Angling Direct Share Discussion Threads

[darrin1471] 28/2/2024 08:51

I don't know how, but I missed last weeks trading update. Maybe others did also because the opening of the first European store is a noteworthy event.

[argylerich] 26/2/2024 10:40

Dexter yeah the cash is an interesting one. They raised it during covid @50p and have expressed reluctance about returns/buybacks etc below that level.
Whilst that was happening their Euro expansion was twisted by Brexit resulting in the warehouse at Venlo and plans for Euro aquistions to bring them up to break-even quicker.
From the recent info that they're opening their own store it would appear that they're not getting sellers at the price they want so they're proving that they will also do it themselves, adding pressure.
The new CFO is very deal orientated so I'd still expect something on that front. In the meantime I'd hope that they're getting a decent return on the cash, a question always ignored at meetings.

[dexterburt1] 23/2/2024 12:03

Fair point.

They need to do something with the cash. If they have no plans to invest it, give it back to shareholders who can put it to work!

[argylerich] 14/2/2024 09:47

Because it's not financially significant? Which actually can be taken as a positive as it reflects how much they've grown the UK side.

It's Europe we're waiting for now.

[dexterburt1] 14/2/2024 09:24

Why no RNS!

[evoque92] 12/2/2024 15:36

hxxps://angling-international.com/2024/02/10/angling-direct-announces-acquisition-and-opens-49th-store/

Acquisition and a greenfield store

[mattafc] 30/1/2024 10:47

A little bit of interest here today

[pojscott] 29/12/2023 14:56

Up and down she goes.

[darrin1471] 28/12/2023 08:46

ANG was tipped by Ken Wotton of Gresham house in "This is Money" as a top tip for the next 12 months



Gresham house owns 26% of ANG
Laurence Hulse of Dowgate Wealth used to work for Gresham house.(5.67%)

Its worth watching the youtube video in post 415 to see why they hold.

[mattafc] 28/12/2023 08:14

Have joined the ANG party this morning, looks like there's other opening interest also

[argylerich] 18/12/2023 10:13

Nice find Darrin, cheers

[darrin1471] 17/12/2023 13:06

Laurence Hulse of Dowgate Wealth talking about their investment thesis in ANG

From 9:20


Adds more meat on the bones of previous interviews

Sycamore Partners completed its acquisition of Pure Fishing(US)from Newell Brands in January 2019.


and Svendsen sports in 2022

[darrin1471] 29/11/2023 19:57

ANG want that cash as a buffer, to expand in the UK and to test the concept further in Europe.
ANG have already talked about the the short lease on the European warehouse and the likely short lease on their first store.

Without checking, I assume a share buyback would require shareholder approval.

[dubby] 29/11/2023 19:47

"Kelso also believes that Angling has surplus capital and that some of the GBP17.6 million of net cash, being c.60% of the market cap, should be used to buy back a portion of its equity whilst the shares are at or close to the current level."

Kelso are smart cookies, a buyback as they suggest could double the share price, i think we will see major movement sometime soon.

[dexterburt1] 29/11/2023 14:59

D’oh. Yes - 3%!

[argylerich] 29/11/2023 10:58

Does explain nicely where the shares have been going, although the threshold is 3%. Notification is the responsibility of the owner so we should be expecting something when they reach their intended position. It may also be that they actually have 2.9999999999% in which case they don't have to.
Good to have a new investor for the next phase.

[dexterburt1] 29/11/2023 09:17

Below the 5% reporting threshold. Explains the rise over the last day though - nice stop.

[martinouno] 29/11/2023 09:03

"Kelso will identify, engage and unlock trapped value in UK listed companies. Through active engagement and alignment with other stakeholders, taking stakes directly, Kelso aims to effect change where existing shareholders are often unable or unwilling to do so themselves."

[monet] 29/11/2023 08:47

I see a RNS this morning Kelso Group
New investment in Angling Direct Plc ("Angling")

Kelso is pleased to announce that it purchased 2.32 million ordinary shares in Angling, at an average price of 35.1p, representing 3.0% of the total issued share capital in the company.

Why no RNS from ANG?

[argylerich] 06/11/2023 17:34

Well that's the new home for approx 1.5m

[argylerich] 06/11/2023 14:47

Current significant list, let's see what changes

Shareholder Shares %OS

Gresham House 20,114,204 26.03%

Business Growth Fund 11,325,000 14.66%

Mr M Page 11,010,000 14.25%

Mr W Hill 8,447,595 10.93%

Canaccord Genuity Wealth Management 7,170,390 9.28%

Dowgate Capital 4,380,650 5.67%

Hargreaves Lansdown 3,762,989 4.87%

Interactive Investor 2,651,515 3.43%

[darrin1471] 06/11/2023 13:42

2.6m+ ANG shares traded last Thursday and another 1.1m today at 34.35p

[fevertreeman] 01/11/2023 11:23

I don't disagree at all with your thoughts esp around Europe:

1. Absolutely no international/international retailing expertise around the board bar entrepreneur/founder
2. Crowe's 'equity story' - I know he worked in financial services & no doubt has spent many a day in investor meetings etc..but I'm unsure what Crowe's point is -if he thinks building out in Europe etc is going to drive a substantial upward shift in the rating, he is in cloud cuckoo land. Thats only going to happen if they land a substantial M&A deal that transforms the revenues, scale & returns of the Group. The slow but steady piloting approach they seem to prefer isnt going to change the equity story.......
3. UK vs Europe: I suspect there is more runway in UK without all the management time & effort being spent trying to crack Europe - each of whose territories have very different dynamics as he admitted. Do they really understand how to build a presence in Europe beyond a fulfillment shed? I don't get the impression there is much confidence in what thy are doing, hence its hard to call it a strategy when they are dipping their toes in.... Have they looked at Ireland for instance?

4. If, as seems very possible, we are in a stagflation era, with low growth & persistent inflation, then Crowe needs to get a move on. He wants this to be seen as a growth business but thats not how the market sees it. The key buyers have been institutions whose raison d'etre is undervaluation or catalysing change....I think that the key person round the board table over next 12 months is likely to be the CFO, as he's the only one with any experience of restructuring for growth or sale.