Regent Gas owned 21.5% of CTO before they eventually bid.
Having almost now breached the 30% ownership limit here they will surely bid before too long: |
No messing about by Regent here. Up to 29.13% now.
I'm not in this now, nipped in and out before, but just wondering....
Are they just going to go 29.99% and then launch an offer?
It is so aggressive the buying. They could have sat with a blocking stake at over 25% but they carried on.
Let's see if they go 29.99% first....just unsure if the price might fall first if they can no longer support the price in the market without an offer.
Might have to take a few if they do ha
All imo
DYOR |
Odds on for a Regent Gas bid at some point not far off.
Panmure agree about valuation - they have a 150p target price.
They forecast historic 9.2p EPS, then 9.7p EPS for this year rising to 11.8p EPS next year. Plus a 2p dividend rising to 2.5p.
They summarise:
"The FY update guides to a 9% EBITDA decline, a little ahead of expectations. We maintain our FY 24 FD EPS estimate at 9.2p, assuming higher EBITDA but also a higher interest cost. We broadly maintain our FY 24 net debt (exc leases) estimate at £59m and expect 90% cash conversion. The placings in January recapitalised the business and derisked the balance sheet.
BUY, TP of 150p with shares trading on a CY 25 P/E of 6.9x, which is attractive given the strengthened balance sheet." |
I think 1.50 or 15p in old money :-) may have Greshams ear but I feel they would need to be mid way between that price and the historic high, which would put the bid at nearer to 2.00. I say keep your stock, don't sell. |
Potentially for long term holders including Gresham, today's price leaves them seriously under water. Any bid would have to offer a very attractive premium. As I've said before, PI,s and others need to hold there stock, do not feed the beast. |
I feel a bid is coming. One pound fifty and they can have mine lol. |
25m shares ( 24% ) of the company are in PI' s hands. If a bid is coming and why would it; what's the view from this BB as to where it may be? |
Presumably with their respective holdings and also warrants and convertible loans, if they wanted to take over it would be a case of agreeing a price with Gresham? Obvs need a board recommendation too... |
This has takeover from Regent written all over their recent increase in holdings. Not many shares to get to 30% |
Regents Gas increased again from 21 to 28percent |
It has doubled off it's November low, which is a good start. Certainly reassuring to hear that the big optimisation projects which had slipped are on track for 1H delivery. |
The top 8 institutions own 76% of the company with Gresham being the largest at just under 30% |
Does anyone know the rough price of Gresham, Slater and Fidelity holdings? |
Could be a wonderful Monday - fingers crossed. |
Expect another holding announcement today then possibly maybe. Since i also believe in Unicorns maybe finalising a bid over the weekend. |
Another 5.3m buy delayed from yesterday. Someone really wants these. |
Wish we could get to the ramp :-) |
Smart money exiting on the Ramp? |
Totally agree, which mug punter is selling |
Something must be going on. Huge volume for this stock. Over 12.5m since 10am. |
Bid for the business gets more likely with every large transaction. Wonder who is selling |
Look at the next ones
Have they had their fill now? |
1,000,000 purchase at 65p. Someone is keen |
Just offered a bucket load to sell, quoted 64.66p go fish :-) |
Inspired (no pun intended!) buy by the editor of SCSW last month saying he followed the money (largest holder Gresham).
Also Napped this at 45.5p. So working out well for him and his followers here. |
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