Member Info for Krustysmegma

Chris Buttery has been buying again today, taking his personal holding to over 1 million shares now.

Have now received my TPFG shares following the BLV merger, happy to hold them for now & see how the new, enlarged business performs.

Again, hope you're right on all counts Penta. Fingers crossed.

Well cash generation is more interesting than the NAV, but unfortunately the company uses the NAV to set dividends. From the RNS 22/3/22: "if the average Net Asset Value per Ordinary Share during a financial year is 107 pence per Ordinary Share or greater (but less than 114 pence) the target dividend for that financial year will be 7.5 pence per Ordinary Share".

So, given the NAV has now dropped to 111p from 112.9p, it looks like we'll be staying on 7.5p for the foreseeable. That's still well over 11% yield though and, as you say, plenty more assets coming on stream in the current year.

Penta, see my post at 8.55 re valuation. I sincerely hope you & Roger are right but I can't see it I'm afraid. What the hell they're doing paying a dividend when they've got a £50m bond to settle in August is beyond me. Seen these situations before, when things start going bad. Never ends well for ordinary shareholders. Let's see what happens next.

...maintaining the dividend whilst planning for net debt this year though, does that make sense? Everybody likes a dividend, but only if it's sustainable.

Penta, the company is virtually worthless (it's assets are roughly the same as it's liabilities) so who is going to participate in a raise? Would you? As for banks lending them more money, we're in Amigo Loans territory.

"Portfolio value 20% discount: £560."

In a firesale? Not on your life. Take another £100m off. (say £460m + £30m est. remaining cash).

Then pay off the debt (£437m) and settle the bond (£50m).

That leaves about £3m for fees associated with the sale, and nothing for shareholders.

A firesale could clear the debt, might even be enough left to cover the bond. But there'd be nothing left to distribute to shareholders.

I think there are still one or two here who don't realise how serious this is. Who in their right mind would lend them money, or buy more shares? The bondholders must now be getting extremely anxious, and for shareholders (who are obviously further down the food chain) this looks pretty gloomy. We need someone to come in with an offer to buy the lot and pay the bond, but that will mean they'll want the business for virtually nothing.

I guess if all their stock is July 24 sell-by, like my latest subscription order, they need to shift it sharpish.

Suspect the API Board & shareholders will still prefer the offer from CREI.

Announcement on the MTW site this morning of an agreed bid from Pollen Street Capital (see POLN Share News above) so why no RNS here?

Interesting update on the Shares Magazine news story (below). Mattioli Woods (MTW) has now agreed a bid from Pollen Street Capital so it'll be interesting to see if they have a role to play in all this. They'll certainly have an interest in the outcome.

Ivor has hanged himself, apparently.

Don't feel sorry for them jolly, they'll be pushing their poison somewhere else if they get burned here.

I notice Halfords had a shocker of a trading update last week but Morgan Stanley are now buying the share, could it be they think an offer might be incoming? REDD were rumoured to be eyeing them at one point. Should be able to pick the business up at rock bottom price if they decided to take it any further now.

Trouts is right, and just to add, if you sold today you would get the dividend. It's the XD date you need to look out for, not the register date. It's usually the day before, and usually on a Thursday on the LSE fyi.

Notrex, is this a five-minute argument or the full half hour? lol

Nothing from HL yet, perhaps they're still scratching their heads?

The LSE DEC Discussion Board seeks the following:

** Volunteer **

(a guinea pig, shall we say?)

Someone who is happy to give up some, or all, of their entitlement to the latest dividend in return for the tender offer.

- You may receive more, or less, than those shareholders who opt for the cash alternative.

- If with The Halifax, you may end up tendering your entire shareholding for an unknown amount, except you won't because the company can't afford it.

- You may, or may not, have to pay 30% WHT (in some circumstances 15% with a valid W8-BEN) on the monies you receive.

- You will be bombarded with questions from fellow posters regarding your entitlement, once paid.

Suit someone of an adventurous nature who really doesn't need the cash anyway.

Whilst the job is unpaid, you will be forever referred to as "the poster who solved the riddle".

In the unlikely event that more than one person volunteers, candidates will be invited to complete a report explaining the difference between the cash & tender offers in no more than 5,000 words.