Share Name Share Symbol Market Type Share ISIN Share Description
Melrose Industries LSE:MRO London Ordinary Share GB00BZ1G4322 ORDS 48/7P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +1.75p +0.74% 236.75p 236.75p 237.00p 237.25p 235.25p 235.50p 1,041,866 14:46:50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 889.3 -69.3 -2.6 - 4,466.87

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Date Time Title Posts
26/4/201709:14Melrose PLC with Charts and News1,795.00
15/2/201709:06rights issue28.00
03/7/201017:28Melrose Predator turned Prey ?14.00

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Melrose Daily Update: Melrose Industries is listed in the Industrial Engineering sector of the London Stock Exchange with ticker MRO. The last closing price for Melrose was 235p.
Melrose Industries has a 4 week average price of 219.50p and a 12 week average price of 197.50p.
The 1 year high share price is 250.50p while the 1 year low share price is currently 69.88p.
There are currently 1,886,746,589 shares in issue and the average daily traded volume is 5,044,695 shares. The market capitalisation of Melrose Industries is £4,466,872,549.46.
bigalan3: Regarding pay incentives. The institutions will decide whether they get their incentives which do seem a little excessive. However, it does not seem to have any adverse effect on the share price. I suppose it is only about 1% dilution per year. I am sure the price will continue to rise up to the next acquisition.
grevis: Melrose Industries bosses to land £200m-plus share bonanza The quartet of executives who run Melrose are likely to be handed shares worth more than £150m, Sky News learns. 15:17, UK, Sunday 19 March 2017 LONDON STOCK EXCHANGE Melrose management team to share windfall By Mark Kleinman, City Editor Top executives at one of Britain's best-performing industrial groups are close to landing a share bonanza worth more than £200m, placing it among the largest one-off payouts ever made by a FTSE-100 company. Sky News has learnt that the management team of Melrose Industries, which specialises in turning around underperforming engineering businesses, could receive in the region of £206m from an incentive scheme due to pay out in the next few months. The details, which will be disclosed in Melrose's annual report‎ next month, relate to a five-year bonus scheme approved by the company's shareholders in 2012. Melrose, which owns manufacturing names such as Brush and Nortek, has generated billions of pounds of profit for its investors since it was set up more than a decade ago. Sources said that an accounting note in Melrose's recent annual results, which disclosed a £22.8m charge for employers' National Insurance‎ contributions, hinted at the scale of the potential share scheme payout. ‎One insider said the current 40-day average share price of about 210p would equate to a total award to Melrose's top team of £206m, although the final figure had yet to be determined this weekend. A number of top shareholders in Melrose contacted by Sky News said they were comfortable with the size of the payout. "We signed up to this knowing the scale of the upside for management," said one. "They only make money if we do." Melrose's top team is led by chairman Christopher Miller, deputy chairman David Roper, Simon Peckham, the chief executive, and chief financial officer Geoff Martin. Between them, the four men are expected to receive roughly 75% of the aggregate payout, which is calculated by handing participants in the bonus plan 7.5% of the total shareholder gain. A further 20 senior managers would share the remainder of the multimillion pound rewards under the scheme. Melrose has sold companies including metering business Elster and Bridon, an industrial cable-maker, during the last few years. The share bonanza will come amid growing scrutiny of boardroom pay at the UK's top companies, with Theresa May vowing last year to crack down on corporate excess. Ministers are starting to formulate responses to a green paper published in the autumn, while a report on corporate governance and executive pay is expected to be published by the Department for Business, Energy and Industrial Strategy shortly. While some companies, such as Thomas Cook and Imperial Brands, have faced revolts over much smaller management incentives than those at Melrose, the industrial turnaround group has generally enjoyed strong support from its shareholders. Since its inception, Melrose has returned roughly £3.2bn to investors by selling a string of companies for big profits. A person close to Melrose pointed out that its executives' pay was strongly aligned to shareholder returns and that its chief executive's basic salary was £450,000 - well below the average for a company with a market value of more than £4bn. This year's share scheme will be the second to crystallise at Melrose since the company was established. In 2012, executives shared a £126m windfall under the previous incentive plan. The company's management team have never sold shares other than to settle tax liabilities, and will be obliged to hold onto half of the latest‎ share awards for at least two years. Melrose, which declined to comment, will seek shareholder approval for a further incentive scheme at its annual meeting later this year.
bigalan3: I am a bit concerned about tomorrow's results. The share price has a massive amount of improvement built into it. I wonder if we might have another large acquisition - please?
meanwhile: MRO has a fairly stable share price today,running up to Thusday's results, after a little turbulence lately. Maybe nobody outside the company, in the market, knows much. If such is the case, I therefore think it possible we could see a big change on Thursday, 20% or more, up or down. My own guess is 10% up.
meanwhile: I may face criticism for making such a comment, but I will defy this suggestion. Panmure Gordon believe MRO can treble the value of the Nortek takeover price, and this was, I recall, 40% over Nortek's market price pre-bid. Even Numis, who have long been neutral on MRO, are now saying only rather less than Panmure. What I find surprising therefore, is that such potential (if present) was not seen by other potential bidders at the time of the takeover. You will recall that no rival bid came in for Nortek. Either MRO have vision beyond all others or such optimism as shown by the broker targets, and by the share price itself, are misplaced. As a shareholder, I hope the former is true. MRO's record over 10 years suggests this also. Next week, we should know. Maybe Panmure will see that the value can not just be trebled, but septupled or even octupled.
meanwhile: I've invested in MRO since 2006, with major returns. I've held little else since 2010 and will continue to hold most of my money in this company. However, I would guard against expecting too much from the share price in the short term, say 1-2 years. All investors who subscribed to the new shares have already seen a gain of over 100% since July/August, 5X the 22% quoted by bigalan3. MRO paid a 40% premium to the NASDAQ quoted value for Nortek and the 95p new issued shares (to pay for Nortek) has more than doubled since, now almost £2. This means that the value of Nortek is currently rated on the LSE at around 3 times the NASDAQ value before acquisition. We all expect MRO to increase the value of Nortek several-fold, but a 3-fold increase may already be in the price. Having made these cautious observations, I am expecting Nortek to be more than just a buy>improve>sell. I am expecting it to be a nucleus for further acquisitions and am holding for more new shares.
bashfish: what is the mechanism for paying to take up rights? i initially received an amount of MRON equivalent to the value lost when the MRO price was readjusted from ~700 to ~150, i didnt specifically request these MRON or do anything other than be holding MRO when the price was changed. i actually bought £1000 additional MRON after receiving my initial load. apart from that i didnt do anything with the MRON
meanwhile: MRO almost at 360p now. The rise, not spectacular, seems almost relentless. So why the rise and how far could it go? It's unlikely to be Brush; so it's likely to be speculation around the next acquisition. This itself is hardly a revelation, but you may wish to read on. An understanding of Logic is required. I've followed MRO for over 10 years and they have made me some money. I've no wish to drive up the share price now, (because I'll be keeping my shares well into the future), but I am pleased to share my positive view of possible future moves in the price, based on my experience with MRO. MRO's past acquisitions have invariably been a great success. The higher market has been slow to acknowledge this but I believe it's happening now. Their acquisitions, for which they paid market price (or sometimes seen as a little above), are now seen as having been cheap, at least to MRO. Cheap because of the potential for MRO to transform each business and, of course to MRO, they were always cheap. The next acquisition, if viewed in the same light as past acquisitions, I expect will now be seen by the market as a cheap deal for MRO. And it could be a big one. The current capitalisation of £500M might need to add £3B, possibly more. It could be financed in a variety of ways but a big rights issue is expected to be part of it. We could see, just as a guess, an offer of 3 new shares at £3 for each old share currently held. This could raise almost half the £3B. The rest could come from a placing. Now the main factor affecting the old MRO price at that point, is what the market saw that £3 raised being worth, when in MRO's hands and paying towards the acquisition. They could see it as a mediocre deal and see the £3 as still valued at £3, or even less if they saw it as a bad deal. But they could see it as a great deal for MRO, and see the £3 as being (in its new home) being worth £3.50p (50p premium) or more. Before the new shares were traded, that premium would go on the old shares, because they would carry the option to buy shares (re-valued at £3.50) for £3. At 3 for 1, the premium would be 3x 50p = £1.50 total. So where would the old shares trade then? My guess is that the next acquisition will be seen more widely by the market as a great deal for MRO.
meanwhile: The Capital Return and the consolidation left investors with about 15% of their original investment. Investors still keen to invest in MRO have plenty of cash to take up an expected Rights Issue, but probably too much cash & too little shares. Taking this view, some investors will have been topping up their holding of MRO shares. It could have been done, if you were quick, at around 295p, as Eipgam has said. It could be done now at 343p. But is this too high and should we wait? Well if the market as a whole slumps, MRO will follow, and waiting will have paid off. If the market doesn't slump before an acquisition & Rights Issue emerges, buyers could be trampled in the rush. (There just aren't many MRO shares around these days.) Better to have shares to sell at this time to raise cash for the Rights Issue. The Elster example, movements in the MRO price over the acquisition period, would support this. I write this not for personal gain or benefit or from greed and avarice, but for the possible benefit of any of my non-professional colleagues on this site, who might wish to consider this view. I myself have modest needs; I always say that "Excess should be quite enough for anybody".
meanwhile: Take a look at the 10 year MRO share price graph. There's no cycle to be seen there, just a relentless rise, a major downward blip with the banking crisis and a few small ones for various reasons which now appear insignificant. This one will join them.
Melrose share price data is direct from the London Stock Exchange
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