Parkwood Holdings Share Discussion Threads

[grahamty] 10/5/2011 11:34

And I suppose that is an obvious thing to do......buy them in the tender at 70p, or pick them up in the market at 45p from all those rushing for the door who do not want to hold unquoted ( maybe as in their ISA). The Directors ( in the delisting document) state that " the Independent Directors determined that an amount of £1.47m.... was the appropriate sum for this purpose"............however, at this price, who can blame them for spending another £45,500 in the market.......so where is this going ? I suppose one ( small) good thing is that the % guaranteed under the Tender has just gone up from 29.1% to 29.6% !!!!! I gather the Company is bidding in big size in the market this morning........so the Tender may be worth a tiny bit more to each of us poor suckers

[graham1ty] 10/5/2011 07:32

Thupton, agree with you. This should either be private ( bid for all the outstanding) or public, leave it where it is. The half-tender achieves little. Noone wants unquoted stock and so c25% of the register are forced sellers. I fear a large number will hold on and see what they can get rid of in the tender, but the few days after that will be a bloodbath.

For those who do hang on.......one detail I have only just focused on: they are committing £200,000 each year to further buyouts. At 70p the rump ( about 25%) will be worth about £3m.......so it will take 15 years to buy out the minority !!!!

I am disappointed that either Hewitt ( of the Company, or a new strategic partner) could not raise the whole £4m-5m to take this private properly ( was it that he might have offered 50p per share, but the non-execs said it is worth at least 70p ??: though I am not sure the non-execs are looking after shareholders by letting this tender go through).

Hewitt has been taking this private by stealth, through the large share repurchses. However, he has all along been using the Company's money: not prepared to take any risk himself......

So we end up with a half-botched privatisation that will leave an enormous minority ( how many shareholders will be left on the Register: hundreds ?) with no way out except possibly, occasional small buybacks.

My best guess would be that H is doing this in chunks: take out some at 70p, get another trading period or two under their belt, then take out the rest, as a bid, at a later date.

There are a lot of companies going private, and very little press comment, even when it suits only the incumbents ( RNSM......)

[thupton] 01/5/2011 20:12

This is a stupid situation. If Hewitt wants to take it private, fine. But don't mess around with percentages if investors want to sell let them sell 100% in one hit if the price of 70p is acceptable to them. Can't have your cake and eat it Mr Hewitt. If you don't or can't raise the finance for this, give up on your dream of a private company. This company just seems to be below the radar of other larger global operator's such a shame.

[grahamty] 28/4/2011 11:29

Noone wants the tender !! If you work on c30% of yr holding selling at 70p, then this has a notional value of 55p ( ie 70% left at say 48p, and 30% sold at 70p). If you think actually inertia is such that you will be able to sell about 50% of yr holding, then the notional value is closer to 59p. But, the rump will be unquoted.............so, noone cares. No buyers in the market ( they say it is worth 70p) and no sellers as no bid in the market.........

Noone got a view on this ?

[dpmcq] 28/4/2011 07:35

grahamty - you were bang on the money!!

"So Tony slowly increases his holding by stealth. I am sure he would prefer to be a private company"

[grahamty] 08/2/2011 16:10

PK must have had a rubbish Dec/Jan in the golf business ( well all of Glendale that operates outdoors.) And on the golf courses, two weeks snow actually means the courses out of use for a couple of months after damage to the greens ( far worse than mere rain). But Tony keeps buying in shares....... confidant or desparate ?

[grahamty] 31/1/2011 08:36

Think it is just Tony mopping up any sellers. They are not going into the market: their broker just has the brief to offer them any stock that comes along. Thus, no selling pressure to push the price down, but also no buying in the market to take it up. You could say that there is no other buyer and this is like price support. If PKW had not been buying in the price would be a lot lower.

Overall, hope they can afford it...........do not forget also that they bought in thousands ( ?millions) of shares in about 2007-08 at prices way above £1 ( if I recall about 120p+). So Tony slowly increases his holding by stealth. I am sure he would prefer to be a private company

[dpmcq] 24/1/2011 21:22

MavTT
There must be willing sellers for them to get all these illiquid shares, as you have pointed out it should have given the share price a lift.
Watching myself for when it starts to force up the price. If the next T/U is ant good then I think these may start to rise anyway!!

[mavtt] 24/1/2011 17:29

grahamty, since your last post the company have bought another 257,000 shares at/around 55 pence, you'd think that would make the price rise not fall.
I think since December '06 they have bought back over 1.3 million shares quite a chunk of the shares issued.

[grahamty] 03/11/2010 12:10

Or is it just the company buying back shares in a very very illiquid stock ? It is now 60,000 shares at prices from 37.5p up to 55.75p. For PKW that is enormous volumes. As an aside, AWH's holding creeps up all the time, by default. The free float is only about 6m shares, so it is 1% of the float that they have bought in and cancelled.

The new non-exec looks rather high powered ?? Perhaps for the first time we could have an independent Chairman and keep AWH in his box when needed ????

[ikn] 30/9/2010 16:39

A new non-exec director. Someone with experience of leading an MBO. Is this what's exciting the market?

[grahamty] 21/9/2010 14:17

Anyone know why this is up from 37-40p to 50p bid in under three weeks on no news ??? and no volume ??

[grahamty] 20/9/2010 09:25

I am watching this. A 5000 share buy back is almost 1% of the free float. I would assume that Hewitt would love to take this rivate if only he could afford to. Every buy back ( and there have been many over the last five years) increases his percentage holding. Is all a bit of a mystery this one re liquidity as there are weeks when not a share trades

[trackerjack] 16/9/2010 08:22

Small share buyback. This thing is so tightly held a mention somewhere would get it motoring....anyone else here?

[trackerjack] 08/9/2010 14:57

Price keeps ticking up but there is no stock available. Net cash, order book of £518m and a decent yield. One day this thing will be broken up - the leisure bit alone is worth way more than the market cap.

[grahamty] 28/8/2010 13:47

Not bad but noone cares...........even with the 4% interim divi

[grahamty] 26/8/2010 09:38

Results tomorrow. Anyone any ideas ? Could be awful: cut backs affecting Glendale, consumer spending hitting leisure centers......the company was buying in shares at 36.75p not so long ago and someone paid 42p for 100,000 in May. But an awful lot could have happened since then.......

[dnfa1975] 27/7/2010 22:27

lots of leisure centres closing

councilsspedinng less on park upkeep

ugly picture building - look at connaught

[bench2] 22/3/2010 11:27

Well done Hewitt , we can now see why the banks allowed him to pay a tax efficient cash div . EPS and Div visibility still poor so rating will stay low .

[zipstuck] 22/3/2010 08:08

consolidating year - buy for the dividend confidence even though ex div

[zipstuck] 22/3/2010 08:08

consolidating year - buy for the dividend confidence even though ex div

[taffee] 22/3/2010 07:52

on the face of it not a bad set of results,however,I hate restated accounts and the bland outlook is a concern

probably a hold if you own the shares

[deadly] 14/3/2010 19:40

diku - the name says it all.
You haven't noticed that most companies are paying divis in advance this year to save shareholders the tax increase from 5th April?

[diku] 11/3/2010 22:35

No difficulty at all...infact no position here but do like the good PR..ing by the management!!...