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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Poundland | PLND | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 225.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 225.00 |
| Top Posts |
|---|
Posted at 30/9/2016 11:17 by tyranosaurus That`s the end of this one then.Got the dividend. Share money should be in today. A lot of effort to make £10.50 |
Posted at 23/8/2016 23:13 by harvester Good for you, Velod.I was really puzzled why the PLND BOD caved in so easily. Then I found a newspaper article which more or less suggests that they were "Bribed" or incentivised in polite language. Steinhoff offered them a substantial shareholding in the new company if they were to commit and continue to run the company for him for at least three years . I did not keep track of the reference but you probably can find it easy enough by googling . |
Posted at 23/8/2016 15:33 by velod Yeah, go for it WW. Probably easier than you're thinking if your account is 'only' a nominee acc.Just catching up on emails and one from my broker this morning advising I have until Sept 2nd to register my vote for or against the agreed takeover. That surprised me. PLND is in my nominee SIPP acc. Logs in and there was a new 'corporate action' icon added to my Poundland entry in my portfolio. I've had these in my ISA acc's but never in my SIPP acc. Surprised that as a nominee account holder I was allowed to vote one way or t'other. Clicked the refuse offer button. Yeah, stuck it to them! (You have to read the last sentence in a South Afrikaners accent :) Elliot never sell for a loss when they smell more meat on the bone. They're nicknamed 'The Vulture Fund'. Check them out on Wiki. It's how they earn their money. Here's hoping after this is all over they gang up with the other big investment houses and sack the entire useless BOD and replace the jobsworths with profit orientated people instead. |
Posted at 23/8/2016 11:35 by harvester I do have a hunch that the Steinhoff bid will fail.I will be happy to accept a drop in share price if that happens. Over the longer term I expect the PLND share price to recover and exceed 225 . It is possible that both Steinhoff and Elliott will hold onto their shareholding in the event of a failed bid with a plan to come back at a later date when the takeover rules no longer apply to their current bid . |
Posted at 23/8/2016 11:14 by harvester In post 2327 on August 11th I reported taking a short-term CFD long positionwith average buy price of 221.154 . Given the uncertainty of the outcome of the bidding war I decided to take the certainty of a smaller profit, foregoing the extra gains to be had from the dividend if the takeover succeeds. Liquidating the position at my target of 4p/share profit was not easy since the shares mostly traded in a very narrow range of 224.75 to 225. I achieved liquidating a fairly large position over a number of trades and days, with most sales at 225 and a few smaller sales @ 225.5 by placing limit trade orders . On a per share basis, 4p/share gain sounds trivially small, but since I felt confident to take a large position it produced a sizable 4-figure £ gain. In my earlier post I referred to it as virtually a free lunch and so it has turned out to be . I also hold a small legacy share position bought @ 265 average which shows a paper loss at present . I don't plan to sell the shares at a loss but may be forced to give them up if the Steinhoffer bid succeeds . |
Posted at 18/8/2016 10:50 by tyranosaurus I`m not enthralled by £2.25 plus 2p dividend as I reckon it undervalues the company.I will make a profit but less than £100. |
Posted at 11/8/2016 07:13 by cabreado Steinhoff increases offer to 225p plus 2p dividend. How will the Elliot guys respond to that? |
Posted at 13/7/2016 12:18 by abcd1234 Hi MT... the US trades the UK market now, in UK timeand here's the FT's take on it just now, with some broker views ~~~~~~~~~~~~~~~~~~~~ FT Alphaville , 13/7/16 Bryce Edwards, Paul Murphy Re Poundland: BE: Note, it’s not trading through the terms. BE: Some people getting confused this morning, failing to spot you get a 2p dividend as well. BE: So, yeah, this looks done. Over. Finished. PM : Suspect people are lucky to get out PM: Hasn’t this business suffered an immediate heavy blow from sterling? PM: it buys all its tat from the far east, surely BE: Well ……. this is a theme I feel we’re underplaying. BE: No, it doesn’t. It buys quite a lot of its rubbish from UK companies that have gone to the wall. BE: Or are in deep distress, at least. Hence the random brands and stuff. BE: For a company like Tiger, which is the Ikea of pound shops, sterling’s going to be problematic. BE: For Poundland, sterling’s only going to be a secondary effect. BE: Maybe. Credit Suisse. ■ Final offer agreed at 222p: Steinhoff and Poundland’s boards have announced that they have reached an agreement on the terms of a cash offer for the issued share capital of Poundland. At 222p per share, which is a combination of 220p cash and 2p final dividend, this values Poundland at £0.6bn, an EV/EBITDA multiple of 9x and a 12m PER of 16x. This comes after Steinhoff built up a 23.6% stake in the business and its earlier cash offer was rejected by the Poundland Board in June. Note that the sterling weakness since the initial offer also would have helped Steinhoff’s proposal. The transaction is expected to completed by mid-September and is subject to approval by 75% of Poundland’s shareholders other than Steinhoff, as well court approval. ■ A fair price: We previously suggested 235p as the minimum exit price for the business, based on a c3.5% operating margin next year on c£1.68bn sales. The 222p seems a fair price given market conditions, the post Brexit uncertainty and poor trading performance at Poundland. ■ Positive for Steinhoff: Whilst the transaction value amounts to less than 4% of Steinhoff’s market capitalisation, we believe it represents an important further step in supporting the group’s credentials as a broad-based large cap discount retailer. Under Andy Bond, we believe this acquisition accelerates Pepkor’s UK growth in a new (for Pep), but familiar category, with significant potential for the group also in Europe and, potentially South Africa. Based on our FY17 Poundland estimates (2.8% operating margin) and assuming 3% funding costs, we estimate the transaction to be 1.8% EPS accretive to Steinhoff. Assuming a 3.5% margin increases this to 2.6%. Reducing central costs by £5-10m as part of a larger group, potentially adds a further 30- 60bps to the operating margin. And Canaccord. At a 220p share price, the shares stand on a cal 16 PER of 19.9x and 15.6x for cal 17, with corresponding EV/EBITDA metrics of 9.2x and 7.4x. Excluding the 99p Store losses reported in FY16, which we include above the line, rather than as an exceptional, would change the cal 16 PER to 18.0x. The wider General Retail sector currently stands on a cal 16 PER of 13.5x, falling to 12.5x for cal 17. And Liberum Steinhoff already speak for 23.6% of the company and in addition to the cash offer have maintained the 2p dividend to be paid on 23 September who are on the register on 9 September. In our view this is a knock-out price and it was our view that significant downside risk existed if a bid did not materialise. Hence we move from SELL to HOLD and feel this should be seen as a very good result for PLND shareholders. The take out price equates to a March 2017E PE 21.6x and EV/EBITDA of 10.4x. ~~~~~~~~~~~~~~~~~~~~ |
Posted at 16/6/2016 16:02 by philanderer Investors Chronicle:IC TIP UPDATES: It’s amazing what a potential takeover can do. Shares in Poundland(PLND) are still up 2 per cent this morning despite a pretty terrible set of results. Like-for-like sales fell almost 4 per cent last year which translated into a 13.5 per cent crash in adjusted pre-tax profits. The dividend’s been cut and EPS has been decimated to just 0.6p. But the market has clearly hung onto hopes that South African retail group Steinhoff will succeed in making a high-premium bid for the discount chain. Current shareholders should sit tight until a formal bid emerges |
Posted at 15/4/2016 13:40 by glasshalfull I've also stuck my toe in this afternoon, with 130p appearing to hold ... for the timebeing.Peel Hunt have reduced their price target from 400p to 300p. Their EPS target for the current year is 15.3p for PER 8.9 & decent dividend yield of 5.2%. PH say, "Management has clearly been trying to do too much too quickly: it will have refitted over 200 of the 99p Stores to Poundlands in the first four months of this year and it is not surprising that this has caused some pressure on best practice in the core chain. Area managers have, in some cases, gone from looking after 20 to 70 stores and it is not, thus, surprising that Poundland has lost its mojo in its core stores. The wider market is not helpful but we expect a return to positive LFL territory in the year just started. It will not be easy but we believe management's decision to cut the opening programme to 30 stores this year is the right one. Some would suggest that this should be the ongoing rate of expansion, but our view is that with new store returns remaining so attractive at PLND (payback in 12 months) the arguments for a return to 60-70 a year are correct. Either way, it will help management to have more man hours focusing on the core, existing stores in 2016-2017. Management is clear that the target for the acquired stores is a minimum. The uplifts on conversion are skewed by the fact that the stores were in terrible LFL deficit before becoming Poundlands. We have never expected the acquired stores to achieve Poundland- like sales densities but we can still easily reach the £25m target by looking at the potential for buying gains and simple better retail practices. To us, the 99p Stores numbers are set in stone: the Family Bargains trials are far more interesting The future starts now: April is the month in which the multiple price trials begin under a Poundland fascia, using the old Family Bargains stores. Moving away from a single price point will completely move the dial for Poundland and there are many global examples of this happening to good P&L effect. We expect the trial to be extended to some existing Poundlands in short order and whilst it is a big move for Poundland, it is one that will change the face of the forecast over time. It will be a while before we know the new CEO's thoughts on this but the upside is surely too material for Poundland not to move this way. Q4 has clearly been a disappointment but we must not miss the bigger picture. 99p Stores will beat forecast and multiple prices could change everything. From a single-digit PE, the market is only opening its ears to the bad news and whilst we take our TP from 400p to 300p, we are still highly bullish." Regards GHF |
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