Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
by Trevor Baker | Jun 10, 2021 | 1:01 AM
WAKEN UP UK GOVERNMENT.........THE AVACTA LFT MUST BE INTRODUCED AS A MATTER OF URGENCY..
The cheap testing firms that can’t provide tests at the top of the government's day two and day eight provider list..
The testing system for travel is in turmoil again, as Which? finds several firms included on the official list for day two and day eight tests never actually provided tests, while prices shown proved to be unobtainable.
When we looked at the end of last month, the 10 cheapest providers of tests for people entering the UK from an amber list country apparently ranged in price from £60 to £98.
However, our investigation has revealed that none of the test packages below £80 were genuinely obtainable for that price and there were major questions about others.
After we contacted the Department of Health and Social Care (DHSC) the first three companies were all relisted with higher prices, while three of the others have been removed as it appears that they never provided tests at all.
Government promised lower prices for testing.
When the government introduced its regime of testing before entry to the UK it provided a list of private companies in alphabetical order. This proved disastrous for some travellers, as they booked with firms that had chosen names to put themselves at the top of the list. More than one provider was removed after failing customers.
Before the green list announcement on 17 May the government changed the list so that it could be searched by the cheapest provider. Transport Secretary Grant Shapps said: ‘I will be driving costs down in the next few weeks and removing providers if they are not playing ball, because I don’t want to see people being ripped off.’
However, the new list has created even more serious problems with companies competing to appear to have the cheapest prices.
Cheap Covid tests that don’t exist.
Towards the end of May the list included five providers; Expert Medicals, 01 Test, Nationwide Testing, Star Medicals and 1010 Labs that had identically worded refund policies.
They charged £85, £86, £87, £88 and £89, respectively, for the tests you need to return from an amber country.
However, three of those companies, 01 Test, Nationwide Testing and Star Medicals provided little information about their service and did not answer calls to the number provided. Expert Medicals told us on the phone that it was about to start working with 01 Test, Nationwide Testing and Star Medicals but that they had not yet started offering tests.
After we contacted the DHSC to ask why companies who couldn’t provide tests were on the list, 01 Test, Nationwide Testing and Star Medicals were all removed. Their websites now say they’re ‘out of stock’.
The DHSC told us that it wasn’t able to comment on individual providers but that the laboratory processing their tests would have had to declare that they met the required standard. This appears to have be
https://news.sky.com/story/covid-19-indian-variant-around-40-more-transmissible-matt-han****-says-12325975
Some of these funds have clearly been buying recently....
Shareholders
Name Equities %
Hargreaves Lansdown Stockbrokers Ltd. 39,099,000 15.4%
Jarvis Investment Management Ltd. 26,190,000 10.3%
Hargreaves Lansdown Asset Management Ltd. 14,006,000 5.53%
Premier Fund Managers Ltd. 11,609,794 4.58%
Baillie Gifford & Co. 11,515,758 4.54%
Lombard Odier Asset Management (Europe) Ltd. 9,979,863 3.94%
J.O. Hambro Capital Management Ltd. 8,625,000 3.40%
Carlton International Holdings Ltd. 8,400,000 3.31%
FIL Investment Advisors (UK) Ltd. 6,754,122 2.67%
Unicorn Asset Management Ltd. 6,000,000 2.37%
26 May 2021
Lookers Plc*
LOOK LN General Retail
Another forecast upgrade
Just seven weeks on from its positive Q1 trading update, Lookers has had to raise guidance again following stronger than expected trading in April. It has also successfully renegotiated its banking facilities. The group’s strong trading performance should help continue the restoration of its reputation among investors and raises the possibility of a resumption of dividend payments. We believe the risk/reward remains positive.
§ Strong momentum: the latest trading update says “trading across the group has been strong” since the reopening of its dealerships on 12th April. New car sales are up by 26.6% on a LFL basis for the four months to 30th April 2021. While this is against a weak comparison (with the UK in lockdown from 26th March 2020) it shows strong outperformance against the market, with SMMT registrations up 16.2% in the same period. Used car unit sales (+32.5%) and aftersales revenue (+25.4%) were also showed good growth; the weak comparison was a factor, but the figures also reflect a strong operational performance during the latest lockdown.
§ Profits impact: On the back of the solid four-month performance, Lookers “now expect underlying profit before tax for 2021 to comfortably exceed current market consensus”. To reflect this, we increase our 2021 forecast from £34m to £39m (+15%) on the company’s calculation basis and to £40.2m on our basis, which adds back the charge for share-based payments. For 2022, we increase our forecast from £48.1m to £51.9m (+7.9%).
§ Cashflow: the statement also reveals that net debt (excluding lease obligations) is only circa £4m at present. This demonstrates a strong performance in the last four months as it compares with circa £45m (already disclosed) at the end of 2020. The group has renewed its revolving credit facilities with its existing banking club with a current size of £150m and maturity on 30 September 2023.
§ Potential Dividends: Our revised profit projection gives EPS of 8.3p (2021) and 10.6p (2022). This healthy performance, reduced debt levels, improved internal controls and the resolution of the FCA issues raises the possibility of a resumption of dividends. We are likely to find out more about this when FY20 results are released, anticipated to be towards the end of June.
§ Investment view: Despite the strong share price performance YTD, the valuation remains undemanding in our view trading on a 2021E P/E of 8.4x falling to 6.5x. We remain comfortable with our blue-sky EPS scenario of 13.2p and based on a P/E multiple range of 8-14x suggests a value range of 106-185p per share suggesting a positive risk/reward from here.
New car orders across all Franchises are already at record levels for Q3 and Q4 is already ahead of budget.
? Based on our blue-sky EPS on Exhibit 1 and assuming a P/E multiple range of 8-14x, would suggest a value range of 105-184p per share. Our working (below) shows this analysis discounted back by 5 years to give range based on discount rates ranging from 5-20%. To get back to the current share price based on this analysis implies a mid-cycle PE of 10x discounted by 15%
The margins being retained in new and used vehicle sales have never been so strong, a strong update will send us closer to £1 short term.
Update is this week.
Lookers PLC Holding(s) in Company
10/05/2021 5:10pm
UK Regulatory (RNS & others)
TIDMLOOK
RNS Number : 1391Y
Lookers PLC
10 May 2021
TR-1: S tandard form for notification of major holdings
NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and
to the FCA in Microsoft Word format if possible) (i)
1a. Identity of the issuer or the Lookers Plc
underlying issuer of existing shares
to which voting rights are attached
(ii) :
---------------------------------------------------------
1b. Please indicate if the issuer is a non-UK issuer (please mark with
an "X" if appropriate)
Non-UK issuer
------------------
2. Reason for the notification (please mark the appropriate box or boxes
with an "X")
An acquisition or disposal of voting rights X
------------------
An acquisition or disposal of financial instruments
------------------
An event changing the breakdown of voting rights
------------------
Other (please specify)(iii) :
------------------
3. Details of person subject to the notification obligation (iv)
Name Artemis Investment Management LLP
City and country of registered office London , United Kingdom
(if applicable)
4. Full name of shareholder(s) (if different from 3.) (v)
Name
---------------------------------------------------------
City and country of registered office
(if applicable)
---------------------------------------------------------
5. Date on which the threshold was 02/02/2021
crossed or reached (vi) :
---------------------------------------------------------
6. Date on which issuer notified (DD/MM/YYYY): 03/02/2021
---------------------------------------------------------
7. Total positions of person(s) subject to the notification obligation
% of voting % of voting rights Total of both Total number
rights attached through financial in % (8.A + of voting rights
to shares (total instruments 8.B) held in issuer
of 8. A) (total of 8.B (vii)
1 + 8.B 2)
----------------------- ------------------- ---------------- ------------------
Resulting situation
on the date
on which threshold
was crossed
or reached 10.15% 10.15% 390,138,374.00
----------------------- ------------------- ---------------- ------------------
Position of
previous notification
(if
applicable) 5.15% 5.15%
----------------------- ------------------- ---------------- ------------------
8. Notified details of the resulting situation on the date on which
the threshold was crossed or reached (viii)
A: Voting rights attached to shares
Class/type of Number of voting rights % of voting rights
shares (ix)
ISIN code (if
possible)
----------------------------- --------------------------
Direct Indirect Direct Indirect
(DTR5.1) (DTR5.2.1) (DTR5.1) (DTR5.2.1)
------------ --------------- ----------- -------------
GB00B17MMZ46 39,604,611.00 10.15%
------------ --------------- ----------- -------------
SUBTOTAL 8. A 39,604,611.00 10.15%
----------------------------- ----------
Lookers PLC Holding(s) in Company
10/05/2021 5:10pm
UK Regulatory (RNS & others)
TIDMLOOK
RNS Number : 1391Y
Lookers PLC
10 May 2021
TR-1: S tandard form for notification of major holdings
NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and
to the FCA in Microsoft Word format if possible) (i)
1a. Identity of the issuer or the Lookers Plc
underlying issuer of existing shares
to which voting rights are attached
(ii) :
---------------------------------------------------------
1b. Please indicate if the issuer is a non-UK issuer (please mark with
an "X" if appropriate)
Non-UK issuer
------------------
2. Reason for the notification (please mark the appropriate box or boxes
with an "X")
An acquisition or disposal of voting rights X
------------------
An acquisition or disposal of financial instruments
------------------
An event changing the breakdown of voting rights
------------------
Other (please specify)(iii) :
------------------
3. Details of person subject to the notification obligation (iv)
Name Artemis Investment Management LLP
City and country of registered office London , United Kingdom
(if applicable)
4. Full name of shareholder(s) (if different from 3.) (v)
Name
---------------------------------------------------------
City and country of registered office
(if applicable)
---------------------------------------------------------
5. Date on which the threshold was 02/02/2021
crossed or reached (vi) :
---------------------------------------------------------
6. Date on which issuer notified (DD/MM/YYYY): 03/02/2021
---------------------------------------------------------
7. Total positions of person(s) subject to the notification obligation
% of voting % of voting rights Total of both Total number
rights attached through financial in
Synlab, Holders Seek $1.8 Billion As Covid Testing Ramps Up
German laboratory operator Synlab AG and its shareholders are looking to raise as much as 1.48 billion euros ($1.8 billion) in a stock-market listing in Frankfurt, capitalizing on a boom in coronavirus testing.
Synlab aims to raise 400 million euros in the initial public offering to repay debt, while shareholders including private equity firm Cinven, Danish investor Novo Holdings A/S and the Ontario Teachers’ Pension Plan Board also plan to sell shares, the company said in a statement Monday.
Shares in the IPO will be marketed at 18 euros to 23 euros through April 27, with the stock set to start trading on April 30. The listing of as much as a third of the company is expected to value it at up to 5 billion euros.
Cinven bought Synlab for 1.7 billion euros in 2015 from BC Partners and merged it with France-based Labco. The company processes about 500 million tests for approximately 100 million patients a year.
The company, which conducted 11.6 million PCR tests for Covid-19 in 2020, is betting on testing remaining central to the response to the pandemic in the long run, even as vaccinations pick up pace. The polymerase chain reaction test that can identify variants has been made mandatory by countries such as the U.K. for international travel.
Synlab is also looking to grow through acquisitions, acting as a consolidator in the fragmented European medical diagnostics market. The company has earmarked 200 million euros for its average annual M&A budget. The company, which also offers clinical, genetic, anatomical pathology testing and diagnostic imaging, is a play on the shift in medical science to early detection and diagnosis.
The company plans to sell as many as 22.2 million new shares, while shareholders will offload 27.5 million shares. The offering includes an option to increase the total deal size by as many as 12.4 million existing shares if there’s sufficient demand. Holders may also sell another 9.3 million shares to cover over-allotments.
High demand for coronavirus testing pushed up the company’s revenue by 38% in 2020 to more than 2.6 billion euros, while adjusted earnings grew 71% to 679 million euros. It expects revenue of more than 3 billion euros in 2021. The company plans to pay out 20-30% of the prior year’s adjusted net profit as a dividend, with the first such payment expected in 2022.
Synlab also named the members of its new supervisory board, including David Ebsworth, a former CEO of Swiss drug company Galenica AG who will serve as chairman.
Goldman Sachs Group Inc. and JPMorgan Chase & Co. are joint global coordinators. Bank of America Corp., Deutsche Bank AG, Barclays Plc, BNP Paribas SA, HSBC Holdings Plc, Jefferies and UniCredit SpA are joint bookrunners. Credit Agricole SA and Natixis SA are co-lead managers. Lilja & Co. is the independent adviser to Synlab and its shareholders.