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Eviking - Agree, the newsflow is good here, the charts look good too. It could do with getting up there before GSK or another ex-growth pharma hoover it up. Just glad nobody did at 40p. Starting to appear a cleaner company so will start to attract attention in this 0% money world.
I rarely post on here but have always made good money on Capita.although mainly trading (obviously) , however, I am still anxious about the pension deficit. The results of the triennial review are likely to be awful given their price point in the Q1 and 15 yr gilts being so much higher than the last 3 yr review in 2017 - has anyone seen an announcement yet. Also I understand that the board is asking most management consultants for help and advice on the stuttering turnaround plan. Any news of appointments here yet. I had been a big believer in the recovery plan but it seems to be looking more like a debt treadmill, where Capita is like an onion, every time you peel off a layer it gets smaller and makes your eyes water!
Antha: In relation the the 3rd August Announcement: Of course you are correct to say it is a multi firm fca review but it would be right to expect a monetary redress. Else Nsf would move ahead with expansionary plans. It pays to be cautious as regards NSF bod.
Oops - cash pile.
Anyone factoring in how much of their cashable will go towards compensating customers in that side of the business. No wonder the equity raise is on hold. Peel hunt is the only broker worth referring to, the rest haven't a clue
Barchid/Taverham
I was a little unsettled when the CFO resignation came through - I think some poor sole on here dumped out at the bottom which is a shame. It got me thinking about a Buyout I was part of 9 years ago where PE came in with us, brought in a new CFO who was more equipped to deal with the new environment. I am erring on that side of things rather than a huge black hole (Pattiserie Valerie style). Apparently, Steve Brown now owns 514k shares with a further option over 582k, I guess he is going to be more interested in Shareholder value than clipping a big Salary like the last incumbent. Now I would like to see more news of incremental business wins in coming months to build momentum. I feel positive again on this stock.
Barchid
I agree, they appear to be sailing too close to the wind. £20m cash £20m debt. Not too much difference to the previous year, so where have the net earnings gone! Not in divi's, probably wasted professional fees. My thoughts are PE offered to buy the company but at way too low a price and now the BoD are wandering what they wasted all the money on these last 6 months
and now want the share price up to issue equity to stabilise the balance sheet. However more than 3% of the share capital changed hands today so some 'Holding'announcements must be due tomorrow.
Taverham
I certainly agree with the logic - I have done the same on this one, expecting the US to buy us out at a premium given the heat in the NASDAQ. Clearly the previous leadership were hopeless, I would welcome a few more Director deals at this level and a resumption of the newsflow regarding business wins to move the sentiment needle the other way. My comment yesterday really was on available stock - I had bought a chunk at 342p on the morning of the fall and the market were practically falling over themselves to fill it, yesterday I topped up and struggled to get stock and had to pay above the offer - clearly there was a big buy order in the background which I was not aware - filled our partly filled just before the close. Looks like fewer sellers around for now, although these AIM stocks can behave like straws in the wind !
Taverham
After being negative on this stock for some time I feel your sentiments look fair.
Today the market struggled to fill a large buy, and a few minutes before close popped 100,000 through but my feeling is , that is just part of a bigger order. Ennismore have 781k to buy back at a sizeable profit. I wouldn't be surprised to see them closing out. Some director buying coming through. The market is definitely fearful on this one some could be time to buy !!
I think we all expected this at some point given the share price - I'm just surprised the board let this carry on as long as they did I am concerned that the 24 March is going to have more holes in the Report than I would like and concerned that multiple bidders couldn't find a reason to buy a company which recently traded at around £30. My personal view is that the Bolt on acquisition strategy has bolted on too many duds and destroyed Shareholder value and there will be notable Goodwill wrteoffs - and that is why potential buyers are not prepared to waste their money turning this around - we will know in 2 months time.
Time2buy
This could get very interesting very quickly. I wonder if another institution has been selling! Or just hoovering up PI’s I think there are still 3 large holders in Aberforth Invesco and marathon which control 50%+ but this could really move on this news!
Hi Barchid
I agree, if a bid is to emerge you feel it will be from PE. It should be right up their street as high Capex is much better done under PE than a quoted company. However as you have intimated previously, where are the bids , is there a problem. For what it's worth, I think the problem is that this was seen as an acquisition led growth business but BoD execution here has been woeful . Ingresso looks like a pup and if the other acquisitions are not delivering then the re-rating is obvious, as the market is taking the view that this isn't a world class tech company, merely a quoted business that buy mediocre/poor bolt ons at inflated prices. PE would put a stop to that but at what price do they want to buy it at given it's capex needs - 20x PE 30 .. 40. If this years estimates are to be believed of consensus 32.9p EPS that would be a 658p price target on 20x. Admittedly Sophos have been taken out on 45-50x next years EPS which gives us hope, and this is why the Accesso SP popped up to £13.75 on news - the possibility of a high PE take out. However after the BoD presentations there is a deathly quiet which is a concern to say the least !
Greg
As wonderful as your view of the takeover code is for long suffering shareholders! It is wrong if you are talking about the 12 month high for the share price. The takeover code refers to the price paid buy the bidder over the last 12 months, not the price paid by any hapless investor.
Hence a bidder can offer what they like so long as they haven't bought any stock.
Sorry to pop your optimism!
There are lots of examples currently not least carpetright - 12m high of 35p and offer of 5p, many others to refer to.