The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
From 2018 annual report - directors emoluments £617k vs £605k - I’m not registered with stockopedia - I think the 2019 report will not be available until much later this year as (from memory) the 2019 yr end is 31/03/2020. I think directors pay have always been broadly at these sorts of levels - four directors earn over £80k - one non exec seems to get zero - H Gold- a former chairman & connected through their firm of legal advisors (from distant memory)
Hello Fk1,
Hopefully next years dividend will be circa 3.5p - expectations have been knocked somewhat by management this year, with the axing of the special, some director selling and mentioning possible downturns / macro economic stuff - radmat selling (they did well!) also is a bit of a blow as they are industry participants (calling the top?)
From page 167 of the audited accounts ... "in 2018 the group established a conditional share award plan (CSAP) ... blah blah blah" --- 948,287 awards were granted in the year (2018: 810,637) ... no shares have yet vested under the CSAP
*** My comment ***
That's a frightening and frankly disgusting rate of planned dilution -- not bad enough to make me sell at a loss - but FFS!
Probably bad terminology — meant to say losses that can be offset against future profits for tax purposes - kier has over £300 million of such losses, from memory - not sure what constraints may exist on their application.
My guesses for the future are that the KL disposal will not take place because utilisable taxed losses make it more valuable to the group than to a potential buyer without utilisable taxed losses (I am not a tax expert so may be wrong about that?).
The balance sheet will be worked back to health over a 5 year period - by retaining earnings generated (without being smashed to pieces by exceptional bad stuff any more!) and those earnings will sufficient to justify a share price of circa £5 by then.
Discounting £5 by 5% pa for five years (time value of money discount) gives a present value (excluding risk) of about £3.80 I think; so the current share price of £1.17 appears to me to be offering a discount of roughly 70% to intrinsic value for risk.
In my opinion the risk is front loaded and so should start or has started to diminish with time.