Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.
dc2 - you just beat me to it. ML clearly see the Trak loan as an investment, and not just as a way of propping up the company.
There are plenty of economic headwinds, hence today’s retail sector sell-off, but HFD is more recession-resistant than most, so I think they are largely priced in.
Seems to me the issue has been blown up out of proportion, partly due to the company's mishandling of it, and should never had led to a prolonged suspension - far worse things have happened elsewhere without the same level of fallout.
Anyway, it's now history, except that "further steps...may be required to improve its internal processes and to meet its corporate governance objectives" before the share suspension can be lifted, so that will not follow automatically upon the filing of the accounts, but I still think it is likely to happen around the end of October.
ML has the option to increase its holding by 6m shares at 17.1p. That’s only “buying shares on the cheap” if the SP is expected to rise. But in that case, it would be illogical to defer bidding for the whole company, if that is the ultimate intention. So I wouldn’t rule out a change of plan, and a full bid - with a few extra redundancies - at this point.
"I suppose on that basis you concede the current price is good value for Raza, and by implication, good value for us."
Exactly.
"Got to hand it to Raza, he's playing the waiting game but he knows what hes doing."
Patience...or indecision?
Fascinating development… probably explains the perky SP recently?
ML have 10m shares out of 50m at the moment. If they converted their £1m at 17.1pps, but no other noteholder did, it would still take their holding to less than 30%: 10m + 5.848m / 50m + 5.848 = 28.3%. But Raza also has I believe 600k, or 1%, so 29.3% in total...it's almost as if they've worked back from this result.
So are we inching towards a merger? Well, it’s certainly a vote of confidence by ML - and the directors, including JW who is showing no signs of any desire to retire.
But maybe a merger won’t now be required in order for PIs to get a decent return at last. In the meantime, the CLN at least alleviates any liquidity concerns.
LD had 43m share options per the 2020 accounts, whereas the RNS talks about 26m options, so there must have been a "clawback".
As the accounts say, "an award will lapse upon a participant leaving the employment of the Group, subject to normal good leaver provisions". In applying this provision, the Remuneration Cttee has apparently agreed to allow him to keep most of his options provided he exercises them during the year after leaving, so the 6/9/22 date is no coincidence.
No harm taking a profit I suppose, but I can't see this falling back, so not one I'll be trading. For me, this is a medium to long-term hold.
Yeah, a scintillating performance by a company that "will remain relatively unaffected by the current turmoil in energy prices".
Our new brokers should have little difficulty "selling" the company and getting the SP back to 20p+, where it belongs.
Yeah, very useful background ATPM.
All we need now is for Gatemore to repeat the trick of finding the right CEO. Not sure if they still have a stake in Wincanton, but they are no doubt well-informed.
"Over 70% of our sales now come from motoring products and services, and the fact that this area of spend tends to be more needs-based rather than discretionary is leading to a very resilient Group performance, despite the wider macroeconomic uncertainty.”
If it's more fall-out from the CG issue, which it does look like, I'm not sure why it took so long. Fortunately, the rescue of the company is complete, and he leaves behind a strong senior management team, so his loss is not fatal. I wonder if Lloyd junior will remain a senior executive?
It's good news at least that the accounts and CG inquiry are on track to complete by 30 Sep, and that trading is holding up well.
In the meantime, more uncertainty, but by the time the share suspension is lifted, the dust should have settled, for good or ill. Hopefully LD won't be taking the opportunity to reduce his substantial shareholding...
POO is less only because demand for oil is expected to be less, i.e. fears of a recession, to which the market obviously thinks CCL will not be immune.
The record bookings of the US arm related only to a single day in August, compared to the same day pre-pandemic. Investors are looking more to the (uncertain) future.
Alas is an ex-customer with a deep-seated grudge against the company. No point interacting with him.
£1.50+? £2.00+ more like it, but it depends on what the market anticipates for the 20-week trading update for the period ending 19 August, due next week (7 September). That should be ok, but they'll obviously caution about the outlook, what business wouldn't right now?
Quite. The last thing you want is more of them.
Spoons is one of the few places you can go for a quiet drink without piped music, which is one of the attractions. Big screen football, of whatever kind, with all the noise that would create, and with screaming kids running amok, would put off more than it would attract.
Barring any more twists and turns in this long-running saga, the audited accounts will be done by end Sep and the share suspension lifted by end Oct following an AGM. And if the next trading update mirrors the last one, it won’t be a question of “recovering” anything, rather continuing to hold with the expectation of further gains.
A new co sec's also been appointed, relieving CFO Mulligan of that responsibility (which he took on temporarily following the sudden departure of Deards).
He can now give his undivided attention to meeting - or preferably beating! - the deadline of end Sep for the accounts.