Just Share Discussion Threads

[horndean eagle] 26/3/2019 19:51

Rodders took 2.5m in salary last year iirc. Only stumped up a few hundred k in placing. Really doesn't look at all good. Credibility totally shot. Everyone feels like they have been shafted by management and their guidance. Something drastic needs to happen here. Can't leave these clowns in charge.

[scrapheap] 26/3/2019 17:48

Nice timing for Rodney to get some free shares in Just under his option scheme... nil cost... now that's a proper incentive! (not)

[cantrememberthis2] 26/3/2019 10:28

Topvest, see this all before, fortune favours the brave and all...
Placings have a tendency to do this but not for the misconception of placees or new sellers...

Its the nature of the market I am afraid.

Return to 80p....

The faster they fall, means a bounce will be on even a dead cat bounce.

They have put their house in order and markets like certainty...

Game on.

[18bt] 26/3/2019 09:50

Share price when JR and PA merged on 4.4.16 (date scheme effective) was 153p. Price today 65.5p, a fall of 57%. The BOD have done more damage to the share price than George Osborne in the 2014 budget. 2016 Rodney Cook base salary and benefits £720k,what will they be this year when they finally get the accounts out?

[topvest] 25/3/2019 20:28

I wonder whether Legal & General are starting to get interested. Either they sell out or they stop writing too much business. To be honest, I think they would be better exiting the lifetime mortgage business....it's this business only that has caused all of the pain! Reason - its very cash negative.
From a shareholder value perspective a run-off is also starting to look attractive.
It defies belief that the equity raise was massively over-subscribed and now the share price is way below the 80p discounted placing. Very odd indeed.

[scrapheap] 25/3/2019 16:48

If just can earn a genuine profit with capital costs so high... Imagine the profits a bigger firm with lower wacc would be able to make either in competition to just or taking them out...

[nav_mike] 25/3/2019 15:59

So £29.25m extra on interest charges per annum?

Thought JUST might have been looking cheap on a NAV basis, but think I'll pass now

[salpara111] 25/3/2019 15:31

Well the bond had to be priced at junk yield to get it away which is pretty extreme for an asset backed business.
Not sure what the future is for JUST but the best investment in the company at present has to be in the high yielding debt, not the equity.

[scrapheap] 25/3/2019 08:17

Ouch - 9.375% coupon and only BBB- rated...

Rodney's not wrong to notice the cost this has come at.... as indeed was the dilutive share placing too.

Hard to justify meaningful dividends until perhaps 2022 at this rate.

[rjmahan] 22/3/2019 11:02

Isn't the equity raise the unpleasant surprise ? It certainly was to me.

Also continuing to grow the invest when each incremental £ of business is valued by the market at half book isn't innately sensible.

[edwardt] 22/3/2019 09:48

seems to me market is concerned they have not raised enough. the coupon on the debt instrument is eye watering for sure. i do think it is a trading buy but my hands will remain in my pockets.

[topvest] 21/3/2019 21:23

Well, management have really screwed up here..again!

[cantrememberthis2] 21/3/2019 13:18

Interesting prospects... Tranche A bought today.
Placing 80p and funds semi-okay

GLA

[nav_mike] 21/3/2019 08:31

Has the bond issue closed yet?

They did say it would be a minimum of £300m, but i cant see any mention of a final number

[edwardt] 21/3/2019 08:28

Lansdowne have as expected taken the 'gift' on the raise and closed the large short they had on just.

[nav_mike] 21/3/2019 08:27

They certainly dont appear to have ended up in the hands of long term investors :(

I guess if you adjust the previous lows at 71p by 10/11 you get 65p ish....which I think would be a real management disaster, seeing as how they stated they were mindful of investor disappointment

[18bt] 21/3/2019 07:47

Or did some get left with underwriters given the volume in the last 2 days? - what a mess - it was only a 10% placing at a wide discount, so sure difficult to FU

[lovat scout] 20/3/2019 13:03

IMO if looks like the placing went to traders rather than long term holders......

[scrapheap] 20/3/2019 12:32

The share price is not exactly indicating a lot of confidence in this capital raising .... ouch.

[hmgouda] 18/3/2019 11:29

Well done for all of you, have a look at WDC it has gone up today and has a potential for more.

[eumaeus] 18/3/2019 11:26

I looked at some other posts by this person. The Elton John one and the Brevik one are especially repulsive.

[scrapheap] 18/3/2019 11:02

Disgusting. This shows there needs to be a 'report' button on these ADVFN forums for moderators to have an alert system. If it is taken further then good. Repulsive post.

[edwardt] 18/3/2019 10:12

i agree, someone should report it to the authorities . the fact the poster has not voluntarily deleted it shows it needs proper attention.

[jfb1510] 16/3/2019 17:37

Is this not a case for the police?