Goodwin Share Discussion Threads

[cockerhoop] 30/5/2023 09:55

Yes, results should be announced tomorrow morning.

[arregius] 30/5/2023 06:21

Gdwn tender offer due today

[jaf111] 09/5/2023 15:07

Good point Garbetklb

[garbetklb] 09/5/2023 15:02

And the position MAY be complicated by the fact that most private investors will be holding the shares in a Nominee Account (eg Hargreaves Lansdowns, II, AJ Bell etc). Whether the tender will look through the nominee to the beneficial shareholders, I don't know.
Certainly, in a previous tender situation I was involved in, the % allocated varied v significantly by platform.

[gdjs100] 09/5/2023 13:02

So, by my understanding, if you tender 5pc, you may get less than that because there may be other non-Goodwins who have tendered maybe 100pc of their holding who could take up a disproportionate amount.

[shanklin] 09/5/2023 11:44

JAF, Its worth reading the circular on the GDWN website.

If the total tendered is less than 180k, then everybody sells the amount they tendered at £48.

If more than 180k are tendered, let's call that x shares:
- First, for each shareholder, anything that is tendered up to 2.34% of their holding, will be bought in full, lets call that y shares;
- The balance that has been tendered is (x-y), with (180k-y) shares still available
- As per the circular, everybody who tendered above 2.34% then sells (180k-y)/(x-y) of the number of shares they tendered above the 2.34%, at £48.

[jaf111] 09/5/2023 09:13

Seems sound Shanklin but why not 5% purchase on basis that the concert party not tendering so therefore you are almost certainly going to get if you tender???

[shanklin] 09/5/2023 09:06

Don't want to reduce my current holding but have added circa 2.397% to my holding to submit for the guaranteed part of tender. 180k of 7689600 shares.

[jaf111] 06/5/2023 11:09

I don’t disagree tiswas….and in a sense I hope you are right in which case the tender % could be considerably higher!

Actually I am still mulling over my options….for me GDWN is such a classic long term hold so why would I want to sell any? But then again the tender price is quite attractive 😀

It will be interesting to see how the price moves over the coming days….I was surprised it only rose 6% on the news but think it will go to 45 before the tender offer closes.

[tiswas] 06/5/2023 09:33

That is true JAF but why would anyone have a position such that selling 5% is a worthwhile exercise? Even selling at 48 and buying back at, say, 40 is making 20% on 5% so 1%?

I appreciate it is making a very positive statement about the business going forwards but just too messy to get involved imo.

[jaf111] 06/5/2023 09:03

Surely the tender will be at least 5% due to the fact that the concert party (which account for over 50% of the shares) have agreed NOT to tender???

[garbetklb] 06/5/2023 09:00

Thanks Felix - I'm a bit more relaxed now. It's a long term holding and a major position for me.

[redartbmud] 06/5/2023 08:58

That share option deal is the only blot on the landscape in many a long year. It was overgenerous to say the least. In the past now though.

red

[felix99] 06/5/2023 08:52

Garbetklb

Final options on the 2016 LTIP were exercised here 1 June 21 - so all paid out and in the share price as it were

[1tx] 05/5/2023 15:34

It is only 2.34% of your shareholding;assuming everyone tenders so perhaps the main benefit we have got is in fact the share price rise we have had today and perhaps the improved future rating we might get;unless you have a very large share holding & you think very few people will tender & there could be a sale & buyback opportunity at a lower price.

[cfro] 05/5/2023 15:23

Not keen on tenders either and would have preferred a special dividend. However this will take the shares bought out of circulation and hence lift the bottom line numbers.

You will be able to sell at c. 20% higher than today's price but i seem to be stubbornly of the view not to let any of my shares go at all. A tricky decision and still have a few weeks to think about it.

Edit: it's only 2.34% of your holding you can tender, hence if you think about it is a bit pointless. Directors are not selling (apart from Betty apparently) so this is a non-event really and probably best ignored.

[redartbmud] 05/5/2023 14:55

If you use Vox Markets you can scroll the RNS archive. It is free.

red

[tiswas] 05/5/2023 14:29

I hate tenders, especially when the minimum guaranteed amount is so small and in my mind creates a false market in the time leading up to the tender.

I know that there are other considerations but I would have preferred a special div, higher div or share buybacks.

[jaf111] 05/5/2023 14:04

Actually my conclusion from the RNS is simple….no change from before….which is that Goodwin remains a superb company with excellent prospects…almost the perfect company for a long term investment

The only other company I rate as highly being Judges Scientific….

One can quibble over special divi share buyback or tender offer etc but I am more than happy to trust the management…..

Interesting it appears that the Goodwin family are not going to participate in the tender….I have not decided what I shall do.

Happy days.

[garbetklb] 05/5/2023 13:59

With Investegate currently dysfunctional, can't easily look back at old RNS. Can anyone remind me of the date, several years ago, of the RNS where management awarded themselves circa 10% of the company, subject to various targets? I'm nervous that today's announcement isn't as straightforward as it appears. Hopefully I'm wrong!

[cfro] 05/5/2023 13:32

Hmm, not sure what to do myself. Will have to think about it carefully but after the re-confirmation of trading today also i am of a mind not to tender any of my shares at all.

Another option for me might be to tender some but immediately buy the shares back because i say it's likely the market price will be less than £48.

The company, imo, has fantastic long term prospects so the price of £48 still undervalues it.

[arregius] 05/5/2023 13:20

The Board considers that a Tender Offer would be the most suitable way of returning capital to Shareholders in a quick and efficient manner, taking into account the costs, complexity and timeframes of other methods, as well as the possible tax treatment and equality of treatment of Shareholders.

[arregius] 05/5/2023 13:12

Awesome! I didnt see the rns at first! Lovely

[garbetklb] 05/5/2023 13:01

So what's your conclusion from the RNS....? Why the tender rather than i special dividend? And why not simply buy back in the market?