Enodis Share Discussion Threads

[fothers] 06/6/2001 10:21

JJ..Chance would be a fine thing. The Enodis yield is around 6 per cent which is probably more than you are getting from the building society. I understand that the (interim) xd-date is 15th June for payment on 6th July.
You might have picked up the 11.5 per cent figure from news that an American fund manager has been building up an 11 per cen stake in the company.
There is strong speculation of a buyout at, perhaps around, 200p. So the stock is worth considering on two grounds.
Fothers

[11mg tar] 05/6/2001 13:45

I was told that the dividend for anyone holding these shares is 11.5%
If this is true when is it paid and when do I need to be holding the shares?

thanks JJ

[macd35] 03/6/2001 19:12

and tipped by sun times today

[macd35] 03/6/2001 19:11

big gap to fill upto 1.55 and chart looks very good.

[farhad] 03/6/2001 16:38

Too much debt for my taste. Anyone bullish?

[harvester] 30/4/2001 11:26

Hi,
Here are several diverse views from the papers:

Telegraph;24th April:
The market by Benjamin Woodliff
“ with two profit warnings and a sale in just 4 months,2001 has got off to a rocky start for Enodis , the catering equipment supplier to burger chains worldwide . Debts have risen to £400 million , resulting in interest cover of just 3.5 times and revenues are under pressure . In January the company warned that business in the US which accounts for three quarters of sales, was struggling .
Yesterday was the first bit of good news for investors. The long-awaited sale of the non-core Magnet kitchen furnishings division was secured . Even though the £134 m price tag fell short of expectations , the market welcomed the news . Enodis effectively put itself up for sale at last month’s strategic review and Magnet was considered an obstacle for potential buyers that had no need for a kitchen furnishings business . The shares picked up 13.5 to 117 ½ p . The proceeds will go towards reducing the debt to about £300 million but the advantages need to be weighted against the loss of a profitable business . Without Magnet profits for 2000 (should read 2001????) are not expected to exceed £60 million against forecasts of £100 million before the sale and warnings . The management faces its own problems . David Williams resigned as chief in March and earlier board upheavals accounted for finance director and chief operating officer . A replacement for Mr Williams has yet to be found, but the company may be sold before then anyway. Bids are unlikely to come in over £2 a share, a hard price to swallow for a board that just one year ago could have demanded over £4 . Steer clear . “

My comment: £2 buyout is good enough for investors buying at around £1.20 .


Times article dated 24.1.01
“Enodis sells Magnet by Angela Jameson
Enodis, the catering equipment maker has sold its Magnet kitchen division to Swedens Nobia for £134 million. Analysts said the sum achieved fell short of the £150 million that had been pencilled in for sale . But Enodis shares climbed 13% to 1171/2p, having hit a two-year low of 89p earlier this month . The sale comes just a month after David Williams quit as chief executive on the announcement of the company’s third profits warning since November . At the same time the group said it would cut 900 jobs in an attempt to find £30 million a year cost savings . Enodis bought the Magnet group for £25 million and will record a book profit of £25 million on the sale .” (???)

Times article dated 24.1.01 by Robert Cole
“ Enodis the renamed Berisford has been trying to sell its troublesome Magnet kitchens arm since August 1999 . Now, backed into a corner by trading difficulties in the US, it was forced to do a deal at a knockdown price . The £124 million it will bank from the sale to Swedish kitchen fitter Nobia (£10 million goes into the pension fund) is not good . However, the fact that a deal has finally been done suggests that the management is getting on with the job that it has failed to do since the first warning of a downturn in their US markets last November . Proceeds from the sale will enable the company to reduce its debts by £100 million. More significantly, the company is now cleaner and more attractive to a potential bidder . The market keenly awaits a takeover . The appearance on the share register of David Herro, the Chicago-based investor with an eye for value, may not be unconnected . But corporate raiders may be less keen to take on the challenge . Enodis has made much of the downturn in the US food service market. Yet its competitors have not reported the same difficulties , leading some to suggest that the group’s problems are self-inflicted . At the same time it is by no means clear that action taken so far will be sufficient to overcome its difficulties .
Yesterdays rally appeared to be more in hope of a bidder appearing than in praise of this deal . But with profits set to halve after completion of this sale , a bid is the only thing worth holding on for . “


Sunday Times article dated 29th April 2001
Sharewatch by John Waples
“ Enodis Shares in the food service equipment maker last week reversed their recent steep decline after Andrew Allner, acting chief executive, clinched the £134million sale of Magnet kitchens to Nobia, a Swedish firm. The deal could open the way for an offer for Enodis itself . Analysts were already predicting trade bidders for the group but the removal of Magnet could draw interest from private equity firms. Buy at 122.5 .”

Above are all newpaper comments. My further comments:
The last two days have seen increased trading activity in ENO but the MM’s are trying to conceal the direction of trading leaving many large trades unidentified. I draw your attention to trade No 30 on 26.4.01 when a block of 432000 shares was sold leading to a change of spread from 114-116 to 115-117. On the 27.4. there were many large “green” trades at 124p. Trades 82 and 86 near market close for 250K and 150 K shares traded at 124p appear to be buys since they traded at the top of the bid range .

There are obviously many question marks on the fundamentals . ENO shares are not for the faint-hearted. I now regret starting this thread since there are many better and safer trading opportunities in the market . Nevertheless I hope that the info provided above gives useful guidance to traders and watchers of ENO shares .

[assagai] 29/4/2001 17:59

Agreed.
ENODIS, London Clubs, Tadpole.
Should all move well this week.

[cheve] 29/4/2001 17:17

Am thinking of going long tomorrow. Seems like a chart breakout.

[the player] 24/4/2001 07:24

I got a buy signal on these this morning.

TP

[harvester] 24/4/2001 07:24

First trade today was a big sale of 5.4 million sale which has caused a very weak opening and drift of price. That block of shares was traded on 23rd at 16:2X for 111.625 and sold on the next morning(24th) at 6:54 for 111.67. An institutional placing??? a stake-building??? Who knows?
The AFDN top list only gives a relatively small MM trade for ENO on 24th.
I will post later the Times and Telegraph comments on ENO which were fairly negative.

[harvester] 24/4/2001 07:00

Hi,
also see discussion on "newspaper tips thread" on ENO today.

[buybuybuybye] 12/4/2001 12:17

Has this now bounced off the bottom ??

[quickflutter] 27/3/2001 23:53

better gaain

[taximania] 27/3/2001 23:20

Kitkat - does not really matter but i think ENO is traded on the nyse and not the nas, good luck with it .

[quickflutter] 27/3/2001 10:47

just went better

[cic] 27/3/2001 10:12

Good news for holders !



RNS Number:1083B
Enodis PLC
27 March 2001


DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1) NAME OF COMPANY

ENODIS PLC

2) NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

FRANKLIN RESOURCES INC

3) Please state whether notification indicates that it is in respect of
holding of the Shareholder named in 2 above or in respect of a
non-beneficial interest or in the case of an individual holder if it is a
holding of that person's spouse or children under the age of 18

AS 2) ABOVE

4) Name of the registered holder(s) and, if more than one holder, the
number of shares held by each of them.

CHASE MANHATTAN BANK 63,932
BANK OF NEW YORK NOMINEES 9,288,080

5) Number of shares/amount of stock acquired.

9,352,012

6) ( N/A %) of issued Class

7) Number of shares/amount of stock disposed



8) ( N/A %) of issued Class

9) Class of security

ORDINARY SHARES OF 50P

10) Date of transaction

26/03/01

11) Date company informed

26/03/01

12) Total holding following this notification

9,352,012

13) Total percentage holding of issued class following this notification

3.7379%

14) Any additional information



15) Name of contact and telephone number for queries

R SYMS - 01483 549080

16) Name and signature of authorised company official responsible for
making this notification D R HOOPER

Date of Notification ....27 MARCH 2001.......

[quickflutter] 27/3/2001 09:36

This looks a good one.

[kitkat] 27/3/2001 07:42

looking very good today - I've just topped up!!

[kitkat] 27/3/2001 07:35

ENO is a world wide company - see ENODIS PLC - Code ENO on nasdaq.

[kitkat] 26/3/2001 23:42

This one is a STAR!!

[garryglitter] 26/3/2001 23:27

Following fall to 107p, this one could get a bid quite soon.

[taximania] 26/3/2001 22:57

Kitkat -why is ENO traded on the Nas?

[ceepee] 26/3/2001 19:54

100% increase by end of year ,bought at£1-00 on friday,could only afford 1,500.