Member Info for Kendall12

So what - he did the same last time and closed out well ahead of the PUSU period ending.

There is no correlation bewteen Griffiths and a bid, just a corelation with with the likes of you pumping him like the Messiah.

Stop presenting his CFD buying as some major spportive event.

Calm down, deep breaths, trust you got signed up for the anger management courses.

In the meantimne I have been in contact with SPI Investor Relations and they have confirmed no on-going talks , no interested parties and the 2026 Christmas party has also been cancelled. The Easter Egg Hunt was also a huge disappointment this year.

Jack apparently is dating an employee which is where they believe the leak originated from, otherwise they feel it could be Trump/Epstein connected.

Asking Jack for evidence that the SPI is not in talks is the dumbest request ever ! Belly Laughs off the richter scale.

That is such a dumb question and if he did he is hardly going to post it on here as would be gelaned via inside information. Its just his opinion which is his prerogative to make.

Laura - I have no idea from where it originated. Mr Angry saw it on here and posted a reference to it on another board and then got all upset when the original post on here was removed. I never saw the original post.

Are you incapable of making a single post without being insulting. I would certainly recomend you consider an anger management course.

The facts here are very staright forward - a post was made on here speculating that a bid of £2.45 was coming. You referred to that post on another thereby furthering the speculation of a £2.45 p bid.

The original post made on here has been removed but your post remains on the other board.

Stockscapital - I dont what his agenda is but he posted this on another board

"Saw in another forum users speculating (they haven’t provided a source to be clear) about an offer of 245p. Again, they didn’t reveal a source so I would take it that way."

Why is he complaining about LSE moderation when he has posted the messsage of a £2.45 bid to another board.

He was completely kosher and his trades were timed to perfection.

Richard Griffiths back in the game

Well Toscafund needs about £15 a share to hit its IRR target return on SPI ! Not sure it will be too focused on its acquisition price and IRR's now, just what it can recover at the earliest opprtunity.

Aplogies for my for teh lack of my basic knowledge as a retail punter, it must very frustrating for you trying to apply proven text book theories to people like myself.

Maybe you should upgrade to a platform for PE experts only.

I am surpised that as a PE expert that you are not familiar with the economic theory of sunk cost.

What Medliclinic paid for their stake (investment) is wholly irrelevant to future decisions. If you feel an industry is going to collapse you don't hold on to the stock just because it is trading at less than you paid for it.

Mediclinic have their own view on valuation, whther it be £1.50, £2.0 £3.50 that it what they will seek to achive - what they paid is irrelevant and is why so many retail investors make the mistake of holding onto stocks too long to try and get back what they paid and all they achieve is even greater losses.

Its irrelevant that Tosca bought their stake 10 years ago- the only relevant decision for Tosca is to make is how much they believe they can sell it for now or in the future.

Under your theory they would be biting the hand off a £2.30 offer and that is clearly not the case.

Chris Mills claimed that they are willing sellers but then everyone is a willing seller at the right price.

The fact that they are underwater is completely irrelevant. They have their own views on the business valuation and will sell if they can achieve this, if not they will continue to hold as they are under no pressure to sell. They can only exit via a liquidity event- selling on the market will simply cannabalise the value of their holding.

All we can do as insignificant small scale holders is remain patient and wait for the strategic review to play out, otherwise its just guessing. The longer it goes on the more likely a liquidity event will be achieved in my view.

Let it go - unless you ar ea day trader its just irrelevant noise - massive percentage of trades are algo trades, their day of reckoning will come we hope

Just noise - algo trades

The strategic review was forced upon him by Chris Mills and his chums. Wasn’t needed to attract a bid.

What can he possibly do - put a gun to the head of Bridgepoint.? Controlling the share price and securing a bid that major shareholders will accept is not within his gift.

Well the major shareholders don't seem to think so. With the capital structure asi t is at SPI, it would have vey easy not to re-elect the Chairman or indeed any director at the AGM at any number of past AGM's.

The Chairman is just a figurehead with good contacts - helpful for NHS negogiations - I would point the finger at Ash and his fellow directors. Although I have to say that in all fairness it wasn't the directors that turned down past bids at much higher levels. SPI still has financial metrics as good as most in the sector.

Tullow Oil 2020 Uganda t/o which went on for about 3 months. Average is disclosed at 6-12 weeks but many stay in offer periods for up to 6 months. Yes Panel can force naming of bidder and set PUSU clock running, but only does so in quite specific situations. Another piece form Mr Kleinsman without naming anyone would be helpful. The current SP, especially if it went lower could cause the Panel to take action. Aggressive shorting at these levels might also wake the Panel up.

If SPI has good reason to continue talks on an anomymous basis this could go on to well after Easter.

"Kendall - your numbers are riddled with gross mistakes." Read sell side reports if you can’t follow our maths: you are wrong again, stop relying on Chat GPT and actually apply some commonsense and business acumen to your posts - perhaps replace your arragant rudeness with some humility for a change.

"1. Slb is based on rental coverage. Latter is based on ebitdar, you have to add back rental expenses. Your calcs are wrong." Stop quopting Chat GBP- I know what rental coverage is and why its important - tenant ability to pay. What you are very conveniently missing is that EBITDAR becomes almost meaningless and very dangerous to rely upon when a company only converts £1.5 billion of revenue into £65 of FCF which is extremely weak for any buisness. This is where the biggest challenge lies to make this deal work.

"2. After an Slb you have to add back the capex, you failed to do that again". - not forgotton, mentioned my number is guesswork- tenant will still remain responsible for equipment. Whats the annual buildings upkeep costs & capex requirements - sure add that back

3. The yield is wrong as well, should be 6%." I don't know what a healthcare infrasturcture fund might require in todays world. Happy to run numbers on that, although it must be edging up.

"4. You wouldn’t SLB the entire freehold, only 600-700m given the rental coverage." - ok so £42 m of lease payments. so we are circa £20 m FCF generative before capex savings, costs reductions etc etc. Thats great but PE still has a cost of capital between your £2.65 paid- £1,070.6 b and the £700m - swings and roundabouts. It has also assumed £325 m of bank debt. You can dice it up as you please but the biggest hurdle - revenue to FCF conversion remains

"Hence, PE can max pay 265 ish for min rental coverage an maintain a positive FCF to spend on maintenance capex." Maybe if they have big plans to improve operational efficiency, revenue conversion to FCF- NHS reduction is obviopus play.

Straight - you are absolutely spot on, that is the nub of the issue - the disconnect between FCF and asset value due to poor margins, FCF conversion and NHS drag.

Kjn2 produses wonderful text book models but he fails to understand this.

So under his approach using purely illustrative numbers which he is never prepared to produce :

1) PE leverages/borrows 4 x EBITDA (£260m) to produce a bid of £1,040 or £2.57 p per share. Borrowings secured by the Estate.

2) Sells Estate to REIT for £1.4 b (muted valuation)

3) If yield required is 8% that equates to additional operating lease payments of £112 m p.a. (this is rising all the time with current geo-political events)

4) FCF is £65m less £112m or negative £47m

5) PE is sitting on a cash surplus of £360m but the company has £320 m of bank debt.

6) The operating company is effectiuvely worthless which is why KJN2 keeps claiming PE gets it for free. There is no such thing as a free lunch.

The challenge for PE is to improve operational effciency to clear annual negative FCF £47 m .

Maybe its possible but we cannot evaulaute this as we don't have access to the critical numbers / projections. £20 m of costs savings have been banded about, EBITDA year on year growth will help if achievable, potential CAPEX savings but that is guesswork for us, and margin enhancement which is key and would require a movement away from NHS work.

PE have 5 -7 years to turn this around but its no slam dunk. If they do, it could be very profitable for them.

The Chairman is just an irrelevant figurehead when it comes to day to day management. He is there for his Govt contacts vis-a-vis NHS and I suspect he may well not put himself up for re-election.

There may also still be quite a lot to play out here over the next few months.

1) Granting LTIP may just have been following time horizons of previous years but it also quite common for awards to vest on a change of ownership.

LTIP awards under Spire Healthcare Group plc do include provisions for vesting on a takeover or change of control, including change of ownership situations — but they do not provide an unconditional automatic full vesting. The Remuneration Committee retains discretion to decide how much vests, based on the factors listed in the plan rules.

2) The leak of the purported offer price of £2.30 the day before the PUSU expired is also very interesting and points to a tactical move by Bridgepoint who are tight with Ash. Leaks and particlarly ones as specific as this one are rarely made without a purpose. It may well be that Bridgepoint are still in this game.

Anyway time will tell.