Member Info for EdwardStone

I'm out - end of a 3 year journey!

Annoyed to have left some money on the table as bid is now 84+ but the irrevocable director undertakings make today's bid hard to undo.

Given the size of my holding, I need to take that P&L.

13/06/2025 Sale Renold PLC 276,623 £0.82

13/06/2025 Sale Renold PLC 50,000 £0.80

13/06/2025 Sale Renold PLC 25,000 £0.81

12/06/2025 Sale Renold PLC 12,937 £0.77

The 10-15% discount (to the 77p and 81p bids) indicated a probability of neither bid happening. With this week's acquisition of Ricardo and risk of further USD weakness, it may be that this firmed up intentions.

The biggest problem is..WHO KNEW today?

Clear insider trading.

This is a very overlooked line in the 30 Sep 2024 interims: " The Americas now represent c. 47% of Group revenue on a pro-forma basis." Renold have a manufacturing base in the US and won't be subject to tariffs - whereas competitors might be.

Great investigative accounting thank you.

Did you come across a list of option exercise prices?

This would allow us to understand how aligned with management we shareholders are..

Interested in your views on Renold. At what price would you buy more?

What's your target to sell?

What's driving your thinking?

On the bid for a couple here. No volume on the offer.

The market is very thin. When I was bidding in some size a couple of weeks ago, the day it moved from 62 to 66p, there is not much volume in this share. I expect it to rise from here given fundamentals.

I'm still bid only. Not offering. Can't get £50k. Sales going through as some smaller sellers come out with this uptick. This feels squeezy to the upside.

I'm now on the bid

I've been offering 300,000 shares at 64.2 for weeks.

Pulled it this morning when market was 63-64, then it went to 64-65.

There's not much on the offered side right now. Can't get £50k's worth.

I just removed my sell order above the market and we moved from 63p bid to 64p bid :)

Just put my order in to sell 300,000 above the market..will see what happens. There is very little volume either side.

1) This is one interpretation. There is arguably a consideration, under Para 9.2 of the Listing Rules, that PFC should make an announcement if its financial situation changes compared to previous guidance given or if covenants are breached. But the rules are not clear and they may be using the time to renegotiate covenants.

2) BUT..the professionals are usually right in these situations, especially the bondholders. It looks highly likely that PFC will need to refinance.

Beneath the froth here..large contracts ($200m) continue although this is Petrofac awarding it to a subcontractor IN THE TENNET PROGRAMME.

These developments are not indicative of a company near bankruptcy unless they have been ring fenced in ways we will never know and protected from the turmoil of an impending refinancing.

https://theedgemalaysia.com/node/691939

I've started buying the shares, and will place a bid for the bonds.

This is now a turnaround or bust binary outcome so don't invest what you can't lose.

That's because the market makers need a minimum spread for the risk - hence 200,000 min lot

Good information thank you - that's a massive sign

The world is full of poorly diligenced promises..look at Brexit!

I have been in equity, bond, fx, derivatives and commodities markets for 34 years.

This stinks.

And I still make the same mistakes..not enough research.

This is the most likely scenario - usually bonds become due on breach.

But..ratings were recently affirmed. Bad oversight if this is the case.

PFC have no sharholders' funds..they're negative remember?