Member Info for Raleigh

I am being nice. That's the kind of guy I am.

There is no anology to be made with Premier Food itself, as you know, and that I intended to assist by indicating there may be something in the relationship agreement relevant to a bid, whether CD and R intend to make one or not. I do not care, when you invest in these things you take what comes, or make a decision to do something else, on the evidence or your belief.
It would be helpful if you could say what you believe will cause the price to go " a low way below what it is now ". That could help others like me, rather than leave it as in unqualified statement.

I should say I found that link after you posted. I don't know, but if they are to bid, I completely agree, the sooner the better for them, particularly with the turnaround in a successful early stage.

Thank you. You will recall that at the time the CD and R investment was referred to as a PIPE ( private investment in public equity ) deal. Getting the particular PIPE name on account of the substantial, but still minority stake, rather than an outright takeover, at a time when investment is quickly required.
PIPEs as referred to are rare in the UK, this apparently being only the first after Premier Foods. This article contains, scrolling down, something on the relationship agreement between Premier and their investor, Warburg Pincus ( went to Hogwarts )
It seems, I would say probable, there is something similar re. any CD and R takeover bid ( if their nominated directors leave we know something is up! )
https://uk.practicallaw.thomsonreuters.com/0-385-9970?transitionType=Default&contextData=(sc.Default)&firstPage=true

Good morning.
No. I have unsuccessfully looked for a document. But you will have read this on holdings RNS. "The acquisition is in line with the terms of the relationship agreement entered into between the Company and CD&R on 29 May 2020 which permits CD&R to acquire ordinary shares in the capital of the Company unless such acquisition would result in CD&R and its concert parties being interested, in aggregate, in excess of 29.9% of the ordinary shares of the Company or voting rights attaching to ordinary shares which are generally exercisable at general meetings."
And I found this. https://www.sigplc.com/~/media/Files/S/SIG-Corp/documents/investors/terms-of-reference/New%20ToR%202020/Schedule%20of%20Matters%20Reserved%20for%20the%20Board%20July%202020.pdf
I think there may be something I cannot find now, also to do with what should be referred to CD and R as part of the process between the two. Not much help, I am afraid.

Yes, it could. But we ( on this board ) just do not jointly know anything, do we? Read the posts. Up on the charts, down before it rockets, shorted, hedged, get to 40p and get hammered, taken out on the cheap. Or just not worth bothering with, it is better elsewhere. It is so very confusing. Yet all profess to hold, despite some sounding so desperately glum.
Recommend DYOR, and then a bit of voodoo.

But I can live ( begrudgingly? ) with a 40% premium on 30p or so, if it comes to that.

No good. Am I right in thinking you are returning to the issue of CD and R making a bid under Rule 9? At the highest price paid by them for shares in the last 12 months? If so, in my view it will not come about under that rule because the relationship agreement (if it still applies no reason why not ) precludes them or concert party from owning 30%. But they can make any bid they want, any time. And it must be voted on, etc. And Prof printed loads on it before.
I post this because you previously referred to a similar date - but perhaps you were fishing in a different pond entirely, in which case I apologise for presuming too much.

I link the comments, albeit loosely, in my last post to the part of the Sig trading update saying, "Providing there is no material disruption to either our business or end markets as a result of the pandemic, the Board expects the near term benefits of the actions taken in 2020 to deliver organic revenue growth in 2021, including market share gain."
Inference from the Builders Merchants Federation seem to be that no such "material disruption"is evident, and if merchants and customers coped with the pandemic last year, there is no apparent reason why they will not do so this year.

I know it is old news for Sig, but it is nevertheless the last published builders merchant report.
https://www.buildersmerchantsjournal.net/builders-merchants-sales-continue-rising-to-end-of-2020/

"2021 now provides a realistic hope of a return to normality and an expected economic upswing.”

"....the adaptability to enforced changes demonstrated by merchants and their trade customers over the past 12 months gives me a cautious degree of optimism for the coming year.”

Thanks Prof - but it does not seem to be going right for shorters, does it? And what would be the point in waiting to start? And it seems a particularly poor time to start paying fees on a short?
I suggested a while back that Ennismore may be offsetting a risk against a long position - that long could be anywhere I suppose. No response to that post.
I could see it before, but an aggressive shorting position now no longer makes sense to me.
That may be a bit 'basic', but I start from the obvious. There is no discord on this - I cannot particularly stand behind my feelings - in the absence of the share price suffering ( anything 'can' happen )It is by way of an observation.

I freely admit it is one of the many things of which I know nothing. Like brain surgery. Or catching a bus.

I shall take your word for that GG Newt. Because it sounds good.
At last I seem in accord with one or two.

I had written off the Ennismore thing yonks ago. But some have kept on about shorters. I was looking for a reason why. I accept it can always happen, but there seems nothing much to it that I can gather. I think we are in a good place, and if Sig can make headway ( no reason why not ) in a reliable market then we shall do just fine.
Some boards attempt to micro manage stuff. Know what I mean?

Got your drift. Thanks. Now picking your brains on the shorters said to be here, please. That conversation grew out of Ennismore and JPM. Correct me if I have it all wrong, and there is something else. But Ennismore apparently been running a short position for ages, increased recently by 0.12%. https://shorttracker.co.uk/company/GB0008025412/
Is it now a guess that some other unidentified shorter may just come in? I cannot square the shorting idea in the way put based on Ennismore just now. Borrowing shares, paying the fees, not shorting aggressively and waiting for price to go up before starting.

Next update ( with results ) will be as important as they all are. And this one will be the first full set for analysts and so on since C D and R took over. But writing off positive ( or negative ) price movement between RNSs seems foolish. It dropped back after last update, but has done 11.5% in the last month ( convenient chart ) I do not know but you say the charts are favourable and it has had several attempts at breaching 35p since last update, so it might yet on no news from Sig? And maybe go on? To me the very recent trend seems up.

A heading for flavour from Building magazine

Fire the starting pistol – there’s an amazing year ahead
By Jack Pringle24 February 2021

Jack Pringle 2020
There is plenty of money, projects in the pipeline and people are gagging to get back up to speed. The end of an appalling 12 months is in sight, says Jack Pringle

Are you ready for lift off? We’re coming out of winter, the vaccination programme is storming ahead, schools are about to go back and people are gagging to get going again.

Companies cannot sit on their hands forever, so managers are either about to give stalled projects the go-ahead or are commissioning new ones for the restart. A straw poll of offices shows that architects are getting busy again.

Out of interest, what happened since Friday when you appeared to be looking to "buy back in?"

I am not particularly one for Warren Buffett quotes, but I know some revere him, and have not and would never give advice. ( on here ) This is one of his, which some may think sort of fits. It is what CD and R were thinking, as a result of their due diligence.
"The best thing that happens to us is when a great company gets into temporary trouble...We want to buy them when they're on the operating table."
It is very early days yet.

Got voodoo on here now as well. Vivid stuff. But Sig does appear to be reanimated. I am hopeful, and the sector news seems to support it, that when the results are eventually published there will have been a good start to the year to justify the outlook in the last trading update. Shuffling on.