Quarto Share Discussion Threads

[wjccghcc] 30/11/2023 15:03

Actually, worst case is they don't go ahead with the tender.

[tabhair] 30/11/2023 14:35

40,889,000 shares outstanding
29,612,326 shares owned by majority shareholders not to be tendered
10,000,000 shares can be bought under tender
11,276,674 shares available to tender
1,276,674 shares to remain outstanding. In other words, 88.6% of shares not owned by management will be tendered, 11.4% of shares not owned by management will remain outstanding

Assume current bid of £1.14 per share
Pay £1140 for 1000 shares + £10 dealing costs today

Worst case
Be paid £1.50 for 886 shares, total £1329
Retain 114 shares in a de-listed company, assume company goes bust and these are worth £0
Profit £179

Best case
Be paid £1.50 for all 1000 shares, total £1500
Retain 0 shares
Profit £350

I think the best case scenario is more likely. There's usually a fair number of people who don't vote at shareholder meetings, might want to hold the shares unlisted, or are orphaned shareholders.

I am buying personally.

[galles] 30/11/2023 13:54

Where was the £1.5 mentioned? If it is, it's not a bad return if you get some now

[battlebus2] 30/11/2023 12:39

Likely they will given the small amount of shares in none controlled hands.

[wjccghcc] 30/11/2023 12:16

Yes as long as they tender.

[battlebus2] 30/11/2023 11:50

Not so bad after all if they tender

The current intention is that the tender price for the Tender Offer will be £1.50 per Common Share (the “Tender Price”), being a premium of 25.0 per cent. to the closing price on the Record Date, a premium of 28.7 per cent. to the three-month average closing share price, a premium of 4.6 per cent. to the six- month average closing share price and a premium of 0.8 per cent. to the nine-month average closing share price. Tenders will only be accepted at the Tender Price.
The Tender Offer (if implemented) will be financed from the Group’s

[wjccghcc] 30/11/2023 11:09

Luckily only bought back a few but I'm minded to hold and wait for the tender. I can't believe they'll want the hassle of dealing with a lot of small shareholders once they're private.

[typo56] 30/11/2023 10:59

Yes, royally shafted.

[battlebus2] 30/11/2023 10:40

Well it was always a big risk here a delisting. Looks like we have been royally shafted with a tender that might follow delisting or might not. Disgraceful imho

[wjccghcc] 30/8/2023 14:24

Agreed, I've started buying back. And while the earnings are down a lot, the free cashflow is down a lot less. You're looking at $14-18mm FCF this year with a clean balance sheet putting them on an EV/FCF of approx 4.

Also, reading between the lines, it did seem that H2 will not be as bad as H1.

[florence141414] 30/8/2023 13:37

So if they roughly make twice as much in their seasonably favouravable H2 period then we're on for post tax profits of about 5m dollars this year. It could easily be argued that this is the low point of the cycle as customer demand bottomed, freight rates have now normalised and they've eliminated most of the finance costs that were still present in H1. No guarantees of course as the popularity or lack thereof of any one publication in their portfolio is a bit of a lottery and it's possible customer demand gets worse not better. On balance though I think the likelihood is that the market is offering us an opportunity to buy FY24/25 profits of 8-12m at bargain prices. Not to mention that the runway now looks cleared for a dividend declaration if that does turn out to be the case.

[zoolook] 30/8/2023 12:32

Spoke too soon

[alexisk] 30/8/2023 10:26

Oh dear, results obviously disappointing with revenue down and profits well down.
At least they no longer have a load of debt but instead a net cash position, and with a couple of operations discotinued will perhaps be miore focused. Let's hope for a better second half.

[zoolook] 21/8/2023 07:45

Done well so far trading in and out originally buying at 88p (hat tip to eezymunny as not my normal type of share). Fortunate to sell my last holding at the spike to 192p and now back in again.

In other news scored 121 points playing QUARTOS in Scrabble which for those not aware is “a size of book page resulting from folding each printed sheet into four leaves (eight pages)”

[alexisk] 15/8/2023 21:34

Ah Ok, thanks zoolook. I thought maybe the company had issued some kind of offer that I was unaware of.

Goood move on your part to buy some shares IMHO. Interim results in a couple of weeks time, which I am hoping will provoke a bit of a jump in the share price.

[zoolook] 15/8/2023 19:28

Bid/Offer was 150/160p. I bought at 152.28p which was recorded as a sale.

[alexisk] 15/8/2023 13:44

Offer price? What offer price?

[zoolook] 15/8/2023 10:29

Can be bought well below offer price atm

[someuwin] 08/6/2023 15:01

...Ah yes - I see what you mean

[eezymunny] 08/6/2023 14:37

ATH was about 320p in 2016 someuwin...

[someuwin] 08/6/2023 14:33

Hitting new ATH's.

[someuwin] 26/4/2023 14:01

Can't buy many now.