Member Info for Mulder

As usual though short sellers suppressed the rise - blatant manipulation again. *********************************************************************************************************************************** Analysts at JP Morgan upgraded their recommendations for Pennon and Severn Trent, arguing that concerns about regulatory risk, rising government bond yields and possible nationalisation by a Labour government had pushed the shares to "unusually low" levels. That trifecta of risks was on top of the "more traditional" decarbonisation, affordability and security of supply balancing act, they said. "We take this opportunity to highlight stocks in our coverage universe that are oversold, trading at a material discount to 'worst case' nationalisation scenario projections," they added. Looking out to 2021/22, Severn Trent (target price: 2,250p), United Utilities (target price: 1,000p) and Pennon (target price: 830p) were changing hands at discounts of 1%, 5% and 11% versus their regulated capital values, respectively. In the analysts' opinion, that made little sense in the context of Labour's nationalisation threat and upgraded their recommendation for Pennon and Severn Trent from 'neutral' to 'overweight' and said they were at 'overweight' on United Utilities, having had no coverage on it beforehand. At a forward price-to-earnings multiple of 12.5 and with its offering of a dividend yield of 6.6%, their preferred stock in the UK water space was Pennon https://uk.webfg.com/news/broker-recommendations-/broker-tipspennon-severn-trent-acacia-mining-severn-trent--3182360.html

As usual though short sellers suppressed the rise - blatant manipulation again. *********************************************************************************************************************************** Analysts at JP Morgan upgraded their recommendations for Pennon and Severn Trent, arguing that concerns about regulatory risk, rising government bond yields and possible nationalisation by a Labour government had pushed the shares to "unusually low" levels. That trifecta of risks was on top of the "more traditional" decarbonisation, affordability and security of supply balancing act, they said. "We take this opportunity to highlight stocks in our coverage universe that are oversold, trading at a material discount to 'worst case' nationalisation scenario projections," they added. Looking out to 2021/22, Severn Trent (target price: 2,250p), United Utilities (target price: 1,000p) and Pennon (target price: 830p) were changing hands at discounts of 1%, 5% and 11% versus their regulated capital values, respectively. In the analysts' opinion, that made little sense in the context of Labour's nationalisation threat and upgraded their recommendation for Pennon and Severn Trent from 'neutral' to 'overweight' and said they were at 'overweight' on United Utilities, having had no coverage on it beforehand. At a forward price-to-earnings multiple of 12.5 and with its offering of a dividend yield of 6.6%, their preferred stock in the UK water space was Pennon https://uk.webfg.com/news/broker-recommendations-/broker-tipspennon-severn-trent-acacia-mining-severn-trent--3182360.html

The Evander issue has to get settled ASAP August/Elikhulu can't come soon enough.

Who noticed the huge trade this afternoon? No one? 1M shares sold at 1530 yet the SP after diving to 78p climbed back strongly. Lots of games are being played here. #rogue market.

Better still... Email fornskov@shire.com

Insane.

So the shorts clearly have inside information that Ashley and others will not be taking over Debenhams. Only conclusion?

Purchasing shares and derivatives - so again who was selling? None of the big holders clearly.

Minimal intangibles/goodwill on the books. This is now trading below the book price which is around 5.3p Even a 0.5p dividend at full year will give a yield of 10% if the SP stays here.

Still maintain fair value for this is 15x earnings/EPS - as it had been priced by the market since the IPO in 2014 apart from the past 3 months. 15 x 14p EPS = 210p 15 x 12p EPS = 180p (allowing for a far worse than expected profits drop in 2018-19) So 119p I'm afraid really doesn't cut it and is a total disgrace.

Volume seems to have settled these past couple of days - hopefully the seller has stopped. Only 1.2M volume vs 3.1M average Still maintain a forward P/E of 5 come August is far, far too low; suspend Evander as planned and this becomes 3. Also a reminder the book value/NAV for PAF is 9.7p so trading at a 25% discount to this.

Has become very volatile and we all know the reason don't we?

Yes you are correct the book price/NAV is closer to 75p here but yes a lot of intangibles/goodwill on the books for Debenhams brand. People are also forgetting it is still projected to make �55-�60M in profit this year and also its strong international presence. A counter bid to Ashley is also highly possible and probably something he has foreseen.

It is a miniscule drop of 0.06% in the holding - the volatility here is more concerning. Another example of a share where the market for years has priced it at much as 20x earnings. Now priced at barely 10x earnings. Such a huge change? Why exactly and more importantly who decides the P/E a share should trade at? Some like Boohoo, ASOS, Just Eat are happily allowed to trade at 80-100x earnings. A disgrace.

Those who got in at 206p have done well I would say. Looked like another blatant manipulated drop.

If people spend time analysing the consolidated balance sheet instead of posting stupid comments they will find: - M&S has �3.1Bn in NET assets Equity ratio is a very solid 1.61 Minus all intangibles/goodwill the equity ratio is still 1.5 Cash at hand �470M Operating profits �600M Now have a look at this: - Marks & Spencer 'target of Qatari takeover bid' Investment fund is said to be planning �8bn bid for British retailer https://www.theguardian.com/business/2013/mar/17/marks-spencer-target-qatari-bid �8Bn - what's the current market cap? Exactly. Almost half what was offered in 2013.

JOHANNESBURG � South African President Cyril Ramaphosa on Wednesday held discussions with Moody�s Investors Service on the various initiatives underway to accelerate economic growth and create jobs, the Presidency said. He also reaffirmed that land reform would unfold within a clear legal framework and would not affect economic growth "President Ramaphosa underlined government�s determination to build a social compact of government, labour, business and civil society to advance investment, youth employment and community development. President Ramaphosa reaffirmed that accelerated land reform will unfold within a clear legal framework and without negatively affecting economic growth, agricultural production and food security," his office said in a statement. "President Ramaphosa said job creation was government�s most important priority and failure to create such opportunities constituted the greatest risk to the country. Moody�s is due to announce its latest outlook on South Africa on 23 March 2018." The Presidency said that during the meeting, which happened at Tuynhuys in Cape Town, Ramaphosa described the new mood of hope, renewal and unity in the country and the enthusiasm of its people to contribute to change and development. "President Ramaphosa said this new enthusiasm was anchoring all efforts to confront the challenges facing South Africa, including government�s initiatives to increase investor confidence and reduce policy and regulatory uncertainty," his office said. https://www.enca.com/money/land-reform-will-not-affect-economic-growth-ramaphosa-tells-moodys

Strong performance in the second half of the year delivered closing cash and cash equivalents of approximately �104 million net of �1.4 million outflows in respect of the �15 million share buyback programme which commenced on 14 November.

Covered 1.5x M&A possible IMO at these prices 10 year lows

Flemming Ornskov 192,510 �6,198,822 Susan Kilsby 82,029 �2,641,334 Albert P.L. Stroucken 28,311 �911,614