Consort Medical Share Discussion Threads

[bjfanc] 08/1/2020 11:49

Not sure why it's still sitting on a premium.Any gatecrasher would be cutting it fine.

[bjfanc] 03/12/2019 18:26

Makes sense to cash out. Difficult to know, if the recent factory problems are a one off and easily fixed. Or something deeper, so happily took an offer.

[rmillaree] 02/12/2019 14:34

Perhaps i am the one to switch off the lights with regard to this share ?- i have held on for what i was hoping would be long enough for any counter bid to turn up.

In the absence of any headway in that regard i have sold up today. Best not being too greedy - and being honest by holding on i have been slightly greedy in that regard anyway.

[bigbloke] 19/11/2019 19:30

I sold my holding in Consort today and am very happy with the proceeds. I've held this stock since 2003, and over time grew a decent if small, compared to many, holding with a long term view to keep them 'til I needed the cash. I will watch with interest the unfolding developments that the next few weeks will bring. For now, I'm out.

[cerrito] 18/11/2019 22:22

I had some issues with my RNS feed so have just caught up with this and indeed I see that CSRT did not themselves issue a RNS this morning.
As per my previous posts no surprise at all that this is subject to an offer, although I had been thinking in terms of private equity.
Yes this is a rare enough type of company in an interesting niche that there is a chance of another offer so no real surprise that the current share price is higher than the offer price.
Like many people here I am finding that almost a full time job to find homes for stock holdings being taken over-last week it was AMER.

[dexdringle] 18/11/2019 13:59

Well pap, it looks like its just you and me !

I bought these at £7.88 a few weeks ago but didn't expect a takeover. Sold today at £10.40. Assume the premium to the takeover price of £10.10 is because a counter bid might happen - but this time am happy to take my profit and walk away !

Good luck to anyone continuing to hold in the hope of a counter bid. And sorry for anyone for whom the takeover is at a lower price than they are owed (I've been there too - see Inmarsat)

[papillon] 18/11/2019 09:56

A 44% rise today and mine is the first post today!

Cerrito
4 Nov '19 - 07:44 - 137 of 137
0 0 0
I see Invesco has gone down from 9.5pc to 5 pc.

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Not good timing by Invesco!

[cerrito] 04/11/2019 07:44

I see Invesco has gone down from 9.5pc to 5 pc. A very stable shareholding base-this is just the 6th change in holdings RNS this year.

[cerrito] 18/10/2019 21:53

Given there is still some conditionality in the agreement signed with Regeneron and reported today, an increase in the share price was justified.
One question I had when reading the RNS first thing was how usual was it for the partner to allow their name to be used.
Checking page 20 of the last AR suggests that just over half of the partners prefer to be anonymous.
I have enough for now.

[cerrito] 14/9/2019 21:30

I made it to the AGM.
Voter turn out 42m of the 49m shares being voted, which to me is high, although as I normally track it for AIM companies maybe par for the course for a fully listed one.
The remuneration report had 5m odd abstentions, 5m odd against ; the rest of the resolutions passed in the high 90's

Asked about the fire and the AGM statement. The reason the figure has gone up from the £3m/£5m hit to profit in the July 15 RNS to £7m/£9m in the AGM statement is that the original figure was very preliminary as they had to get an announcement out. Note that they have not uncovered the root cause and the insurance assessors have not been able to get on site. Initially the whole plant was closed as the H&S people took over but now only the effected part is closed. They recognized that it took longer than originally anticipated to do the clear up. Also currently anticipated that whole plant will be fully up and running in the second half of the financial year. Fortunate that no personal injuries Too bad that no one asked what impact this has had on their reputation as a reliable supplier and to what extent Aiseca can make up from their other sites this shortfall at Cramlington,
Queenborough is in process of being shut down which will be done by financial year end.
Discussion on consolidation of other sites . A question asked about the two German operations - Zwickau near Dresden which produces and Mannheim which packages and no change anticipated in this arrangement.
In terms of a hard Brexit two big issues. The first is if the EU will prohibit a UK entity from being a QP- a Qualified Person. If they do, this can handle through their German and Italian operations and applies to Aiseca and not BPK. Ie this would be a pain but surmountable, The second is getting raw materials and they had a dress rehearsal of this in March.
As per scrip data, which is not completely reliable, sales of Mylan going well.
Very clear that no chance of share buybacks given debt and capex levels.
Stated that are not being too energetic in Cambridge and do not see that they will need to go into reverse as they did 16 years ago with their R&D centre. Pointed out that ramping up has been gradual and they are earning revenue.
I have to say that we do seem to be flying rather blind and rather spooky that they have not uncovered the root cause. Operating profit this FY will be half of that in the previous year and one can only assume there will be an impact in the next financial year.
I have trimmed and would have sold out completely if I did not think that they are an acquisition candidate.

[cerrito] 21/8/2019 10:38

Thanks for that BigBloke.
As you say share price performance very disappointing and the current price the same as at May 18th 2007 when I made my first purchase at 749.77.
I do not see the Chairman instigating a shake up of Management nor indeed do I see major shareholders like Invesco, Polar and Schroders agitating for change; as he has been in post since April if he was going to do it I feel he would have done it by now…although it is possible but to my mind very unlikely that the fire showed up very serious management failings.Just a gut feeling and I may be wrong and indeed will be interesting to see the voting figures at the AGM.
All the strategic decisions you highlight would have been signed off by the Board and they are not blameless. Indeed I have just caught up with Carlo whose shares have been suspended because they cannot produce financials due to problems in their automotive division which makes one wonder why the CSRT ever got it into their head to make a tentative bid to buy the whole company; I did not give it much attention at the time as I had so few shares but very spooky-albeit that there has been a subsequent change of Chairman.
You mention the sale of King=and of course they want to get back into the US;that said the reasons for the sale they gave at the time seemed logical to me.
As per my 132 I see CSRT as a good target for private equity.
As a matter of interest when did they can their R&D activities the previous time?

[bigbloke] 17/8/2019 00:51

Not sure how much longer the current management teams at Consort and Bespak may have left before the new Chairman is forced to make some sweeping changes. The current fall in share price is returning the company to levels not seen in over a decade.
Its growth of the Cambridge based innovation centre, whilst having produced some tangible results, is beginning to feel like the organisation of old - pre name change to Consort, when the previous R&D function was en masse removed due to it being overblown and costly.
Jon Glenn's turnaround strategy seems to be failing. Purchasing of Aesica and divestment of King Systems has not made much of an impression. The total organisation is bigger, but the net value is now smaller than that seen in a long while. Very concerned that a take over is not far away...

[cerrito] 09/8/2019 17:17

Topped up earlier this week which seems to have been premature as the share price has weakened since then.
Listened to the webcast and read the latest AR and I plan to make the AGM.
This company ticks a lot of boxes. Has high barriers to entry and deeply embedded customer relationships
It benefits from the current exchange rates.
At these exchange rates it must be an acquisition candidate. I was interested in the webcast when the CEO was asked about the plans in the US he said very difficult to do acquisitions because the companies they are interested in trade at much higher pe ratios,
Also as per the CEO the challenge of making investments in r and d with a long payback( some of which will only come when he is dead and burued) if you need to report six monthly-a comment that the private equity crowd would notice. Interesting that they have 30 people in the Cambridge innovations office.
Got things going for them. Syrina and injectables;opiants and Mylan-though noted in the AR Mylan prospects were rather downplayed.
Comfortable with position but patience may be needed.
PS
Interesting to look at change in shareholdings June 18 to June 19.
We have said goodbye to Openheimer with their5.81pc and both Montaneo and Schroder sold down and they have been replaced with Invesco at 9.51pc

[kron76] 18/7/2019 11:32

Tempted but wondering if more news re the incident and cost impact might be prudent.

Got out mid 900s a few weeks ago in a pure bit of luck as had a half decent profit and wanted the cash to use elsewhere - back just above original purchase price so certainly been thinking of coming back in.

[cerrito] 17/7/2019 22:08

I was interested to see if they mentioned the kind of incident they have had in their key risks section in the Annual Report; that for this year is net yet out but I see in the 17/18 AR on page 27 they do flag up this risk.
I also see on June 13 2018 Polar had 5.04% shareholding ; I flag this up because today's RNS suggests that Polar went from zero to 7% which does not seem to be the case as I could not see that Polar had sold down since June 2018.
I have enough of these but for those with little or no holdings you may want to take a look at today's price of about 770.

[kron76] 15/7/2019 11:42

No profit warning? there was an accident at their Cramlington manufacturing facility

[buywell3] 15/7/2019 07:20

Profit warning

[cerrito] 13/6/2019 17:13

Have to look at the results in detail but the share price reaction seems about right.
I see that RBC has an as of today an outperform at 1130p

[cerrito] 02/5/2019 23:21

Thanks Typo56 for unearthing that in your 124.
If the market felt something was cooking, I suspect that the price would be higher.
I have to confess I have never heard of the German company
Given the current FX rate and share price, as well as what it is up to and it's shareholder base, it would not surprise me at all if there was an offer but such a possibility plays little part in my decision to maintain my holding in the company.

[typo56] 12/4/2019 13:33

A Spanish ramp, or something in it?