Member Info for EdwardSeaton

I agree that a buyback represents an excellent investment.

I don't think it will happen due to a wish to maintain share liquidity and the very significant holdings of the controlling family.

Iran has wanted the last two months? I'm not totally sure about that.

Whatever is the point? They will announce any buybacks within a few days of actioning them.

I can't begin to think how it matters?

You talk of falling knives, and this is certainly a time of uncertainty. But it is also the case the CHH is now up 28% on two weeks ago.

You assume far more rationality in the market than is due.

Since I first invested in Churchill in 1996, the price has fluctuated from £7, down to 55p, up to £20, and back to £3. And throughout that time, it has only made a loss in one single year (I think 1999).

Within the challenged markets that Churchill sell into, I would say the numbers released today are extremely impressive.

£6m profit, a prudent dividend, £11m of cash, no debt, and a market cap of only half net assets (which themselves hold property that is absurdly undervalued). This is the antithesis of Cash Burning Tech Disaster PLC.

Mike - I don't understand why you are invested at all if you think it is all some great big con by 'Market Manipulators'?

I am genuinely curious as to whether you think today's fall is due to dark forces, or the fact that the price of coal has fallen by 6%?

I would absolutely love to know which cunning genius you imagine has the powers to manipulate the share price?

I see nothing that isn't easily explained by coal price movements and changes of sentiment as to the duration and impact of the Iranian war.

It is simple supply and demand. If you really think otherwise, you are crazy to be invested and would be well advised to get on to the FCA and police.

Agreed, but it is also an exceptionally well run business with very committed directors, particularly NR himself. I think credit is due beyond just being lucky.

Wild guess, but I'm going to say that won't come as a revelation to anyone on here.

I presume you would like them to have made the coal price higher last year?

Or perhaps emptied the coffers to pay a bigger dividend, devaluing the company and restricting its ability to grow?

Or what?

I was half expecting them to amend their guidance on 2nd March which was written before all hell broke loose.

The market dynamics are very different now, but these mining companies are inherently keen to write down any assets they can, and Thungela seemingly still feel justified in doing so.

All in all, H1 is currently looking very much more positive.

Mike, global oil consumption is about 102 million barrels of oil every single day.

To be fair, they did provide a very detailed update on 9th February.

No, Companies House very specifically has Miles Ingrey-Counter listed as Company Secretary, not as a Director.

The AB Dynamics PLC website also lists him specifically as Company Secretary but not a Director. Because he definitely isn't a Director.

It is a growing business, both organically and by acquisition. It's last purchase was 22 months ago.

The current share price is a strong multiple of profit, reflecting an expectation of future growth. Market cap is well in excess of net assets.

It is not the fault of the Directors if the share price got ahead of itself. They have doubled profit in the last 5 years, and done nothing to deserve your scorn.

So I really don't see what your problem is?

Rarely can a trading statement more quickly have become historic.

As per the second last paragraph, it will be interesting to see if they now review the impairments. (Not that I have any issue with writing down assets when you can)

As I understand it, there is a commitment to paying a dividend of at least 30% of FCF.

Impairment of assets and general depreciation have no impact on FCF.

I'm not saying there will be a mighty dividend, but there is nothing in today's release to preclude a dividend.

The Company Secretary has no need to be a board member. As far as I know, only board changes must be notified.

This is not a share that will ever make sense to hold. The company is a rich man's plaything - men who have made their money elsewhere and are now doing something they enjoy, just because they can.

If you want a part of a profit obsessed operation, you are deluded if you think you will ever find value here.

Well to be fair, the share price is up on 3 months ago.

And you can't just make shares more valuable. Perceived value is entirely derivative of sentiment and fundamentals.

Agree. If you engage with the fool, you only encourage him.

Never ask, never respond. His only purpose is to get a rise from people. He has no interest in being right or wrong.