Member Info for Kjn2

No, same thing. A special divi has to be funded. That’s the slb. Long story short Tosca Mediclinic and Harwood must be in exchange with Board and latter likely has to deliver either way. They can’t just continue business as is because the share price hasn’t performed since 2018.

I worry that you don’t understand simple slb and rental maths. It’s called a cap structure reset. Can be done as public company and plenty have done it. You must be new to this.

Do you know how a slb works? So spire has the issue and has had for years that they haven’t released the value of the freehold. The market doesn’t care about it, that’s why the share price is so low. Basically spire would replicate what PE would do. Extract the equity out of the freehold and pay it out.

No it won’t. Spire can do a sale and leaseback easily and pay that money to shareholders. That’s what PE would do as well. Share price will rally if they pay 1£ or so as special divi.

Do you think the board gets re-elected if they don’t deliver a deal now? What’s the alternative to selling spire now? A 1£ dividend they could pay from selling the freehold. Imagine you are Tosca and have been owning the stock for 6-7 years with zero return or so.

Kendall the magician said “£3.40 plus looks very likely”.

Just because you clearly don’t know what an 8.3 is or where to find it, doesn’t mean you have to spoil everyone’s input. Why don’t you add some value to the discussion here? Some facts? Not just random content that doesn’t add anything to Spire and the current situation.

You can’t access their website and read for yourself? They sold down their holding, that’s a fact. Some people look at facts and don’t post random stuff with little value add.

Gosh are you that clueless? Look up 8.3s, all on their website.

Looks like M&G have sold down their stake and now under 1%. Maybe they really want to get out fast? Could explain selling at seemingly any price (although low volumes traded in past couple days).

The large shareholders want to sell according to Harwood, clearly the share price has never reflected the value of the freehold at any point in the past couple years.

Margins are not thin at all. EBIT (not EBITDA) margin is roughly 10%. The perception of the financials vs the reality couldn’t be further apart.

Deep - it’s priced in share. They can either sell the business for eg 270 or do a SLB themselves. Given the freehold they could easily pay 100-110p dividend (run the numbers). The stock right now gives a zero valuation (!) for a business that generates 270m in Ebitda. Let that sink in.

Literally same message as in December 2025, ie the market already knew. But more interestingly read the wording around the sale process.

Deep: this was already published in December you should know. Point being they reduced costs and strong on FCF which matters to potential buyers.

Good results overall, especially on free cash flow.

Some really good info on X on Spire, good insights and analyses on the situation

Yes, all driven by the war and it’s called beta. Downside is minimal now and upside high. Maybe they extend a second time.

The results were pretty much released in December already.

Spire can offer hard assets, has a low LTV, and the NHS business is the vast minority of the business only. It’s a profitable business unit still btw.

What strategic buyers are in the process? Maybe HCA and Cleveland? Some Asian buyers?

Alde- you have been posting the same over and over again. Adds no value. Either the market implies a lower takeover price (260-270) or the market thinks they won’t sell that low and rather pay out a large special dividend amounting to 100p. Mediclinic reportedly want to sell so does Harwood. Let’s see. Today was low volume and war reaction.