Member Info for schwee

Mulder,
The Czech billionaire, who owns 20% plus and has recently been allowed (some would say encouraged) by HMG to keep his hat in the ring, is perhaps going to go big.

LGEN's long winded explanation for the LDI fiasco falls into the dog ate my dinner category of excuses. But translated, it means everybody else but us is to blame. And right at the end of their essay, they have the cheek to say that coz of the fiasco, they are in a better position to take on some companies' pension schemes.

Does anybody believe the BoE/FCA are capable of taking enforcement action? Obviously not the BoD of LGEN, and sadly they are probably right. However shareholders have voted with their feet as LGEN has seriously underperformed Aviva since LDI exploded into the open. Time the non execs earned their fees and forced through a change of management.

The noticeable disclosure is an application to HMG to alter the USO to 5 days a week. I think this is a tactical mistake. Should have applied for 4 days, but accepted 5.

But probably academic anyhow, as the muppets in charge are totally incapable of decision making.

Yes but surely the purchaser of the copper will have received some form of indemnity from a bank or insurance company as RMM could go down the pan before the contract is fully satisfied. Would you buy copper forward from these charlatans without some form of indemnity? Thought not.

Yes it is sensible, but the other side in the hedge must have some sort of guarantee from some institution, as they do not know whether RMM will be there tomorrow. All most odd.

Yes, very strange. Perhaps the vultures are circling so BoD decdied to get their retaliation in first.

Almost certainly the $6.2m would have gone straight to the lenders rather than RMM itself. And I expect the lenders had to give some guarantee to the buyer of the copper that they would get their money back if RMM went down the pan. Clearly the Loan Default has not been remedied, as if it had, RMM would have disclosed that in the RNS.

I am a bit surprised none of the big miners have offered to buy RMM which for them would be petty cash in a very stable country. So it does look like a placing or bust.

And of course they have all these so called one off extraordinary costs that have been going on for years, which are in reality business as usual.

Just posted its half year results, and yet again showing its strength.

As Town is almost certain to lose its REIT status as a result of this buyback, it is clear that the controlling Ziff family will not be participating. Thus less than 35% of the shares will be in public hands, and with a market cap of £80m approx, their holdings are worth approx £28m. The Ziffs could probably gain full control by paying £35m or so to the public shareholders.
The maths get even better if all the 7m shares subject to the buyback are offered up. But IMHO this is unlikely.

£1 billion is a nice round number provided by the discredited BoD of RMM itself. Whatever the number, it is how much it costs to get out of the ground that is crucial to any future for RMM.

But how much is it going to cost to mine this one billion?

But on the other hand the BoD are not so happy about the planning system, which suggests that so called flexibility and agility are a chimera.

Still constrained by too much debt IMHO. To me the share buyback and tender offer were mistakes as equity is the shock absorber when the economy in general is going south, such as now. Of course buybacks are depressingly widespread throughout listed companies. I note that in the US, buybacks are subject to a 1% tax now. We shoiud do something similar but higher.

BoD will obviously blame the mortgage market for the downturn in reservations, but of course the real reason is that they refuse to lower their selling prices to the new normal.

has been badly damaged by LGI fiasco. The SP is underperforming compared with Aviva. Who knows what lurks in the undergrowth. Derivatives are weapons of mass financial destruction.

The numbers disclosed for Lodge are 18 months out of date so absolutely useless. Has due diligence been done? Do the shareholders have to approve the deal? is regulatory approval required? How is it being financed? All is silent in the RNS.

The warning signs were all there when SYNT stretched itself (and overpaid) for its adhesives acquisition. As we all know 80% of such acquisitions destroy value, and sadly this one was not one of the exceptions to the rule. The BOD needs a clear out.

Progress is depressingly slow.

Although on a low p/e, IMHO a rerating will only occur when divis become payable again: probably end of 2023 at the earliest.