Countrywide Share Discussion Threads

[superslickrick10] 02/8/2018 10:24

This thing has plateued at 15p I think. Time to buy at that level.

[jack jebb] 02/8/2018 10:11

No NYB. I hate estate agents.

[typo56] 02/8/2018 10:05

I'm not sure about the exclusion of the placees and whether you or I are reading it correctly. I've only speed read. If you're right then yes, open offer would have to be larger ratio. It would also mean that those people short last night could face claims against them for more than 6 for 5 open offer shares at 10p.

That's correct. They're trading ex-entitlement for the open offer from open this morning. That's quite usual for open offers. It means there's no escape for existing holders, unlike a rights issue.

[blueteam] 02/8/2018 10:00

will head below 10p in the coming weeks.

[technowiz] 02/8/2018 09:58

do you know what % of shareholders are placees?

just re-read parts of the RNS..
"Ex-Entitlement Time for the Open Offer 8:00 a.m. on 2 August 2018".

so anyone buying today isn't entitled to buy shares in the open offer?

[ny boy] 02/8/2018 09:57

Or perhaps the shares are just worthless ?

[typo56] 02/8/2018 09:50

I think you're right, more like 7 times the shares. I was thinking there were already about 285.6m shares in issue but it's more like 238m. On that basis I think open offer will be about 6 new shares for 5 existing. Perhaps the prospectus is already out.

[technowiz] 02/8/2018 09:45

i work out taking into account the money raised (less fees) then the share price should be at 15p. its nearly 7 times more shares not 6. i think the open offer may be something like 2 for 1 at 10p. with half of share holders being entitled. the other half being placees who will get the placing shares at 10p. i'm not sure its a 50/50 split. maybe placees account for about 40% of the shares.

Capita (CPI) shares did well post-RI but they had a good future plan layed out. i'm not so sure CWD has.

[typo56] 02/8/2018 09:36

technowiz, it's not a rights issue, which is very unfortunate for existing share holders.

I know some people have been applying for the placing shares. I think potenially they could be oversubscribed and scaled back. No expert there.

[tarrant777] 02/8/2018 09:35

Amidst all this, one is left wondering how on earth the current highly paid Chairman, and other NEDs can honourably continue to oversee a business that even post this placing will be heavily in debt-and now with a new CEO, who no doubt is a very nice solid chap-but has never sold or let a house in his life.10p looks great value if the business is broken up and sold off, but not on any other basis.

[typo56] 02/8/2018 09:31

It will take a time to settle.

I think they'll end up with about 6x the existing number of shares in issue, but they'll have raised £129m.

If you believe the shares were worth 50p yesterday that translates to about 8.3p per new share, before taking account of the new funds. Of course, that 50p per share yesterday may have already been priced in the anticipation of a fundraising

The fundraising will raise about 9.2p per new share. How much of that should be added to the share price? If you think less than 9.2p, why bother raising the funds? Ah, but then there wouldn't be the £11m in estimated commissions, fees and expenses - nice work!

[technowiz] 02/8/2018 09:27

won't they already know the terms of the RI and how many shares they are entitled to? they can work it out from how much money is being raised and the number of shares in issue. its a RI so over-subscription can't happen?

[technowiz] 02/8/2018 09:18

i don't know about 5p but whats the point in buying unless you're a placee? if a PI buys now they are going to get dilued. unless buy can buy for 10p or less..

[typo56] 02/8/2018 09:16

Shorters talking their book down I suspect. What if placing is massively over subscribed by the carpetbaggers who are now shorting the shares they expect to receive. If they get scaled back there could be an almighty short squeeze?

[technowiz] 02/8/2018 09:13

placees could buy these now and get the cheap 10p shares then flip them for a nice profit. these need to get well under 20p before i buy back in.

[letmepass] 02/8/2018 09:13

You mean 1p

[jotoha2] 02/8/2018 08:59

Placing shares being sold , makes sense 100% return , best to wait for the dead cat bounce at 5p

[blueball] 02/8/2018 08:58

I wouldn't pay more than 5p.

[typo56] 02/8/2018 08:48

technowiz, the placing and open offer is only £28.6m but there's the firm placing of £111.4m on top. Nice if you can get in on that.

[typo56] 02/8/2018 08:43

It's not the open offer that hurts, it's the massive dilution from the placing. Easy money if you can get in on that. Placees possibly shorting now. Why wouldn't you? Money in the bank.

[malcolmmm] 02/8/2018 08:38

Sold these M.Fs for 56p a month ago, lost £60 ,didn't like the look of them even after R.B bought in.

[csmwssk12hu] 02/8/2018 08:33

What a terrible piece of management, the bad news is that if you look back at past performance with the new number of shares coming through this thing isn't even worth 5p IMHO dyor (Based on last profitable set of figures I found with placing I make it 0.5p per share eps in future, p/e of 10 but with around 1.25p per share debt so if you say no trust in management p/e of 6 minus debt equals share price of 1.75p, ouch ouch and ouch again), I know it would hurt but I know what I would be doing with these right now, all IMHO dyor