Member Info for taudelta

3Q IMS... very positive new business flow, a class act... GLA ...

.. disclosed within the Spirit RNS this morning. The figures given are for 24 weeks, while the last IMS was for 18 weeks. Hence have done some sums to calculate trading for 6 weeks to 19th October as follows: Retail LFL +2.0%; Pub Partners Net Inc +3.7%. Retail has accelerated from 18 weeks, and is also better than MARS's recent IMS. Good picture as we march into the Spirit takeover... GLA ....

... shows LGEN powering ahead, across the board... even in annuities where strong institutional biz is outweighing the Osborne-driven collapse in private biz... very good reading ... GLA

this the first post for two years... is there anybody else watching this board? PS management statement due this Fri 7 Nov. GL (anybody!)

despite AFR seemingly not in a great hurry to get their finger out at OPL10/Ogo... the good thing is that there is more immediate oil (classified contingent) at Otakikpo, and the latter on its own justifies the SP.. GLA

.. like JH though I hate to admit it! GL ..

yep, large numbers of pubs are getting closed and it's sad... my only point is about GNK, that it's not going to affect their bottom line very much if at all. It's the small wet-led tenanted pubs that are getting closed or sold to smaller pub groups. In fact one of my locals has been sold by GNK as part of a package of around 100 pubs announced a few months back. And the landlord although no longer a GNK tenant is still buying from GNK! Meanwhile GNK is acquiring via Spirit a good number of large food-led managed pubs, while MARS is actually building a good number rather than buying them. Both GNK and MARS claim the returns on these new places are above their cost of capital. Anyway GL with your investments, plus with the ongoing search for a decent pint!

.. IMO are being replaced, real ale sales have been stronger than lager for some years and the trend still seems to be in place, this is the verdict given by regular industry figures for volume of sales. In any case GNK sell a range of drinks, they are not dependent on one category. Also bear in mind that nearly half of turnover is food (this is also true of MARS and increasingly so at YNGA). What is true is that for the past several months nationwide there has been flat to negative like-for-likes ... this is an economic effect being felt across the pub chains and also is being borne out at restaurant chains (e.g. Prezzo). Putting this into perspective, even when comps at GNK are growing at 3%, this is no more than growth in consumer income (including inflation), therefore longer term GNK should be able to grow at historic rates without requiring an ever increasing share of consumer income.

FUM grew very well again in the most recent quarter, reported in RNS today... This is a quiet board, but GLA any way!

Hi jollys, not sure I agree... the accounts for the year to Dec 2013 show rev of $8318000 and production cost of $2334000 ... clearly a 15% drop in WTI wouldn't be helpful, but not a disaster..... the important thing as lots of posters have recently said, is to get to 2000 bopd net, which will give a much bigger rev base to absorb the G&A... GL

must have been such a pain that GC is going to spend all his time now on AMER & IRON, LOL & GLA ....

update today, sub-zero growth in like-for-likes over the past 3 months (DYOR: arithmetic needed, comparing today's numbers with the LFLs given in July for the nine-month stage). Confirms nationwide slowdown, hopefully GNK's next LFLs will be slightly better, given south-east orientation.

people need to eat lunch at work, in hospital, at school etc.... plus there is a broad client base in all their geographies, plus their geographies are globally diversified... that is worth a premium multiple... .. and another thing, their high ROE makes them self-financing as well as being able to pay growing divvies and buy back shares thus increasing EPS... I'm holding and will buy more on market dips (I don't expect CPG to underperform the market) ... all IMO, DYOR and GLA...

PRZ has to be worth a lot more than SP... see my June post that makes a comparison with the take-over valuation of Pizza Express.

just released a somewhat unsatisfactory holding RNS re their "corporate affairs" ... we don't know the composition of their BOD and management after the resolution of this affair (promised now for mid-Oct).... but at the end of the day, don't think it will affect the development of OPL310...

... so now I'll get back to sleep for another six months... GL all....

A very late reply as I've only just checked in! The return on equity is enormous... therefore for the P/E not to be ridiculously low, the price/book has to be high. The equation is: [price/book] = [p/e] X [ROE].

Market fears a higher price and also a rights issue (in the event that there is a cash element to the offer which GNK would like to avoid but may not be able to if they want Spirit in the bag). Rooney Anand has a reputation for being very ambitious, so market thinks that he will tend to bid up rather than walk away .... GL all

plus hopefully AFR corporate clean-up RNS in a day or two...... GL folks

has been very steady at 1k recently, steadier even than Joe Hart under bombardment, ho ho