F&c Asset Management Share Discussion Threads

[the jackel] 30/8/2010 11:03

For once as a FCAM investor I am looking forward to tomorrows opening! After the large investment from Sherborne near the close on Friday it should have a dramatic effect on the share price. At last this undervalued share is getting the credit it deserves mentioned both in the FT weekend and Sunday times!

[salpara111] 28/8/2010 13:50

Appears that Sherbourne have about 9% directly held and a further 5.5% through some sort of option/CFD.

I closed my margin position in FCAM...at a loss but still have a substantial holding of actual stock acquired at 74 and 60....so still a way to go just to get to break even.

As long as sherbourne are buying the share price is only going in one direction, however one would have to question what their limit price is for acquiring stock? Personally I would feel that anything up to about 70p would be considered long term value but who knows what their view is.

[the jackel] 28/8/2010 13:30

Salpara111 Am I right in saying Sherborne have a stake of around 13% including options? I take it you didn't dump your stock then. Good trading all! :-)

[salpara111] 27/8/2010 19:39

Mercifully Sherborne are providing real support to the share price at present.

They have made it clear that they do not intend to go above 29.9% but that still leaves a long way to go.....potentially!

While I was disappointed with the results I do feel, like Sherbourne, that there is real value to be taken out of here but it may take another 12 - 24 months to start to see it.

[the jackel] 27/8/2010 17:52

Hi Guys I presume it will be the Sherborne Investors mopping up these shares. I'm still building up my investments in FCAM as it would be fool hardy to sell when such a big buyer is around!

[lord gnome] 27/8/2010 15:51

Another 16 million shares just gone through. Looks like our buyer has just mopped up a bit more loose stock.

[trysharedealing] 27/8/2010 12:27

Did those shorters know dividends would be cut by half when they opened their short position?

somebody bought 32 million shares, wow!

[salpara111] 26/8/2010 09:49

As expected the divi is cut, disappointing that it has been cut in half. Divi is still pretty decent at over 5% but means that the big divi chasers will leave the stock as there are better ones out there.

Not sure where to go from here.

At least the guys with the short position will probably be able to get out now for little/no loss.

Will wait and see if there is any strength today.

A business this size will always take time to turn around.

If there is buying today which pushes the price back up then I will stay if not then I will take my loss and dump.

[the jackel] 26/8/2010 08:48

Think I might increase my holding today no doubt Sherborne will be thinking the same at this price.

[topvest] 26/8/2010 08:28

Yes, disappointing. They need to get their act together though and maybe this is a sign that they are starting to get to grips with the undoubted challenges in their business. In terms of asset management, they have been poor performers of late and that needs to change given their great pedigree.

[enami] 26/8/2010 08:25

Dividend cut 50%.

If they do the same for the final (4p down to 2P) then the yield is still over 5%.

XD 29 Sep Pay 22 Oct.

[enami] 25/8/2010 13:45

Sherborne up to 11.319% now.

Results tomorrow?

[salpara111] 23/8/2010 12:59

I wonder what now...I am still underwater so not in a hurry to sell but on the other hand it may well take a lot longer to get back to 80....I guess I will wait to see what the next results bring and then make a decision.

[solarno lopez] 22/8/2010 08:04

Nice piece in today's Sunday Times Business Section on Sherborne's activist approach.

[enami] 20/8/2010 17:38

Reading the two RNS together I make out:-

It looks like Sherborne have sold 18+ million to Cantor Fitzgerald Europe, who have then sold a 20m CFD to Sherborne in addition to 8 million they already have which is on their previous RNS (with Cantor I assume)


So Sherborne have increased to 10.233% from 9.717%

High finance indeed

[m.j.g] 20/8/2010 17:21

Regarding the rns 1624 today am i right in thinking they have sold all their shares 41,360,605 and bought voting rights 23,984,720 and 28,000,000 contract for difference rights thereby giving them 51,984,720 voting rights v confused could anybody explain please

[lab305] 19/8/2010 18:41

A good ploy would have been to short the company shorting Fcam, Trafalgar Asset Mismanagement or whatever they are called, but of course they are not quoted. They must be smouldering now and with hopefully a good report in a week and a dividend to follow......Ouch! Well you will play with fire boys. Why not short some more so Sherborne can get an even piece on the cheap???

[salpara111] 19/8/2010 11:54

Nice that in this instance the shorter has been burned.
I always find it interesting when people on BBs use "professional investors" actions as justification for why a share will go up or down.
Why these guys would have chosen to short a stock that looked completely oversold is beyond me.
I assume that their short was built up at prices from 60 downwards which means they will loose out on their unwind.
It is not a lot of stock, only 0.3% but forced buying has to be good in terms of supporting the recent leg up.
I am still waiting for 80p but expect the next big leg up to take quite a bit longer than the recent one.

[alchemy30] 19/8/2010 07:31

Nice to see shorts closing now aswell.

[mister md] 18/8/2010 15:47

good to see they paid average of 63.5p for their 2nd batch...

[speedsgh] 18/8/2010 10:42

salp - thanks, i wasn't aware of that, although i'm sure that doesn't stop some less scrupulous organisations from getting involved in it unofficially!

interesting developments in the last couple of days. intrigued to see where it will take us from here.

[salpara111] 18/8/2010 10:24

I know that is what they have put in the RNS however that does not carry any legal weight, they are perfectly entitled to say at a later date that they have changed their mind.
Realistically, if you were intending to build up a stake prior to takeover then you would want to do it at the lowest cost possible. If they came out and said....."we intend on taking a controlling stake in the business or completely take it over" what do you imagine would happen to the sp, my guess is that it would have risen a damn sight more than 25%.
All hypothetical etc
Speedsgh....they are not allowed to work with another "interested party" covertly....that is what is called a "concert party" and is expressly forbidden in takeover rules.
I knew the financial markets section of my degree would prove useful at some point!
I know that companies have to declare when they have a short position, but does anybody know when/if they have to declare that they have unwound it?

[speedsgh] 18/8/2010 09:50

salp - haven't they already discounted a takeover in their announcements? i suppose they could be working in tandem with another 'interested party'?

[enami] 18/8/2010 09:49

The answer is in the RNS

"The Group may continue to acquire shares in F&C, but if it is unable to acquire a large enough shareholding at an acceptable price, the Group may elect to dispose of its shareholding in F&C and invest in another company. Further, pursuant to the Group's Investment Policy the Group intends that its shareholding in F&C will not reach such a level as to require the Group to make a bid for the entire company"

[salpara111] 18/8/2010 09:45

Must admit, I expected a slight drop this morning after yesterdays rise, but then again I had not counted on yet another substantial purchase.
I am genuinely curious about what the buyers strategy is here. Clearly they see an undervalued stock....I think we would all agree with that! but what I want to know is....is this a prelude to a takeover or just the buildup to a substantial stake in the business