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Are management allowed to buy shares during the buyout period ?
I know a lot of you guys think this is cheap and I have to agree, seems underpriced for the position they have.
Hope to see management step back into the market and show some confidence in the business(if they can) .They’ll have a much better understanding of the underlying value of the business than us.
I had a call from the Takeover Panel. If any or the management (who already have 1%) have bought or sold anything we WOULD know about it
Some strong buys today. I imagine that we may see that the shares came from a Schroeders.
So apart from the 1.5% declared by Damian Hanson, vast majority of shares disposed of my Cannacord appear not to be with any one party.
Still a mystery…. A lot of shares have changed hands
In addition to ending the engagement with the consultants - saving circa £1m+. Last week it was announced that there will be 15% of staff cut from head office. Saving over £1m-£1.5m. Could be £3m saved. Decluttr is also to be shut down to focus on UK.
Smart decisions to get the company back on track IMO.
@Bighand Do you work for the company or know people that do? If true, hopefully the employees can find new roles asap.
It sounds very encouraging that these actions are being taken.
It wlll be much easer to sell a lean business with continued operations on the strategic, profitable areas.
Agree with RedOliv - thoughts are with those who lose their jobs and hope they find someting quickly
Neither - I'm close enough to know that 1%+ shareholders are there but unknown and far enough that I wont lose a job. Information I see comes from higher up from the other side of the fence.
The timing is interesting, are we looking at take-over requests being actioned or a spin on the numbers that are due, "we made X but with recent cuts it would be Y"
How would you know Dclutter is being closed down? I thought any of that info would require an RNS, unless you're a PA to the BoD...? 🤔
You say declutrr is to be shut down? are they selling it or what?
Well if any of that is slightly true then lowball MBO deal on its way maybe? Could even be sub 15p alongside some dreary numbers and cash position YE2023. One hell of an achievement within 3 years. Hoped for more but will settle for that (if it happens).
You've done well to average down that low. What price did Schroder's pay last October? That could be the baseline line for an offer to be acceptable. Given the free float as increased massively I fear a a low ball (sub-25).
I only bought in more recently after the BT thing went south. Started at 12p and bought down to the high 8ps's. Not sold any of them. I don't particularly believe Brigand .... rumours in the trade abound about everyone right now and most amount to nothing.
Just on something in similar space, some time ago I took a look at the World of Books accounts filed at companies house ... don't be thinking that media side of the business amounts to nothing. Might be shrinking but highly profitable.
Are you allowed to disclose how many shares Josey?
Redundancies have been announced/confirmed today, over 15 from head office.
Brand strength will retain revenues, cuts will increase profit. Business wise, makes sense. Morally I don't like people being on the butchers block.
Shares are still a steal here, might take time but it'll be on the up soon, finger in the air, it'll realign quite quickly with pre BT mess post results.
I'm also not sure on what is or isn't disclosed on an RNS however, "im going to do this" and "im doing this" are different.
Almost exactly describes my purchase history here too Josey.
Felt like I missed the boat when BT announced a potential offer (only heard about it because I was invested in BTgroup at the time and saw the RNS there). Once price dropped down here, too good to refuse given the business and Damian's interest. I would like to know what he's planning whether he knows something and is just seeing a good profit to be made, or is looking to make an offer for MM. I was hoping for an offer around 30-35p but would settle for somewhere around 20-25p as a realignment.
If the redundancies are true, that sucks. I hate holding stock knowing that I might be profiting from people losing their jobs. I'm interested to know how you know so much bighand. You say 'the other side of the fence', are you a consultant?
Holding c. 270k shares here and happy to hold and wait given the relatively stable price currently. Just would like to know two things: 1. when the offer period might ever close, and 2. when the board will communicate on things like sale of decluttr, redundancies etc.
I noticed the final results were posted 8 March 2023 and annual report about a month later, so would expect that we could hear news soon.
Bighand, I hold a little under 250K shares. I am a firm believer it is hugely undervalued at this SP.
However I am becoming increasingly concerned about outlook. It should be thriving right now (as are Mazuma and the like). Instead it's a business which has burdened itself with the overhead attached to grand plans for growth which has failed to materialise.
If they are announcing redundancies and scaling things back, then the reality must be there is no buyer / exit solution. Could well be that this turns into a longer term recovery. Sounds like they are taking the right approach. As harsh as it is, businesses have to rightsize or simply fail. Across ITAD the jobs market is hugely bouyant as too is the appetite to buy ITAD companies...I am sure those effected will be presented quickly with opportunities.
ITAD acquisitions has actually slowed down as far as I can see, Restore have written themselves out of any further purchases and they were adding large competition for them. I actually thought MMAG might have been on their radar previously...
Mazuma has lost Circa £10m in recent years so their recent turn in form is encouraging, also Craig Smith has taken back ownership of some of the group and i'd assume he has more focus on ICT reverse (his baby) so that will if anything slow their appetite for consumer takeback, not that they're a threat.
I couldn't agree more on the undervaluation - Ignoring Canaccord dropping shares, the board don't seem to be forthcoming with information, and that is scary rather than concerning and keeping the price low. Nothing has changed from pre BT "offer" yet the value has halved. It should correct itself if the results posted are even slightly positive.
I'm in the market as an investor/consultant yes and I do own a chunk here.