The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Useful posts here, thanks. Just to say though that I am not sure your comparison to Rightmove is valid, as they are not technically an estate agent, but just an advertising vehicle for estate agents. Obviously the markets are linked but Rightmove's competitors are businesses such as Zoopla for example. I invested here about 6 weeks ago...will be interesting to see how SP holds up once it goes ex-div at the end of the month. My expectation is though that Countrywide will have a record upcoming year though :)
but can't find any news.......anyone?
http://uk.finance.yahoo.com/news/HomeServe-suspends-staff-mis-tele-3843098161.html?x=0
http://www.pressgazette.co.uk/story.asp?sectioncode=1&storycode=46950&c=1
http://www.fool.co.uk/news/investing/company-comment/2011/03/18/bargain-found-in-old-newspaper.aspx
In the past week the CEO of Johnston Press has resigned, followed by the resignation of the MD of Northcliffe (regional division of DMGT)....now my guess is one or both of these decisions could possibly be linked to more consolidation that WILL happen in this sector, and that TNI is the link...IMHO this SP is good value if you are prepared to wait for another 12 months and not just looking for a quick buck
Further to the announcement made on 31 December 2010, the Company announces today that it has entered into a non-binding term sheet with the holders of the majority of the outstanding A, B and C loan notes (the "Loan Notes") with regard to a proposed recapitalisation of the Company by the conversion of the Loan Notes into convertible preference shares of £1.00 each in the capital of the Company (the "Preference Shares"). As a result, the Loan Notes will no longer become due and repayable on 15 February 2011. The proposal is subject to certain conditions, including the signing of definitive documents and shareholder approval. The effect of the proposal will be that the holders of the Preference Shares will, when added to the ordinary shares that they currently own, initially have a total of approximately 80% of the voting rights in the Company. Under the proposal, the Loan Notes will be converted at a rate of one Preference Share for each £1.00 of the accrued principal and interest outstanding on the Loan Notes. The Preference Shares will initially have a 1.62x liquidation preference so that, on any share sale, business sale, disposal (or other return of capital), equity issue (resulting in a change of control), liquidation or winding up of the Company (together an "Exit"), holders of the Preference Shares will receive (in priority to holders of any other class of share) a return of £1.62 for every £1.00 Preference Share held. If there has been no Exit prior to the date falling six months from their issue, the liquidation preference on each Preference Share will increase to 1.87x on that sixth month date. Thereafter, the liquidation preference will increase by a further 0.31x on the first anniversary, the date falling eighteen months from issue and the two year anniversary of their issue so that, if there has been no Exit within two years of their issue, the Preference Shares will receive (in priority to holders of any other class of share) a return of £2.80 for every £1.00 Preference Share held. Every six months after the second anniversary of their issue, the liquidation preference on the Preference Shares will increase by a further 0.06x. On any Exit (within the first 6 months) the holders of the Preference Shares will initially retain approximately the first US$30 million. Shareholders should note that, should such Exit be below this figure, the holders of ordinary shares will receive nothing, with all proceeds going to satisfy the liquidation preference on the Preference Shares. The Preference Shares will also be convertible into the Company's ordinary shares at any time at the election of the holder of such Preference Shares (in respect of their own shareholding) or at the election of the holders of 70% or more of the Preference Shares (in respect of the entire class of Preference Shares). The conversion price at which Preference Shares will convert into ordinary sha
looks like todays open offer of by Associated to sell its regional division has resulted in todays uplift -can only be a matter of time before this deal gets done and gets this comfortably over the £1? Any other thoughts?
http://www.ft.com/cms/s/0/cc5d735c-257c-11e0-8258-00144feab49a.html#axzz1BhLrhsG3
http://blogs.news.sky.com/kleinman/Post:d357945e-7350-4643-b6c8-f64e9a76231e
http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=3862364
I am with you on this -TNI rae without doubt the consolidtor within the regional Press and have proved with the former GMG titles just what value they can extract from their acquisitions. It will not be much longer imho before they make further acquisitions, which will add huge value and dare I say it improve their monopolistic positions in many areas. This is a solid company for good rewards over the next 18 months plus and most city analysts believe that TNI are the horse to back as far as the regional press are concerned.
http://www.beehivecity.com/newspapers/so-what-happens-if-that-news-corp-sky-merger-goes-through7463/
http://uk.reuters.com/article/idUKLNE69B02120101012 Think we all expect this in due course -12 months is a shorter timeframe than I would have expected, but won't be complaining!
yep still in JPR and CSLT!!
Hello Stranger -not seen you for a long time! Yes I am in this bought in this morning -purely a punt but given the level of buying and having read the interims decided it was a dabble! Hope you are well?
looks like my dislexyia is back -apologies for the typos in the previous post!
Over 18m buys today! Anyone any ideas as to why , and is ot not a bit starnage that the SP has hardly moved?