Corporate organisations running rough shod over the majority retail investors - accounts show Hargreaves & interactive as a combined 51% holding

Suggest everyone complains to Share Soc and the the Company

Done!

Thanks for highlighting the attractions of Croma, lot of good things - low PE and growth strategy, and on the face of it looks an excellent investment. . However, I'm concerned by :

1) The low ROCE, based on last years accounts it is sub 10%. They say they are buying businesses on 15% - great, but there is no margin for execution risk. They say that excluding the Property this will rise to 40% - but isn't this naive - they are buying the property and tying capital up so it very much needs to be included !

2) If they buy say 5 new businesses a year it won't be long before they become a property company that does security ! Not their skill set. They will also need a very good property manager - costs will rise. Concerns re property ownership was dismissed in the presentation saying if necessary they can borrow against the property - but that wasn't the point - why do they want to own rather than lease - concerning that they didnt seem to understand the point let alone have an answer.

3) An acquisition strategy is fine but you need the capabilities on the Board to execute well, with just the 2 of them they seem very light in this area and don't have any relevant previous experience

So until convinced otherwise I won't be investing - which is a shame since they obviously know the industry very well and have a great opportunity to establish a national brand - but I fear they are going to mess it up since its not their skill set.

I would really appreciate your thoughts on the above . Thanks

Sorry, message doesn't seem to be posting properly

Thanks for highlighting the attractions of Croma, lot of good things - low PE and growth strategy, and on the face of it looks an excellent investment. . However, I'm concerned by :

1) The low ROCE, based on last years accounts it is

Thanks for highlighting the attractions of Croma, lot of good things - low PE and growth strategy, and on the face of it looks an excellent investment. . However, I'm concerned by :

1) The low ROCE, based on last years accounts it is

Hi, forgive me but why is an increase to 38% and an extension for another year good news ? The SP certainly thinks it is !

Thanks

Thanks Matt, AJB also 95%

Hi Matt, that's a good result. Which platform was that through ?

I'm with AJ Bell and they haven't credited the proceeds yet

Agreed, why no dividend and/or return or capital ? Also, why the fixation on on a liquidation ? As i have mentioned before surely it is better to let the directors sell all the remaining investments and then go into liquidation , rather than let the liquidator sell the investments at potentially a fire sale value

Don't forget that the RTW share price will adjust on completion for the issue of the new shares to Arix holders

Agreed.

I don't think the regular retail platforms support trading on the TISE so we are all going to be forced sellers !

What do people make of the news of the delisting from the LSE and admission to TISE ? Thanks

HNY everyone

Yes, i take the point that the liquidation may be "unconventional" to suit the particular circumstances of Dunedin. Presumably the Directors will recognise that retail shareholders form the majority of the shareholder base and will structure the liquidation accordingly.

Now trading ex div which partly explains the lower SP, but still looks good value to me