Oakley Share Discussion Threads

[tiltonboy] 19/10/2016 15:46

Hadn't realised how tightly this is held. The top 8 holders own 89% of the equity, so at least one of them must be the seller (approx. 3.2% in and out).

[konkel] 19/10/2016 15:31

Sarasin selling, Woodford and Invesco/ Ruffer buying is my guess.

[spectoacc] 19/10/2016 15:05

Would be very NAV-accretive if so - the reverse of their previous share issues at a discount! Time will tell, hope we don't have to wait too long for RNS.

[tiltonboy] 19/10/2016 15:03

Possibility that they have been bought for Treasury/cancellation.

[spectoacc] 19/10/2016 14:38

Around 6.5% of the co over those 3 trades - what interests me more than who's sold is: "who's bought"?

[tiltonboy] 19/10/2016 14:30

There has been a disillusioned seller around, and if not cleared, it has at least dented the overhang.

[spectoacc] 19/10/2016 13:19

No doubt these trades actually happened days ago, but just reported are 3 gargantuan blocks at 128p:

5,960,000
3,110,000
2,850,000

Who's sold? Who's bought? Hopefully this isn't another "placing below NAV" event.

[tiltonboy] 18/10/2016 07:10

ram,

I dont intend to be around long. Already overweight in PE, especially JPEL, but also BCAP, PINR, and PEY.

[rambutan2] 18/10/2016 02:26

tilton, they've done discounted placings twice. In March 09 and in March last year. So fails big time the trustworthy test. Ok perhaps for a quick trade but not for a longer hold. Been great for the manager, and LPs of the underlying funds must have done well, but not shareholders in this.

[konkel] 17/10/2016 10:52

Ok, thanks tiltonboy.

[mad foetus] 17/10/2016 10:50

I've bought in at this level.

[tiltonboy] 17/10/2016 10:30

konkel,

Marwyn issued shares to Invesco at a deep discount to the NAV.

[skyship] 17/10/2016 10:04

There are certainly similarities - but at least OCL doesn't have Robert Ware managing things!

[konkel] 17/10/2016 10:04

...meaning?

[tiltonboy] 17/10/2016 09:44

The one disturbing matter that I noted was that Invesco did a "Marwyn" on OCL as well.

[skyship] 17/10/2016 09:36

Glad to read you've also decided to take a few on board - 42% discount at 130.5p.

There has to be a distinct possibility that Simon Thompson will mention today's RNS in his IC Online column - so if anyone else is wondering whether to BUY or top-up - perhaps do so before mid-day...

[tiltonboy] 17/10/2016 08:57

I've joined the party this morning, but with full-weight exposure to PE, not one that I will be buying widely.

Plenty on offer at 130p.

[spectoacc] 17/10/2016 07:27

"As an update to the previous announcement made on 5 September 2016, Oakley can now confirm the transaction has completed following approval from the relevant regulatory authorities.....The transaction values OCL's indirect economic interest in the Group at EUR67 million, including its cash returns of EUR43 million. This will result in an uplift of GBP19 million (52%) over the carrying value reported on 30 June 2016. This is equivalent to a 10.1 pence increase to the NAV per share, which lifts the adjusted OCL NAV to GBP2.25 per share. (GBP/EUR: 1.11) "

Not new, but nice confirmation & a cavernous discount.

[skyship] 13/10/2016 07:22

RAM - thnx for reminding us of that detailed work. Re yr 137, if you struggle with OCL's TMO valuation, what hope for the rest of us!

[spectoacc] 12/10/2016 20:34

My guess is that it's more than the small sells - if they're delaying my trade that long, I bet we'll see some blocks go through in 2 or 3 days, ie late-reported blocks Particularly with the prices from the RSPs.

What I still want to know is - who's selling.

@rambutan2 - agreed re opacity comments, & did previously read your view on the TMO 7p valuation drop, which hopefully won't recur now it's listed. What I've never been clear on with OCL is - when will the shareholders see a return?

On the plus side - they hold a lot in Euros which should be assisting NAV, and I'm always a sucker for a fat discount.

[rambutan2] 12/10/2016 18:20

See my early August series of posts:

[skyship] 12/10/2016 18:04

Specto - I see yr trade arrived rather late on the scene!

Incidentally, we need to look again at our numbers. I see the Simon Thompson article says the equity holding is worth £85m, or c20% of NAV.

Off to look again at the Interims etcetcetc...

[skyship] 12/10/2016 16:45

Depressing - a long string of small sales; quite possibly stoploss sales by recent buyers entering on the Simon Thompson tips.

[spectoacc] 12/10/2016 16:18

Certainly not calling the bottom - looks very weak, and still no RNS as to previous seller - but doubled holding at 131.5. Could have got 131.15 if buying smaller, so clearly stock around.

[spectoacc] 11/10/2016 14:32

Thanks @Sky, missed the loan - I guess that's at least a bit safer than the equity.