Member Info for schwee

Debay haven't said they would vote against the resoutions. They are being entirely rational in keeping their options open as the bid is not a knockout blow, more especially as a third is in bits of paper.

Perhaps one of the smaller betting companies. Rank or Gaming Realms perhaps. They seem cheapish to me given their prodigious cash flows.

Yes, but on the other hand Natara could make a takeover offer, gain control and then threaten to asset strip Treatt, leaving a potential worthless rump for which Dohler have paid forty or so million crisp ones.

Yes, greedy Rachel is almost certain to want some of this pie.

Yes, the usual city institutions selling out on the cheap.

The simplest explanation is that 290p isn’t enough. This values Treatt at £171m compared with its NAV of £144m. Hardly a knockout blow. 320p should seal the deal.

Natara unlikely to go for a straight takeover as would still need 90% to compulsorily buy out the holdouts. More likely scenario is for Natara to buy out Dohler but at what price, or just let the bid lapse.

Senator, your calc assumes interest and depreciation follow the same trajectory downwards as the profit downgrade. But they don't as they are more or less fixed costs. Forecast p/e is thus nearer 10. The real question is whether they have a sustainable business model. Nothing to suggest that they do in the UK from my experience of visiting some of their stores. But in Europe?

Deep in debt.

19% withholding tax, but you can get it down to 10% on application to the Spanish HMRC. Good luck with that.

Surely if they are relatively confident about the future, they would be investing the £150m rather than buying back shares. The reality is that Rachel has killed the housing market, so Bellway and others will just tick over until such time as sense prevails.

Online only cannabilizes the in store sales in the short term. It takes time to get the balance right. Poor working capital control more generally.

They must have clients without want out. Ramp and dump?

Has been given the old heave-ho. The market seems to like her successor but whether this is just a relief rally or a more permanent uplift only time will tell.

This is a dog. BoD should copy Petershill and liquidate.

Could have been worse. At least the cash flow was in the right direction. Question is there more kitchen sinking to come.

Governments don’t deliver, they are a lumbering bureaucracy.

Alcohol consumption is in decline. So only sensible strategy is to manage the business for cash, unless Diageo can do a tobacco and force prices up. But then the smugglers will step in.

Over time, there has been substantial investment in intangibles, but the pay off is agonising slow.

The debenture stock is the albatross round Town’s neck. It repays by bullet in 2031, so prospective lenders have Town over a barrel. Mr Market knows this so Town can only stagger on until this issue is resolved. At the moment they are unable to finance their two large developments in Leeds and Manchester unless they sold existing assets. Of course they could be taken over but nowhere near the current NAV.