Updated section 9.4 with increased Daniel K holdings now 7.13% worth £125 million. As I have said I would rather we get agreements and move forward. I don't want a takeover but as far as I can see no reason why on the face of it a change of ownership/controlling interest would cause any problems. I certainly don't think it would or could be stopped unless they change the laws on takeovers and mergers. It could be a good thing maybe more investment better relationships. I recall even saying myself years ago RMG will never be privatised, I was wrong.
I find this site at least updates quite regularly, if you look at 9.4 Major Shareholders it still shows Daniel K at 6% but will be updated Tuesday most likely. A strange one for me is UBS asset management showing on this link at 5.88% but not as far as I can see on the the other list. I think Daniel K has been doing most of his trades "off book" could it be he has bought the UBS stake but then wouldn't we have seen an RNS with a TR1 saying they had sold? As I say very difficult to keep a clear track on and who knows what deals are going on behind closed doors.
Scamp I track the major shareholdings on a couple of sites, and as mentioned previously these do change on a fairly regular basis and surprisingly it is quite difficult to get a totally clear picture poor reporting/time lag. What source have you used Barrons?
I agree with the principles of what you have outlined in fact we know Vesa have increased further over 7% now, Schroders also have holdings through a number of their mutual funds. Of course the funds are holding shares on behalf of individuals and I don't know enough about the voting rights of these shares. However what I am saying is the top 3 or 4 shareholders already potentially hold a key level which given the points about T/O could come into play.
It is my understanding that if a group of shareholders "got together" which I believe would be classed as a concert party and if between them they control more than 30% they have to make a bid. I never rule anything out and my own thinking at this stage is Vesa having bought numerous stocks across the world and are seeking value rather than full buyouts. Invest £100 million and gain 20% repeat on a number of stocks not a bad few months of work.
Having said that if Vesa continue to build and I have a notional 10% stake in my head then maybe it could be game on for a takeover bid.
IMO any sale of GLS would be quite complex and equally taking some money out of the pension fund would be quite a significant move. However unlikely these moves are they could happen and at least need a bit of consideration.
I would think the business and CWU executive will be aware of some of the conjecture/possibilities and it may influence current talks. IMO I think a deal and agreements will be struck fairly quickly( in relevant terms) between the business/CWU and Vesa and others will profit and potentially move on. Another factor of course is the current short levels if they thought any of the above was going to happen would they not be closing now? Of course if Vesa are building a stake it's in their interest to see the price kept low. I saw a snippet of an article late last night for today's Telegraph/On line and they have an article on Vesa/Daniel K I don't subscribe but would be useful if any reader who does can summarise the key points from it.
My preferred option is the business moves forward with agreements, no GLS sell off and no dipping into pension fund and at this stage I think that is still the likely outcome. But agreed the major shareholders control the direction that will be taken so don't rule anything out but watch with interest.
Agreed. I am just doing some research on Vesa and it appears they are on a bit of a shopping spree, having just bought stakes in 2 US stocks, 5% of Macys and as far as I can see 6% in Foot Locker Inc. I think they are just seeking out what they see as bargains but who knows.
Oligarch I recall that period pretty well and don't think we should go back to that place. Not sure if the article is suggesting a one off windfall to the business. With the growing pensioner population I would rather they ensure they can meet future liabilities.
It shows how poorly written the statement was when it is not that straightforward to all. I thought it was only CWU represented grades not all employees. I personally don't think it should include all managers perhaps those in Delivery offices. Also should it include people in Finance, HR, IT and other support functions some that could have been working from home. Oh well if its easier to make for all RMG employees good for them but doesn't feel fair on those that were more at risk. IMO.
£25 million ÷ £200 = 125000 would suggest all CWU grades of staff. Based on attendance and pro rata for part timers. IMO part timers who have worked the equivalent to full time hours during the period should get the full payment. I appreciate they will have been paid for the additional hours but for me the gesture from the business is a thank you for the hours people put themselves at risk. They probably won't as it would take a bit of calculating what overtime was done when and easier for payroll to run it based on contracted hours.
Increased by 0.06% Marshall Wace come back over the threshold. Reported total now 8.11%
If you were cynical you could almost think it maybe helps keep the price down for Mr Vesa Equity to increase his stake.....
of course that would never happen just institutions doing their own thing.
tonys the CWU have already voted and have a live ballot for IA. IMO the early signs do appear to suggest that talks may be a bit more fruitful with senior CWU people saying they are now talking with managers they can deal with. You can never rule anything out but with Terry P mentioning the financial position of the business I think they realise it is important for all to be able to move forward.
Some interesting findings particularly those that suggest they will continue to order more online after lockdown ends.
Phunt73 generally if the market thinks someone is building a stake it has a positive impact on SP, of course that can change in a flash if bad news appears. There is quite a lot of info out there on takeovers but this summary paragraph gives the absolute basics. In my understanding the key SP relating to any potential offer is the highest price paid by the bidder in the previous 12 months so my thinking is vesa have paid £1.81 when they bought 660k shares for £12m so what would be attractive to other shareholders some you would expect to be holding at higher prices but keep in mind they may have gained through shorting/hedging. I am by no stretch any type of expert in this area and only basing my views on my research and as always worth DYOR.
Arsenal17 did you only manage in RR with a highly skilled team? only joking. As you will know as soon as you have more than 3 in a team that's when issues can start. Likewise I was lucky to work with some very clever people but some eejits as well. I also took the approach that anyone I did promote was also a reflection on me if they didn't cut the mustard so I would always be very fair and on more than one occasion did not appoint anyone as there was no suitable candidate. I accept that within some functions there maybe a smaller pool to pick from. With so many different functions within RMG it really can give you a very broad basis of managerial skills. People management is much tougher than some people may magine. As an aside my brother in law started in RR in East Kilbride and we had a few entertaining nights in one of the best social clubs you could find. He went onto become a manager and moved to a company in Aberdeen that was linked to RR from memory the Wood group? Anyway always good to know people have actually got experience that helps support their opinions/thoughts. Back to RMG looks like Vesa are increasing their stake as they either see value short to mid term or are perhaps considering a bid. I still think it is the former but interesting times.
Oligarch I think I went to Cardiff once from memory was it payroll/finance it majored on? I also went to a course in Chesterfield IT related I think. Yes I believe PSP/Online supplemented with some external companies. It was a sad day when Coton House went some good times in amongst the learning down there. It was a bit of a luxury, subsidised drinks, sit down waitress service meals. Enough reminiscing.
Arsenal17 as you've asked me directly I will respond. We have a very generous sick absence policy. Some people take advantage of it that is a fact, is it the majority? no is it the many? no. Does the business have some managers who were ex posties yes, are some of them bad managers? yes, are some of them good? yes. Do some of them go onto better things? yes. I have worked with all types and managed poor team leaders and other levels of managers but also some excellent ones. I have managed large teams and I personally found that if I didnt tackle the poorer performers the team/unit would suffer. Equally I had high performers who needed coaching and developing as well. I tried not to focus 80% of my time on the lowest 20% as that would have been unfair on the other 80%. Sick leave was 5.61% in the last FY report can that be improved? yes. Is that way above other similar environments probably. You cant tar a whole industry because of the actions of a few individuals, I am sure their are similar people in every industry. It is getting tackled on many fronts.
Oligarch sounds like all those courses they ran at Coton House and Milton Keynes were a bit of a waste of time for some? I can only share my own experience and say that some of the training I had was outstanding including lots ran by external companies. We surely cant be the only industry that recruits from within and certainly any promotion boards I sat were intense and very stretching and at a senior level were attended by independent assessors from HR. Of course there are some poor managers around but again in my own experience with the annual appraisal system many have been found out and we have some excellent managers who are experts in their own fields with the professional qualifications to back them up.