Share Name Share Symbol Market Type Share ISIN Share Description
Laird LSE:LRD London Ordinary Share GB00B1VNST91 ORD 28.125P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -2.00p -1.42% 139.25p 139.75p 140.00p 142.75p 139.25p 142.50p 7,403,410 16:35:27
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electronic & Electrical Equipment 801.6 -122.3 -41.3 - 680.38

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Date Time Title Posts
11/4/201718:55Laird oversold2,231.00

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Laird Daily Update: Laird is listed in the Electronic & Electrical Equipment sector of the London Stock Exchange with ticker LRD. The last closing price for Laird was 141.25p.
Laird has a 4 week average price of 139.25p and a 12 week average price of 131p.
The 1 year high share price is 369.60p while the 1 year low share price is currently 123.50p.
There are currently 488,601,676 shares in issue and the average daily traded volume is 1,616,554 shares. The market capitalisation of Laird is £680,377,833.83.
grahamburn: Not sure what you mean by that. Of course, it was going to be a fully taken up rights issue. My previous comment was simply stating the obvious - that the share price would only make a decisive move once the rights issue had taken effect. Indeed, it did make an understandable decisive move yesterday (downwards) as the new shares became tradable and a decisive move (upwards) today as maybe (non-holders) joined the register. Who knows? churchtower made a valid comment as well, with Apple being a significant (though less important in recent times) customer of Laird. IMO the company has genuine recovery potential, so do not disagree with your belief that the share price is due a re-rating over the medium term.
grahamburn: The theoretical post rights share price figure quoted in the original offer document was 134.86p.
bakunin: DR_SMITH When LRD goes X-Rights, your rights are tradable. Anybody can buy them. The rights give you the right to buy at 85p. If LRD is trading at around 180p on XR day, the share price will drop to circa 135p. The initial value of the rights will, therefore, be 135-85= 50p The price of the rights will fluctuate with the share price, but the share price could be expected to be stable during the XR period. If you have your shares in a nominee a/c, the default option will be not to take up the rights. Keep in mind that stock markets are rigged. The stockbroker that I mentioned gives its nominees next to no time to elect to take up rights, deliberately. If you're on a business trip when the letter arrives, you miss out. They will not take instructions outside of their administrative set-up. If a good portion of the rights are not being taken up (the stockbrokers running nominee accounts will know this), in my view they manipulate the share price down in the last few days of the XR period, thus lowering the price of the rights. Those rights not taken up can then be snapped up in the final minutes of trading or in the auction or whatever ensues afterwards. If the stockbroker in question has a wealth management division, it is easy to see how they stand to benefit from inside knowledge and making it difficult for nominees to take up rights. It all assumes, of course, that the share price goes back up after the XR period. In my experience, more often than not it does, especially with companies like LRD that have a long track record of stable and growing operating performance. After all, there is a reason for raising equity finance: in this case to put it on a solid financial footing for its operations.
bakunin: Rights issues are "usually" a give-away to existing shareholders. That's why there is such a big discount. Given that, in the case of LRD, the reason for the RI is to shore up the B/S, debt is basically being replaced by equity, interest payments by dividend payments. If the company is well-run, the outcome should be neutral for shareholders, apart from the fact that the cost of equity is usually higher than the cost of debt. Hence the company will still need to "grow into" its higher market cap afterwards. In my experience, if you don't take up your rights the share price gets manipulated downwards during the ex-rights period, so that those who end up buying your rights off you get a bargain. One of my stockbrokers games this by giving you a window of a couple of days in which to instruct them to take up rights. I have complained about this, but they carry on doing it. Often, their letter arrives too late and they even send out their email just before "their" expiration date for taking up rights. They are the only stockbroker who do this. The others give you 2-3 weeks at least. They are also a stockbroker that appears to run a dark pool and has a potential conflict of interest with its wealth management activity. Fortunately, the current market cap is undervaluing the company imo, even if one were to assume no growth (£450m mcap for £50m underlying PBT post interest payments). So, whether the share price rises will depend on the company's operating performance, as should always be the case.
sutherlh: Nice partial recovery in the share price after the shock of the results, made less with more turnover. However the rights issue looks good value to me. I too have 1000 shares so will be picking up 800 more.
grahamburn: No dividend in the upcoming results on 28 February - just the prospect of a rights issue to raise £185m and even then it will be close to its banking covenants. Surprised at the strength over the recent past as until the rights issue is formalised, there must be some doubt over the direction of the share price.
bakunin: Is it just me? Doesn't the T/U read "more or less back to normal trading patterns in Q4" after the blip in Q3? Annual PBT of £50m in a bad year and a MCAP of £400m. Annual revenue of circa £800m and a more usual P/S between 1 and 2 ought to give it a MCAP north of £1bn. Good management ought to be able to reinstitute the £80m+ PBT to further justify a £1bn+ valuation. Previous takeover attempts were at £1bn+ when the group was far smaller (and also less endebted). The delayed rights issue seems to be sending the message that the old CEO has gone and they are now open again to suitors. Anybody interested should make a move before the rights issue goes through. Take off the £180m rights issue from a £1bn valuation (the rights issue is aimed at leaving them with a more usual debt situation) and takeover offers from well-run companies that can raise margins through efficiency and synergy should quite easily be in the area of £800m, ie a share price around 300p. Why negotiate more covenant headroom when a rights issue is imminent? Unless the rights issue is just a red herring. In any case, I have not seen a rights issue yet that is not a give-away. In fact, some brokers, eg one beginning with a B, try their hardest to make you lose out on your rights, sending emails/letters that give you just 1 day to opt for your rights.
bakunin: Well, that will teach me to always do my homework. At least I am in relatively close to the current price compared to the poor sods who were holding L-T in the 300-400 range. I'm not sure I have ever seen a pre-announcement of a rights issue. Perhaps they thought it would get leaked over the next couple of months and that the share price would just grind its way down on speculation. Or maybe they now actually want a buyer and they are trying to flush them out? Ditching the dividend is a way of making them a more attractive target (op profits go to paying down debt rather than distributed to current owners). With the debt, the buyout value wasn't likely to be much more than £500m (meaning it would cost the buyer circa £800m: £500m equity + £300m or so of debt). So, I was and still am building a position for the possibility that it gets offers in the 180 range. As long as their markets have not deteriorated more badly than it would seem.
thewisher: Index Rebalance Market Cap data cut-off:29 November 2016Only a short time for Lrd to jump back up before they are demoted from ftse 250 so expect another drop in share price
gordo58: Any body know the what the share price would have to be to avoid relegation from FTSE 250 ??
Laird share price data is direct from the London Stock Exchange
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