Augean Share Discussion Threads

[lbo] 23/4/2021 06:58

He sold 1m last year too and the share price went higher after.

21 March 2019

Augean plc

("Augean" or " Company")

PDMR Dealings

The Company has been notified that on 20 March 2019 Roger McDowell, Non-Executive Director, sold 1,000,000 Ordinary shares of 10p each in the capital of the Company ("Ordinary Shares") at a price of 97.5 pence per Ordinary Share. Following this transaction Roger McDowell holds 3,000,000 Ordinary Shares in the Company, representing 2.88% of the total issued share capital.

[sharw] 22/4/2021 22:33

Looks like he is rebalancing between his numerous directorships. Bought 750k FLO @ 100p (previous holding Nil) and 900k PRM @ 5p (previous holding 2,500k).

[cerrito] 22/4/2021 18:46

The thought occurred that as he has been a director for ages, perhaps he is standing down at the AGM but I see from the notice that he is up for reelection.

[cerrito] 22/4/2021 18:39

I was rather lethargically thinking about going back in and then saw that Roger Mcdowell, who I rate and used to be Chairman, had sold 1m. A sensible move on his part especially as he still has 2m and I decided to go back to sleep.

[gargoyle2] 22/4/2021 16:36

Mills/Harwood reducing a bit more?

[revoman] 22/4/2021 15:57

A lot of large trades have passed through today.

[cerrito] 02/4/2021 22:29

I do not currently hold, having bought uin about 2007 and sold 12/15 months ago.
I was interested to read the discussion on Mills/Harwood. In the last week Harwood have also trimmed their holding in SUR, where Mills is also on the board and where the price has run up recently.

[kirkie001] 02/4/2021 18:11

6 months old news... Was reported in the results.

[lbo] 02/4/2021 16:02

https://www.accountancydaily.co/waste-management-company-wins-ps16m-landfill-tax-refundhttps://www.accountancydaily.co/augean-seeks-ps11m-landfill-tax-repayment

[faz] 02/4/2021 09:10

Gargoyle states the position re the HMRC tax correctly. If nothing else it shows Augean to be in a cash postive situation - they can afford to do this. Some appeals can last for years; this is unlikely here but there may be a backlog for the obvious reason. In regard to the Harwood sale, one outcome can be to improve share liquidity. But that works two ways - if no buyer is found the shares can fall til buyers emerge. If you believe in the company's strategy that is a good time to buy, as I have done recently.

[markr5] 26/3/2021 19:30

Thanks Gargoyle2 for the clarification on the HMRC situation. Thank you to sharw too for clarification on Christopher Mills/Harwood capital relationship. I had read most of the last annual report, but i have to admit that i missed, or it did not sink in about "these shares are held in or managed by Harwood capital". I now understand. I also now appreciate to read things in more detail and that a full read of the last report is probably the first thing to do, as opposed to leaving it towards the end of my research!

I've also been reading the research provided by 'Edison', which i've found interesting.

Thank you

[sharw] 26/3/2021 18:53

markr5 - Christopher Mills is a partner and Chief Investment Officer of Harwood Capital. Because he is a director then they are declared in director interests by association (in the same way that holdings by directors marital or civil partners are) but if you bother to look at the last annual report you will see "these shares are held in or managed by Harwood Capital LLP (shares held through Harwood Capital LLP, Oryx International Growth Fund Ltd and North Atlantic Smaller Companies Investment Trust).

If you bother to look here you will even get a breakdown into the three funds

[gargoyle2] 26/3/2021 17:33

As I understand it, the landfill tax claimed by HMRC has been paid in full on a without prejudice basis, i.e. it's been paid in order to stop interest accruing, but on the basis that AUG still believes it is not due. So if it loses the tax proceedings, it does not need to pay any more. If it wins, it will recover the money back, plus interest.

[markr5] 26/3/2021 16:58

I've also just realised that C Mills is not listed on Stockopedia as one of the main shareholders, but Harwood capital is (23.9%), so perhaps he sold his previous 18% holding to Harwood Capital at some point. I am showing my lack of understanding here as to how these things work (I am still relatively new to Investing). Any enlightenment would be appreciated.

This apart, I consider this to be a potentially good investment, with a long runway ahead

[markr5] 26/3/2021 16:51

Hi qvg,i have just arrived at a similar figure (7% of his holding sold). According to Stockopedia Stock report, he used to own 18% of the company in 2017 and they list him selling 1500000 shares on 03/03/21, but in the % held column it states "n/a"! Harwood capital also sold 1400000 shares on the same date and i think C Mills also runs this organisation. Whilst on the face of it, i don't consider this a good sign, i also agree that 6-7% is not a huge amount and so it could be considered as 'Top-slicing'...hopefully this is all it is anyway.

Thank you very much for your helpful, prompt reply

[qvg] 26/3/2021 16:39

Mark
"From what I can gather, the tax has been paid and it has now turned into a potentially positive situation, if they win the argument". Yes, that is how I understand it. Also they have already won one small case, the principles of which I understand are no different to the other cases.

"I've read elsewhere though, that there is still some tax outstanding to HMRC and that it could still represent a problem". I don't think that is correct.

"I also find it concerning that C Mills has recently sold 1500000 shares at 230P. Does anyone know how much of the company he still owns?" According to Sharepad, 23.9%. The sale was about 6% of his shares held, so not massive.

[markr5] 26/3/2021 16:18

I'm thinking about buying some AUG and wondered if anyone could help with a couple of questions? I've read this thread back to 2017 and I've tried to get the gist of the HMRC situation. It seemed to go quiet on here regarding this issue since 2019. From what I can gather, the tax has been paid and it has now turned into a potentially positive situation, if they win the argument. I've read elsewhere though, that there is still some tax outstanding to HMRC and that it could still represent a problem, so i am confused. I also find it concerning that C Mills has recently sold 1500000 shares at 230P. Does anyone know how much of the company he still owns?

[lbo] 22/3/2021 14:58

The company proposed return to dividend in 2021, citing strong cash generation.

[mr5k] 09/3/2021 13:38

I saw that too. 18 more EfW plants planned too.

[kinwah] 09/3/2021 13:14

Channel 4 programme last night was very bullish for Augean. The Dispatches programme, The Dirty Truth about your Rubbish, was about the growth in incineration and energy from waste which is harming the recycling effort. As AUG handles the EfW residues it looks like it will see some serious growth.

[muckshifter] 01/3/2021 08:52

Haven't had time to fully study the whole results statement, but the dialogue section looks OK to me.

[qvg] 20/2/2021 16:04

the market getting twitchy?

[qs99] 19/2/2021 16:20

what's with the sell off?