RE: Anyone got a clue what the next news is meant to be?19 May 2023 09:39
My take on the results of the AGM yesterday. All items were passed, as is normal, there was clearly a disgruntled investor who voted against most but only a smallish holding so material impact. The most telling thing was the low "turnout"
last year over 70% of the holders voted for the resolutions, yesterday only 51% bothered to vote. The rest including one or more of the institutions abstained which is not normally a good sign.
This will all hinge on the trading update for the first 6 months of their FY due in June, as I have said previously anything short of positive will be a big problem. The real question is has the rental model really added the intrinsic value to the balance sheet. Information on underlying costs for the rental model will also be key, such as bad debt from fraudulent renters for a start all the way through to how many have either extended, renewed or taken up a new rental deal.
Fingers crossed on this one Jam today please and not tomorrow. IMO GLA