Colefax Share Discussion Threads

[essentialinvestor] 19/12/2022 21:14

They hold, or held 2.05 million shares in CFX.
Based on the shares outstanding that is very high % for a typical investment trust holding.

It may make the next buy back less expensive IF they are selling down.

[rambutan2] 19/12/2022 20:59

Yes, for each round number % they drop through they should. But my experience is that timing can be tardy, to say the least, when it comes to buying/selling positions in microcaps.

[salver2] 19/12/2022 20:34

That’s possible but wouldn’t they have to declare a reduction on an rns

[rambutan2] 19/12/2022 20:26

My bet is that it is Jupiter selling. They've taken on the remit for Rights and Issues Trust which is a longstanding big holder of CFX. I wouldn't be surprised if their compliance/risk dept require a reduction in the stake to a single figs %.

[salver2] 19/12/2022 18:55

On the 19 October David Green gave his son 200,000 shares -roughly 1.5 million quid at the time so even a sale of perhaps ten to fifteen percent of this holding would weigh heavy-also it is in Colefaxs interest to get the share price down to buyback more cheaply (or am I being too cynical!)

[salver2] 19/12/2022 18:47

It’s surprising that a 20 grand purchase doesn’t move it up -I’m still wondering who the seller is -David Green the Chairman dished out quite a lot of shares to close family members-a few months back it may be that they are selling some

[essentialinvestor] 19/12/2022 15:06

£6.40 on the bid now, perhaps should have bought a few ore at £6.25.

[salver2] 15/12/2022 17:51

You’re thinking the same as me -I bought anther 15ks worth this morning-and moved the price 5 pence!They could easily buy another 2.2 million shares and take the count to a nice round 5 million and still have 5 million in the bank-I think we’re the only geniuses ( or nutters!)who buy this co -time will tell but they are the most important name in British interior design and I’m convinced that they will be bought in the next five years or so

[essentialinvestor] 15/12/2022 15:45

Possibility of an early 2023 year tender offer given their cash balances
are circa £18-£20 million ?.

[essentialinvestor] 12/12/2022 20:51

Saw that, thanks.


Hoping I might get a few lower down on a bad day.

[salver2] 12/12/2022 20:47

I think your trade must have appeared at last - I don’t think it’s mine as I bought in two lots about 630 shares and before that 4000 shares

[salver2] 12/12/2022 18:09

We’ll have to wait till the end of January to see the state of play -I’ve read a few reports from some American high end companies and things still seem strong out there

[essentialinvestor] 12/12/2022 17:17

salvar, you might be waiting a while, neither has my late Friday trade!,
private messaged you on Friday.

[salver2] 12/12/2022 17:15

I believe it was over 30 million in the late nineties when I first bought

[salver2] 12/12/2022 17:14

Interesting I bought 30 grands worth today but the buy for 25 grand hasn’t shown up

[essentialinvestor] 12/12/2022 16:08

Reduction in the CFX share count is quite extraordinary.


From over 27.5 Million shares in issue, January 2000,
to 7,237,535 on completion of the September 2022 buy back.

[essentialinvestor] 12/12/2022 14:38

New CFX board.

[salver2] 12/12/2022 11:45

Interesting that my trade hasn’t shown up

[salver2] 12/12/2022 08:43

I couldn’t help myself just picked up some more !

[salver2] 09/12/2022 17:08

This is now real bargain territory-Pe of 6 Plus it’s cash is a silly price -I’m tempted to raid the piggy bank myself!

[essentialinvestor] 09/12/2022 16:31

Lower price happened sooner than I anticipated, clearly a large seller still. Added.

[essentialinvestor] 05/12/2022 14:18

salvar, my take - CFX is worth 70% more than the current stock market valuation -
but to someone else.

Strip out the arguably highly paid BOD and listing costs and you have another
£1 million on the P&L. May be another £350,000-£400,000 for synergies (assuming a buyer already operates in this market). That synergy number could be much higher.

With respect to the current BOD they are not getting any younger, so I expect an
eventual exit - that could be next week, next year or 5-10 years.

However, that is why I hold and in the meantime the share count continues to reduce.

[salver2] 04/12/2022 09:43

I’m not so sure I think trading will be stronger than expected - I wonder who the seller is ?.I suppose it all comes down to their forward guidance - the pound strengthening against the dollar is not so good ( 60 percent USA sales )but actually Im expecting a rise in the shares ( I’ve been wrong plenty of times before !)and a buyback of more shares at a lower price if it goes down with all their cash will probably underpin the price