Range Cooker Share Discussion Threads

[james8] 11/10/2002 14:36

gerry,
i take your point about it being a t trade so v difficult to tell. However i think MMs would have run out of stock long ago if it had been a buy. Anyway if it's a trade by one of the large shareholders i guess we'll know about it in a few days.
Difficult to know why someone traded- perhaps they have been 'holding on' for a bid and since it hasn't emerged decided to sell in frustration.
I see all this buying is continuing today- makes me think that it must have been tipped by someone.

[james8] 11/10/2002 09:45

gerry,
I'm certainly no expert on analysing trades, but I think it must have been a sell.
When MMs badly want stock (as they did yesterday) they are prepared to shave their spreads. Also ADVFN etc always seem to show spread prices to only nearest 0.25p. Conversely, for it to have been a buy they're getting all that stock CHEAPER than all the buyers of small amounts.
All IMHO etc

[gerrystewart] 11/10/2002 07:41

James,

Are you sure that the 300k was a sell? Whilst i might have expected the price to have moved somewhat higher if it was a 'buy', I equally would not have expected any mm to pay what was, effectively, a premium, for 300k! The bid price was never as high as 17.66 at any point in the day and hasn't been for a considerable period of time.

[james8] 10/10/2002 16:34

Now we can see why the price didn't rise more today- 300k sale gone thru.
Hopefully if no more large sales it can rise tomorrow.

[pdyke14856] 10/10/2002 10:54

Nice buy yesterday James. Already quids in especially when you include the divvy.

FTSE down, RCC up.
This is a small growth stock and in a time of uncertaintity and with rather dodgy management practices is run well, predictibly and with shareholders in mind.

Well done.

[james8] 10/10/2002 10:28

09/10/2002

Range Cooker calls off takeover talks

Independent directors of Aim-listed Range Cooker, maker of old-style ovens under the Britannia brand, have pulled out of drawn-out takeover talks with entrepreneur Robin Russell and his backer, Graphite Capital. Christopher Spink reports.


The talks began in February when the group said a party, which turned out to be Russell, in association with an un-named director, would be likely to make an offer 'at or around 20p a share'.

Chairman John Armstrong, who owns 68 per cent of the shares and his partner Nigel Wray, who has a 5 per cent stake, agreed not to talk to any rival party and to accept the offer, if it was made, at or around 20p or more. This agreement lapsed in mid-August with the offer not lodged.

Another unnamed party entered the frame. Armstrong has said he will pay Russell's group £350,000 if he accepts this offer as compensation for management time incurred.

Now the directors, including Armstrong, have cancelled talks with Russell 'on valuation grounds'. This maybe because in the year to April the group reported a 22 per cent to £4.4m on sales up 14% to £15.4m.

The company made 1.94p of earnings per share, which exceeded broker Brewin Dolphin's forecasts. This puts it on a PE ratio of just 8.8 at today's 17p share price.

No dividend was paid at the time but today the company has declared a 1p special dividend payable at the end of the month. Trading in the first five months of the year 'is in line with expectations'.

No directors nor Brewin Dolphin were available for comment.

[james8] 10/10/2002 10:09

Good to see plenty of buying this am.
Article says Armstrong plans to step down next yr after suffering a stroke.


New search Modify search Back to results

COMPANIES & FINANCE UK & IRELAND: Range Cooker rebuffs takeover
By Alison Smith
Financial Times; Oct 10, 2002


Range Cooker, the Blackpool-based upmarket kitchen company, yesterday abandoned takeover talks funded by Graphite Capital Management, the private equity firm, after disagreeing on price.

John Armstrong, the chairman and managing director, said the talks had lasted too long and the offer was derisory.

Graphite Capital, formerly part of the investment group Foreign & Colonial, was not available for comment.

Mr Armstrong, who owns 68 per cent of the shares, said he expected to resign as managing director next year. He has been ill after suffering a stroke. Alexander Jolliffe

[pdyke14856] 09/10/2002 15:21

It's their best divvy payment and in a market of falling stocks RCC are not(tempt fate).

Good 5.7% dividend now and remember this may only be a half year payment.
Therefore 8% yield with a pe of just over 8. Little but further for this to go IMO.

[james8] 09/10/2002 15:19

Nice to get the special divi, but no mention of whether a 2nd bidder is still about.
It's also a relief to hear that trading is in line with forecast ( and they have a record order book) in these difficult times for retail sector.

[pdyke14856] 09/10/2002 15:05

Immediate Dividend - Thank you boys

Offer Update09/10/2002 15:00:03

Range Cooker Company PLC
9 October 2002


THE RANGE COOKER COMPANY PLC ("the Company")

WITHDRAWAL FROM TALKS

The Independent Directors announce that, on valuation grounds, they have
withdrawn from discussions about a sale of the Company to Mr Robin Russell and
certain directors of the Company (backed by funds managed by Graphite Capital
Management Limited).

Trading in the first five months of this financial year has been in line with
expectations and the Board look forward to the remainder of the year with
confidence.

In view of current trading conditions and what was stated in the Company's
annual report for the year ended 30 April 2002 the Board has decided to declare
a special interim dividend of 1p per share payable to shareholders on the
register as at 18 October 2002. This dividend is expected to be paid to
shareholders by 30 October 2002.




This information is provided by RNS
The company news service from the London Stock Exchange

END
OUPBKCKQQBDDAKK

[pdyke14856] 30/9/2002 11:16

I hope Rcc does remain a 'safe bet'.
Lets hope that a bidding war ensues for the company and lots and lots of fantastic coverage.

[shortermer1] 28/9/2002 11:02

Still that 50k buy yesterday at premium gives us a bit of confidence at least. maybe news is about to be announced re takeover developments.

Whether it be a special dividend or a takeover, RCC looks like a good, safe bet in these torrid markets.

ST.

[james8] 27/9/2002 22:35

jamsie,
If you're right and RCC isn't sold it still leaves a lot of questions and uncertainty. E.G since Armstrong's health problems sound serious who will run the co and what will happen to his controlling shareholding.

[jamsie] 27/9/2002 19:19

i believe it wont be bought and we will recieve divi imedietely

[shortermer1] 27/9/2002 13:57

Nice 50k bought at premium today.

Looking good!

:-))

ST.

[james8] 24/9/2002 15:40

Yes I've been v tempted to top up. (already got 60,000).

[pdyke14856] 24/9/2002 15:12

Well market is now hovering around 36-- and RCC offer price is 14.5%
below any possible offers of 20% coming in. Not quite what the rest of the market has dropped.
With a likely spread of 19-20 if an offer comes in this shows an 8.6% immediate
net profit. Ive topped up an extra 25000, so its either a bid or a special divident hopefully,

[james8] 06/9/2002 10:04

Aga reported their interims today and here are a few extracts showing that they are still on the acquisition trail.




* Net cash balance of £82 million available to finance further acquisitions.


Strategic Development and Current Trading

The Group has followed a consistent development plan over the last 18 months to
create a strong international consumer and foodservice operation. With a sound
platform in place in the US in both sectors, attention is being concentrated on
Europe and discussions are underway with a number of possible partners. The
shareholding we are acquiring in Grange is part of this process. We have a
strong financial position which can support organic growth, acquisitions or
share buy backs.

Should consumer markets slow, we will be affected. We do, however, remain
optimistic as we have an exceptional product range for this autumn with new
catalogues for Fired Earth and Elgin & Hall and advertising campaigns notably
for the Aga Six-Four Series and Rangemaster. In foodservice, we expect quiet
prime cooking and refrigeration markets but good trading conditions for our
bakery businesses.

Overall we expect the progress seen from combining acquisitions with the
strengthening of operational performance to make 2002 a further year of
progress for the Group.

C J Farrow W B McGrath
Chairman Chief Executive

[james8] 17/8/2002 11:07

WCB,
I don't know how what conditions would be in the small print for a potential bidder who is given first refusal. But we can rest assured that they are going to drive as hard a bargain as possible especailly if they think that they are the sole bidder and the seller doesn't have the strength for a long fight.
If AGA is the 3rd party I think that's good news because they are acquisitive with cash to spend. Also a bidding war must get us a better price.
I agree that RCC is a great company which I planned to hold for the long term as an income and growth stock.

[netsurfer] 17/8/2002 09:57

sherry66

just what point are you making. not another bout of schizophrenia.

[shaggy666] 16/8/2002 22:20

hmmmm, another one for the filter blacklist

[westcountryboy] 16/8/2002 22:02

Having thought about it a bit more, perhaps Russell could not raise enough money from the venture capitalists? Suppose AGA has now stepped in in his place: it's quite likely that they would offer about the same, 20p. In that case, Armstrong would then have to decide whether to accept that bid or to wait for Russell, a fellow-director, to see if he could raise the money? If it is AGA, I presume they would be willing to pay a bit more than 20p if necessary to get the business, especially since I think they still have some cash. In that situation I presume Armstrong would accept the highest bid.

In any event, the fact that there are two bidders rather than one must be good news, even though personally I would prefer to keep the shares for the next ten years. The economics of the business are stunning!

WCB