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"He would have gone a long time ago if it wasn't for Cosmens."
worth checking the last AGM where Garat got more votes of support than Cosmen ...and Garat got a lot more votes above any holding that Cosmen has...
https://www.mobicogroup.com/media/np0hlnpz/2023-05-10-agm-voting-results.pdf
ECB looking at June rate cut ...as long as no black swan event such as Middle East ..EURO could then weaken against the Dollar if the FED wait until September
Sterling could stay stronger if the BOE too holds on longer
" He's the one making the decisions on strategy, acquisitions, dividends, pace of change etc.."
wealth
I think it would be naive to think that the CEO was even appointed in the first place to have a full 100% charge of all those aspects of decisions
and you can bet,yes that Cosmen has increased their Voting Rights to continue to have a voice on such decisions
Cosmen of course is Deputy Chairman and has direct responsibility to assist the CEO and of course if leaning to give experience and direction on such aspects ..along with lender representation
Wealth
I agree with you about Stamp..... and today is largely a day for the CFO to deliver the financials..because that essentially is what is under focus
I think it it would be difficult for any CEO to deliver sentiment when the recovery is inevitably going to take time ... Sunak has the same problem... the investors and voters arent interested in timescales..they want quick results
They made decisions to change the heads of US Bus and UK/Germany and once you do that, any CEO has to show support and give new guys time to settle in and provide the plans for change ..the CEO has to delegate ....
the strategy based through the strength and quality of the team in Alsa is no bad thing, all in all ... and .. I think it is probably right to make a decision on US Bus and decide that investing through ALSA linked tendering for new business will probably be a better ROCE and margin that continuing to keep capital tied up in US Bus that needs further investment
The CEO isnt a major stakeholder ...he is charged with making the most of assets given to him to manage .... so I can understand if stakeholders make the ultimate decisions on assets and use of capital ...
The business has to function and you cant turn the whole thing upside down in a panic to turn things round ... especially in a downturn economically ...you risk causing more damage than what you are trying to improve
"...Until then, the bottom is not even close! "
well the price has moved from a low of 684p to 740p , an increase of 8%
" ....someone is buying hand over fist today. "
all sales are mopped up... the market has to stay liquid . maybe just selling to the Investment banker market makers
Clearly though buyers are only buying once the price has lowered ..
not a good day to be a seller
"This has shown weak management agreeing 18% Pay rise etc"
I think is is easy to suggest such things....but it is actually a complex issue between the levels of support from Local Authorities, agreed price increase structures, etc ...
You actually need a driver to drive a bus and you are in competition from what a driver can earn elsewhere ... often more with less responsibility ... supermarkets offer better because they too are chasing for more workers !!
Having a long strike would have been a disaster ..drivers would just go elsewhere ...why would they sacrifice when they can just leave and go elsewhere anyway ?
" Why would you spend money acquiring low margin, non essential bolt on businesses in Alsa when cash and investment is clearly needed, as stated, to return a valued prize asset back to full health and to seek to ensure maximum return for all shareholders? "
yes ..especially when it relies on Canary Islands tourism for 2/3 revenue at a time when the locals have had enough of volume tourism and see it as unsustainable for the future of the islands ....
Maybe Cosmen took the opportunity to buy the business offered to them.... but... it looks to be capital intensive with 800 vehicles overall....
I guess it is a business close to home to manage easier than one across the Atlantic
Wealth
although £20-30m non recoverable bidder error within the German Provision and a £10m non-cash book adjustment ..it did leave £50m up for negotiation of recovery , which they wouldn't get the lot back but certainly 30% plus I would expect over time
I thought Stamp did a good clear presentation and gave out some significant information and explanation....
I agree with Wealth with regards to Stamp view on US Bus and restructuring timescale ...they need to sell it and use the cash elsewhere , put it to better use and leave the US Bus to new owners who will grow it faster and with better margins over mid-long term
"but perhaps overly cautious"
seems to be a general pattern ...not many BOD wanting to stick their necks out with all the potential issues externally
be cautious and improve guidance on a quarter by quarter basis if things indicate
SP will depend on the Webcast I suspect
Will review fully after the Webcast
Main thing is 2023 is now dead and buried .. that German provision not great plus write off of tax credits
"Re-measurement of the Rhine-Ruhr onerous contract provision - £99.2m "
Stamp was the weaker link and made errors... for me the CEO with Cosmen support will work through the plans and issues
Was always going to be a longer recovery and into 2025
." Then you get the articulate characters with postings that make them sound all knowing and intelligent but really its just mutton dressed as lamb tripe they post. "
Indeed so...and they carry on as if no one notices
"That's fine but to deride other research houses analysis as shallow is schoolboy stuff. "
ValuePlay
I have NEVER used the word shallow...and as usual you are making up what you want, rather than using what someone has ACTUALLY said
But that is nothing unusual...and the chances of you recognising that fact are ZERO
"In the US they litigate on anything and everything "
We actually do in the UK..it is just done through various degrees of court level
The Mail Online gives an idea of the scale of things than end up in the court !!
The courts backlog is arguably longer than the health service waiting list
Bertram
I am afraid you have put across such a weak argument that you have had no alternative but to hoist the white flag of defeat against a stronger Aus3009 counter.
Valueplay
The last person anyone should turn to for "help" is ..you
Your opinions dressed up as facts should have a warning next them...
..and when challenged over them you chicken out and refuse to answer to them
Thank you for exposing whose research is actually..."shallow"
"Id normally answer your questions poker but having derided my quoted research as very shallow I think I'll leave you to research it yourself. "
What a cop out VP.. ..you're dad would call you a coward
..answer the questions ..
Https://www.telegraph.co.uk/business/2024/04/20/ocado-under-pressure-abandon-london-new-york/