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I was reading again the 2020 end of year accounts again and what was interesting, and I do not think mentioned on the BB, was that under the New ways of Working Capita are looking to combine their Customer Management division with other divisions to become part of a new Customer Experience division. The upshot, which has emerged this week, is that predictions have started to circulate in the press of up to 35,000 Capita employees who may never fully return to their old workplaces as Covid restrictions are eased, and will instead become ‘permanent’ homeworkers. Basically it looks like hundreds of buildings and small offices across the UK within Capita Group will now be put up for sale or their leases brought to an end. Predictably unions like the CWU is creating a bit of noise, not sure whether it is a supporter of flexible home working or office working. Lewis' comment that Calle Centres were just ‘warehouses’ has provided a bit of a lightening rod. For holders here we should expect to hear more of the cost savings program before the June results.

Hopefully the soap opera is over....Back to CPI the £700 million disposal program is starting to get more in the press. As before I suggest that we may hear more of this before the June trading update.

Apologies if link posted before:
https://www.businesstravelnewseurope.com/Management/Capita-to-dispose-of-Travel-and-Events-division

Extract from article:
Services giant Capita has announced it is to dispose of its Travel and Events division as it sells off a number of non-core businesses in deals that are expected to raise around £700 million. The company said it would wait for a recovery in the sector before disposing of its TMC arm, with late 2022 or early 2023 suggested as a potential timeline.

The company made the announcement as it revealed its financial results for 2020. The company reported revenues of £3,324.8 million, down from £3,678.6 million in 2019 and a net loss of £32 million, after a small net profit of £0.4 million in 2019. These figures do not include the company’s exit from its Education Software Solutions business.

Revenue from the specialist services division, of which the Travel and Events business is part, fell from £295.6 million in 2019 to £196.5 million in 2020. A 2019 operating profit of £44.3 million in 2019 turned into a loss of £4.4 million in 2020 as the decimation of business travel hit its transactional business model.

Despite this, the company said “Travel & Events saw the highest number of new wins in the past four years” during 2020.

As it revealed its results, the company said it planned to focus on its government and public sector business, and “UK and European customer experience markets with a blue-chip client base”.

The company said that selling off non-core assets would realise £700 million.

Capita CEO Jon Lewis said, “We're targeting a further £200 million in proceeds this year and £200 million in 2022. This will then leave a small number of businesses for sale in 2023. Unfortunately, some of the assets, specifically our corporate travel and events and resourcing businesses have been hard hit by Covid and will likely take some time to recover before we would wish to dispose of them.”

He said in a presentation of the results that the TMC disposal would be likely to take place in “late 2022 …[or] the first half of 2023”.

James Parkhouse, CEO of Capita Travel and Events, told BTN Europe, “In response to the recent announcement made by our parent company, Capita plc, we are supportive of its plans to dispose of non-core businesses from the Capita portfolio, including Capita Travel and Events.

Apologies if reported before but bond prices which had shot up to 50.75, then slight fallen to 49.75, went up yesterday to 50.25. Small changes admittedly but it will be interesting to see what happens to Shorts and Bond yields in the next few days.
https://www.boerse-frankfurt.de/bond/xs1641462277-hurricane-energy-plc-7-5-17-22

On the 24th March JP Morgan had:
a) INCREASED % of voting rights attached to shares (total of 8.A) from 6.87 to 7.003403
b) DECREASED % of % of voting rights through financial instruments (total of 8.B 1 + 8.B 2) from 0.15 to 0.099974

TODAY On the 24th March JP Morgan have:
a) DECREASED % of voting rights attached to shares (total of 8.A) from 7.003403 to 6.922742
b) INCREASED % of % of voting rights through financial instruments (total of 8.B 1 + 8.B 2) from 0.099974 to 0.134246

So basically they have shaved off some shares they have in Ordinary Shares but they now have more Shares in Options/Warrants etc. than they had before. So overall the net effect is :
c) Total number of voting rights held in issuer has gone from 33764894 (7.103377%) to 33544411 (7.056988%)

Overall net change is minimal, and no reflection on Court Case. More like some internal house-keeping.
Apologies for any error in the above. Lat 2 days now GLA

I have to be honest and say I didn't think the results were bad and given that AIG still spiked after posting a loss of £7bn that we would be safely in the 50s by now. To put the transformation in perspective Capita is targeting their first year of organic revenue growth for six years with disposal proceeds of £700m, with £500m in 2021 alone. ESS adjusted revenue and adjusted profit before tax in 2020 were £90.6m and £51.3m respectively. Adjusted profit before tax decreased to £65.2m (2019: £197.7m), reflecting the loss of high-margin Covid-impacted transactional revenue and revenue from lost contracts. This was mitigated by a combination of £145.2m of planned transformational cost savings and £122m of cost savings due to the pandemic. Including the impact of restructuring costs and accounting adjustments, reported loss before tax was £49.4m (2019: £62.6m loss).

Although some have concentrated on the June update in the IR conversation discussion, for me it did allude that there were further announcements planned before June hence why a trading update was postponed. When who knows, but I am aware that in the Full Year results they said they are targeting gross disposal proceeds of at least £700m, comprising £200m from three non-core disposals that are currently under way. So I suspect at some point in the next 2 months these will drop.

Not a great couple of days, but nothing to loose one's head over. GLA

For me the main thing is the recovery of the bond prices
Last time the bond price was this high the sp was 6/7p. This view is strengthened by the reducing of the shorts. So that would be my 1st target.

View from NI
BBC: Summer foreign travel should be ruled out, says Robin Swann
https://www.bbc.co.uk/news/uk-northern-ireland-56514677

No position either way. GL

Apologies Typo
40.03p -> 44.035

P.S. There's also the AGM on the 11th May 2021.

Cheers for the heads up. I have added SNR onto my watchlist and will into it. Among some of the shares that you have mention you see huge parabolic swings which have come about just because of the number of retail investors that have come on since the furlough period. Traded them in the short term, but caused too many restless nights.

BTW interesting chart development post the intra-day low of 40.03p. We'll have to see if that resistance holds in the coming days and we see the emergence of a new trend.

Below 0.5% only a private notification needs to be made to the FCA. A public share notification must be made when the net short positions of shares reach 0.5% of the issued share capital of the company concerned, and again at each 0.1% change above 0.5%. Below 0.5% a private notification. A private share notification must be made when the net short position in shares reaches 0.1% of the issued share capital of the company concerned, and again at each 0.1% change above 0.1%. So long story short you will not know if fully closed out, unless it goes straight to 0% from 0.5%.

You are right, the sp was above 50p in November. This was before the ESS sale, Royal Navy contract and anticipated Axelos sale. Given that IAG posted a loss of £7bn and still spiked, it was reasonable to assume that the sp would be higher post the Results and that the 47p support level would hold. Not a great last couple of days but hopefully we are nearing the end.

Due to the historical sp movements and the lack of sp appreciation following the RNS I guess some disappointment has crept in and worries of a more larger retrace which some derampers are exploiting.
It is difficult to have any enthusiasm to rise against these as with a company of the market capitalisation of Capita, the sp will do what the sp will do.
FWIW I do retain confidence that we will see 50p+ in the near term based on the following:
a) Sandbar shorts reduced below 0.5% on the 17th March and probably closed now
b) Schroders increasing their holding to 15.2% on the 15th March
c) Total contract value (TCV) won in the year was £3.1bn, £233m more than in 2019, which included framework and transactional wins. 90% Contract renewal rate. The outlook for 2021 is promising, with a strong unweighted pipeline of £9.7bn (2019: £8.0bn), out of a total unweighted pipeline of £18.2bn (2019: £16.9bn)
d) Further non-core disposals are expected to realise around £200m, including from more off-the-shelf software assets as well as Specialist Service businesses that will be sold once recovery from the Covid crisis is well established.
e) Targeting their first year of organic revenue growth for six years with disposal proceeds of £700m, with £500m in 2021. ESS adjusted revenue and adjusted profit before tax in 2020 were £90.6m and £51.3m respectively.

My reading of charts was once the lower upward channel broke at 46/47p the next stop would be 44p and then 42p. Given the above I cannot see us going below that level. Tedious days I know but we've been through similar going from the 30s to the 40s so I can foresee us being caught out again with a few unexpected Holdings RNS

ATB

Best that could be hoped. It is a political statement. They cannot endorse it, and they want more from Amigo in terms of compensation redress. So they're still pushing for more. Key thing is they will not oppose Scheme. That was the key statement.

Was a bit surprised myself. Nothing yet on London Stock Exchange (LSE) which shows a more complete list of trades that London South East (LSE).
https://www.londonstockexchange.com/stock/HUR/hurricane-energy-plc/trade-recap

Well done on all those who kept their nerve when this was sub 10p. Rest of week will get better IMO

Sorry to be so harsh but sometimes better to pull the plaster off quick.

Long story short the period before the SOA was always going to be turbulent. In retrospect should you have de-risked given the parabolic trading swings in the sp...Yes. And also yes you missed the opportunity to trade the share back down to the low teens. However there were some who bought on the spike and are still holding their nerve for the next few weeks. Some have used the opportunity to average down.

Could it go down a bi further yes, but I suspect we are at or nearing the bottom. So the main decision points are whether to continue to hold, or even buy. As covered the IIs have bought at sp levels higher than the sp today and new shorts have not been taken.

With 5 Amigo executives potentially receiving long-term bonuses that combined would be worth at least £7.3m if the share price hits the target price of 40p per share in three years’ time, it might be best just to make a decision to hold or buy (or even sell) and not look back for a few weeks or a couple of month's time.
- CEO Gary Jennison: 9.5m shares (£3.8m at 40p)
- Chief financial officer Mike Corcoran: 4.75m shares (£1.9m at 40p)
- Chief risk officer Paul Dyer: 1.5m shares (£600,000 at 40p)
- Chief transformation officer Shaminder Rai: 1.5m shares (£600,000 at 40p)
- Chief restructuring officer Nicholas Beal: 1m shares (£400,000 at 40p)

Best of luck and hope to see you on the other side of the Court decision. I do think this will work out so hopefully the disappointments of the last few weeks will then be quickly forgotten by the end of April at the latest. No far to go now.

Get some balls please and stop whining

Dip in Ask in the back below 10p at one point.
Think that should have flushed out all the Sellers.
Should see some stabilisation now for those that have held their nerve.
Interesting that despite the bad press - which realistically was always going to happen nearer the court case - that IIs still holding. Should mean that by end of April vote will be in for May launch of AMIGO 2.0.
With Director performance options set so high it seems that despite the noise, they are confident internally. PIs should be too!

Don't sell to quick!
Same thing happens each time results get released (e.g. PURP Purple Bricks). People panic and sell into profit. Underlying performance shows that Shorts will have to be closed. Hold strong till real rise comes to 60p.