Dewhurst Share Discussion Threads

[profdoc] 30/7/2021 08:59

Thank you Arthur - I see your point. But who has been buying the voters. If it's a family member or other major shareholders wouldn't they have to issue a notice if they buy an additional 1%?

At 24% - 26% of overall Mcap (thanks Gengulphus) the current non-voters end up in about the same economic position as now? Or have I got that wrong?

Glen

[tanners] 30/7/2021 07:10

coolen - Cakebread Robey was another example of value disparity being attached to non voting shares; in that case when taken over by Jewson some 20 years ago. Ironically I seem to recall that being discussed as a case in point on one of the Dewhurst threads some time ago.

[arthur_lame_stocks] 30/7/2021 06:03

Hi Gengulphus. Thanks for that, I always thought there were an equal number of voting and non voting shares.

[gengulphus] 29/7/2021 23:15

Typically at Dewhurst the voting shares have traded at around twice the price of the non voting shares so you would expect them to get around 66% of the consolidated share capital with the non voting shares getting the rest.

Currently the ratio is around 4 times the price of the non voting shares so you would expect them to get around 80% of the shares.

It's a bit more complicated than that, because there are about 44% more non-voting shares in issue than voting shares. So with voting shares typically being about twice the price of non-voting shares, you would expect their fractions of the consolidated capital to be in the ratio 2:1.44, or about 58%:42%.

And with the share price ratio currently being about 4 times, you'd expect their fractions of the consolidated share capital to be in the ratio 4:1.44, or about 73.5%:26.5%.

Gengulphus

[coolen] 29/7/2021 21:35

Arthur, thank you. Very well explained.

[arthur_lame_stocks] 28/7/2021 10:48

Hi Glen

Because they have two classes of share, the voting and the non voting, they may choose to consolidate these into one class of share which may make them more appealing to investors generally.

If this happens they will have to choose who gets what percentage of the company after the consolidation bearing in mind that the voting shares should have an intrinsically higher value than the non.

Typically at Dewhurst the voting shares have traded at around twice the price of the non voting shares so you would expect them to get around 66% of the consolidated share capital with the non voting shares getting the rest.

Currently the ratio is around 4 times the price of the non voting shares so you would expect them to get around 80% of the shares.

I saw a similar thing happen at BLEY which admittedly was never run with the minority holders in mind.

I have no idea whether something of this nature is going to happen but it is strange that this price differential has suddenly opened up.

[profdoc] 28/7/2021 09:02

Arthur, Could you explain how this would work. I'm not familiar with the issue. Thanks

[arthur_lame_stocks] 27/7/2021 11:44

I'm wondering whether the growth in the voting shares and the stagnation in the non voting shares is because they're planning a share consolidation on unfavourable terms for the non voting shares as happened at CH Bailey.

[18bt] 19/1/2021 11:00

Staggering increase since the start of the year continues...

[bench2] 15/1/2021 12:44

Big move in Dewhurst and DWHA ..... , Annual Report arrived today , I will check later to see if anything extra to account for the move ... IC is getting a bigger following but is there something else driving the share price ? The gap between the Ords and A shares is now the widest I have seen . Obviously a tight market in the Ords with no family sellers . Any thoughts welcome

[energeticbacker] 14/12/2020 11:05

In Investor’s Champion’s income feature this week, they've selected four small-cap dividend stocks including Dewhurst with impressive dividend growth records, sensible yields, and solid balance sheets.

In aggregate, these four shares have a forecast dividend yield of 3.2% and a 10-year average annual dividend growth rate of 11%. Investor’s Champion thinks stocks such as these could be an interesting alternative for income investors who are building a long-term portfolio.

[bench2] 30/11/2018 12:14

The last 3 years the Final Results have been announced on the first Tuesday in December ...... So hopefully on 4 Dec 2018

[arthur_lame_stocks] 24/7/2018 19:42

I wonder if the family are planning to consolidate the shares into one class and the increasing premium of the voting shares isn't by way of manipulation to ensure they control as much of the company as possible after it happens?

[danieldanj] 10/6/2018 02:29

Dewhurst (DWHT) Earnings-Reaction to Keep an Eye

[simonlala] 11/4/2018 10:08

Quick question guys - Why is the spread so wide on Dewhurst? 1100 / 1200 ?

[topvest] 12/2/2017 18:21

Agreed, although if there was a takeover non-voting shares would no doubt receive less. I bought non voting shares myself though as they were better value.

[bestace] 10/2/2017 15:23

From the accounts:

"The Ordinary shares and the 'A' non-voting ordinary shares rank in all respects pari passu except that the 'A' non-voting ordinary shares do not carry the right to receive notices, attend or vote at meetings of the Company"

As it's a family controlled company there is really no reason for a private investor to pay a premium to buy the voting shares.

[little beaker] 10/2/2017 12:54

Hi can someone tell me what the difference is between DWHT and DWHA shares, thanks

[cockerhoop] 01/2/2017 08:21

Cheap as chips Acq

[bench2] 06/12/2016 12:59

Good call Topvest ... todays results show how difficult it is to forecast demand at Dewhurst with the early Feb profit warning having to be reversed . Small Brexit beneficiary , but probably another flat year coming up . But divi growth record is excellent , and balance sheet impeccable . Along with FWThorpe my largest sleepeasy AIM holding . Also the company Buy Backs are few and far between but always superbly timed , to genuinely add value .

[bench2] 06/12/2016 11:31

Good call Topvest ... todays results show how difficult it is to forecast demand at Dewhurst with the early Feb profit warning having to be reversed . Small Brexit beneficiary , but probably another flat year coming up . But divi growth record is excellent , and balance sheet impeccable . Along with FWThorpe my largest sleepeasy AIM holding . Also the company Buy Backs are few and far between but always superbly timed , to genuinely add value .

[topvest] 30/8/2016 20:03

You get the feeling this company is rather cautious:

2 FEB - PROFIT WARNING

"With the combination of lower short term demand, margin pressures and adverse exchange rate movements we currently expect 2016 revenue and profit to be materially below those for last year."

30 AUG - SIGNIFICANTLY AHEAD WARNING

"The combined effects of these factors mean that the Board now anticipate full year profits will be significantly higher than current market expectations."

Very unusual in one financial year...sounds like we are back to about where we started!!

[topvest] 16/1/2016 17:47

Odd that the A shares are over £2 cheaper. Given the family control anyway, why?