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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Augean Plc | AUG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 371.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 371.00 | 371.00 |
| Top Posts |
|---|
Posted at 04/8/2021 21:21 by kinwah I've noticed the BIFF share price has been very strong over the last few months despite my profit-taking. I wonder if they might fancy a tilt at AUG with a part paper part cash offer. |
Posted at 03/8/2021 09:51 by gargoyle2 Gresham House Strategic (GHS) deputy manager Laurie Hulse has said a takeover battle could erupt at Augean (AUG) after the waste management business’s board recommended a 280p per share cash offer late on Friday.The bid from an infrastructure-focus Hulse said GHS, a £55m investment trust, had first invested in Augean in 2017, when the business became distressed after a period of average operational management, followed by an investigation by the taxman. ‘Our conviction in the business came from our support for executive chairman Jim Meredith’s recovery strategy of simplification and disposal. After conducting specialist tax due diligence, we also concluded the market may have overreacted to the HMRC landfill tax investigation,’ Gresham House said the 280p offer price represents a 590% return on the trust’s investment. Depending on the outcome of a tax claim, up to a further 20p per share of loan notes could be also issued. ‘Given the attraction of the operating model, the level of wider private equity bid activity and the valuation Augean trades on, it would not be surprising to see other interest,’ said Hulse. |
Posted at 02/8/2021 16:47 by morro I think a dividend should also be factored in, which according to the Annual Report for 2020 would be paid for 2021. |
Posted at 30/7/2021 23:04 by pdosullivan Looking at Bloomberg consensus, based off the closing of 295p AUG is on 15.0x 2022 earnings, but given that it is expected to finish 2022 with £29m of net cash - 9% of the market cap - that is closer to a 13.5x ex cash multiple, which does seem skinny for a company with a real moat. It will be interesting to see how this plays out. https://tbifund.word |
Posted at 28/5/2021 14:08 by kirkie001 Bloomberg leaked it just after market close on Wednesday. So Augean had to put an announcement out.The question is - who leaked? MS? or Augean? (Talking of which - the second AUG announcement mentioned the MS statement - I've not seen this. Can anyone point me to the statement they released?) |
Posted at 26/3/2021 17:33 by gargoyle2 As I understand it, the landfill tax claimed by HMRC has been paid in full on a without prejudice basis, i.e. it's been paid in order to stop interest accruing, but on the basis that AUG still believes it is not due. So if it loses the tax proceedings, it does not need to pay any more. If it wins, it will recover the money back, plus interest. |
Posted at 26/3/2021 16:18 by markr5 I'm thinking about buying some AUG and wondered if anyone could help with a couple of questions? I've read this thread back to 2017 and I've tried to get the gist of the HMRC situation. It seemed to go quiet on here regarding this issue since 2019. From what I can gather, the tax has been paid and it has now turned into a potentially positive situation, if they win the argument. I've read elsewhere though, that there is still some tax outstanding to HMRC and that it could still represent a problem, so i am confused. I also find it concerning that C Mills has recently sold 1500000 shares at 230P. Does anyone know how much of the company he still owns? |
Posted at 22/3/2021 14:58 by lbo The company proposed return to dividend in 2021, citing strong cash generation. |
Posted at 09/3/2021 13:14 by kinwah Channel 4 programme last night was very bullish for Augean. The Dispatches programme, The Dirty Truth about your Rubbish, was about the growth in incineration and energy from waste which is harming the recycling effort. As AUG handles the EfW residues it looks like it will see some serious growth. |
Posted at 18/10/2019 14:01 by woozle1 Worth reading and provides an insight into where the HMRC dispute is heading.HMRC landfill tax dispute Although Augean has dealt successfully with the operational issues facing the business, the dispute with HMRC remains unresolved. At the H119 results Augean disclosed a potential outstanding Augean 18 October 2019 liability of £37.3m (including interest) and has subsequently (31 July 2019) received an additional assessment of £3.1m and a penalty notice of £4.6m (2 August 2019), taking the current liability to c £45m. A further penalty notice and assessment cannot be ruled out; assuming they are of a similar scale to the recent announcements, the total liability would amount to c £53m. In reality, it is important to remember the dispute with HMRC covers three separate areas of tax, including hazardous mixed load (c £20m of the £53m), biomass ash (£15m of the £53m) and drill cuttings from the North Sea (£10m of the £53m), as well as penalties and interest payments (£8m of the£53m). Augean continues to believe that it has a strong case and that its legal challenge will ultimately be successful. Of course, given the tripartite nature of the dispute, success in one area, but not another, cannot be ruled out. However, with a strengthened balance sheet (net cash of £22.8m at 30 June 2019) and generating cash at the rate of c £1.5–2.0m per month, Augean could, if successful in negotiating a credit facility of c £30m (c 1.2x EBITDA), pay off the liability to the HMRC, while awaiting the outcome of the tax tribunal expected next year. The company believes that such a payment would be beneficial, as it would draw a line under the dispute, bringing to an end the rate of interest accrual on the unpaid potential liability, thus allowing Augean to reduce tax from the interest shield of the debt incurred to pay off the liability. It is also worth noting that HMRC interest is payable at the rate of 4% versus a figure of 2% for bank loans.Future cash flow could be used to pay down borrowings, recommence dividend payments, which have been suspended for the duration of the dispute, or to fund expansion (no policy yet enunciated). Augean has long argued that the UK waste management industry is undergoing a process of consolidation, leaving Augean as either predator or prey. Augean argues that payment to HMRC would not constitute an admission of error (we understand the payment would be expensed as an exceptional item) but remains the only way of securing the benefits of the tax shield. |
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