Renewi Share Discussion Threads

[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

www.iex.nl/Forum/Topic/1399594/Renewi_Jaardraadje-Renewi-2024.aspx?page=Last#LastPost

[gregsc] 04/4/2024 09:40

George. Can you please give me a link for the Dutch chat.
After my disc crash I lost the link.

[pdosullivan] 04/4/2024 09:36

I have started looking into the PPPs. Unfortunately the one with the shortest remaining life (contract up in 2026) is Argyll and Bute which has delivered healthy net income of GBP1.4m on GBP9m of revenue in each of the past two years.

[george stobart] 04/4/2024 09:32

Some chunky trading volumes on the Amsterdam exchange the past few days, as mentioned in the Dutch chat.

It was post Q1, so less likely that the Dutch pension funds were rebalancing.

Gradually creeping up ahead of the 25 Apr finals RNS

[george stobart] 02/4/2024 09:15

Today's RNS looks like a PR stunt rather anything meaningful.

They have now less than 3 months to sell the UK business as promised to investors to sweeten the pill when they rejected the takeover bids

[dplewis1] 21/3/2024 11:56

Translated from Dutch article- (ABM FN-Dow Jones) Renewi still has three months to sell the British branch and the market is awaiting the outcome with curiosity.Management has repeatedly indicated that it will sell the British activities in the first half of 2024, so there are still three months left, analyst Joren Van Aken of Degroof Petercam told ABM Financial News. "I expect some movement with this sale. This business has been depressing margins and returns on investments for years. The sale will therefore visually increase margins from next year," Van Aken thinks.Renewi will present its annual figures on May 30. The company may use this moment to also announce the sale.Van Aken thinks that many investors are now tired of waiting. "They want to see effective results."The problems at waste processor ATM in Moerdijk in particular deserve a solution, the market expert believes. Hazardous waste is processed here by Renewi.Van Aken thinks Renewi is "hugely undervalued", but the analyst acknowledges that changes are needed to achieve this value. Degroof Petercam has a buy recommendation on the share with a price target of 10.90 euros.At the end of last year, Renewi's share price revived after it became known that Macquarie Asset Management was interested in an acquisition of Renewi. The company found the offers, initially £7.75 per share and later £8.10 per share, too low. Renewi did not even want to enter into discussions with Macquarie based on these bids.On Thursday morning, Renewi shares were 0.5 percent lower at 6.44 euros.

[george stobart] 12/3/2024 15:10

So what's next? George Osborne for CFO? I'm sure he'd like some extra side cash

[george stobart] 12/3/2024 10:15

Renewi welcomes Bruno Bruins as Chief Strategy Officer, a former Dutch MP and Govt Minister.

So we are adding a Dutch politician on the payroll (most likely at 200k+ EUR p.a. judging from the current executive pay) for lobbying efforts in Brussels.

RWI could use the same money to hire Rothchilds or Lazard for a strategic review and to invite takeover bids instead of wasting money on former politicians

[gregsc] 10/3/2024 11:12

Answer from the Takeover Panel.

In the event that the Potential bidder makes a "no intention to bid" announcement.
Potential bidder cannot make an offer for target within six months (except in certain circumstances).

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

26 October 2023

Macquarie Asset Management - on or behalf of one or more of its managed funds - ("Macquarie")

Statement of Intention Not to Make an Offer for Renewi Plc ("Renewi")

Further to the announcements made by Macquarie and Renewi regarding a possible offer for Renewi, Macquarie confirms that, following multiple attempts to engage with Renewi's Board, including a revised proposal, all of which were rejected, it does not feel it is in an informed position to make an offer for Renewi. Accordingly, Macquarie is bound by the restrictions under Rule 2.8 of the Code. For this reason, Macquarie will also not make a request to the Dutch Authority for the Financial Markets ( Stichting Autoriteit Financiële Markten ) (the " AFM ") to approve an offer document related to an offer for Renewi.

Macquarie reserves the right to set the restrictions in Rule 2.8 of the Code aside in the following circumstances:

(i) with the agreement of the Board of Renewi;
(ii) if a third party announces a firm intention to make an offer for Renewi;

(iii) if Renewi announces a Rule 9 waiver proposal (see Note 1 on the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); and/or

(iv) if there has been a material change of circumstances (as determined by the Takeover Panel).

[outsizeclothes.com] 08/3/2024 16:18

Hi Greg.
That's my understanding too. 6 months. So hopefully not long to wait now until the bid arrives again. With hopefully a Chairman in place that knows that shareholders own the Company, and respects their right to be consulted.
And hopefully hostile if the snout in troughs don't open the books.

[gregsc] 07/3/2024 14:17

thank you George, but to get back to the question- under the takeover code when can they come back. I thought it was 6 months but what do I know.

[gregsc] 07/3/2024 12:42

Anyone know when this Australian bank can come back with another bid?
That's assuming they want to.