Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
That's not you is it Sam? lol
Joking aside, 15% is a chunk of the company, let's hope their interests are aligned with those of the Buttery family or this could get awkward.
From today's edition: "Merger activity in the property sector heats up with bid battle for API"
"Just last week, however, a new contender entered the frame as Urban Logistics (SHED) made a counter-offer for API at a premium to the Custodian deal, potentially signalling the start of a bidding war for UK commercial property assets.
Urban Logistics approached the Abrdn trust with an all-share offer which valued the latter at 59.2p on the day of the announcement, a 23% premium to its undisturbed share price the day before the Custodian deal was made public and a 13% premium to the Custodian offer.
Urban Logistics claims the two are a good fit as only 9% of the combined portfolio would be outside of logistics and retail warehousing, in addition to which it knows the API assets well."
"Despite this commercial logic, convincing API shareholders may be another matter as over a quarter of the shares are owned by retail investors who appreciate the 7.7% yield and quarterly dividend payments, whereas Urban Logistics has a lower yield and pays a semi-annual dividend.
Also, 9% of API’s shares are held by wealth management firm Mattioli Woods (MTW), which happens to own Custodian Capital Ltd, the manager of the Custodian REIT, and would presumably rather see the latter take control."
"Why is Diversified Energy launching a tender offer and what are investors’ options?"
"There are two main options in front of shareholders on the register as of 1 March. They can do nothing, in which case they will receive their dividend of $0.875 as normal on 28 March, or they can waive some or all of their dividend entitlement and instead sell shares in the tender offer.
The price paid will be 105% of the average market value per share for the five business days immediately preceding 27 March. To illustrate, if this matched the current price of 938.5p, then you would receive 985.4p. Importantly, you can only
tender shares up to your allocation but you can tender some shares and still receive a part of your dividend entitlement.
The waived entitlement will be calculated by multiplying the number of shares tendered by the tender price, and the exchange rate which determines the entitlement will be revealed on or around 20 March.
WHAT WILL HAPPEN AFTER THE TENDER OFFER?
The company has made clear it will only allocate around $42 million – the same amount as the cost of the dividend – to this return of capital, and once purchased the shares will be cancelled. As with any share buyback, reducing the number of shares in issue means the amount of earnings and dividends attributable to each individual share goes up.
A back of the envelope calculation suggests if all investors were to take the tender offer option there would be a reduction of around 9% in the number of shares in issue."
...tick up coming?
From today's magazine: "Buy ME Group for its underappreciated strengths and growth potential". I can't post the link because it's behind a paywall but it's a very positive article. Berenberg has upped its forecast for 2024 profits, which may have been the catalyst for the recent SP rise.
SHED have until 5pm on 13th March to either put up or shut up, I guess things will become clearer after that. It does look like a good bit of business, which makes it odd why the bidding parties have seen their sp drop once they've been linked with API. My gut feel is that the Board will ultimately recommend the CREI offer (again), but we'll see what happens in a couple of weeks if not sooner.
I saw that Sam, presumably it confirms your posts of 27 Feb? Good that it's now cleared.
I've been buying in 5k lots down to 34.2p, never had a problem filling orders until today.
They want 37 to buy even though the ask is at 35
Not seen a buy go through at less than 34.6p either yesterday or today, unless anyone knows differently? Just wondering if this might be the floor. I'll keep watching for now.
Thanks Maninpink, that's useful intel. Anyone else in the trade in other parts of the country? How are things going where you are? Viewings/sales/sites opening or mothballed? Any info gratefully received.
I guess we're all asking ourselves the same question whitelye. For me it's all about the underlying performance of the company & let the dividend sort itself out. No easier to work that out though, at this stage. I have a small investment here as this is at the riskier end of my portfolio but would like to add if any clarity on the above emerges.
OK thanks Tyma, I'll have a look. Bizarre as you say - how on earth are "ordinary" investors supposed to make investment decisions based on information released by companies like this?
Great statement from the Chairman but I don't understand the numbers. I can only assume they've released the wrong set of accounts:
Total operating income 6 months to 31/12/23 £5.1m???
Total operating income 6 months to 31/12/22 £38.8m
Total comprehensive income before tax 6 months to 31/12/23 £4.0m???
Total comprehensive income before tax 6 months to 31/12/22 £37.6m
Makes no sense at all. Hopefully they'll release an amended version soon so we can see how they've actually performed.
Do you not understand what a cyclical business is avocet? At this stage of the cycle these appear solid results to me, in line with management expectations. That's not to say there won't be a dip on opening, but given the dividend has been maintained (unlike most of the major builders at this stage of the cycle) I think we might see a positive start. Let's see what happens at 8:00am.
Here we go, 35 on the ask again.
Hope you're right Sam, that would be a big boost to this share. Do you think we're likely to see a TR-1 confirmation?
Nay but I'll be ready if it does.
Good call elrico, hope you loaded up at the time. That would have been in the PhotoMe days of course, before they morphed into the ME Group.
Trying to push through 160p again this morning, be good to see it hold above that level.
Oogleflugal, you're right - LSE is completely wrong!