Dewhurst Share Discussion Threads

[ntv] 26/3/2024 17:07

Another buyback today

[profdoc] 08/7/2021 16:58

A director buys £35,000 non-voters. Suggests (a) Cheap (b) no bids under discussion

[coolen] 07/7/2021 17:31

I fully agree with your understanding of the code.

Can anyone recall when this rule was last tested ? (My last recollection is of builders merchant Cakebread Robey plc, some 30 years ago !)

[profdoc] 07/7/2021 16:20

The increasing gap between the voters and non-voters in Dewhurst is very odd. The closest I've come to an explanation is that one day the company might be taken over, i.e. the family sell their voters. The acquirer would then give a pittance for the non-voters, so people have written. But this is what The Takeover Code has to say:

"Where a company has more than one class of equity share capital, a comparable offer must be made for each class whether such capital carries voting rights or not... A comparable offer need not necessarily be an identical offer. In the case of offers involving two or more classes of equity share capital, prices for all of which are published in the Daily Official List, the ratio of the offer values should normally be equal to the average of the ratios of the middle market quotations taken from the Daily Official List over the course of the six months preceding the commencement of the offer period. The Panel will not normally permit the use of any other ratio unless the advisers to the offeror and offeree company are jointly able to justify it. In any other case, the ratio of the offer values must be justified to the Panel in advance."

I read that to mean that if the voters are offered say a 30% takeover premium the non-voters also get a 30% premium. If someone has a long term plan to buy the company it would make some sense to buy up some voters now while trying to avoid bidding up the non-voters.

But my reading of the family's mind-set is that they will not sell the family business; a fourth generation is coming in (but then, I never thought the Haynes family would sell). I'm confident that David and Richard will do the right thing by all shareholders.

[gustavfenk] 07/7/2021 13:16

It either means that the Ordinary shares are massively under valued, or that the Voting shares are massively over valued. Not sure which one it is though!

[bench2] 06/7/2021 18:49

Finding the gap between Ords and A a real conundrum 2250p vs 700p at middle prices . This is the highest ever , I accept the free float of Ords is minimal , however they seem to be treated like a very rare stamp at Stanley Gibbons . What is going on ??

[cockerhoop] 11/2/2021 16:46

Richard Dewhurst stepping down from Exec duties, chunky A share stake changing hands, T shares more than buoyant!

Doesn't get any more exciting than this at Dewhursts!

[forensic] 11/2/2021 10:10

I would love to know why

[profdoc] 10/2/2021 10:04

What is going on? The voters have gone nuts - why? who is paying these prices?

[cockerhoop] 09/2/2021 17:32

Someone bought 250 shares!

[3800] 09/2/2021 16:22

I wonder what happened at ten past 11?

[gengulphus] 30/1/2021 21:39

No, additional voting rights over 50% are not effectively worthless, because a 75% vote is needed to pass a special resolution. Since a special resolution is required to be passed to implement the scheme of rearrangement in one form of takeover, and to delist the company in the other, additional voting rights over 50% are of significant value to potential bidders. And since bidders are entitled within reason to offer different amounts for different classes of share (with what "within reason" means being determined by the Takeover Panel), there is reason to believe that if a bidder aoppears, they'll be offering as much as they can for the T's and as little as they can for the A's as the Takeover Panel will let them get away with...

Gengulphus

[cockerhoop] 19/1/2021 11:08

Richard Beddard has tipped the DWHT shares which have bounced strongly and I suppose the 'A' shares have joined in.

Why he would tip the T's over the A's is a mystery to me as the family owning over 50% of the T's mean any additional voting rights is effectively worthless.

[18bt] 19/1/2021 10:59

Amazed no one has commented on the 20% spike in these shares in a couple of days.

[cockerhoop] 10/7/2020 16:03

Not sure via a TR1 but the AR certainly includes significant holders of the 'A' shares which actually includes some family members which I find reassuring.

I think MI Discretionary were potential the recent sellers.

[coolen] 10/7/2020 15:43

Am I correct in thinking that, being non-voters, we would never get a clue via a TR1 as to the identity of the large players in the "A" shares ?

[jaf111] 06/7/2020 13:57

Nice move up ....only news being a chunky share buyback which the company can clearly afford.....certainly suggests to me trading can't be too bad and a final dividend more than likely...

[cockerhoop] 11/6/2019 10:52

Circa 35p EPS (adjusted for acquired intangibles) a decent step up from last year and consistent with FY forecasts.

[jaf111] 11/6/2019 07:21

Somewhat underwhelmed by results....was expecting a little more especially after recent run up in share price. Certainly surprised that currency movements had no material impact.

[jaf111] 16/5/2019 11:48

very very quietly the share price keeps moving higher......

interims should be out mid June......

[jaf111] 03/5/2019 13:52

Wide spread not encouraging much activity in either share currently after higher volumes last week.....but trend still seems in the ascendancy with thee DWHA still following DWHT

[contrarian joe] 26/4/2019 20:46

Broken out from it's high in 2018 with higher volume than normal in last couple of weeks.

[jaf111] 17/4/2019 09:34

Both DWHA & DWHT moving up nicely....fingers crossed this just the start....