RE: SAGA Summary6 Dec 2020 12:45
Answered your question, without even pressing the keyboard, Rox.
See the 2 recent mails, on here, since you asked me.
Basically, and IMO, Saga haven't understood their customer base.
I took (in a small way) the IPO 6 years ago, since we were all living longer and i felt more of us oldies would increase their customer spread, and a new 'visionary' CEO would help.
Plus, always had Uncle Roger in the background.
However, they were far too complacent.
As has been said, massive profit warning late 2017.
Then the very superior attitude over the 3 year insurance guarantee. Which was offered at a ridiculously high initial place.
Hence, they lost their way, and couldn't work out how to trade out of it.
Downward spiral, of a basically sound business.
Uncle Rog appears on his white charger, but had to prop up the company with a high 'buy-out', based on their market worth at that point.
However, Uncle Rog had made a big fortune selling 15 years ago. So he could afford it.
Plus, a skilfully made offer of 33p, basically propelled Uncle Rog into action.
All mixed up with our covid friend, of course.
As you spotted, suddenly help was at hand, and future is rosier.
Rambling now, so will shut up.
You know all the current and recent past, so i hope the foundations which commenced in 2004, helps, a bit.
Let me know your 'share tip' after it's not a tip!!