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Just taking a look back at S4 Capitals largest institutional shareholders 1st largest Franklin Resources & 5th largest Third Avenue Management. Source of information Bloomberg.
Franklin Resources S4 Capital Shareholding....
Q3/2022 1,883,184
Q4/2022 21,073,695
Q1/2023 35,229,516
Q2/2023 39,359,214
Q3/2023 73,871,600
Q4/2023 67,137,650
Q1/2024 60,339,396
Third Avenue Management S4 Capital Shareholding....
Q3/2022 13,649,201
Q4/2022 15,092,662
Q1/2023 16,060,732
Q2/2023 18,519,996
Q3/2023 22,787,974
Q4/2023 31,525,722
Q1/2024 27,082,199
Q4/2023 22,787,974
"There would have been many discussions regarding the level at which the options were payable.. and this was the number they came up with"
Yes, the incentive is there to see priced at 200p regarding the share options.
"or a recommendation to vote on a small divi"
I hope that S4 don't pay a dividend, I would be happy if all spare cash was to be used to buy back shares. S4 issued shares for M&A mostly @420p, buy them back today @52p. It's a screaming no brainer. All shareholders would benefit. S4 need to get the the share price back to 420p so that S4 can restart M&A for further growth. IMO.