Northern Bear Share Discussion Threads

[cc2014] 17/10/2019 08:35

I say this from the sidelines without a position but having researched the company and the directors I suspect it never enetered their head to tender their shares, nor did it enter their heads that it would be good form to make a statement on it.

[eggbaconandbubble] 17/10/2019 08:31

I think we all know that the directors are good at running a construction company but don't bother too much about corporate matters such as this. Little surprise.

Whinging about such is just whistling into the wind. Just let them get on with what they know best.

[silverlandfinance] 17/10/2019 08:16

The directors should have made this statement much earlier.

[zangdook] 17/10/2019 08:13

His pension fund sold 273k shares in order to pay pensions. He retained an interest in 497k shares.

It's quite proper for the directors to make clear they're not taking part in the tender, imho.

[graham1ty] 17/10/2019 08:09

What a stupid RNS ! What would it look like if the Directors did tender shares !!! That they thought the business was only worth 72p......

Er, but a Director sold most of his holding in July at between 65-66p.........

[this_is_me] 17/10/2019 07:24

It took them some time to make up their minds. I am not going to tender any of mine. NTBR is my largest holding.

[zangdook] 15/10/2019 19:08

if sbs is still around, could you put the news in the header?

Holding announcement from N Beaumont-Dark. He's increased by 215k to 6.9%.

[royaloak] 15/10/2019 16:18

Agree, I am coming to the view that I may tender for half of mine and keep the rest for the long term.

[zangdook] 15/10/2019 14:22

I think we will. It only needs 184k.

[rthak] 15/10/2019 13:24

I managed to pick up 20,000 this morning at 70 all of which I will tender.I doubt we will be scaled back but even if we are I can't imagine it will be by a significant amount and happy to keep the remainder as an investment.I am concerned that we might not reach the minimum but hopefully with all the stock I have combined with others we will get there.

[royaloak] 15/10/2019 10:33

NTBR in a delicate position, they do not want Cedarvale to achieve their 29.6% holding via the tender. If the statement had have been poor there would have been a rush to sell some at 72p, if good there would have been a more limited response.

The quote this morning is 66 / 71 but in reality the true quote is 68.5 / 70.9 and the quantity on Offer is only small.

[graham1ty] 15/10/2019 07:30

Very convoluted statement. Is it a disguised profit warning ? 1H will be down but outlook is positive

[this_is_me] 15/10/2019 07:17

The full year results will, as usual, be dependent on what kind of winter weather we get. The delayed contracts having started mean that the company is now working to near capacity.

[zangdook] 04/10/2019 19:49

Indeed...of course, the other danger with buying to tender is that some big holder goes nuts and tenders are scaled back.

[jaf111] 04/10/2019 16:28

Definitely not.....

[zangdook] 04/10/2019 15:56

We could ask Mr B to throw in a copy of the book with every 1000 shares tendered.

You can buy 10,000 for 71p now. I'm trying to find the energy to make a decision. Is it worth tying up that much cash for a month when there are some good bargains out there? Probably not.

[3800] 04/10/2019 12:48

I'd missed the point with the author too sharw. I won't be buying the book either.
3800

[cc2014] 04/10/2019 12:04

I don't own any shares but have watched NTBR for a long time and I was kind of interested enough to do half an hour's research on Jeff.

I suggest he's got a plan out of which he will make money but I struggle to guess what it is. Suggestions;

1. He gets around 20% of the shares and then moves the company on at a higher price to someone at a much higer price. I note he seems to be buying the shares personally so maybe he has a number of funds he will shift it on to. Maybe he has a bidder lined up at a quid but they aren't interested unless they can be sure they can get 50% of the votes without a bidding war. Possibly one of the other holders has already indicated they would be up for this. In which case you all do very well if you hold.

2. 20% would be enough to get a seat on the board and along with another large holder or two they can take control and start pillaging the company through management charges for expertise, at the same time paying out large non-exec fees, dividends and loading it up with debt. In which case you all do very badly apart from the dividend stream. Think Laura Ashley as an example of how this is done.

3. Possibly he gets a seat on the Board and uses his contacts to give NTBR access to large amounts of capital for expansion, using agressive accounting policies, thereby pushing the share price up.


The only bit I don't understand yet is that he won't get much influence unless he gets 15% of the shares and even that really isn't enough, so he must have some of the large shareholders lined up.


Whatever he's up to my research suggests he's not just going to buy the shares, sit on them for 10 years and collect the dividends.

Maybe I'm overcomlicating it. Maybe he just sees value, hopes to get 29.9% now and then will make a bid in a year's time.


GLA

[zangdook] 04/10/2019 11:20

Ah. Thanks, yes, I missed that.

[sharw] 04/10/2019 11:17

zandook - I wouldn't pay $5 for it either but you and exbroker may have missed the point that the author is the person who is now tendering 72p for our shares. What he must be paying in legal fees for the tender documents must dwarf any broker fees!

[royaloak] 04/10/2019 09:55

Actual quotes

Bid 69.25

Offer 71.90

It's still too cheap, but has been for years, Graham number £1.89, pe 5.5, etc..

[zangdook] 04/10/2019 09:36

"The directory lists more than 500 North American and foreign companies, all of which trade on major stock exchanges. Amazingly, you can start investing in some of these companies with as little as $100!"

Not a blurb that inspires me to pay $5 for that book, sharw. What's his theory, anyway? I'm paying a fiver a pop, but I wouldn't mind saving that for beer.

[jaf111] 04/10/2019 09:27

Agreed This_is_me

20,000 were the shares I acquired immediately after the announcement.....mr market a little slow to react! I have a further (larger) holding of NTBR and will NOT be tendering these

Having said that I remain a very frustrated shareholder and certainly feel management should do more to engage with us, its owners. I concur with the views of davidosh on this subject.

Its response to the Tender Offer was typically pathetic.....I believe they could at the very least give a trading update, as the did last year (20 Sept).

Maybe they will, next week?

[exbroker] 04/10/2019 09:13

sharw I dont need to, 30 years as a broker I know how to deal cheap!