Share Name Share Symbol Market Type Share ISIN Share Description
Dewhurst Plc LSE:DWHA London Ordinary Share GB0002675261 'A'NON.VTG ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 410.00p 390.00p 420.00p - - - 0.00 07:32:22
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electronic & Electrical Equipment 29.8 3.4 23.5 17.5 38.48

Dewhurst Share Discussion Threads

Showing 201 to 222 of 225 messages
Chat Pages: 9  8  7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
14/11/2016
07:52
Keep beating expectationsAnd pension deficit will get wiped out with rising yields!!
patviera
31/10/2016
16:18
Run up to figs coming now
patviera
28/10/2016
11:42
No stock aroundToo cheap 25 pct upside
patviera
24/10/2016
12:30
Here comes the run to the figs5 pounds tgt
patviera
21/10/2016
08:27
By the excellent Richard Beddard in Money Week - 5 IHT avoiding stocks 2. Dewhurst (DWHT) Market cap: £40m Debt-adjusted p/e: 9 Dewhurst manufactures a wide range of components and systems used in lifts, cash machines, railway carriages and traffic management, and earns more than two-thirds of its revenue and profit abroad. The group traces its success back to the launch of the US81 Original Pushbutton in 1971. The design of the stainless steel button with a chrome surround has been aped by other manufacturers, but perhaps not its quality – which means that although the major elevator companies use cheaper pushbuttons in new lifts, architects and lift consultants often choose Dewhurst for refurbishment projects. The pushbutton is a fairly low-cost component, and it’s worth paying more if it reduces the maintenance bill. In the six months to end-March, Dewhurst revealed that profit had fallen by 25% year-on-year due to reduced spending on public- and private-sector infrastructure projects, and lower keypad orders. Also, about a fifth of the company’s revenue comes from keypads for NCR cash machines. Dewhurst’s dependence on this customer means that shareholders have become used to an element of volatility in its results. Dewhurst is also having to adapt to a longer-term technological challenge. To accommodate large crowds, busy hotels and offices are turning to “destination dispatch” systems. People choose their destination using a keypad, touch screen, or room key and are directed to a lift going to their floor. These systems generally require fewer push buttons. However, Dewhurst has responded to its changing market by developing the components required by the new systems, such as the hall lanterns that indicate which lift to go to. It also assembles entire control panels, buying in components such as touchscreens that it cannot make itself. Although this means that Dewhurst must share some of the profit with the manufacturers of the underlying components, the company remains highly profitable under the majority ownership of the Dewhurst family. Brothers Richard and David have been running it since the mid-1980s, overseeing a measured expansion. Be aware that the company is quite tightly held, so the spread (the gap between the buying and selling price) can be quite wide.
cockerhoop
14/10/2016
14:57
Dwha best track record on aimBeating expectations this yearShould rally a pound soonStill too big a discount to the Ords
patviera
13/10/2016
09:43
Always buying in afternoonUS interest?
patviera
12/10/2016
15:31
The ords some want to fallSo the As have to riseWe have beaten expectations so we will rise to 470 on run up to figs
patviera
12/10/2016
14:24
Dividend here is greatOwn freehold propertyProfits rising substantially every yearBest company on aimShares undervalued by 20pctLow pound helps massively as well
patviera
12/10/2016
12:07
Dwht 7pdsDwha should be 5pdsSame company same diviNo wonder directors keep buying the As
patviera
10/10/2016
09:46
The non voters will rally now Upto figs in dec
patviera
08/10/2016
21:07
Give it a breakInstitutions will only buy ords the votersThey are falls cos the As are the cheap ones
patviera
08/10/2016
11:19
Dewhurst's Article 8 seems to protect the (limited) rights of the "A"s, but I cannot immediately see anything which enhances their rights in the event of takeover. Yes, takeovers are primarily the business of the Takeover Code/Panel, while shareholder rights are primarily the business of a company's Articles of Association. The two can interact, of course - for instance, a takeover done by a scheme of arrangement basically involves the acquired company's shareholders voting to change its Articles of Association in such a way that they become entitled to the takeover consideration and the acquirer becomes entitled to all the shares in the company. But neither will necessarily be involved in the other's business, so I wouldn't expect the Articles of Association to say anything in particular about takeovers. If the history is still available, take a look at the events some years ago at builders merchant, Cakebread Robey, which was LSE fully listed. Interesting. I've found a very small amount of the history of that, in http://www.investegate.co.uk/Index.aspx?searchtype=2&words=Cakebread - it's the announcements dated 08 Nov 1999 to 06 Dec 1999, so nearly 17 years ago. The details seem to have been that the non-voters got conversion to voters and a special dividend of 7p, while the existing voters got a bonus issue of 8 more voters each (so effectively a 9-for-1 split of the existing voters). The final announcements in that link indicate that the company was taken over by Jewson in July 2001, so tracking down more of the history might be difficult! Gengulphus
gengulphus
07/10/2016
20:41
Gengulphus, that is some fantastic research you have produced ! On behalf of us all, much appreciated.
coolen
07/10/2016
20:24
Many thanks your response is appreciated. Point taken, 'driven' was clearly overstating your inference.
cockerhoop
07/10/2016
15:46
Thanks for that. I should also point out that the directors and other family members also own a decent slug of the Non Voting Shares may not be as driven as you suggest to disadvantage the 'A' holders. I only suggested that they might have an interest in that direction, not how strong an interest it would be - so I really don't see where you're getting that "as driven as you suggest" from! Another possible scenario could conceivably be share buybacks of the 'A' increasing family ownership to a point whereby they could introduce a single class of shares and still maintain control of the company. In this hypothetical situation I imagine a similar comparability test would be applied on the merging of share classes? I don't think that would be a matter for the Takeover Code/Panel, as there wouldn't be any takeover involved. But any such merging of share classes would require the consent of both T and A shareholders in separate class meetings, so could only be done on terms acceptable to both groups. For the purposes of getting consent to that sort of thing, the A shareholders do have votes - an exception to the normal rule about them being non-voting that is written into the company's Articles of Association ( see section 8 of http://dewhurstmulti.co.uk/wp-content/uploads/2016/08/Articles-of-Association.pdf ). Having such an exception is basically essential to making non-voting shares work - without it, holders of voting shares could easily drive through all sorts of reorganisations of a company's share capital that rendered the non-voting shares worthless, and would have a fairly strong financial incentive to do so. Gengulphus
gengulphus
07/10/2016
13:45
Gengulphus, Thanks for that. I should also point out that the directors and other family members also own a decent slug of the Non Voting Shares may not be as driven as you suggest to disadvantage the 'A' holders. Another possible scenario could conceivably be share buybacks of the 'A' increasing family ownership to a point whereby they could introduce a single class of shares and still maintain control of the company. In this hypothetical situation I imagine a similar comparability test would be applied on the merging of share classes?
cockerhoop
07/10/2016
12:45
Here come the A buyersThis is madly cheapThe T saying it
patviera
07/10/2016
08:50
Fair enuf but the gap is too bigThe As will start to trade Upto 450 to narrow the gap as there are always buyers of the Ts
patviera
05/10/2016
22:29
Some decades ago, there were plenty of split capital companies traded, ie. those with both voters and "A" non-voters. On a takeover, in those days the voters would often get taken out at huge premiums. Ahead of a bid, the predator had little interest in buying the "A" shares and would concentrate on the voters. This led to a large differential in price for perhaps a long period of time. The controlling family, should they accept an eventual take-over bid, would justify the "market differential" as justifying a lumpy price for themselves and a relatively poor price for the non-voters. Last seen, the Take-Over Panel's rule book was still silent on the matter.
coolen
05/10/2016
12:43
Gengulphus, I'm probably being thick but I didn't quite understand the point being made in 176. Are you suggesting that in the event of an takeover the 'T' voting shares would have a different (higher) takeout price than the 'A' shares? I'm unclear as to how far pari passu extends in the circumstances of a takeover.
cockerhoop
05/10/2016
12:12
Gap is madnessSame dividend as well!!As should be 5qd and ords 6qdEnd of
patviera
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