Tawa Share Discussion Threads

[topvest] 10/9/2012 07:37

Interesting announcement today. Seem to be considering all options!

[topvest] 23/3/2012 09:28

Results a tad disappointing - lots of opportunity at 40p though.

[aaargh] 14/12/2010 14:00

Thank you Jimarilo for the information wrt telephone orders.

Interestingly I used the online trades reporting of "MyBroker", "Digital Look" and "Yahoo Finance UK" close to market close yesterday just to see what buys/sells might be moving the share price at the time ... all three showed no trades for the 13th Dec yet the company RNS stated " .. the Company made market purchases ... on 13 December 2010." Hmmm !

There are trades shown for today though, hopefully being made over the telephone :~))

[jimarilo] 14/12/2010 07:51

Good timing from the company, another 30K bought and put into treasury, just when we might have thought the recent trades @ 66.25p were sells they were in fact buys ;-)

Share buyback programme

Tawa plc ('the Company') announces that, pursuant to the general authority granted by shareholders of the Company on 17 June 2010 to make market purchases of its own shares, the Company made market purchases of 30,000 Ordinary shares of 10 pence each ("Shares") at an average price of 66.25 pence per share on 13 December 2010. These shares will be held in treasury.

Following this purchase, the interests of the Directors in the Company as a percentage of the issued capital will remain unchanged.




MM's still bidding for stock, telephone orders only to buy, but can sell online 25k

[jimarilo] 13/12/2010 18:14

The spread online is much better than shown on the monitor

86% held makes for a smaller free float, the company still buying back shares with the intention of bringing the NAV in line with the sp, looks worth a bet to me......each to their own ;-)

[aaargh] 13/12/2010 17:11

Eerily quiet in here .. I'd have thought that a 30% gain in the last month might have elicited some comment but I guess with the shares 71% owned by Financiere Pinault and with 86% of shares in just three holdings makes this share less of a PI favourite! Still .. 30% in a month is quite a bit of volatility! Ouch to the spread!

[jimarilo] 08/12/2010 08:21

Mm's clearly bidding for stock, long may it continue, to at least the 127p target

Current assets priced @ 135p

[jimarilo] 07/12/2010 11:24

NMS 200 to buy and 25K to sell

Guess the company are in for some more ;-)

[jimarilo] 06/12/2010 21:02

Anyone know whats going on ? the share price has been moving up with no volume shown at all some days

The bid shown online @ 59.75p

[nurdin] 06/12/2010 20:40

Blimey..and I thought I was the only one holding these ! :o)

[topvest] 06/12/2010 20:37

Good - looking a little more positive. It's an absolute bargain down here.

[jimarilo] 06/12/2010 08:42

I just added some more this morning could only get 1500 online and now NMS is 150 to buy and 25K to sell at just under 60p

[topvest] 29/10/2010 16:25

Bought a few more. The price is just too low at just 40% of book value.

[topvest] 24/9/2010 20:09

Solid results - STRIPE looks interesting..

[topvest] 03/9/2010 21:28

Well it's a year since we started this thread and the share price is below where it was then. Looks good value!

[tacobumpy] 24/6/2010 12:52

And since the price has fallen they have stopped buying! There seems to be no reason not to buy if they have the cash.

[kimboy2] 17/6/2010 16:22

Anybody go to the AGM ? Any views on whether they are likely to resume their buy backs. They have authority for 11m shares.

[topvest] 17/5/2010 21:34

Back to 65p for more than US$2 - BARGAIN!!

[kimboy2] 17/5/2010 15:56

Only 25k to the company. I wonder who got the rest.

[kimboy2] 17/5/2010 10:47

It looks to me as though the company has picked up some cheap shares from a distressed seller.

No doubt an RNS will shortly confirm it if it is the case.

[chrisdgb] 17/5/2010 10:38

Trades at 54p..?????

[chrisdgb] 22/4/2010 08:26

Still a 37% DISCOUNT TO NAV...

[chrisdgb] 21/4/2010 16:15

Company now paying 79.5p for stock, this is going up...

[chrisdgb] 08/4/2010 09:12

Great thanks for the post....more positive comments..

[kimboy2] 08/4/2010 09:00

It is easy enough to register;



Investment summary: Specialism pays
Tawa is a specialist in the non-life run-off market. By being better at claims and re-insurance management, and by achieving economies of scale, Tawa aims for a better return than the run-off vendor may achieve. Because it accelerates the completion of run-off portfolios, it also releases capital earlier. In addition, Tawa provides management services to third parties in this space, and has made a material acquisition to boost its presence. We believe the share price (less than half NAV) more than reflects the risks in the business.

Model working by end 2009 after tight 2008
2008 was an annus horribilis, with materially negative investment returns, an
adverse exchange rate effect, and a shrinking business as acquisitions were too
expensive. 2009 saw more business as usual. The total investment return was
positive, the dollar moved in Tawa's favour, and acquisition pricing started to fall to more attractive levels. The group extracted $40m from one portfolio (KX Re), resulting in debt/equity falling to 13%. Tawa returned to profit (attributable $11.2m) and NAV per share rose. Today Tawa announced a further $35m will be extracted on 31 March 2010.

Market pricing more rational, allowing more acquisitions
Tawa's model requires a steady flow of acquisitions, but for much of 2008/09 too much capital was chasing run-off businesses. Tawa could not achieve its target 20% IRR. Pressure on sellers has increased with: i) the new capital requirements, ii)
investment losses diminishing capital cushions, and iii) lower investment returns, while some potential demand has reduced as financing has become more
expensive. Tawa addressed the absence of profitable portfolio opportunities, and introduced more earnings stability, by buying PRO, a run-off servicing business.

Valuation: 0.5x NAV is very attractive
Although the shares have risen markedly from 37p at end 2008, we believe that the issues from that year are still reflected in the price. At the current level of 60p, Tawa is trading at just under half the 2009 reported NAV (127p). Tawa's risks (insurance, investment return, exchange rate, credit) are more than fully reflected in the price.