Member Info for Monkshood

In line with the trading update. All in it looks very positive.

Looking forward-

'The outlook for 2023 harvest is very positive due to excellent growing conditions. No damage from frost was incurred, and the weather during the key period of flowering was favourable. We have recently begun harvesting and expect the 2023 vintage to be of an exceptional quality and with a record-breaking volume and yield. We expect it to be materially larger than last year’s excellent harvest (2022: 2,050 tonnes) as well as our previous record year of 2018 (2018: 2,173 tonnes). This will provide a platform for increased stocks of traditional method sparkling wine to deliver our 2026 business ambition. We will provide a full update when the harvest is complete.'

They just need to provide more clarity about funding for the new winery at Highland Court for another step up.

Unless I am missing something, then all is as outlined in the trading update 2 month ago. It seems to be proceeding as planned with no further glitches over the past couple of months.

I guess it will take another half years results to cement the confidence of investors although a further contract award as potentially flagged will do no harm.

I am not sure that they can keep repeating as they only have cash of £65m, after that they are using debt. They also have £800m of undraw commitments that they need to take into account. Much will depend on the level and value of exits over the next year..

I like PIN because they are reasonably cautious , I hope that they stay true to this and do not get too indebted just trying to run the discount down.

There is an article on this on City Wire-

I had not realised that it is not for the full buyback amount which addresses my main concern.

'The offer closes at 1pm on 17 October and will be followed by further share buybacks to achieve its £200m target. No director on the board is participating'

'Numis analyst Ewan Lovett-Turner said: ‘This can be an effective way of getting shareholders off the register and being left with a more stable and supportive shareholder register, which may make ongoing buybacks more impactful.’

‘We would expect buybacks will restart after the tender, which would give firepower of c£6m per month until May 2024, which compares to the £7.4m used in August,’ he added.'

Although the shares were cheap I had wondered why the price had moved up as much as it has with them buying relatively few shares and USS offloading. I guess there were those who knew what was coming.

Hopefully this has pushed the price back over 300, especially as we will have a fx tailwind for the next couple of nav valuations. The question is once the action has been completed will the price drift back down? I am not sure having the carrot of more buybacks ahead was not better than the jam today of the auction.

The CEO already owns about 25% of the company , there are also plenty of share based payments for the directors so I doubt that you will see any purchases, they have not noticeably done so in the past.

The problem is that, looking forward, it has gone from a >25%CAGR to somewhere well below 10% . Compounding this, the boom in esg themed investment has back tracked over the past year.

I had it in my 'safe', recession resistant pot with an eye longer term to climate change but It has not held up as well as I would have liked.....

It is a well run, profitable company, but unless they can inject some extra growth from either their new products or expanding their customer base I don't see the share price rocketing off any time soon.

We are entering a El Nino weather pattern now which has typically resulted in droughts in their market regions, with this comes more pressure to conserve water, so maybe this will help provide a catalyst for a step up?

Reassured by these results. I had emailed them to query the $150 statement and had not received a reply and so was wondering if the numbers were going to be lower than they actually are.

Communications to retail investors from some of these aim companies can be really poor, I have often received a better responses from much larger companies.

Look good, seem to have navigated the current tougher conditions better than many of their peers.

A delayed trade, so actually it looks to have been a £117k sale that they were working through. Considering the usual volumes the price held up fairly well.

Still does not answer the why now question.

Also to keep it in perspective you are only looking at £20k of selling

I've no idea. Trading update which covers this period was good, recent sun should be a positive to quality of harvest (and probably good for sales as well).

Could be either someone taking profit (or a forced seller).The only other reason I can see there is some news leaked about the new winery which involves raising money.

How about this?

Roche Holding AG will push for a more productive pipeline of new medicines as a new management team seeks to learn the lessons from recent research setbacks.

The company aims to move fast on high-risk, high-reward projects, Chief Executive Officer Thomas Schinecker said at a meeting with analysts and investors in London. Roche will also seek deals, he said, looking at potential targets that are already in human trials, typically a pricier class of assets

(From Bloomberg)

I think it started with around a £0.5M investment in 2019. I remember not being over impressed with the cross company funding at the time.

The latest Newsletter was very nice and clearly shows that the management teams have a laser focus on marketing -but- there was no mention of this years crop!

From what I have read and seen elsewhere it should be a very good harvest with the early wet weather filling the grapes and the current sun boosting the sugars . The Champagne region are predicting a bumper season with the individual grapes being far larger than in recent years.

I was hoping for a bit of commentary as to whether the cooler wetter weather in August caused any disease problems but it looks like I will need to wait until the next Newsletter -or go and visit .

I feel it was as much a plug for SEEEN's Technology day this week as for Watr..... The CEO of Water is also the Chair of SEEEN (which watr invested in some years ago).

What caught my eye was the $150M , I thought we were above this value but it is hard unpicking exactly whether the $165 mentioned at year end is the same .

'2022 Network Sales (direct corporate sales and indirect gross sales to third parties from which franchise royalty is derived) grew 11%, reaching approximately $165 million (FY 2021: $148.5 million)'

WII looks to contribute around $7M which would be on top of the $150 M mentioned this time (which was for the US alone), but I find trying to unpick the numbers, particularly the headline one confusing .

Can anyone shed further light on this?

Santander just skipped an AT1 call option. It is not one in Bips but does show that at least some banks are reluctant to re-finance at the current level. It looks to have been expected as bond price has not moved much, it should be noted that this was the first skipped call since March.

Usually I seem to be saying it is below the long term average but (perhaps not surprisingly) July was up 17% . Price looked to be close to their anticipated value so it should have been a good month for revenues.

Another good company bought out by PE. Still a nice premium to the closing price.

The buying has continued.

I don't have a very large holding but now well back in the blue and every time it goes up by a penny it covers the cost of another case of wine. Result!.

Shortfall of rex raise (to limit of what they can offer with the subscription etc without a vote) has almost been meet by a 'strategic investor' , so someone clearly has confidence in the companies future prospects.

I believe that the VCT shares (still to be issued) will have to be held for 5 year to qualify for tax relief, so although this does not mean they cannot be sold it must mean that they are far more likely to be held for at least this period than those issued in this initial placing. So although there has been a significant dilution I can still see this moving quickly on any news.