RE: Rns10 May 2022 16:45
I'll tell you who is accumulating, just in case anyone in doubt. RWC Partners and Marathon Asset Management Ltd - two of the most respected value managers in the City, particularly Marathon.
Marathon were the writers of the books 'capital accounts' and 'capital returns'; both books espoused the view of the capital cycle. They look for companies and industries where capital has exited, returns on capital have been compressed and where things are ripe for turnarounds. They are not sat at screens worrying about intraday movements in this bloody share...honestly everyone needs to get a bloody grip on here.
Ian Lance and Nick Purves manage the Temple Bar Investment Trust on behalf of RWC as the managers. They are superb.
Marathon was founded by Jeremy Hosking...one of the most successful hedge fund managers London has ever produced. They have both taken big positions in this (Marathon and RWC (presumably on behalf of Temple Bar but perhaps also for institutional portfolios).
Their access and ability to grill management will have been second to none. Everyone please on here just chill out and realise that this share is undervalued for what it is; it's not the worlds best business, but it's a great value share and has just gone through a turnaround with evidenced disposals and a new level of focus + better capital structure.
Oh and by the way - Numis just released a new report yesterday discussing the turnaround and giving a base case target of 50p while the new strategy beds in. Mentioned also that this share is a good place to be as we see the biggest shift in capital markets from growth to value in 20 years.
Good luck all.
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