Member Info for JG68

No obvious nasties, only issue I see is the unresolved Germany contract problems which will impact on fy24.

Covenant down to 2.8 despite increase in finance costs.

Relief only if we're not down 10% .

Yeah but results in lower value as a consequence

No wonder suitors walking away when they've got to write down over 800 mill in goodwill.

Plus the increase in debt, sub 100??

815 mill goodwill impairment , headline loss over 900 mill, I'm sure the market will focus on that today

Wealthtransfer

To be honest I'm more concerned about improved operational performance than news on any potential NA sale.

I doubt the latter will materialise at the right price until the former is showing marked signs of improvement.

Despite no notice of results from the hopeless John Dean, surely the hapless Garat wouldn't do a day before delay rns. They must be happening Wednesday.

And we are towards the end of month 8 and we've had one TU in q1 this year, so we have no idea how the company is operating.

I'll be watching closely what they say about the US, did they recover as expected by the end of q2? Or was that just the same jam tomorrow that promised at HY last year which never materialised and resulted in profit warnings.

Please no excuses, words like challenging, taking longer, covid, wage inflation, cost of fuel, macro environment.

This is what they said re NA in our one and only update this year which imo is simply not enough given how poorly the company has performed.

School Bus revenues broadly consistent with Q1 2023 on a constant currency basis, with the impact of continued route recovery being offset by a larger than usual number of heavy snow days. Operating days lost as a result of bad weather and the earlier than usual spring break are expected to be recovered by the end of the school year, i.e. in Q2 2024.

Sack the lot of them, greedy ba5tad5

FYI an email received from IR when I suggested a small divi or buyback to send a message to the City. See below

Regarding the below, within the Capital Markets Day materials we outlined the Group’s priorities for its capital allocation moving forwards, with supporting commentary during the presentation as follows:

“Finally, looking at the Group's capital allocation priorities and how this plays into our current funding position. First of all, on the left-hand side of the chart, we set out the hierarchy we've been working to and expect to continue to work to in respect of capital allocation. The prioritised order we apply in respect of capital allocation is firstly to make the operating and capital investment needed to deliver our strategy.

Secondly, to ensure we're optimally financed from a debt and leverage perspective in line with the medium-term target I talked about earlier. Thirdly and importantly, recognising our shareholders have not yet seen any improved returns and financial benefit from the strengthened Group. We’ll be looking to recommence dividend payments once we are sustainably generating positive free cash flow. Finally, and I recognise this may seem a distant prospect considering the journey the Group has been on, there may come a point in the future when the Group either organically or inorganically generates sufficient surplus funds to contemplate alternative investor returns above a traditional dividend stream.”

Further within the presentation, Tim commented on the re-finance of our upcoming debt maturities in 2025:

“Then turning to financial debt. Net financial debt was £182 million at 31 December 2023, comprising net cash of £68 million and £250 million of gross debt made up of the private placement in the chart I've just talked about. We have around £80 million worth of debt, which matures in the first half of 2025.

During the second half of 2024, we need to decide whether to refinance its maturity with further debt issuance or whether we simply pay the debt down using our existing liquidity headroom coupled with potential funds realised from the managing for value, which Adolfo talked about earlier.

Given the relatively high interest rate environment, which means we are likely to end up paying a similar rate on any new debt to the 9% we saw in respect to the 2023 issuance, it may well be that we decide to go for gross debt reduction rather than refinancing. I'd expect that we'll be in a position to provide an

update on our thinking on this point at our half year results in early August.”

Regarding the £4.8m dividend related from the Capita One disposal – this dividend acts as a mechanism which is part of the total proceeds rather than being a dividend which can be distributed further.

I will of course pass this feedback / suggestion on – and I’m sure you have already seen the material above.

Thanks,

Stephanie Little

Deputy

IR have already referred to an 80 million loan that matures next year which I think will be paid off.

This is additional to the US notes.

Mcap SP is completely unaligned with the value of the businesses (195 mill debt aside), the incoming 185 net proceeds from capital 1 just emphasise that.

It's valued based on sentiment on the company over the last 4 years.

How many other businesses do they own which contribute 50 mill revenue do they own??

None of the recovery is priced in, no forward earnings, nothing.

One day it will.

Imo a statement around use of the proceeds ie pay off that 80 mill might jog the market along.

Best thing about today is those chancers qube research increased yesterday.

We received original notice 7th Feb, then update rns on 20th nine days before 29th.

I guess it would really be the mother of all insults if they delayed it on Monday 2 days before.

I've just been back to 2020, got a notice every time except Hy22.

That's been my fear the last 2 weeks.

It's either just not important or required as far as John Dean is concerned, or he's too busy, or we'll get a delay one Monday morning.

I know it's been on their website for ages, but all that means is that is the intended date.

What a 5h1te market this is

Only thing that makes sense is a background seller. Yet no tr1. Even serco is up 3%

Yet another really strong day for markets but not us, begs the question Nofear.

The problem with this is that they have maintained their guidance from the profit earning only about 3/4 weeks ago, not exactly hard to maintain that guidance, and they have also reiterated their margin guidance for h2, but as we know from the headline loss at hy of 143, we do not know how the 35/40 miss in h1 will flow through the fy headline ebitda, what other exceptionals / impairments will impact at year end.

So nothing positive today that wasn't already known in July.

Does anyone know what the sale amount is for the below mentioned?

Adds discussions regarding sale of UK digital non-proprietary business well advanced, expects disposal to complete in next few months

He said that in the profit warning in July, look what's happened since

You're mad.

Headline loss 143 mill will set the tone.

20% bounce lol