Share Name Share Symbol Market Type Share ISIN Share Description
Redde Northgate Plc LSE:REDD London Ordinary Share GB00B41H7391 ORD 50P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  6.80 4.25% 166.80 166.40 167.40 168.40 158.80 158.80 1,080,013 16:35:21
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 589.7 41.7 11.3 14.8 512

Redde Northgate Share Discussion Threads

Showing 4251 to 4275 of 4350 messages
Chat Pages: 174  173  172  171  170  169  168  167  166  165  164  163  Older
DateSubjectAuthorDiscuss
30/12/2019
10:23
I've vote FOR the merger.
blobby
22/12/2019
12:58
In the words of Deborah Meaden, "I'm out" too
dmdmdmdm1
22/12/2019
10:56
I voted against.
approach3
22/12/2019
10:30
A no from me too. Anyone here voted for it?
largeronald
21/12/2019
10:11
Posted my no votes in at the beginning of last week.
aleman
21/12/2019
09:42
I've done mine.
approach3
21/12/2019
09:18
Scheme of arrangement voting details now available on HL.
skinny
12/12/2019
14:41
A very cyclical company buying one which is not very cyclical at the top of the cycle IS a sensible business decision for NTG holders - but NOT for REDD holders. It might be a merger but legally it's an all-share bid by NTG for REDD. The discount in REDD shares indicates scepticism. Historically, all share bids have a lower chance of success. Shareholders prefer cash and all the paper indicates lack of confidence or ability to raise any cash by the bidder. It smacks of desperation. I have cash available and was considering topping up in REDD before the bid news broke. Now I'm holding off. I don't want NTG shares at anywhere near their current price. I might still top up in REDD at these levels if the bid fails. In my view, the worrying NTG bid is depressing the REDD price. A few like yourself will arbitrage the difference. You might be successful - but I will be voting no.
aleman
12/12/2019
14:19
Aleman, I'd say this is more of a merger between two consenting boards of directors rather than a "bid". It's strange that there is such a difference in the relative share prices and that NTG shares are valued higher (a premium in my language, but let's not argue about that). I can only speculate that someone is still dumping REDD shares to anyone who will take them. I agree with you that it is unlikely that NTG shareholders think there is a chance that someone will come in with an alternative proposal that involves an offer just for NTG. Another possibility is the NTG shareholders think the merger is bad and that there is a chance that it will fail which is positive in their eyes. For my part the merger seems like a sensible business decision and I've sold my NTG to purchase REDD shares to take advantage of the discount.
blobby
12/12/2019
13:19
Will 100p be the floor again? we will see
bc4
12/12/2019
12:37
NTG aren't at a premium. There's no bid for NTG shares. The NTG price sets the bid price. We are being offered 0.3669 NGT shares for each REDD one but the trading price is not matching that. That suggests some believe the bid will fail. (Trading at a higher price would suggest a hope of a counterbidder, so it looks like that is not expected.) Bidding companies normally canvas large shareholders of the acquired companies to get behind the bid and then report those that approve as being pledged to support. (Sometimes they even pledge support and then RNS that they have changed their mind.) Why have none of the large REDD shareholders been reported as supporting the bid? It's unusual. 1.2% support is feeble.
aleman
12/12/2019
12:06
- It looks to me as if it is mostly the NGT shareholders who are holding out (their shares are still at a premium). However their CEO seems to have put this together and he wants to be off to his next project. If NGT shareholders don't want this they are faced with finding another CEO and all the uncertainty that goes with that. - I can't see another bid coming - I'm guessing that the larger shareholders are supporting this even if they are not doing so in writing.
blobby
11/12/2019
13:45
What makes you confident it will go ahead when the share price reaction seems to suggest scepticism and shares pledged in support amount to an underwhelming 1.2% of REDDE and 0.05% of NTG?
aleman
11/12/2019
13:39
It is strange that the market values the NGT shares higher than the REDD equivalent. I've sold my NGT shares and bought REDD as a result. Whether I like it or not I'm confident that this merger will happen.
blobby
11/12/2019
11:44
The share price is 105p nowhere near 80p
bc4
11/12/2019
10:49
NTG currently 307.75p. Therefore, the bid value is 112.9p. Even add in a 5.5p dividend if the deal is slow to complete, which is far from certain, and the share price is about 4p short. There seems to be plenty of doubt about the bid succeeding. (I still think the uncertainty about whether or not we are supposed to get the dividend is highly unusual and indicates muddled thinking.) I'll be voting no.
aleman
11/12/2019
09:21
If you look at the chart here you can 'see' the price appears to be being dragged back to an 80p re-test.
ltcm1
05/12/2019
12:59
Informed opinions, well written, thanks all. Just the thing for further research.
wbodger
05/12/2019
12:57
Aleman Payment days does increase and actually with many companies reaches infinity. There becomes a great disconnect between what the company expects and what it gets and business customers, if they in turn are having problems, will use any excuse not to pay. I am not saying that is the case here but as an investor I wouldn't get too comfortable on expectation of receivables or anything like that to come back in-line. I don't know how much you know about Redde but I would recommend you read the old threads and news about Helphire over the decades. It still is a similar company working with a similar business model within an industry with the same pressures. The ONLY thing that seems to have changed is business experience and the implementation of this 'protocol' that protects Redde from issues of the past. I could be wrong, but that is my understanding.
minerve 2
05/12/2019
12:51
Payment days can't keep increasing. It might not fall but it should at least level out and more cash will come out of the end of the tunnel for the dividend or reinvestment when that happens. Regardless of whether payment days force them to choose a cautious cut to the dividend or not. The market cap does not fully reflect the underlying cashflow. Nor does the NTG bid. Despite the bid being recommended, I think there might be room for a private equity bid while the price is depressed - though I'd prefer to stay independent.
aleman
05/12/2019
12:45
Aleman Cashflow is important but it isn't the only thing. You still need operating profits of course. You've hit the nail on the head: working capital is currently being stretched as payment days increase. The big question is whether that trend continues or reverses. I would suggest that the trend is continuing and hence the haste to marry up with Northgate because future intrinsic value is probably not where one would like it to be. Even before payment days started to increase again Redde have been struggling to increase shareholders' equity for the last 5 years according to my data. I'm not prepared to trust the word of any of the self-serving, self-interested BOD clowns in any company apart from Berkshire Hathaway. That is why I have sold out and I'll see whether this transpires into something I want to get back into . I would have preferred Redde to cement its position in its own niche more. Acquiring smaller companies from profits that add value. Merging with a van hire company potentially at the top of its cycle doesn't inspire me with any confidence. Where is the USP in van hire? Very price sensitive market. At least Redde had some USP and was building on it. Anyway, each to their own. Good luck. :)
minerve 2
05/12/2019
12:34
It's cashflow that matters. 2018 and 2019 saw cash and equivalents fall £6m and £19m. But the swing in working capital was -£8m and -£32m, mainly due to growing receivables and contract balances. Had working capital been neutral, cash and equivalents would have risen £3m and £13m AFTER the payment of the dividend. So long as business does not deteriorate further, the underlying cash generation might be able to maintain the dividend for now, though a conservative board might want to cut it by maybe a 1/3rd or a 1/2 even, depending on how they might reinvest the cash freed. But the business does not look to be in trouble and is still generating lots of cash. The market value seems harsh unless some bad news is coming. A takeover by NTG looks like bad new, though. Vote no.
aleman
05/12/2019
09:45
"the dividend is covered by adjusted EPS" It always is! ;)
minerve 2
04/12/2019
23:13
If the div is maintained so much the better. I didn't invest here for yield but it is always a worry if it seems too generous. Thanks for the reassurance!
wbodger
04/12/2019
20:37
Wbodger "Redde were likely going to reduce the dividend payout anyway judging by your share price chart" I don't agree. They've said nothing to suggest that; the dividend is covered by adjusted EPS, and the share price has been held down by the Woodford situation, not by canny investors with inside info about a likely dividend cut.
zangdook
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