Halfords Share Discussion Threads

[schofi2] 02/12/2021 11:34

It's the first I've read about this. I wasn't given any notification of the offer. Probably the same for most other holders.

[25october1969] 02/12/2021 10:56

I agree n0rbie but no advance notification that offer for existing shareholders only and now they have my money which will not be returned for 5 days. Plus time wasted sorting it all out. Not impressed with Halifords.....and I fully appreciate that they really don't care what I think

[n0rbie] 02/12/2021 10:26

Full allocation here as I’m an existing shareholder. It’s a positive thing that they rewarded existing shareholders rather than let everyone get in at the pre-news price.

[25october1969] 02/12/2021 09:39

Appalling behaviour by a FTSE 100 company and leaves a bad taste as to how the "cyclist in the street" is treated

[acer101] 02/12/2021 09:36

I would assume anyone that marked themselves as an existing holding on PB was given the privilege of the placement shares. They must of had enough existing holders to fill their boots and would rather satisfy their allocation in full rather than reduce theirs and allow new holders to join. As a non holder it is rather disappointing but if the above is the case, nice to know they are looking out for their shareholders l, I guess.

[bloodhair] 02/12/2021 09:24

I find that strange as my reading of the RNS was that the retail offer take up was on the low side. Doesn't reflect well on PB (or Halfords) in my view.

[steveyc1] 02/12/2021 09:23

Embarrassing, why offer it if they're not going to give you any allocation, risk taken for no opportunity of gain

[acer101] 02/12/2021 09:12

Placing allocation will only be provided to existing shareholders.

[prokartace] 02/12/2021 09:07

Still cyclical though, if you will excuse the pun!

[yump] 02/12/2021 08:51

Dramatic plunge from 400p+ seemed a bit much, so reckon this was a bit leaky.

P/e around 10 I reckon for full year at 400p, moving away from retail towards service might hike the rating a bit.

[bountyhunter] 02/12/2021 08:39

exactly, less saw it and it closed early but we will have to wait a bit longer to see the outcome, although today's RNS does not mention any scaling back of the retail offer so hopefully full allocations

[prokartace] 02/12/2021 08:27

lets wait and see, I suspect that because it was after hours and closed so quick, very few PIs saw it. I wouldn't mind betting there will be a few unhappy ones

[bountyhunter] 02/12/2021 08:25

..so am I based on the RNS today, closed two hours early to avoid refunds?

[thirty fifty twenty] 02/12/2021 08:15

no word on my allocation. but rns says retail was very low so i am expecting 100%

[yump] 02/12/2021 08:11

Having said that, at 400p it was st a p/e under 10 on likely year results - 23p earnings on 55mln revenue at half time, with annual revenue forecast 80-90mln.

This acquisition and placing might have been a leaky cause for the sudden drop from 400p+.

Moving away from retail a bit might raise the rating.

Imo should be well over 400p on just a modest forecast.

[prokartace] 02/12/2021 08:11

anyone had an allocation?

[bountyhunter] 02/12/2021 08:08

directors put there hands in their pockets for the placing which is always a good sign...

"In conjunction with the Placing, certain directors of the Company have agreed to subscribe for an aggregate of 39,437 new Ordinary Shares (the "Management Subscription Shares"), at the Offer Price, pursuant to subscription letters entered into with the Company (the "Management Subscription")."

[bountyhunter] 02/12/2021 08:07

directors put there hands in their pockets for the placing which is always a good sign

[rimau1] 02/12/2021 08:05

This should fly, placing at a premium!

[bountyhunter] 02/12/2021 07:55

320p = nil premium to yesterday's close.
I guess that's explained by the fact that the news of the acquisition was not released until after the close and so the market has not reacted to that yet.

[n0rbie] 01/12/2021 18:50

Yes likely to be scaled back given it closed early

[bountyhunter] 01/12/2021 18:48

A great deal for them and a great deal for me I hope 😀
Likely to be scaled back though given the early closure of the public offer?

[thirty fifty twenty] 01/12/2021 18:45

seems like a great deal for them.
18m incremental EBITDA in 5 years to c.25m from a total spend of c.80m.
given that HFD are on a rating of 7 times at the moment,
the acquisition adds c.100m to MV (over 5 years) but that is c.15% of today's share price.
in addition, i think it demonstrates HFD scale and intentions in this market so i think there is potential for quite a rise over the next 12 months

All IMHO, DYOR + BoL
HFD is in my portfolio

[bountyhunter] 01/12/2021 18:32

PB offer closes already, had to be quick!
Must have been heavy demand as originally open for 4 hours but closed in less than 2!

[yump] 01/12/2021 17:05

10% dilution. 18mln EBITDA in 5 years, 6mln in first year. Current EBITDA for year around 200mln.

So roughly evens with dilution and EBITDA increase ?

Doesn't look exactly fantastic. EBITDA before a load of exceptionals as well.

Probably the right thing to do though for the business - takes it out of retail-dependency.