Share Name Share Symbol Market Type Share ISIN Share Description
Dignity Plc LSE:DTY London Ordinary Share GB00BRB37M78 ORD 12 48/143P
  Price Change % Change Share Price Shares Traded Last Trade
  10.00 1.43% 708.00 56,715 16:35:14
Bid Price Offer Price High Price Low Price Open Price
701.00 714.00 719.00 685.00 719.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Retailers 357.50 -19.60 -51.00 354
Last Trade Time Trade Type Trade Size Trade Price Currency
17:18:04 O 121 707.992 GBX

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22/9/202121:31DIGNITY (DEAD CERT)2,252
01/8/201810:01Dignity (DTY) One to Watch on Wednesday 7
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Dignity Daily Update: Dignity Plc is listed in the General Retailers sector of the London Stock Exchange with ticker DTY. The last closing price for Dignity was 698p.
Dignity Plc has a 4 week average price of 685p and a 12 week average price of 685p.
The 1 year high share price is 961p while the 1 year low share price is currently 395p.
There are currently 50,024,441 shares in issue and the average daily traded volume is 86,998 shares. The market capitalisation of Dignity Plc is £354,173,042.28.
jodiemarshmellow: Death rates falling and are responsible for the weak share price. Isn't that interesting when we are being told people were dying like flies in 2020 21 for this fake virus... Dont worry, though, shareholders as the vaccine takers will start dropping like flies in the next three years, and DTY will be overwhelmed with deaths, sadly.
mrx9000: Open Letter from Phoenix, dated 31st April, for the record... 31st March, 2021 Open Letter to Shareholders of Dignity Plc Re: Shareholder Circular & Notice of General Meeting Dear Fellow Shareholder, This Letter is a direct response to Dignity's statement published yesterday making claims about why we have acted to requisition the General Meeting. We have called this shareholders' meeting because we believe we can no longer trust Clive Whiley to be Executive Chairman of Dignity. Therefore, we don’t think it is in the best interests of Dignity and its shareholders for him to be involved with the business. This is because, as part of our work assisting the Company this year, we uncovered what we believe are some very serious issues in the prepaid funeral plan business (referred to as "pre-need"). We gathered the relevant information and sent it to Clive ahead of the budgeting process and finalisation of the annual results. In our view, his subsequent actions in dealing with the matter, internally and externally, left us no choice but to seek his removal as a director. Conflict is not in our nature but doing nothing would have gone against our company principles and long held standards of integrity. We are bound by our confidentiality agreement with Dignity and so cannot share all of the details with you. However, we would encourage shareholders to speak with the board to understand this issue in detail. We must also apologise because we were instrumental in Clive’s appointment. We received advice from people we trusted to avoid working with him. Regrettably, we ignored them. We have spent the past three years trying to assist Dignity in finding the right strategy to build shareholder value. As we increased our stake and got closer to the Company, it became apparent that the board was dysfunctional and so we put forward a member of our team, James Wilson, to join the board to assist with the issues at hand. James’ work on the strategy led to some successful trials but we believe that further progress was thwarted by internal vested interests. It seemed that there was resistance to change and that the vested interests favoured short term optics over long term shareholder value. In such a rapidly evolving funeral market, where the competition grows stronger with every day of Dignity’s stasis, we concluded that wholesale change was needed in November 2020. After meeting with the NEDs and asking them to replace the executive management, including Clive, we compromised in order to avoid the distraction of a shareholder vote and left Clive in place on the basis that we could work together. We tried our very best to work with Clive in a collaborative and transparent way. Our approach was not reciprocated, and the pre-need issue was the final straw, so we asked the board to remove him. The work we began in the first couple of months of 2021 started to unleash the wonderful and talented people in Dignity, who we found had all the answers if we just listened to them. That work will resume, but unfortunately the board decided to pause it during this process. If you look at the other instances where we have a large stake in a business, like Hornby or Stanley Gibbons, you will see that we treat minority shareholders as partners and we don’t take a single penny from the companies in salaries or Phoenix expenses. You can expect the same from us at Dignity where we are proposing no pay and no expenses for Gary. We are also giving you the peace of mind that we won’t use this situation to make a bid for the Company. The only way we can benefit is by rapidly helping the business find the right long-term strategy that builds shareholder value. We sit right beside you as shareholders and our interests are aligned. Gary Channon does not seek a long-term position on the Dignity board. We intend to use the position to put in place the right leadership team and then fall back to a supportive role as before. The fairest and most transparent way to settle this is to allow shareholders to decide on whether they want Clive to continue working for them. We remain open to working with the rest of the board if they wish to stay, but the real asset in the business is the caring and compassionate people who look after our clients every day. We promise you honesty, hard work and full transparency on both the good and the bad that we find. We have not sought to address every twist and turn of the board’s statement here but if you have any questions, then please get in touch using the email address below. Sincerely, Phoenix phoenix@pamp.co.uk Note to shareholders: Phoenix Asset Management Partners is a fund management company founded in 1998, based in Barnes, Southwest London. We have an investment philosophy inspired by the teachings of Benjamin Graham, Philip Fisher, Warren Buffett and Charlie Munger. We are known for the depth of our research especially our monitoring programmes that are based upon lots of fieldwork as we experience companies through the eyes of their customers. We have a long term track record of generating returns significantly in excess of the market and manage £1.2bn. Over the past 23 years we have built Phoenix using a principles based approach to business that emphasises integrity, transparency and fairness in all our dealings. You can learn more about us at www.phoenixassetmanagement.com.
mrx9000: Old news from 22nd April but alas just for the record... "Dignity, the funeral director, has suffered a shareholder revolt after investors voted to oust chair Clive Whiley and replace him with a partner from asset manager Phoenix, sparking a wave of resignations from fellow board members. Some 55 per cent of shareholders that voted backed the removal of Whiley, who was appointed in September 2019, with 61 per cent supporting the appointment of Gary Channon, chief investment officer at Phoenix Asset Management Partners. The news was announced at an extraordinary general meeting on Thursday morning. Chair of the audit committee Dean Moore confirmed that Gillian Kent and Paul Humphreys, both of whom are non-executive directors, would resign with immediate effect. Moore said he would also step down from the board in due course. London-based Phoenix holds almost 30 per cent of Dignity. Ahead of the meeting, the asset manager said it did not believe Dignity or Whiley were acting in shareholders’ best interests. Dignity’s share price has plunged 75 per cent in the past five years. The company sank to a loss before tax of £19.6m in the 12 months to December 25, compared with a profit of £44.1m in 2019. That was despite the pandemic causing a 14 per cent rise year on year in the number of UK deaths. Phoenix, which is a long-term investor that seeks out businesses it believes are cheap because of short-term issues, said it was delighted with the results. “We thank our fellow shareholders for their support, we now have to show our ourselves worthy of it and we will get straight to work on that today.” Granular Capital and Artemis, two UK fund managers, each have shareholdings of more than 10 per cent, according to data from S&P Capital IQ. Artemis declined to comment, while Granular Capital did not respond to a request for comment. The ousting of a chair at a shareholder meeting is rare in the UK. Since 2016, only a handful of UK companies have been subject to resolutions to remove the chair, including Petropavlovsk last year, according to SquareWell, the consultancy Norway’s oil fund, the world’s largest sovereign wealth fund, voted against the proposal to oust Whiley and replace him with Channon, while a top-20 shareholder said he was extremely worried about the outcome. He said: “We are very concerned there is going to be complete vacuum and chaos. Phoenix are acting extremely irresponsibly. “For the company, the stakeholders, the bereaved customer, it is potentially a disaster for everyone.” Phoenix previously said it was not “seeking to control the board” and that its proposals were in “the best interests of the long-term shareholder value of Dignity”. Channon would not receive any pay if he were appointed executive chair, the group said. The asset manager is now due to present a plan for Dignity at the company’s annual meeting in June. Dignity and rival the Co-operative Group Limited together account for 30 per cent of funeral branches in the UK. In December, the Competition and Markets Authority found that funeral director fees quoted by Dignity were on average £1,400 more expensive than those quoted by smaller, typically family-owned firms. The CMA concluded that, because the recently bereaved tended to be “insensitive to price”, it was not surprising that a “lack of effective competition has resulted in higher prices than we would expect to see in a well-functioning market”. Dignity’s share price jumped about 4 per cent immediately after the meeting but has fallen back since then. It is up almost 1 per cent, at 650p. "
hatfullofsky: They did indeed but they explicitly stated - Market share / Average Cost - BELOW expectations- Q2 deaths BELOW 5yr average- Risk of a big drop in death ratesWhich is probably why there has been an adverse reaction in the share price
hatfullofsky: Tongo, what's your view on first actions ? I'm thinking : 1 Sorting the Funeral plans (well they have stated that) 2 Listing the crematoria business As you know I have been harping on about the Crematoria business for a while. Listing it would be a big quick win. If we remove significant debt and retain control at an operational level we are a much stronger company, with further locations paid for by the new entity. It will also allow DTY to start paying a significant dividend.
hatfullofsky: I think DTY are making it as difficult as possible to vote. "Further details of the Resolutions and the General Meeting (including the procedures for participating and voting) are set out in the Circular" A copy of the circular published today will shortly be available on the Company's website www.dignityplc.co.uk and available at the National Storage Mechanism w hich is located at https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
mr5k: DTY own the funeral parlours and all the profits accrue to them. I don't know how prices are set or how much autonomy they have.
velocytongo: This guy Richard Griffiths is interesting .. he often pops up on the share register if there is some corporate action .. there might be something a foot with the crem business .. this is looking like a good each way bet: if Phoenix win the business will be much better run and the share price should be worth multiples .. if Phoenix loose the only viable exit without trashing the share price is if the whole business is put up for sale .. VT
imastu pidgitaswell: It's a good one this - from the sidelines still. Popcorn required: hTTps://www.thetimes.co.uk/article/funeral-provider-dignity-hits-back-as-shareholder-seeks-to-oust-chairman-vfwtg5glg Dignity, one of Britain’s biggest funeral operators, has accused its largest shareholder of trying to take control without paying a bid premium after Phoenix Asset Management moved to oust its executive chairman. The company has revealed that Phoenix had prepared a formal bid for Dignity in the second quarter of last year when the share price was weakened and the company “on the back foot” from the pandemic, board changes and the pausing of its transformation plan. Dignity urged investors to oppose attempts by Phoenix, which holds 29.9 per cent, to replace Clive Whiley with Gary Channon, Phoenix’s founder and chief investment officer, at a shareholder meeting next month. Dignity’s response to Phoenix’s requisition notice yesterday also revealed that Phoenix threatened to requisition shareholder meetings on a number of occasions “to get its way”. This included, ironically, pressing for the appointment of Whiley as chairman in 2019. It also said that Phoenix was behind the departure of Mike McCollum, Dignity’s chief executive who resigned suddenly a year ago, and that the search for a replacement had been suspended after Phoenix rejected a shortlist of candidates. The escalating row brings to the surface a long-running breakdown in the relationship behind the scenes between Dignity and Phoenix. The April 22 shareholder meeting comes after a downturn at Dignity, which has been battling a price war with the Co-op, profit warnings, criticism over a lack of transparency on pricing and increasing regulation. Dignity, based in Sutton Coldfield in the West Midlands, owns more than 800 funeral locations and operates 46 crematoriums in the UK. Attempts to respond to the pressure with lower prices and a restructuring have been hit by the pandemic and senior changes. Dignity said Phoenix’s move was a “wholly unnecessary act . . . at a time when the board had been making considerable progress towards the completion of the previously announced root and branch review” due to report in June, and Whiley, 61, was having a “galvanising effect on the business”. Dignity’s independent non-executive directors said Phoenix was not acting in the best interests of the majority of shareholders as a whole, “but is instead driven primarily by its own self-interest”, and said Channon had “demonstrated himself as lacking the skills and judgment required of someone seeking to be responsible for leading the executive function of a public company of Dignity’s stature”. Its non-executive directors have threatened to resign if Channon ousts Whiley. In a letter to shareholders ahead of the meeting, Channon said Phoenix was not seeking to control the board, it would have one Phoenix representative, would not increase its shareholding beyond 29.9 per cent and has pledged not to make an offer for the company, unless a third party has bid. “We believe that although the company faces many significant challenges as the funeral industry changes, there is great value to be unlocked if the right course is pursued in an expedient manner,” Phoenix said in the letter. Shares in Dignity, which traded at more than £28 in 2016, closed down 41p, or 6.1 per cent, at 621p.
mr5k: Great cash performance and it seems a much needed cultural change is underway. Looks like a good decision to stop an expensive transformation project (£50m!!). Also the amount of money spent doubling the branch network (via acquiring other independents) to maintain market share at 11-12% is an indictment of the previous management but not surprising. All the major execs were accountants who were simply playing the p/e acquisition game - namely buying earnings on a 5 times multiple but being rewarded 20 by the market. Disappointed that they've not found a CEO and not comfortable with Whiley maintaining two highly paid Executive Chairmen roles in companies that are turnarounds. These situations require laser focus. I'd be voting with Phoenix for the removal of Whiley. Let's face it the share price started the rally when the requisition notice was announced. I think earnings should rebound next year as the mix improves and we start to see the benefit of the efficiencies. Over time the shares should get back to the original levels as DTY's scale will enable it to dominate digital advertising and the funeral planning. COOP will also do well. I'm thinking that the independents may struggle unless they can offer much better service but this will also be a focus for DTY through improved training and recruitment. DTY vertical integration with its branches, dominant position in cremation (76% of funerals are cremations in the UK) and pre paid funerals means it (and COOP) will dominate the market, making it harder for the independents. If you then add scale and access to capital (expertise to build crematoria) to the equation, the outlook for DTY is very good. It could be argued that the branches will eventually become an expensive overhead but death and mourning are traumatic and having someone to speak to will be important. It's critical that staff are well trained and not incentivised by profits and lead customers to making the right decisions for them. Anyways, I'm a happy long term holder and glad I bought last year.
Dignity share price data is direct from the London Stock Exchange
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