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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Pro Global Ins. | PROG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 14.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 14.00 |
| Top Posts |
|---|
Posted at 22/12/2016 14:45 by topvest Interesting news today. With the benefit of hindsight it explains the lack of news coming from Pro on their web-site and the somewhat downbeat comments. They have been working on this for a while, no doubt. Think the sale price is quite low given its pitched just above tangible net asset value.Anyway, PROG will be left as effectively a debt free cash shell with a 30% share in a very valuable asset, being Asta Capital. So what now? Four options: 1. Asta Capital now reverses into PROG - much cleaner and would be great for holders. As a listed company, I could see a valuation of the 100% being up to £100m. Asta have won lots more business this year and so last year's £6m PBT should be beaten. 2. The company distributes dividends received to shareholders now it has no debt to service. 3. The company exits its Astra Capital stake and returns funds to holders (unlikely from today's RNS). 4. PROG ends up delisting and minority holders lose out (unlikely as the majority holder ha always done the right thing to date). My favoured option is 1. |
Posted at 05/4/2016 22:25 by russman Shame. PROG are not doing themselves any favours. |
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