Menzies(john) Share Discussion Threads

[1gw] 14/8/2017 08:05

And that's me out completely again on that news.

[1gw] 07/8/2017 13:07

I used to be indecisive but now I'm not so sure...

Don't like the continued radio silence on the DX deal so have sold some ahead of next week's results when presumably we will get some sort of update on why it's taking so long.

[buffettjnr] 24/7/2017 10:23

CNCT should be buying stock back. It's very clear to me. Not that clear to the company.

[1gw] 24/7/2017 10:07

A 1-year or year-to-date chart of Mnzs vs Cnct makes for interesting reading. I can imagine the Connect board thinking "something must be done".

[1gw] 20/7/2017 18:23

"The boards of DX and John Menzies continue to anticipate the Transaction will be completed during the summer of 2017." (5th June announcement)

Better get a move on and get those shareholder general meetings fixed then. Feels like the timetable is slipping.

You think DX are trying to get a counter-bid from Connect?

[buffettjnr] 16/7/2017 14:10

Also...don't discount Connect being in the mix...

[1gw] 16/7/2017 14:00

I imagine when the deal was conceived it appeared perfect to Menzies - if not too good to be true!

Menzies were looking at options to split the aviation business from the distribution business and I think the idea of reversing the distribution business into DX would have appeared to give them the opportunity to avoid the costs of a float as well as providing increased scale, considerable synergies and the chance of realising further upside by turning round the operational performance of the DX business.

Fast forward through public objections from an activist and non-supportive DX shareholder, renegotiation of the deal, police investigation and (perhaps) ongoing doubt in some DX shareholders' and management's minds about whether it is really the right thing for DX (or indeed who is actually buying who!) and some of the shine has perhaps worn off.

I think they need to put this to bed as quickly as possible now and get the shareholder meetings and votes organised. If they can't get sufficient DX shareholder support then walk away and pursue a "simple" float deal for one of the Menzies businesses. If the DX business can't be turned round by DX then there will presumably be an opportunity to make an offer for it in due course.

[buffettjnr] 15/7/2017 14:57

Menzies should withdraw its interest in combining with DX and make an offer 1p. That's where DX would trade.

[reallyrich] 15/7/2017 13:02

Yes were are if it were an offer. Since we are buying you it is really a stupid way to do it.

Better Menzies buys DX then lists them freight side with an ipo

much simpler

[buffettjnr] 14/7/2017 21:54

Probably is...I think the issues coming to light in the DX business are badly management and poor decision making. Hopefully, Menzies can inject their own style into it. At least, I suspect, DX shareholders would be grateful to have the Menzies offer.

[1gw] 14/7/2017 09:25

Is it just me or does the tone of the last couple of mnzs announcements suggest that the relationship with dx is a little strained?

[1gw] 07/7/2017 18:36

Better late than never for the Mnzs acknowledgement rns, although hardly the most gung-ho of drafting.

Need to get dates scheduled for the general meetings and shareholder circulars published.

[1gw] 07/7/2017 09:30

Slightly disconcerting though that there's little price movement today and I appear to be the only one putting any volume through, at least on published trades, even if I'm still waiting for one of mine to appear.

Hoping that Menzies will put out an rns at some point acknowledging the DX. news.

[1gw] 07/7/2017 09:15

I've got a reasonable track record of trading menzies, so happy to get the odd one wrong. I tend to look at groups of trades rather than individual ones in any case.

The most recent group of sells have been at 694p (28th April), 718p (23rd May), 710p (16th June) and 659p (5th July), all including costs. Average 696p. Bought a large part of them back this morning at 685p average (again including costs).

So just a bit above breakeven this time as it turns out, but in my view trading, especially on news, helps to manage the risk.

[buffettjnr] 07/7/2017 08:34

Making your broker happy since 1987

[1gw] 07/7/2017 08:05

And back in again on the DX. news.

[buffettjnr] 05/7/2017 15:45

Absolutely. It always makes sense to sell when something falls.

[1gw] 05/7/2017 15:21

Sold the last of them just there at 660p. Maybe just a tree shake but don't like the way it's dropping.

[1gw] 16/6/2017 11:54

Decided to take more profit to provide funds for purchases elsewhere. Now down to a relatively small holding again.

[1gw] 09/6/2017 08:08

Dx. (bad) news breaks just after they announced the conclusion of the renegotiation. Hmmmm. Scope for a further renegotiation - or perhaps delay in closing until it's a bit clearer what the outcome of the investigation is likely to be?

[1gw] 05/6/2017 08:15

Difficult one to call.

Takeover is now likely to go through I presume ("good" news - higher value).

Takeover has got more expensive - presumably - with Mnzs owning less of the new group ("bad" news - lower value)

Change in structure and amounts - cash / new debt-funded DX. shares / new placing-funded JM shares.

Have to see where we settle. - my spreadsheets aren't up to the analysis this morning.

[1gw] 23/5/2017 13:32

I've just taken a bit more profit I'm afraid. That chart feels a bit gravity-defying to me while the takeover is still pending (as far as I can see).