Member Info for Walkley

For once got it right: sold half at 71p 2 weeks ago the balance at 71.5 yesterday and bought back at 52p this morning. The two disposal plus positive cash flow will wipe out borrowing of £16m (Oct 2020). Just have to hope that the board doesn't make any silly acquisitions! A more generous dividend policy would help things.

Another disposal announced which should help limit the inevitable drop in share price this morning. Will hopefully be able to buy back.

Very strange that was no mention of the bid. The bidder has to put up or shut up by tomorrow.

"ldox plc (AIM: IDOX), a leading supplier of specialist information management software and solutions to the public and asset-intensive sectors, announces that at its Annual General Meeting ("AGM") held earlier today, all resolutions were duly passed.

No shareholder questions were received ahead of the meeting, however shareholders remain welcome to contact the Company at companysecretary@idoxgroup.com."

Why no RNS statement about the AGM this morning?

Possible AGM annoucements:
1) Bid at current price (75p) recommended by board -SP moves to 74.5p
2) Bid at (say) 80p recommended by board - SP goes to 78p
3) Bid rejected -SP retreats to 60p

On balance think 3 is most likely but don't know.

Possible announcement at AGM:
1) Bid for 75p cash backed by board -SP moves to 75p
2) Bid for 80p accepted by board - SP moves to 78p
3) Bid rejected -SP drops to 60p

I think 3 is most likely but not sure.

£5.4m profit from sale - a special dividend would be nice. What does this mean for the bid? Need to hear something by 19 March

22 Feb - RNS Number : 9251P. Labelled replacement

If offer is at 75p why is the price at 72p? Do people think the bid will be rejected? iIwould have thought that a rival to Durham and Day might make a higher offer.

According to the RNS Form 8.5 Canaccord are linked to Durham and Day and have bought IDOX shares at up to 79p (and sold them at up to 77p) -Does this mean that Durham and Day have now to offer at least 79p?

The dividend is only 0.3p and we would still get that for what it is worth - can reduce the 75p offer by any future dividend

Have expected A bid for some years. First thoughts is that it undervalues the potential in Idox . Company is still recovering and generating significant cash. A more aggressive dividend policy paying 3p per share would be possible and would justify annSP of over £1.

Thanks but no thanks should be the response.

The Group has maintained a strong cash position, leaving us well placed to manage lockdowns and to continue to support the business. Average month-end cash for the six months ended 31 December 2020 was £158m (six months to 30 June 2020: £141m). The Group has a PPP asset portfolio, no debt and its period-end cash at 31 December 2020 was £209m (30 June 2020: £197m).

Market Cap £154m

Good to see results early in February as promised. Idox now generating significant cash.

Material reduction in net debt at 31 October 2020 to £16.1m (2019: £26.4m).

Unable to buy £1,000 worth on line with Selftrade (or whatever they are called today)

Revenue increased by 4% to £68.0m (2019: £65.5m);

· Significant 35% increase in adjusted EBITDA† to £19.5m (2019: £14.4m);

· Adjusted profit before tax of £10.4m (2019: £7.7m);

· Statutory profit before tax of £2.8m (2019: loss of £0.03m);

· Material reduction in net debt at 31 October 2020 to £16.1m (2019: £26.4m):

o Excluding our 6PM Bond redeemable in 2025, net debt to our banking group at 31 October 2020 is £4.3m (2019: £14.8m), representing a decrease of 71%

o Idox retains substantial headroom against its banking facilities which include a £35m revolving credit facility and £10m accordion facility

· Intention to proceed with reinstatement of a final dividend for the year ended 31 October 2020

Tried to get a price on 100,000 - with EQI -not able to quote -then tried 50,000 -not able to quote.

Cash from operations £15.5m. Net debt well down. Dividend expected at end of year.

"Adjusted EBITDA2 of £9.6m (2019 H1: £4.1m restated1), a significant increase of 138%. " Most of this will be cash so borrowing should be well down. As customers are generally public bodies they will still be paying their bills.

My 15.7p trade show as a sell was a buy.