Member Info for Krustysmegma

Presumably if you've been in since the start you've had most of your original investment back in dividends?

Be interesting to see the shorters response, after this initial shake-out we could be in for a period of steady sp growth here.

It's becoming obvious why the previous FD left, but perhaps the new guy, as one of Rusty's protege's, might be having a bit more influence over him? Notwithstanding the tender debacle...

Urban Logistics - NO, thank you.

Same-again dividend plus share buy-back - what's not to like? Even the market seems to like these results. Any kind of progress on price and/or SA rail efficiency will see a big re-rate here IMV.

Interestingly, a HNWI in the UK is defined as someone with £1 - £5 million of liquid assets (excluding pension) and an income of £170k+. So, nowhere near as much as I thought.

20p on the bid now too PUMA.

Yes I agree with you both, all seems to have gone quiet on that front now. SP rising nicely here too ahead of the next trading update.

What did you think faramog? I've been invested here for a while now & pretty positive about my investment going forward. I think the dividend is as secure here as anywhere, interesting comparison with the Tesco bond on the final slide.

It ain't over till the fat lady sings...

Finally, the CMA has got involved! RDW not a done deal yet.

Gs yes this is where it gets difficult. As you say, in theory when the B shares are issued the SP should respond as if we'd gone XD. However, the NAV should drop by less than the implied B share value. That's the theory anyway, let's see how it pans out. This morning's RNS has already highlighted costs associated with the wind-down ("...net proceeds of realisations of investments will be dependent on the repayment and cancellation of the Company's bank facilities, further drawdowns to honour commitments to fund under existing contractual arrangements, the Company's liabilities and general working capital requirements...") and doubtless others will emerge as they attempt to realise the investments. I don't think we'll see more than 60p, personally, and that may well take two years or more IMV.

Good luck with that. The difficult part is going to be keeping track of how much has been returned over the coming years.

I don't think anyone doubts you jobjobbed, just really sad to hear when people feel they have to sell out at a loss. How long have you been in here, out of interest?

The CREI offer certainly looking the better option at this stage. Good that the Board & their advisers have had plenty of time to assess the merits of the CREI offer vs the indicative proposals from SHED, and that they've managed to squeeze slightly better terms out of CREI as a result. Interesting that they feel a managed wind-down would be preferable to either of the SHED proposals. Still possible that we'll see a last-minute intervention of some kind though, so I'll hold off voting for now. If everything stays the same, I'll be voting for the CREI offer, as recommended by the Board.

OK, sounds like we'll both be holding then.

And me luton. I don't understand why they didn't come to us (shareholders, not this board) in the first place?

I think there's another aspect to the incessant criticism (which, in my view, is deserved) of our two main directors. Both have seen their personal holdings here (effectively their pension pots) reduce from c. £5 million (approx. 50 m shares each @ c. 10p at one point in old money) to c. £200k (approx. 1 m shares each @ 20p). That's a hell of a price to pay for their failures. I'm not saying it absolves them of blame, it absolutely doesn't, but they must be feeling our pain.

A firesale (putting all the assets up for sale at once) usually results in values being reduced by anything from 10-25%. Buyers know the seller is a forced seller & make offers accordingly, depressing prices. This is the worst possible time to be selling alternative energy assets as the market is truly woeful just now and showing no signs of recovery any time soon.

Those are my thoughts, as requested. What are yours?

Yes, linked to what Sam has said about the current state of the London market I think family buying reflects the belief that the share is currently mispriced & represents a bargain. Who knows how long this will persist (the current trajectory is very encouraging) so they're buying cheap whilst they can. Just my view though, not based on anything factual.