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Tin hats on, time to hunker down and sit this one out. Let's hope the minority can force their hand. 5th May seems like an eternity away!!

TBF it was pretty clear from the Demerger Proposal section of the Chairman’s Statement in the Final Results 2/3/2023.
Ive been through a few of these processes and all I can say is that the city tends to give an indication in the lead up to it whether they feel the consolidation/split exercise is going to be accretive. The fact that the shares are going up in the run up to the split indicates to me that the powers that be who have way more knowledge than me think it’s a good deal.

This share does continue to defy logic - down 3.2% in a market that is up 1%.
I subscribe to Business Sale Report which shows the liquidations and administrations on a daily basis and I am surprised how few Begbies are winning.
The notable one is Paperchase and when they do come through they are profitable but I wonder if Begbies are actually increasing market share as a result of their aggressive acquisition strategy.

I wasn't really thinking deposit exposure, more inventory or project related bad debt which I presume wouldn't be covered. I understand that there is a buyer for SVB in the US but I'd imagine they are picking up assets and not not the debts.
The banking sector is a sector strength for CCC but I agree it is unlikely to be major exposure.

I guess we are all anxiously awaiting the full year results - as there was a delay to the statement due to the need to complete the audit in one of the US divisions. I only use the word 'anxious' because it happened to coincide with the Silicone Valley Bank and a few smaller banks in the US going bust. Let's hope there's no material exposure there. I guess there is also the concern that we are heading into a recession.
Perhaps Softcat's results today provide some comfort in the fact that they state that the market (UK for them)continues to grow despite the macro-economy. Fingers crossed CCC's broader market exposure and lower PE ratio will lead to a re-rating! I bought a few more when they went sub-£20 as I just believe their true value is upwards of £30.

Markets are still dampened by the recent SVB/SB woes and stuborn inflation. The hangover is expected to last as long as interest rates keep rising (presumably through summer into autumn)- as this puts further strain on the banking system and the fear that it will flush out other banks teetering on the edge.
For sure it is a frustrating game at times but only patience and time will see the fundamentals shine through.

Normally I would share your view and fill my boots whilst cheap but I am cautious on this one - not sure we know enough of EU financial institution exposure to the $17b of TR1 bonds which have effectively been written off whilst shareholders walked off with $3.2b. This is going to be a litigation lawyers field day!
L&G may well have some exposure to TR1s either directly or indirectly within funds.

Phyl, Polar Capital Global Healthcare Trust has grown 22% in the last year versus WWH at 3%. Might be worth a look - marginally lower yield but I guess we are here for capital appreciation.......otherwise holding the individual shares in AZN and GSK for example would be a much better yeild.

I read both but respect IC more for its independence. Shares is owned by AJ Bell - on the rare occasion they put out a sell note I just wonder if it is at the end of a poorer run of tips, to be seen to be locking in profits on a good tip

Someone mentioned Incoherent strategy and to some extent that may be true.RKT were looking at disposing of infant nutrition in the rest of the world in early 2022 having sold their China business previously.Then US brand leader Abbott had a supply crisis which has led to RKT taking Infamil to No.1. As the US market settles downiwould not be surprised to see sales discussions for baby reignited.
There's a lot in play in Consumer Health, which has driven RKT growth, with J&J separating its CH division this year, Unilever didn't hide its ambitions to acquire GSK's coveted CH brands (now listed as Haleon).
IMO CH is where the action will take place in 2023 and I expect some consolidation amongst key players like HAL, RKT, ULVR & J&J.

I believe in the potential of both divisions but I am pleasantly surprised to see the shares up first thing when they utteredthe two words that usually send private shareholders and institutions into a whirl "share consolidation".
Expect some debate as to the virtues and impacts of such action over coming days!

It's a dull category, let's face it. Digital technology it is not but hopefully this report will put some fizz in the shares. Market leading position with some growth potential following recent acquisitions...it is well positioned for future organic growth.

NAV of c 44p these have further to go now - they were a takeover target and had an offer which they walked away from.
Surely now, as you say T&C, the sector is perfect for the economy we are in, they either get a better offer or dig in for the long haul and build up from where they left off in 2019

https://www.lse.co.uk/news/nextenergy-looks-to-amend-investment-policy-to-increase-energy-storage-m4bse91edubgjx3.html
I guess it is natural that there is interest in the category but it strikes me more competition for assets will put the price up for the ones that are out there. NESF is capitalised at £639m versus £500m for GSFand even more onloved than us with a PE ratio of 5x! Not sure why they don't just merge - there seems to be several small funds out there with no real critical mass with shareholders somewhat impatiantly waiting for traction.

Like all buy backs there is an interest for both shareholders and the Board of Directors. Buying back and cancelling the shares should in effect increase the value of the shares left in the pool - good for the shareholder.
The cynical (but no less valid) explanation is that Directors' bonsuses are predominantly targeted on increasing EPS and with fewer shares in circulation this is both tax efficient and an easy way to spend spare cash. Not quite a win/win for us shareholders in the same way as Shareholding Directors!

I wouldn't mind if the yield was better but it's pitiful for the health sector. I hovered over buying AZN a couple of weeks ago when it hovered around £102 - it's now over £112 which would have been a nice 10% ROI.
May have to rethink this holding as I can't see anything on the horizon that will be a catalyst upwards - only M&A which is obviously unpredictable

Interesting viewpoint Dodger - you may be right. I have averaged down as I absolutely believe in the split opportunity.
Melrose is such a complicated beast and I suspect there is two way disappreciation between them and the city.
MRO just can't seem to be faffed with feeding the city updates and I suspect the city just cannot get a feel for all of the different trading divisions of GKN and other business.
I watched the videos for the analyst meetings for each of the two sub divisions of new GKN and thecase is compelling for auto and aero alike. I'm still convinced they will offload the auto division - possibly on US market for better valuation and then take on a meaty acquisition for aero....still sticking my neck out and saying they'll make a play for part or all of RR.

Phyl, I think you've done well to keep the chat going on here. I concur that this trust is dull and I cannot fathom why either.
9% discount to NAV and AZN being their second largest holding, which has had a good run, would lead me to think it should be performing better. Defensive nature of healthcare also stands in its favour.
I keep holding expecting some consolidation in the sector to go in our favour.

Last I'd heard mid last year that they were in for £245m of costs/accruals for remdial action.

Indeed. If I am comparing apples with apples, an increase in net funds from £159.3m at half year to £244m at year end is tremendous and shows that although margins are low at c.3.8% CCC is a money making machine. I can feel another special div coming on....
It's so well managed and their investment plan moving into Asia (half year report) with a small bolt on acquisition indicates that they are on a steady path to global coverage. Whence, it will not surprise me if Mr Dell (or suchlike) comes knocking! Onwards and upwards.