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They responded to me a couple of weeks ago, referencing auditor delay. I'm expecting Financials in the next week.
23rd April RNS : Following the joint statement by the FCA, FRC and PRA on 26 March 2020 urging listed companies that feel it appropriate to take advantage of up to two extra months to publish their financial statements ...
Perhaps i'm gullible, but i've bought in to the credibility of the board, experience and emphasis on culture. Investor day presentation of 16 Jan well worth watching if you haven't yet, plus Hardman reports.
This has some legs today .. any sign the 1m seller?
Ian B, I got a note from Director Investor Relations and Communications this evening saying: "... we share your frustration. We are working with our auditors to complete the audit and hope to be able to announce our results soon...." . I had simply asked whether it was possible for the company to comment on the timing of the release of the Financials. A new position for me, so not actually frustrated. Sounds like the company are frustrated with the auditors though... Think very decent upside from here.
Thanks for that! Would certainly prefer to see more shareholder alignment with the board. Hopefully, we will see more Director buys after the Financials are released. I was really encouraged by viewing the investor call/presentation on 16th January, but there's nothing quite like being equally aligned with the board (besides the bonus and options!)
It is very cheap. Couple of institutions selling down have created very cheap opportunity. Always gives confidence to invest when the board have proper skin in the game. A few high profile new hires have joined recently too - not sure why they would join a sinking ship.
Does anyone know the actual equity interest of the Founder John Van Kuffeler? / Other Board members?
I've picked up more - just too cheap here.
Think the potential upside from here is large at £36m Cap. Buoyed by positive cash flow of £3m in April. Strong board. Refinancing the debt with new £200m securitisation facility mid-March removes risk - good timing. Less risk if you wait for the financials, but read enough to buy some at these levels.
Raise was at 85p
It's so cheap at this level - £2.5m cap ish. Only takes a large stone for sentiment to turn quickly.
Leucadia Investment Management Limited with 6.4% - great to see! and JP Morgan increasing too it seems (or playing it). 2nd part placing needs to be firmed up and holders will get out of the current range and beyond 32p towards the 40s. New cornerstone investor and IKO. Will be very well capitalised and positioned to succeed over medium term. Enterprise value versus sales makes a mockery of current market capitalisation.
Couple of institutions selling down - allowing for a cheap entry. £90m market cap. 25% ish dividend at this level had the final dividend been paid. Refinancing the debt due April 2021 the challenge, but the equity has been marked down to ridiculous levels surely..
CD&R are a major PE outfit, a massive endorsement of the company. Await the detail, expect some volatility, but ultimately, they are positioning as they see value and want to be long-term partners. Think an exciting development for shareholders. Who knows how the price action will develop, but should be a positive mid-term.
CEO has 1.2m shares (and restricted stock/options) all at a higher level. Last 200k buy at 49p, but noted another 200k but at 103p. Right at the bottom of the 5 year chart. Much of the hard work been done to establish itself, looks a bargain at these levels.