Renewi Share Discussion Threads

[gregsc] 21/5/2024 16:33

I wouldn't be surprised if Renewi cancelled their London listing.

[george stobart] 21/5/2024 13:44

Up slightly in Amsterdam / down in London. Flat FX GBP/EUR.

London shares will catch up in the auctions. Rinse and repeat every day, business as usual

[gregsc] 20/5/2024 18:46

Someone certainly thinks they know something.
Still nowhere near £10 share price though.

[george stobart] 20/5/2024 16:47

Ye olde reminder regarding Renewi's end of end auctions.

Market (or the 'Big Boys' according to the Dutch analyst) might know something we don't

[george stobbart] 18/5/2024 13:22

They seem to have given up marketing the stock to the UK investor audience, with the upcoming sale of the UK municipal contracts.

They will probably surrender the lease of their Milton Keynes HQ to the buyer.

Regardless RWI is not that far away from entering the FTSE250 in June rebalance if they make the announcement sometime in May and price spikes

[outsizeclothes.com] 18/5/2024 13:01

Yes George. €7.40 Amsterdam = £6.35 London finish.
It's a stock that's now dictated to by the European action, rather than London demand or supply.

[george stobart] 17/5/2024 17:15

Ye olde Renewi spike in Friday auctions

[george stobart] 17/5/2024 14:26

Up a good chunk in Amsterdam and flat in London?

Probably LSE prices will play catch up in the auctions

[pdosullivan] 15/5/2024 13:23

Thanks George, that is very interesting.

[george stobart] 15/5/2024 10:38

From the Dutch chat - apparently Renewi management 'whispered' to a select group of investors two weeks ago in the Netherlands that they have managed to get a sale price
of 100-120mn EUR for the UK business.

An attendee analyst from these meetings discusses that, from 45min onwards if you add English subtitles. The same analyst had suggested that the announcement will likely come with 30th May annuals.



100-120mn EUR is nearly 100% premium to its last reported NAV of the UK PPP assets and might explain price movement recently.

[george stobbart] 10/5/2024 17:17

Merger Mondays?

[george stobart] 25/4/2024 16:46

Dodgy trading ahead of the 29th Apr date for becoming eligible for a go-shop period for a new takeover bid?

Possibly the Aussies again or a Dutch pension scheme?

The RNS didn't have any information we weren't really aware of.

[sausage7] 25/4/2024 08:57

Steady as she goes looking at the update this morning. I like the way they drop a one liner at the end about the small divi. Is there enough there to entice new investors?

[george stobart] 19/4/2024 10:25

As per the Dutch chat, local broker Degroof Petercam says: "Renewi will release its annual figures on May 30. The company may use this moment to also announce the sale"

Not sure where they are getting this chatter but next week on the 25th Apr there is a Pre-Close Trading Update RNS planned, so we might get a hint

[gregsc] 17/4/2024 17:01

GLG partners are continuing to increase their short, now 2%.

[sausage7] 12/4/2024 23:08

Thank you for the note George. Sounds like a large anti-climax and a return to a moribund share price.

[george stobbart] 12/4/2024 18:51

A newly appointed IR lady did an intro to Renewi and was probably a rehash of the capital markets day presentation that is on the website. She looked much more capable and aggressive in her PR promo of the RWI moat compared to the previous IR guy that got sacked.

She dodged answering critical questions on the timing of the UK municipal sale and the M&A saga.

[sausage7] 12/4/2024 18:26

Not that well I am guessing !

[sausage7] 11/4/2024 18:04

Hello. Any feedback as to how the investor meeting went ?

[outsizeclothes.com] 10/4/2024 12:48

Renewi are having an "Investor meet Company" meeting tomorrow.
It does not have a facility to pre-ask questions, unfortunately.

Time
11 Apr 2024, 16:00 GMT+1 GMT+1
Duration
1 hour
Meeting Type
CDM
Presenter
Anne Metz - Director of Investor Relations

[george stobart] 10/4/2024 11:27

The Dutch chat speculating the recent share rise is due to them looking confident regarding the UK PPP sale (CEO Otto hinted it at a radio interview with BNR) which would effectively increase the margins.

Also from month-end Apr-24 they can invite back takeover bids, and pruning the UK municipal onerous contracts could potential command a better take private bid.

[sausage7] 09/4/2024 14:45

Given the previous few weeks it’s safe to say that Amsterdam is now the main trading hub for Renewi. Perhaps a delisting from the UK is only a matter of time. Another UK business falls by the wayside. No interest from UK shareholders, like so many other smaller and mid-size companies. Sad.

[gregsc] 04/4/2024 11:52

Thank you George.

IF Macquarie decide to come back, they can do so from 29th April.

[george stobart] 04/4/2024 10:10

The UK PPP contacts as of FY23 were last valued:

Gross PPP Assets 123.4m EUR
Restricted Cash 19.0m EUR
PPP Non-Recourse Debt 88.3m EUR

So the NAV is ~54m EUR or ~46m GBP and market here thinks they will be able to offload them.

Market cap of Renewi is currently c. 476m GBP so if they manage to exit the UK PPPs at last published NAV its roughly 10% of the market cap.

[george stobart] 04/4/2024 09:53

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