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It seems that the possible demise of Thames Water and likely losses for equity and possibly bond holders, is feeding through even to well managed companies like UU.
Nigel Wilson was in charge when they paid up for Cala and poured over £400m down the drain in an ill fated prefab manufacturing venture. Hopefully now they will stick to businesses they understand.
The Blackrock statement is not much comfort. They and LGEN offer this service. If they didn't stress that it was potentially value destructive and Pension funds must take professional and legal advice and sign a disclaimer before investing....When even the simplest products like interest rate swaps were deemed to be too complex for well educated business people to understand, I see the potential for multi million (tens of millions or hundreds?) pound claims for damages.
Just anecdotal - visited Trafford Centre last weekend. M&S almost deserted but Primark buzzing, with queues at the tills. I guess that taking a lower margin will promote sales and build a better business for the future.
Does anyone know Marshalls' exposure to Avonside? Were their invoices insured? Did they insist on c.o.d? I have confidence in Marshalls' management but Marley is a recent acquisition!
Devro is another world class company with a low valuation even after the sharp price rise over the past year. Plenty of upside with or without an increasingly likely bid.
Unfortunately, the Government's failure today to stop speculation on further lockdown measures - i.e. no current plans to implement Plan B but are monitoring the data constantly - leads me to suspect that new restrictions may well be imposed in time to ruin the Christmas pub trade.
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I do know what it does. However the nature of the business is such that many contracts are obscure. You will recall that ISC contracts were shrouded in secrecy due to their sensitivity and this obscured the scandal for a long time - despite (so-called) due diligence at the time of the acquisition.
Vesuvius is a world class company. It operates in cyclical markets and has the experience to navigate its way through. In making steel manufacture more efficient, it is also a leading 'green' company. The current share price looks to be far too low.
I believe QQ to be a legitimate company but the mystery overseas contract does remind me of the Ferranti and ISC debacle. Th statement was far from clear.
Wood falls into the category of world class UK companies which have a great future but are highly borrowed. Shareholders would be well served by a £500 million rights issue to address this, failing which a takeover while its end markets are difficult seems highly likely.
Does that mean the proppant squeeze can now proceed?
If the flow had stabilised or there were a good flow of clean oil and they were waiting longer for it to stabilise, why would they not say so? Share price is really an option on, albeit unexpected, good news.
Oil will be flowing prior to end January? They're cutting it fine!