Findel Share Discussion Threads

[1gw] 30/9/2015 16:30

Very nice. I decided against chasing it higher today, but let's see what tomorrow brings. A good TU could give it another leg up.

[mike740] 30/9/2015 16:20

Already in.

[dlku] 30/9/2015 16:19

good chance to get some BWNG PE 9

[mike740] 30/9/2015 16:19

Another cracking day.

[1gw] 30/9/2015 14:29

One thought that struck me. Did Sports Direct know about the Kitbag sale when they bought the Findel shares? If so, doesn't that constitute insider info? If not, they must be re-evaluating their position now they have found out about it. I've put a longer post on the subject of my thoughts on Sports Direct's possible intentions and what might happen next on the LSE board.

Possible TU tomorrow.

[mike740] 30/9/2015 10:07

30 Sep FINDEL PLC Cantor Fitzgerald Buy 235.63 335.00 335.00 Reiterates

SP TARGET 335p

[1gw] 29/9/2015 16:27

Two 431k trades gone through - so that looks like another 1% changed hands.

[mike740] 29/9/2015 15:45

Absolutely. cheers.

[1gw] 29/9/2015 15:36

And picked up some more this afternoon - decided to ride my luck on this one.

A positive TU on Thursday would be great, but even without that I think there's potential for something to happen here. I can't see why Sports Direct would come in so aggressively unless it thought it could get Kitbag, and I don't see why that will happen if it sticks at 19%. And if the Kitbag deal is already agreed subject to contract, then it seems to me Sports Direct has to move very quickly to prevent it happening.

[mike740] 29/9/2015 12:49

Could be some sort of a take over 1gw.

Certainly theirs something big happening here.

So glad I saw your post sat morning.

Make it a virtual pint and a bottle of the finest whiskey.

[1gw] 29/9/2015 12:32

So the other 8m did come from Toscafund; Schroders and Toscafund each giving up 8m to let Sports Direct come in big.

So now we have voting rights broadly equally split: 20% Toscafund, 19% Sports Direct, 17% Schroders, totalling 56%.

It all seems very nicely set up for these 3 companies to pool their resources somehow and to offer to buy out the remaining shareholders. Perhaps Toscafund and Sports Direct get together and sound out Schroders on support for a Toscafund/SD bid? i.e. what level would Toscafund/SD have to pitch a bid in order to win Schroders' support?

[1gw] 29/9/2015 10:47

Could be a trading statement on Thursday (1st October). Interesting that they chose to announce the approach for Kitbag today, with the Sports Direct holding news, rather than keep it back for a TU a couple of days later. If the news wasn't about to leak, I would have thought a TU was the more obvious place to notify the market of the interest in Kitbag.

Does that suggest some concern about Sports Direct's near-term intentions? Releasing the news about Kitbag at the same time as the holdings news might have been expected to push the share price up (more so than just the holdings notice) and so make it more expensive for Sports Direct to acquire more shares in the near-term.

Or does Sports Direct's aggressive move suggest that they may already know about the Kitbag interest and so Findel felt they had no choice but to release the news to the rest of the market?

[1gw] 29/9/2015 08:41

You're welcome. Nice to know there's someone else interested!

[mike740] 29/9/2015 08:17

1gw, thanks mate, I didnt post anything but saw the increase in volume and then your post sat morning and bought heavy first thing monday. Much appreciated.

Cheers.

[1gw] 29/9/2015 07:45

Nice RNS.

So they've agreed a sale of Kitbag subject to contract and now Sports Direct has jumped in with 18%.

If the sale was to Sports Direct, surely Sports Direct wouldn't feel the need to take a big equity stake. So is the implication that Kitbag was going to another company and so Sports Direct wants to stop it by acquiring the equity?

Is a bid battle too much to hope for?

[shroder] 28/9/2015 19:52

That may well prove to be a shrewd move 1gw, Schroders looks to be the other side trade wise.

[1gw] 28/9/2015 16:02

Anyone else here?

I'm sufficiently intrigued by those Friday trades to have bought some more.

[1gw] 25/9/2015 16:49

Wow! What just happened? Nothing all day and then in the last few minutes a 350k share trade followed by 2 at about 8m shares each - in a company with only 86m shares in issue.

Is that Toscafund pushing the button on a takeover or someone else keen to build a big position quickly?

[1gw] 16/9/2015 12:18

River and Mercantile increasing now. 5.1m shares (5.9%) as of 14th September.

This is an encouraging change of heart since they had been decreasing earlier this year (4.5m shares quoted in annual report as of 17th June, 4.2m shares reported in TR-1 as of 19th June and 4.0m quoted in yesterday's RNS as the position before the latest purchase). Someone was on the other side of the 1.1m trade reported on 14th though, so maybe another TR-1 to come - or perhaps it was Old Mutual who is already below the 3% reporting threshold.

[1gw] 08/9/2015 14:03

Just bought in here. A bit of a falling knife at present maybe but hope for a bounce on the basis of:
o Underlying business of Express Gifts looks sound, albeit with some risk around the FCA licence on the credit side. Improving economy ought to provide a tailwind for the business.
o Big write-downs and exceptionals taken last year. A bit of a risk of more write-downs in Education I would think, but hopefully the worst is over.
o Toscafund is back up to 29% having increased 3 times in June. Schroders holds 25% so were Toscafund to wish to take it private or encourage other corporate activity, it would have a relatively free hand if it could get Schroders on board.
o Aberforth bought in in June (TR-1 for 5.44%) and I guess may look to increase further. Against that Old Mutual has been selling, but was down to 2.4% by 25th June, so not much further to go if it still has any.

All in my opinion only. Please do your own research.

[gucci] 04/6/2015 10:29

looking frisky
one of the few blue today

[dlku] 24/3/2015 11:10

Go finddy go