Dawson Share Discussion Threads

[cockneyrebel] 28/5/2011 11:09

:-) edmundshaw.

Agree regarding funds - amazing how some of these stocks are presented on a plate by what seems lunatic behaviour by funds. FCCN had Standard Life constantly selling down to below 40p even tho FCCN had over 40p in net cash. The shares duly bounced and Standard Life have been busy buying back shares at between 78p - 100p+.

You would think if the rules force them to sell then they might have another fund they could transfer the shares to but seems not.

CR

[edmundshaw] 28/5/2011 10:48

I agree, opener. Most funds have a minimum market cap requirement (either formal or informal), and DWN very likely fell through that in the newspaper distributor debacle. Selling out 'at any price' may be forced on them by trust rules, be thought of (maybe wrongly) as more effective use of researcher time given they have had under £500k in this, or some other reason of the kind.

Dawson is also a different business now, also not an income stock now. Lots of possibilities.

Whatever the case, if Schroders is keeping the price depressed for us little guys, all I can say is "thank you"! I am not too proud to pick up the crumbs from their table. :)

[davydoo] 28/5/2011 05:46

PLUS trades are now showing, and looks like the majority were buys, with the standout being a 200k buy at 10p

27/05/2011 16:23 GBX/PLUS-exn New 20,000 9.90
27/05/2011 15:04 GBX/PLUS-exn New 20,000 9.90
27/05/2011 14:21 GBX/PLUS-exn New 18,413 9.90
27/05/2011 12:44 GBX/PLUS-exn New 24,298 9.71
27/05/2011 12:44 GBX/PLUS-exn New 25,747 9.71
27/05/2011 12:43 GBX/PLUS-exn New 30,896 9.71
27/05/2011 12:07 GBX/PLUS-exn New 200,000 10.00
27/05/2011 11:29 GBX/PLUS-exn New 39,632 10.02
27/05/2011 10:50 GBX/PLUS-exn New 5,000 9.625
27/05/2011 10:26 GBX/PLUS-exn New 32,000 9.75
27/05/2011 09:58 GBX/PLUS-exn New 50,000 9.80
27/05/2011 09:51 GBX/PLUS-exn New 25,000 9.82
27/05/2011 09:49 GBX/PLUS-exn New 19,000 9.80
27/05/2011 09:36 GBX/PLUS-exn New 1,901 9.30
27/05/2011 09:33 GBX/PLUS-exn New 6,968 9.30

[davydoo] 27/5/2011 19:06

is anyone able to see, or aware of PLUS trades today?

This is all I can see on the PLUS website;

27/05/2011 08:04 GBX/PLUS-exn New 6,244 9.80
27/05/2011 08:03 GBX/PLUS-exn New 25,292 9.80
27/05/2011 08:00 GBX/PLUS-exn New 25,981 9.60

yet it states total traded today at 576,372

[erniemadoff] 27/5/2011 18:47

A great set of results, best of luck to all.

[opener] 27/5/2011 16:41

DWN will have been a holding that Schroders held in the newspaper distributor days,alongside WH Smith and John Menzies.Following the crash and burn for DWN in that market,the stock became too lowly valued for Schroders to worry about or continue researching.Even if someone like Schroders thought that DWN was set for a huge recovery of multi bag proportions,they simply could not hold enough of them (probably even 100%!) to make a real difference to the performance of even their smallest UK funds.Only option therefore is write off,probably months ago and get what you can in an orderly fashion-the decisions on the sales were made by the FM's the dealers are just executing an old decision,with no further FM involvement.
This does give an opportunity for the PI though to pick up cheap stock,stay patient and reap the rewards in time.All IMO and DYOR etc.

[cockneyrebel] 27/5/2011 16:40

There's no bid premium in the price of this - it's bonkers.

Anyway, I don't want these taken over, they'll only be stolen.

With 0.8p eps in H1 these could do 2p eps for the year easily, especially with that outlook in the results. 2.5p eps next year and with the cash they have they could pay 1p+ divi with ease - that would see these double in an instant imo.

CR

[davydoo] 27/5/2011 16:24

The only logic I can come up with (and its not good for their investors) is that they were holders from £1+ times, and with a 90% loss they have somehow written it off, or whoever is making the decisions is wanting to show how they are exiting their mistake.

I have visions of this kind of conclusion at a fund meeting. 'I dont care what theyre doing now, we're down 90%, just get out, and get out at a market price, i dont want our investors seeing that having already lost them a packet we lose a load more by getting out at a big discount' *bangs desk*

Maybe thats just my vivid imagination. Anyway a good week for holders, and good prospects ahead.

[jailbird] 27/5/2011 15:31

is that not crazy, with a bid on...they could double that,
no logic in this strategy

[davydoo] 27/5/2011 15:06

another 250k delayed trade just announced on lse (im assuming a buy from the price available at the time of the trade) and PLUS now showing over 500k traded, but still no details.

I agree CR, once Schroders stop selling, it could really rise. Its clear if you look back 12 months, that Schroders are not selling on news or events, it just appears a programmed exit regardless of events.

[sportbilly1976] 27/5/2011 15:01

Schroders do seem intent on selling right down - the 250k at 9.75 has the hallmarks of another of theirs...

[davydoo] 27/5/2011 13:01

Still some big deals going on today, 100k delayed trade on lse, and PLUS is showing volume over 300k but only some small trades from this morning are confirmed so far

[davydoo] 27/5/2011 12:43

Schroders did well getting 9.8 for their 450000 when the big buy of the day was at 9.75 for techinvest.

[cockneyrebel] 27/5/2011 10:59

Shroders finished selling?

Perhaps they've had a rethink after the results - no RNS from them yesterday and today.

I reckon once the selling clears these are set for a strong rally imo.

CR

[mymini] 27/5/2011 10:10

Yeah, good work davy...also in their results bmy show that between january and march this yr they made total sales of £1.1m, not far off last yrs £1.5m total sales figure.

[abc125] 27/5/2011 09:10

nice spot dave. i don't think dawson gave a break down of the % of revenue attributable to e book sales.

[davydoo] 27/5/2011 08:16

And we thought 56% was impressive ebook growth;

[royaloak] 26/5/2011 23:43

Hi Edmund

Need to be back in IAE before 5th June...use the 30 day rule for CGT to my advantage, ie may sell the next day so I have another 30 days to see how things are going, although IAE must be one of the best when oil comes out of the doldrums. I am in the same position with XEL in the need to buy back. Forgot to mention I also hold ENQ which I acquired when they took SE. over.

We set the TIAE thread up to talk about other companies rather than clog the IAE thread up. (apologies folks, will not go off topic on this thread again)

My experience with IAE made me disciplined enough to get out of oils when they downturned, I was caught out in 2008 in the downturn there, holding too many IAE, which at that time was a mm stock and illiquid. I now hold most of my dual listed oils in Canada because of the liquidity. I was very lucky with IAE as I bought again on the upturn, think the lowest I paid was about 20 cents....but at the time it was really scarey as there was a risk they could still have gone bust, thank goodnes for Dyas! My IAE experience taught me an important lesson, although it did not appear so at the time!

As you say, could be some bargains in the coming months, but still think there are loads of worries to come.

[edmundshaw] 26/5/2011 21:40

o/t:

royaloak, I have a good amount of cash too at the mo. A couple of takeovers and some profit taking, with only a few top ups here (literally!) and there.

HVN already in, from 3 years back :). Oil has also been good for me over the last few years too, though slightly spoiuled by recent setback in IAE right now (still hold happily), and am looking to add in the oil direction, but carefully! Will look at the thread you mention.

Some of those cos above are new to me, will have a look. Cheers. I still hold a fair amount of chinese stocks, though less than before after some very respectable results there. Not everyone's cup of Cha, you need to be a bit selective (in the usual ways). Also OMI in gold mining. Non-foreign favourites ISG, a bit of insurance, and not much else.

Looking to find some good targets to move into over the summer, so compiling a watch list. I feel some dips may come along over the next few months, so I'm in no hurry to deplete the stack right now...

[cockneyrebel] 26/5/2011 21:39

This isn't guaranteed in any way but have you seen the profit growth momentum here?

H1 2010 £100k pbt. Sales £39.4m
H2 2010 £400k pbt. Sales £39.0m
H1 2011 £900k pbt. Sales £39.3m

If they are talking about strong orders and they increase gross margins a tad more then the pre-tax profit for H2 could be £1.4m+.

The interesting thing here is, imo the sales. They are doing nearly £80m sales per annum, 8 times the mkt cap. Margins are only around 2.2% in H1. A slight rise in those margins adds loads to the pre-tax profit.

CR

[royaloak] 26/5/2011 21:16

Hi Edmund

I have a high percentage in cash at the moment, have been doing a lot of trading, had a very good run with oils, XEL, EO.. etc., now out for the moment, have been buying SLG and AEY (AEN), CEO (CEN) in Canada recently, although I had held SLG too long and got caught in the dip, but seen excellent value now so have bought again at much lower prices.

Two companies I have built up a nice position in are DPLM and AZEM, I have high hopes for these. I have a few FCCN, ALY, HVN and CRE, plus small quantities in a few small company oil and metals.

PIC has been a great trading stock for me the last couple of weeks, mainly with my spread bet account, took a lot of profits today, just a few left, but feel I may have been premature, may be adding again tomorrow.

I spend most of my time on the TIAE thread nowadays, Oilman aka Chart Trader provides some great stuff.

[davydoo] 26/5/2011 18:28

Almost 3m shares traded today (2m LSE, 1m PLUS), which is over 4% of the ordinary shares in issue, seems a lot to me. I wonder how many were opportunistic day traders who got in early on seeing the results and then out again, and it will be interesting to see how many Schroders managed to shift when they announce tomorrow.

[sportbilly1976] 26/5/2011 16:22

how many of these delayed trades (100k+) do we think are Schroders??

volume buying here & on plus has been easily sufficient to see us higher..Schroders shooting themselves in the foot by constantly selling - if they held off they could raise the same ££ by selling less at a higher share price

muppets playing with other peoples money as per usual...

[davydoo] 26/5/2011 14:38

Agreed, still very cheap.