Quarto Share Discussion Threads

[alexisk] 09/4/2022 19:49

Thanks for the suggestion Battlebus, I might try that.

[battlebus2] 09/4/2022 19:33

Maybe change broker, no problem buying or selling on Friday.

[alexisk] 08/4/2022 14:32

Tried to top up my holding of these this afternoon in an EQI account -- but didn't seem to be able to. Any comments?

[battlebus2] 07/4/2022 21:02

I believe you’re right WJCCGHCC, from reading up on it a simple majority of shares is all that’s needed for anything corporate like mergers and delistings. Happy to hold as I doubt they’re going to come out with a low ball offer even if that was there intention.

[wjccghcc] 07/4/2022 20:23

I hold so hope there's no delisting - however it is takeover code that protects minority shareholders and they don't fall under it. It's not the exchange as they'll delist you if you simply stop paying their fees. As long as the intention is to consolidate and not force a buy out on the cheap then we should be fine.

[thirty fifty twenty] 07/4/2022 11:46

eezy + bb2 - defo agree with the valuation. the business has proven its CASH flow credentials with the huge reduction in debt in recent years. the chart looks very very positive and on stockopedia their score from the algorithms is 99 and they rank 5th of all stocks listed on the UK market!

LionRock want to have a big enough holding so that they can consolidate into their own PLC accounts which will make Lion Rock look much more attractive rather than a minority holding. The recent break out in Lion Rock shares shows that investors in HK see the progress.

i dont see why there should be any chat of a de-listing etc... i have found dialogue with the company open and i think the intention, now that debt is near eliminated, is to grow in a growing market.

All IMHO, DYOR + BoL
QRT is in my top5 hldgs

[eezymunny] 07/4/2022 10:48

At around 3 x free cash flow (ex working cap movements) it´s so laughably cheap I think I just have to hold a reasonable size position.

There´s just really nothing much better right now IMO. In terms of fundies.

[wjccghcc] 07/4/2022 10:33

I thought it was the code which protects minority shareholders but happy to be proved wrong if anyone can find the text.

[battlebus2] 07/4/2022 08:53

I think you’re right as it’s the exchange you’re delisting from.

[eezymunny] 07/4/2022 08:48

Are you sure WJCC?

I´d have thought it was an exchange rule, rather than anything to do with the takeover code...

[wjccghcc] 07/4/2022 08:43

Reduced costs, less hassle. Do a low tender for other shareholders who can't/won't hold unlisted shares to buy it on the cheap etc..

[battlebus2] 07/4/2022 08:26

Why would they want to delist? Surely better to have a listing and see the price appreciation as we go forward.

[wjccghcc] 06/4/2022 23:53

Eezy that's only under the UK takeover code and QRT are not under that jurisdiction. Does anyone know the Delaware rules?

[eezymunny] 06/4/2022 19:19

A delist requires 75% I believe. There are two other big holders that can block a 75% vote AIUI.

"20% of Quarto shares are owned by the investment vehicle of Andrea Giunti Lombardo, a non-executive director of Quarto, and a director of Giunti Editore, the second largest publishing house in Italy. Laurence Orbach, owns 10%"



Not risk free obvs, but then what is? The current valuation vs free cash flow remains the cheapest I can find. The risk/reward is very favourable in my eyes. Others may disagree.

[wigwammer] 06/4/2022 19:18

The shareholders who own the other 50%, including Herald?

[wjccghcc] 06/4/2022 19:03

They're domiciled in Delaware I think so don't fall under the UK take-over code. Is there anything stopping him delisting once he gets to 50%?

[eezymunny] 06/4/2022 17:44

I think he´ll sell it for 4 or 5 quid a share.

[starpukka] 06/4/2022 16:17

Asking those far more clued up on this company than me: what do you think are the dominant shareholder's plans ?

[bc1984] 01/4/2022 12:19

further increase the holding

[wigwammer] 17/3/2022 21:24

Surprised this hit a buffer today. But can't complain at a double digit rise :)

[bc1984] 17/3/2022 10:03

Nothing wrong with dominant shareholder
When the debt is paid, likely according to CK style, is paying out dividend as much as he can.

[eezymunny] 17/3/2022 09:54

The 6 x earnings is not the thing to look at tho. It's all about cash flow because of that back-catalogue and the cash it throws off. Three times FCF is silly IMO.

The valuation is plain daft here - if you can look past the dominant shareholder!

[wigwammer] 17/3/2022 09:50

Should easily be £2+ IMO.

[battlebus2] 17/3/2022 09:47

Yes just fantastic results