Reach Plc

-0.05 (-0.07%)
Share Name Share Symbol Market Type Share ISIN Share Description
Reach Plc LSE:RCH London Ordinary Share GB0009039941 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.05 -0.07% 72.90 21,329 08:54:46
Bid Price Offer Price High Price Low Price Open Price
73.25 73.85 73.00 72.90 72.95
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Newspaper:pubg, Pubg & Print 601.40 52.30 16.20 4.52 234.80
Last Trade Time Trade Type Trade Size Trade Price Currency
08:44:51 O 94 73.646 GBX

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Date Time Title Posts
10/5/202318:39Reach (RCH) One to Watch on Monday 5

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Posted at 14/4/2023 16:19 by masergt
RNS, Tues 21st March. "On 21 March 2023, the Company received, and the Board has accepted, a waiver by Jim Mullen of his 2020 LTIP award together with all related rights. No compensation shall be paid to Mr Mullen in respect of the waiver." The award was 750,258 shares subject to certain performance criteria of which he only met 46.43% equating to 363,274 shares.

Wow, such largesse said the media; what a great guy. And waive them he should, said we, given the massive pay check and pension contribution he received the previous year. His performance didn't warrant a bonus anyway and note the "no compensation in lieu" bit.

But today's RNS awards him 1,040,970 shares at no cost - just three weeks after he so self righteously waived the last lot! What a great wheeze. Tank the share price and get 33% more free shares than the award you just waived. It stinks.

His LTIP and RSP freebies to date are:
5/12/19 - 972,364 valued at £0.977 (200% of his base salary)
30/3/20 (4:30pm) - 33,500
30/3/20 (4:31pm) - 750,258
15/3/21 - 79,383 (by way of bonus shares issued on the above freebies)
13/5/21 - 364,430
16/7/21 - 3,658 options
29/7/22 - his portion of 992,627 shares Reach Employees' Benefit Trust ("EBT")
14/3/23 - 1,040,970 valued at £0.848
That's around 3.25 million freebies in 39 months on top of his fat salary and pensions package. Absolutely scandalous given where the share price is. I'll be voting him out at the AGM.


Posted at 11/4/2023 18:07 by masergt
john09. Perhaps you could leave out the unnecessary back and forth spats and we could get down to some serious opinion / discussion / action on the upcoming AGM and its Resolutions:

AGM details: https://www.reachplc.com/investors/shareholder-information/annual-general-meeting N.B. We are invited to submit questions via email by 11:00am next Wednesday, 19th April. Answers to these questions will be posted on the website, as a written Q&A, grouped into themes relevant to the business of the meeting as soon as practicable, and no later than Monday, 24 April 2023. That gives us just 4 days to consider whether the answers affect our votes. If, though, shareholders have already decided to vote down JM or his pay package or whatever else you don't like then voting is open now.

Resolutions: https://www.reachplc.com/content/dam/reach/corporate/documents/governance/21_Reach_Notice_of_Meeting_2023_FINAL.pdf N.B. The deadline for receipt of electronic proxies is no later than 11:00 a.m. on Friday, 28 April 2023. Please also note that Res's 17, 18, 19 & 21 are Special Resolutions thus require = or >75% in favour for them to carry.

Enough's been said of late. The time and opportunity for people to back up their criticisms with meaningful votes is now here. Do NOT rely on your broker to inform or remind you of these deadlines! If you want to have a say in how this company is run you must contact your broker and instruct them accordingly in order to make sure your votes count.

A couple of asides:
1. Rules of engagement like those in the Notes on page 14, 11.(c), which can deny shareholders an answer to legitimate questions have, imo, no place in a properly managed and governed PLC:

"Questions at the Meeting
11. Any member attending the Meeting in person has a right to ask questions. The Company must cause to be answered any such question relating to the business being dealt with at the Meeting but no such answer need be given if (a) to do so would interfere unduly with the preparation for the Meeting or would involve the disclosure of confidential information, (b) the answer has already been given on a website in the form of an answer to a question or (c) it is undesirable in the interests of the Company or the good order of the Meeting that the question be answered."

2. Pension Fund. Nowhere is there any mention of its status nor of the extent to which its valuation and RCH's share price has been affected by the use of LDI's. I think we deserve to know and questions should be asked.

Over to you all, folks. Lobby the Insti's as well, if you wish, but don't miss this chance to let the Board know exactly what you think of their performance.

Posted at 18/3/2023 18:27 by simmsc
You've got 8 institutional investors (all highly regarded) collectively holding 51% of RCH, most of with have increased their stakes in the last 6 months. Aberforth the only one that has reduced its stake by about a quarter.

The investment case now surely is that Jim Mullen sorts out the pension, the share price jumps, he steps back with his head held high, and after this a digital head runs the firm making sure this extra cash is deployed correctly (with a strong CFO in the wings to help manage the declining print business).

Surely this is how its got to play out here.

Or its a bid ... but SFOR, NWOR, FUTR haven't got the balance sheets to do it (so we might get paid in shares if it comes to this).

Posted at 18/3/2023 17:56 by simmsc
There are only 4 companies in the UK (with a greater mkt cap than 15m) that have a higher dividend yield than RCH. A 10% dividend yield is in normal circumstances not sustainable. Either the divi gets cut or the share price has to go up (and that would only be supported by stronger company performance).
Posted at 18/3/2023 14:36 by john09
Must confess I thought at the back end of last year that come March things would start to look up. Completely the opposite . I think the share price will be on ice most of 2023 now
Posted at 06/3/2023 09:00 by simmsc
Smiths News, a company that is also managing a declining business (newspaper\magazine wholesale), is on a PE of 4.9. If you add the cash back (from the pension contributions) and put RCH on the same PE as Smith's News (which importantly has no pension deficit) the share price has to at least double from here (and this doubling of share price includes no digital upside)
Posted at 27/2/2023 10:51 by simmsc
This should put firm support on the share price and makes the shares at a sub 4 PE level very undervalued. I would be interested to hear from historians (ones that have known and watched RCH for a good amount years before COVID broke) to verify if a PE this low (without a pension deficit) was common or not.
Posted at 24/2/2023 16:08 by masergt
Aug 2021 - 400p+. Feb '22 - 230/150p. March '22 - 200/180p. Apr '22 - 125p. Aug '22 - 70p. Nov '22 - 120p. Today - 85p.

JM's fat pay check from last year seems like it might have turned people away. He handled the strike terribly then stumped up a 14% payrise out of the blue. Employee recruitment policy up and down like a fiddlers elbow; wanting 400 new journos in US but letting go 200 in the UK. Him and Fuller dumping over 500k of shares on the market Nov/Dec just drove the share price lower. A poor message to send out after the National ramp.

This lack of news, lack of consistent strategy and failure to follow through is bound to unsettle the insti's. How can you miss your quarterly advertising revenue forecast by over 20%?? Who screwed up there? How many are asleep at the wheel and why aren't the knowledgeable piling in at this price?

Posted at 17/1/2023 08:51 by dr biotech
NWORs digital revenues are strongly up. Quick comparison

..digital revenue growth of 25% (RCH 1%)
Digital revenue growth in the second half 12% (RCH -5.9%)
Print advertising -6% (RCH-20.2%)
Circulation revenue -9% (RCH +1.8%)

Essentially NWOR beats RCH hands down on all metrics except circulation revenue (due solely to the cover price increase).

RCH beats NWOR on excuses, where it appears to be the market leader.

You can't take home a world class salary for village class performance. Jim Mullen needs to step up or leave.

Posted at 05/9/2022 11:04 by dougmachin
Tomorrow could be the day that the RCH share price stops going down.
Surely, after so many down days, it has to stop soon. I mean really.
And not in the vein of 'tomorrow never comes'.

Reach share price data is direct from the London Stock Exchange
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