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John Menzies Share Discussion Threads
Showing 726 to 746 of 750 messages
|And that's me starting to buy back in with a purchase at 498p. It looks like things have stabilised at this level although there may still be a reasonable rump of lapsed rights to sell on or around 27th.|
|Well, that's me out for the time being. All shares and rights gone. First time since 2008 I haven't owned any.
Hope to be back in before too long once the rights issue noise is out of the way.|
|I know, I still like the story, but wanted to take some portfolio gains anyway and wanted to try the trade. "5 for 14" is a lot of shares coming into existence.
I added a second sell and have ended up selling about 60% of my existing holding (but then have the option of taking up the rights). If the price does move down over the next few weeks I'll look to buy back. If it moves up significantly I may have some regrets, although there are other things I'm looking to buy with at least some of the money anyway.|
|The new chairman will buy rights in the market. I wonder what that will start happening. He has a few hundred thousand to buy according to the prospectus.
Sterling is helping Menzies earnings materially. It's not reflected in the price. 56p of earnings on 540p share price. Sub 10x. Amazing value.|
|I'm afraid that's an attempt at a short-term trade by me, selling some just now.
The price today has held up at pretty much the theoretical ex-rights price based on yesterday's 615p close (at least according to my calcs). So I think as the rights come through to shareholders' accounts there will be some selling pressure. While it is possible that someone will use this as an opportunity to accumulate, I think the incentive for the activists to seek more control is diminished now that the company seems to be moving in the direction the activists were pushing for.|
|Seems crazy to even pay any attention to short term price movements. My energy is saved for more astute endeavours....it's where the price is a year or two or five from now that is important.|
|Nice to see the share price up near 620p again but feels like someone playing games here. Share price apparently driven up on tiny trades with very little total volume. Yesterday afternoon we had a similar pattern and then a relatively big uncrossing trade well below the price just before the close. Fingers crossed we don't get a repeat today.|
I missed it at the time but according to the FCA spreadsheet, Old Mutual closed out their short on 16th September (from 0.56% to 0.00%), the day of the acquisition announcement. So perhaps the volume and spike in price on the day was largely driven by Old Mutual's decision to close.|
|Volumes are very low...I'm guessing but it re-rates post RI....Implied P/E after RI is now 9.4x|
|Share price a bit disappointing since the acquisition announcement spike. One day I will learn to take profit when announcements are made. Is it just the "usual" weakness ahead of a rights issue?|
|"The proposed acquisition of ASIG from BBA adds refuelling to the MNZS product offering and, assuming adjusted cost/EBITDA figures turn out to be accurate, the price looks sensible at 9.9x EBITDA pre synergies. The loss of key Aviation personnel in recent periods is a risk but the addition of refuelling is an opportunity. We await more details on the transaction, plans and numbers, but remain at Hold for now."
Singers update on the acquisition, taken from Research Tree|
|ASIG acquisition broadens Menzies offering|
|Hmmm. Manuel was fibbing.|
|Absolutely agree. Makes demerging the business more appropriate too.
As Manuel said to Basil...|
|So did you know something?
Interesting acquisition. Must come with a fair bit of execution risk but if they can pull it off then it should be great.
Apart from the strategic benefits and synergy opportunities of the acquisition itself, there may be a couple of other side benefits. The increase in scale of the aviation business should help to change the market's perception of the nature of the company (growth vs managed decline) - going at least part way to achieve the hoped-for benefits of a business split. And I would have thought it might also help with the pensions issue, by reducing the (relative) potential impact of any underfunding on the company as a whole.|
|Even spookier. Have I wandered into the twilight zone?|
|Well let's see what tomorrow shall bring dot dot dot|
|But back again yesterday, taking their short position back up to 0.56%.|
|Looks like Old Mutual has given up on its Menzies short:
0.82% 7th June
0.60% 17th Aug
0.46% 18th Aug|
|"As we have said previously, the last 18 months have been turbulent for Menzies both in terms of Aviation operations and management change. These interims are encouraging in terms of operational stability with Aviation showing signs of recovery, as well as getting some help from currency. Activist shareholders remain in the picture and we continue to see value in the Group through either improving Aviation performance or structural change."
update from N1 Singer|