Member Info for notaflipper

..and good to see here. Though I do not think we are seeing the trumpeted "short-squeeze" here, at least it did provide a bountiful ammunition for some derampers/shorters for a few weeks. So well done all.

Been averaging down to and will be using the reserves to capitalise on an expected rebound to Interims. The chart since the ham-fisted comms session of the Finals (then @ 49p) makes for depressing viewing. Hindsight is a rueful luxury, however arguably since then the Company with anew CFO, the Axelos sale confirmed, remaining cash from Montagu on ESS sale, and further additions to the order book is in a stronger position. We should be expecting to hear more good news on the disposal and debt reduction front.

What has been strangest for me here is the lack of changeover between the CFOs, with no handover period. Surely there must be a background story here mmm. Though I have made £9k trading CPI since last November, it has been a difficult ride it has to be said, however feeling positive for next few weeks.

GLA.

Apologies, should have added it before. They have also been supporting the DoE via their Entrust Support Services. You can read more about this via the Entrust School Resource Management portal <https://www.schoolresourcemanagement.co.uk/>

I would check out the link <https://www.schoolresourcemanagement.co.uk/includes/download-resource.php?id=97>

I suspect their main contribution during the pandemic was via their app "teamSOS"
https://teamsos.co.uk/entrust/

P.S. They have 138 employees.

@Eatstocks I think most punters know that there can be fun and games played however if there are no shorts declared on @Shorttracker, we might be making ourselves out to be a bit negative saying that this is heavily or significantly shorted hence the sp weakness. Bit of a ridiculous correction in my view. Also there had been past evidence of co-ordination between Shroders and Sandbar. Best of luck to your investment investment here

Not sure what the point of this essay was...I had already mentioned the caveat that there is a threshold below which firms do not need to declare to the FCA.

Have to agree that the current sp seems quite strange especially given that the shorts have now closed below the threshold to where it is monitored by the FCA, with Sandbar reducing their short position to 0.45% on 22nd June. Had supposed there was some co-ordination between Shroders and Sandbar at this time for them to do so. The current sp trading has been pants for a few months, however with the new CFO purchases, the AXELOS sale trading update confirming the divestments being on-track it seems a bit overly negative

Seems like the recent slide was MMs fishing for cheap slides before the update. With circa £180m from Axelos sale it looks like they'll BEAT their target of f at least £200m disposals in 2021 further to the £299m initial payment received from the sale of ESS in February. Must be surely be de-risked now in eyes of market for rise to 60s to happen.

Sandbar increased their Short to 0.52% from 0.5% so just an increase of 0.02%.
Shroders have co-ordinated with Sandbar. So Shroders will profit take, whilst Shroders reduce their Short, then Shroders buy again. 0.02% increase doesn't sound that confident and think with Shroders purchases circa 37/38 from memory we may not see much a trend down further. That said, I am gobsmacked by the lack of news here. Could have written off last 3 months. Happy to cover margin calls as think disposals will come through but sure am getting impatient as others

New contract published on Bid Stats to add to the £2bn+ Order Book since Nov.
Contract Name: Language Services (Lot 1 - 5)
Delivery: 11 May 2021 to 09 May 2024
Buyer: CROWN COMMERCIAL SERVICE
Supplier: Capita Translation & Interpreting (Oldham)
Value: £148,000,000
Duration: 3 year
No of Suppliers: 14 suppliers
https://bidstats.uk/tenders/2021/W22/752025763

There was an expectation of £700m, comprising £200m from three non-core disposals in Specialist Services that are currently under way. Is this supposed to be happening in Q2 or Q3, as I wasn't expecting to await till Interim Results and had thought end of June at the latest?

Was thinking there were some posts here earlier today which cannot see now?

Nothing exciting in the resolutions. Key news story today is the new CFO appointment, and here the major news story is that he takes over with immediate effect come Wednesday, with no handover. Until news confirmed nothing certain, however you would have thought that PLC that is targeting proceeds of £200m from three non-core disposals that are currently underway, would have had some sort of handover unless these disposals were not at a critical stage. News flow really needs to restart here post Results.

- FCA refuse to attend meeting "The FCA's letter also stated that it does not intend to request to attend the Scheme creditors' meeting."
- FCA intend to oppose Scheme regardless of vote outcome "FCA has decided that it intends to appear at the Court sanction hearing through counsel to oppose the sanction of the Scheme"
- Without FCA Scheme approval then AMIGO cannot trade and is bankrupt
= BAD RNS

- FCA refuse to attend meeting
- FCA intend to oppose Scheme regardless of vote outcome
- Without FCA Scheme approval then AMIGO cannot trade and is bankrupt
= BAD RNS

Think here perhaps some were expecting another RNS this morning and there were some jitters. Hopefully shake from this morning has passed.
Back to the appointment the interesting thing is that Gordon Boyd, the Interim CFO, will be stepping down from the Board on 12 May 2021 and will leave Capita on 13 May 2021. So no handover. Hopefully this means that there has been some development in the divestment front (e.g. sale of Axelos) that means that this can occur. We should get another RNS later today following AGM at least to confirm that resolutions have passed.

Patrick Butcher has stepped down as CFO in Nov 2020, basically for not taking control of finances and lack of progress on restructuring. He had no friends among LTHs as he disposed of some shares after Results posted. Gordon Boyd, his replacement was always identified as an interim appointment whilst a permanent CFO was being found. Patrick left in March post ESS sale completion. I expect Gordon's departure is also to reflect that another milestone has been met on the restructure, hence this is not an unnecessary distraction. Should hope to hear more.

Think I am seriously setting myself for failure...

There are two securities Deferred Bonus Plan and Capita Employee Share Plans.

For the 1st Deferred Bonus Plan thee has been no change and there remains 1,122,860 shares unallocated at the end of the period allotted at end of period 09/05/2021.

For the Capita Employee Share Plans the number of securities has increased by 30,000,000 of which 13,000,000 have been allocated/acquired. This could be a wash-up following on from the various Director / PDMR Shareholding RNS to outline that the various Directors have acquired 13,000,000 shares on exercise of options in the period 01/01/2021 to 09/05/2021. Of these the Directors have broadly sold 47% usually at a price of £0.429733. Hence the static sp. There remains 17,000,000 securities not yet allocated at the end of the period. Whether this increases the Total Number of Voting Shares from 1,684,273,523 ordinary shares by 13M, we will have to see at the end of the month. Similarly we will have to await to see whether the sp will let loose following the conclusion of the Director's dealings for this period.

Apologies in advance for trying, and failing.

I believe that the AGM is next week on the 11th May. I had been hoping that we would have heard more on the £200m+ divestments scheduled before then, for example on the sale of AXELOS. Hopefully there is a nice surprise for the AGM as been too quiet since the Results. The business however is progressing with just these contracts being won in May alone.

Contract: Commanding Officer's Coaching Programme
3 year contract, ends Oct 2023
Award value: £630K

Financial Management System
Award value: £1.3M

Emergency Purchases ECM
Source: Contracts Finder
20 day contract, ended Mar 2021
Award value: £255K

You are right the key question is why CA made further purchases in the last month. For some like myself, I had taken confidence from this as an indicator that some action would be taken prior to potential share dilution, otherwise why not await. Perhaps CA were caught off-guard as expecting a later action by the BoD. Or perhaps they were expecting a shareholder vote and have been out maneuvered by the BoD. Many will be hoping for a RNS tomorrow morning of CA's intentions. It seems like a foolhardy purchase of CA unless they had alternative technical assessments or forward looking plan for the assets. Will soon find out. However I think many will be hoping for a statement tomorrow morning. Noticeably CA's sp didn't get impacted by too much on Friday. This would suggest either their PIs expect a reaction or otherwise this was already priced in.

For all the posts over the weekend, none seem to answer why CA would have bought an extra 52m shares (2% of equity) for £1.3M in the last month. They obviously knew that the risk of restructuring was high, so unless their purchase was for a vote against, and the BoD have wrong footed them through bypassing a shareholder vote they must have a plan to avoid a highly dilutive debt for equity swap. This would also have to cover a Forward Looking Plan for development. Given that CA is a publicly quoted fund you would suspect that they would have to provide some statement come Tuesday morning if action was to be taken. As only a recent holder, it was their purchase together with the bond appreciation which had wrong-footed me, and given me confidence against the implications of the CPR. So hopefully there will be a response, come Tuesday morning. Will make my decision then.