George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
I tried to buy the new boxed set from the usual online discounters on Saturday and it had sold out very quickly. Went to the GAW webshop and they were so busy, there was a queueing system (like it was Glastonbury or something) and had to wait 35 minutes to be allowed onto the webshop. All that for a £125 boxed set - hopefully that will feed though into some more great trading figures at the next update.
Yes
IFRS Debt = (£894.4m)
Pre IFRS Debt = (£427.8m)
So £466.6m of Debt is leases
Not necessarily that great - Arqit is one of the retained assets not part of the seed portfolio. The Arqit holding is still in the VC part of Seraphim and will be revalued and sold from the VC fund to the IT post-listing but before 31/12/21, so it won't be at a bargain price. See pages 44 - 46 of the prospectus.
"In the event that there is a successful corporate action by 20 December 2021 the Company will
acquire the relevant interests at a price per share: (i) where the corporate action involves a listing
following an acquisition, equal to the volume weighted average price per share for the interests
owned by the Seraphim Space Fund for the five days trading from and including the date of the
relevant listing; and (ii) where the corporate action involves a meaningful fundraise, at the price per
share implied by the price at which that fundraise was undertaken."
So we (the Trust) will pay the VC the average share price over the 1st 5 days of trading. The VC gets all the benefits of any listing boost, not the IT.
Not sure it's really good news tbh - it suggests that they are having to raid the savings account to pay the bills because they aren't earning enough from the assets. At some point if they can't pay the £0.07/ 7% per year from earnings, they will run out of capital to raid.
IIRC, there ARE time limits when directors can't trade in shares that are set around results etc (from memory about 2 months, but I could be out). But just because you are ok in terms of time limit, you are still not allowed to act on privileged information. I just left a FTSE 250 group as a manager in one of the trading subsidiaries, and I had to get HO permission to trade and was always warned that if I knew anything that wasn't public, then I couldn't trade - say if we were making an acquisition etc. So in the case of the CFO buying while talking to potential buyers of Capita as a whole, I can't see they would be allowed to do this, no matter if they are in period they are notionally allowed to trade or not.
Profit increase is negligibly linked to the capital raise, the major component in the profit increase in the year was the portfolio revaluation. Have a read of the rns with the full year results from 25th May for more details.
I had to chase mine up through A J Bell then it came through late yesterday afternoon.
Tax free in an ISA - of course you have to build up that £100k at max £20k per year, but it's nice if you can.
Round Hill will compete to buy artists' rights in the most part, driving up acquisition costs. They might be competition to a smaller extent on the demand side - while they can;t influence whether I listen to Neil Young or the Beatles on Spotify, they could in theory compete by getting their music used in an advert/ film/ TV show rather than Hipgnosis'.
Think of it like a Reit - if there's only one bidder for a building , the purchase price is cheaper than if there are 2. If a new customer can rent office A or office B, there is a ceiling to the selling price.
I think Hipgnosis is going after more recent rights than Round Hill from memory, so the impact may be limited, but it will be there.
While I'm sure they'd love a chance to do it, I don't know if those rights are available - Wizkids produces Heroclix in a very similar scale although pre-painted models, and Atomic Mass produce Marvel Crisis Protocol as unpainted 28mm models.
Where they are linking up is that Marvel are producing Warhammer 40k comics - so presumably Marvel/ Disney paying GAW a fee/ royalty rather than the other way around for GAW to get rights to the Marvel characters.
60% of the Fund Manager (Tritax), not 60% of the Fund (Tritax Big Box).
They are for H1 of Financial Year 2019 - 2020 and H1 of Financial Year 2020-2021 - in shorthand H1 20 and H1 21.
Very Happy, I don't think it is the job of government to give public money to private shareholders in the form of grants designed to mitigate the impact of forced closures when those closures didn't apply here. My own employer furloughed a lot of staff in the first lockdown, brought them back quite quickly and then repaid the furlough grant because we didn't need to take public money to pass on to shareholders, we were generating enough ourselves (OK and it's good PR and allowed latitude in dividends, acquisitions etc).
It's in the RNS 4/11/20
"On Monday 2 November 2020, Kevin Rountree, Chief Executive Officer of Games Workshop, acquired 1,376 ordinary shares of 5 pence each ("Ordinary Shares") in the Company under the Group Sharesave Scheme at a price of £13.0774 per share."
IIRC, these schemes set a price on day 1, you divert part of your salary into it each month, and at day 1000 ish (making a guess that they run for about 3 years), you have the option to convert your 'savings' into shares at the day 1 price or take it back as cash - basically a 0 premium option, and very tax efficient if the shares have risen in value as (again IIRC) you can sell them immediately with no tax implication.
" paid employee leaves are eat up the cash flow and such"
Very specifically NOT what was said. It was a non-cash hit to the P&L that will reverse out as the holiday accrual reverses during the year.
No H1 results rns but there is ( not showing here) an rns for a contract extension.
"
Capita plc (Capita) today announces it has secured an extension to its contracts with Transport for London (TfL) to continue to manage London’s Congestion Charge, Low Emission Zone (LEZ) and Ultra Low Emission Zone (ULEZ).
The deal is worth £355m, comprising an extension to Capita’s work on the existing schemes, from October 2021 to October 2026, and new work associated with the expansion of ULEZ, Direct Vision Standards (DVS), LEZ and their operations to October 2026."
Now I'm torn - I've been bouncing in and out of SCS a couple of times banking free shares along the way - I bought my last lot at 138.5 and had set a sell order at 170 but it expired at the end of June and I didn't renew it. Do I cash out with some nice free shares or hold for a bigger rise and the return of dividends? Since I started typing the price has gone from 175 to 187 - choices choices!
Short Answer - no you wouldn't.
Longer Answer - not for the reason you listed, but because you wouldn't own Ordinary Shares with the ticker SONG, you would get C class shares (likely to have a ticker SONGC - they did last time) that will convert into Ordinary Shares (SONG) once 80% of the proceeds from the offer are invested (or a cut off date is reached). The conversion will not necessarily be 1:1, it depends on the ratio of the NAV of the Ordinary Shares vs the NAV of what the C Class shares have acquired - they are kept notionally separate until the C class shares convert. Last time around, a £1 C Class Share converted to 0.9796 Ordinary Shares and it took about 4 months during which no "C Class Dividend" was paid. Theoretically C Class shares could get a dividend prior to conversion paid from the earnings of the songs acquired in the C Class portfolio, but last time they invested it so quickly that it all just rolled into the company - I suspect that would happen again.
Above is all from memory so double check things like the %age required to be invested to convert or the cutoff date in the prospectus.
Just realised I mis-posted - it wasn't 171,000 shares the PDMR's & PCA's sold, it was 1,710,000. Doesn't look any better.
One (possibly) redeeming thought - was yesterday the end of a lock-up period? That *could* explain PDMR's and Invesco selling on the same day, but I don't remember the exact lock-ups or dates from the Prospectus.
RNS Fri, 22nd May 2020 16:16
3 PDMR's and 2 of their PCA's sell 171,000 shares all on 21/5/20, during market hours.
At 4.51pm on 21/5 (after market has closed), an RNS announces Invesco is undertaking a placing of 31,000,000 shares of which they shift 30,986,911 at roughly a 10% discount to the closing share price on 21/5/20 (they sell for £4.00 versus a closing price of £4.46 - all per RNS at 7.34 am 22/5/20). SP promptly plummets about 15% to close at £3.78, but not for the PDMR's and PCA's who shifted their shares with hours to spare.
Oh, and one of the PDMR's is the CFO.
I'd be really interested to hear thoughts on how this isn't market abuse.