Range Cooker Share Discussion Threads

[ged stewart] 30/10/2002 09:53

Re the non-payment of the dividend. To the extent that this becomes part of the take-out price (i.e 1p more than otherwise would have been paid), I am more than happy about it. If paid as a dividend, I incurr 40% tax on it. If paid as a take out price, I incurr no tax at all since the profits are well offset by capital losses. From the number of buys today, it also appears that a number are encouraged to get in in the hope of such gains whereas they were staying out becuase they thought they had missed the divi!

[westcountryboy] 30/10/2002 08:10

My first reaction was one of annoyance and unease, but thinking about it:

- we are talking about £1.59m here, which must affect the offer terms;
- more importantly, £1.08m of that would have gone into Armstrong's pocket.

When the original offer - which we hope was 20p - was made, there was no notion of this 1p divi, so Russell is within his rights in ruling it out if, as we hope, he has now been forced to offer more than 20p.

But of course none of us really has a clue what is going on, which is the disturbing thing!

WCB

[madskt] 30/10/2002 07:13

Been watching events at RCC closely, not a holder, but wouldn't be happy at this:

Range Cooker Company PLC
30 October 2002

FOR RELEASE 7.00 AM 30 October 2002

THE RANGE COOKER COMPANY PLC

('the Company')


Deferral of payment of special interim dividend

Further to previous announcements, the Independent Directors confirm that they
remain in discussions with Mr. Robin Russell and certain directors of the
Company, backed by funds managed by Graphite Capital Management Limited
(together, the 'Potential Offeror').

The Potential Offeror has indicated to the Independent Directors that any offer
would be conditional upon cancellation of the special interim dividend that was
announced on 9 October 2002 and that would otherwise be paid to shareholders
today.

In order to facilitate discussions, the board decided yesterday to defer payment
of the special interim dividend until discussions with the Potential Offeror are
concluded. Should an offer be made which is capable of being recommended by the
Independent Directors, it would be the board's intention to cancel the special
interim dividend. A further announcement will be made as soon as is
practicable.

[chapman123] 29/10/2002 23:11

abou £1.6m less cash still leaves them with about 5M

[pdyke14856] 24/10/2002 09:09

Bear in mind though that they have just paid the 1p special dividend.
Therefore there is less cash in the bank.

[james8] 23/10/2002 11:15

22/10/2002

Range Cooker resumes bid talks

Old-style oven maker Range Cooker, which abandoned takeover talks a fortnight ago, has reopened discussions after receiving a revised offer from the original bidder, Robin Russell. Christopher Spink reports.


In a short announcement the independent directors of Aim-listed Range Cooker, which manufactures cookers under the Britannia brand, said entrepreneur Russell and his backer Graphite Capital have made 'a revised approach that may or may not lead to an offer'.

Russell, in concert with an unnamed director, first started talks with Range Cooker in February. His proposed offer 'at or around 20p a share', which was never formally lodged, was eventually rejected earlier this month 'on valuation grounds'.

Chairman John Armstrong, who owns 68 per cent of the shares and his partner Nigel Wray, who has a 5 per cent stake, agreed not to talk to any rival party and to accept the offer, if it was made by mid-August, at or around 20p or more. Another unnamed party then entered the frame before all talks were terminated two weeks ago.

Now the board says 'discussions have recommenced'. This suggests Russell and Graphite's offer could be raised. Consequently the shares rose 0.75p today to 18.25p.

In the year to April Range Cooker reported a 22 per cent rise in pre-tax profits to £4.4m, on sales up 14 per cent to £15.4m. The company made 1.94p of earnings per share, which exceeded broker Brewin Dolphin's forecasts.

This puts it on a p/e ratio of 9.4. Trading so far this year 'is in line with expectations'.

A further announcement will be made 'in due course, when appropriate'

[shaggy666] 22/10/2002 18:49

21p probably

[james8] 22/10/2002 14:40

oniabsta,
i think you could be right. i've just topped up at 18.5p

[oniabsta] 22/10/2002 14:02

This time it'll be for more than 20p!

[uffy] 18/10/2002 19:08

I believe that the dividend gets paid to those on the register at the start of trading today, and so, in theory the 1p fall in the share price should have already occured. I am hopeing, as a holder, that the slight pull back which we saw this week, was the MM's trimming the price in anticipation of the dividend.

[pdyke14856] 18/10/2002 11:29

"In view of current trading conditions and what was stated in the Company's
annual report for the year ended 30 April 2002 the Board has decided to declare
a special interim dividend of 1p per share payable to shareholders on the
register as at 18 October 2002. This dividend is expected to be paid to
shareholders by 30 October 2002."

Are you sure that today is not the last day to purchase for the dividend???

[pdyke14856] 18/10/2002 11:05

Maybe that becuase the butout didnt happen there may be some surplas stock around. James8 get your cheque book out :-)

[james8] 18/10/2002 09:57

I suspect that the seller may still be around- keeping the share price down.

[chapman123] 17/10/2002 23:03

why has it not move worth 20p at least .... and get 5% return spec div as rolling in cash

will be in tommorrow

[washbrook] 17/10/2002 16:35

Went xd yesterday.

[pdyke14856] 17/10/2002 11:36

18th October last day for 1p dividend

[gerrystewart] 12/10/2002 00:23

james,

agreed if it was a buy they would appear to be getting it cheaper but it was a 'T' trade so could (and probably was0 a deal done far earlier than is announced and so could well have been the catalyst for the price increase. My own purchase (the first of the day, 50K at 17.5) certainly had no effect and it wasn't until considerably later that the price started to move.

However, I will say this; the buys today don't apper to be having much effect and that might just be 'cos there is another (i.e if the 300k was indeed a 'sell')'T' trade sell waiting to be announced (though why they are selling ahead of the ex-dividend date and at a price which is, hopefully, as low as it will go in the short-medium term, is puzzling in itself).

[shortermer1] 12/10/2002 00:18

Most definitely a sell imo.

If it was a buy then we'd be staring at a share price of about 23p!!

ST.

[gerrystewart] 11/10/2002 15:37

yes there is todays 't' trade and definately a 'sell'. However, it isn't that big in value terms (though massively bigger than NMS and sizeable enough for an illiquid stock). This might just mean that whoever wanted out is out and the price can now respond more positively to any buying strength. Hope so anyway!!