I cannot be bothered to look in the Annual Report to see what % Cam Plc own of Goodricke Group Limited, a majority maybe 75%. Assam Dooars Investments Ltd, Lawrie, Linton Park, Cam AG: it is a network of inter-related shareholdings. |
Trading Update is pretty meaningless.
Meander. |
Incredibly arrogant to want to do more agriculture M&A after the Bardsley disaster. |
Terrible update without any numbers. Hard to quantify anything.But directionally, tea market seems to have turned the corner second half of last year and outlook is strong for the first time in years.Very operationally geared business. Costs are flat, if tea prices continue to go higher we could see a return to bumper profits.Combined with the cash pile and assets, 8000p+ seems easily acheivable, and that would still be 25% before NTAV.(I hold in the Boon Fund) |
difficult to calculate a VWAP when there is no volume. |
buyback will take about 3 months at current rate. |
assume buyback is VWAP. volume is dire currently. |
It is a positive sign; £163k may be significant to directors pockets but compared to buyback it is insignificant. |
The four main directors purchased shares totalling 163,095 pounds on December 6th after the share buyback was announced. |
a small buyback is a start.
what is the current authority for buybacks; probably need a GM to increase it.
best to get the buybacks completed before announcing any "special" dividends. |
No chance that an activist investor can stir it up, 52% controlled by the charity, and the leading pension fund shareholder exclusively manages the pensions of the employeees… no chance it can be shaken up…. |
If any company needed an activist investor to stir things up it’s this one |
As a former group CFO (now retired ), of a multinational business sold for €400m, there is too much emotion in these comments. Shareholders should ask why a 9m share buy back, not a 100m buy back? Why is 9m the magic number, in my guess to buy out Quaero. Both former CEOs were asked to leave since they wished to return money to shareholders, the slight majority disagreed, hence they were both asked to leave…. I know them both |
In simple terms, the sooner management stop selling off genuine value and ploughing cash into limited, zero, or potentially even negative ROIC ventures, the better. It's clear you can map out whatever ROIC calculations you want for this business on a spreadsheet, but it's actually trading performance is pretty awful. Arguably worse than other agri businesses of the past like Total Produce, Produce Investments, or Fyffes, and suggesting to me that management strategy or execution historically here has been a material contributor
Eric |
Stop the conspiracy theories.
People are very annoyed because the management keep doing stupid things and not acting in the best interests of shareholders. I've never owned Camellia but I keep an eye on it. It annoys me even though I've never been a shareholder because it's just idiotic. |
One possible reason for the negativity - maybe some of these disgruntled holders are shorters pretending to be disgruntled holders in an attempt to encourage genuine holders to sell? |
Worth remembering that the company´s fortunes can improve or worsen (they´ve made 100´s of millions of profit historically). Pretty much every post on here is very negative on prospects. If there´s a tea shortage (like we´ve had for cocoa, coffee, olive oil etc) CAM will be the hottest property on the market, for example...
The constant negativity on here is pretty sheep like:) |
I did not realise that, but in full agreement with you. It may well just be a block purchase off market, and Quaero will take that multi million hit. I see no point in holding this share. |
Is it a coincidence that the maximum authority of 138,100 shares only just exceeds Quaero's holding of 135,000? I think not... |
This morning directors, and by default the majority shareholder, showed their true colours, and no matter how weak the share, it will never recover with the cash remaining in the Group. I am sure Quaero will be fuming!! |
The 9m buy back in the market is derisory, and quite clear that the benefits of the share sale will be used to fund continuing losses, fund excessive mgt salaries, and continue to employ for the foreseeable future all its employees. The directors are acting more to the benefit of its employees, than its shareholders. I have no doubt, its largest independent shareholder Quaero, will be very disenchanted. It’s no surprise that they reduced their stake a few weeks ago, and I guess will continue to do so. Bear in mind that they are taking a70% hit on their holding, irrespective of the time value of money (holders for 10 years). No wonder the price fell this morning. |
Looks like they are going to keep 90% of the cash to waste and keep themselves in over paid jobs and expenses |
what would the trust want; it would want to maintain its majority and realise cash.
a lot of cash, it would be an enormous buyback / tender.
maybe a capital dividend for starters. |
Exactly, crumppot.
No money should be wasted on buying more low margin, capital intensive, high risk agri-businesses.
Money after share buybacks are finished could fund a tender offer at say 75% of net book value. This would give current shareholders who want out a very profitable exit price. And increase the discount to NAV per share for those who don't sell.
Alternatively, go straight for the tender offer. |
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