Renewi Share Discussion Threads

[mcmather] 09/11/2023 10:05

"significantly better second half than first half"; presentation.

“due diligence (to Macquarie) starts when the price is close to what you expect, and that was not the case”.

[dplewis1] 07/11/2023 09:00

Peel Hunt raises target price to 950p from 850p

[dplewis1] 01/11/2023 09:28

Stifel cuts target price to 775p from 900p

[outsizeclothes.com] 27/10/2023 12:20

If 810 was offered I think they should have at least put it to us, the shareholders, and let us who actually OWN the Company decide whether or not it was an acceptable bid for OUR Company.
I now don't want to see Otto and Co. coming back next year with a "The market has been worse than we expected when we refused the bid, we now have this or that unexpected cost or softer recyclate price, inflation has been more persistent than what we foresaw, and now we expect a shortfall of xyz from what analysts were penciling in, Capital Markets day predictions were over-optimistic - blah, blah, blah "

[superbobo] 27/10/2023 08:58

Also, while this approach has failed, even the threat of a potential new approach will bring some urgency to the actions of the management at least in the short term(next year or so)

[superbobo] 27/10/2023 08:54

While I am also naturally slightly disappointed, I also get the view of the management and institutional shareholders. Renewi has been trading at or around 800p for most of last year and was as high as 700p as recently as March. So for a business which is relatively stable, very little has changed. So I hope that finally removing the UK municipal contract overhang and focusing on the growth agenda will naturally release the value which shareholders are hoping for.

[wad collector] 27/10/2023 08:36

I see that McQ came in with a 810p offer that was rejected too.

The Board confirms that yesterday (25 October), it received a further non-binding proposal from Macquarie with an
indicative offer value of 810 pence per share (the "Revised Proposal"). The Board carefully assessed this Revised
Proposal with its advisers and also considered the recent feedback it had received from Renewi shareholders. The Board
rejected this Revised Proposal on the basis that it continued to fundamentally undervalue Renewi and its prospects

[wad collector] 26/10/2023 14:42

I don't think he will be listening.
I suppose we are back to the pre-offer situation, except for demonstrating to any other bidders that they will have to go higher. Well played anyone who sold on the rumour. Not me,I just watched...

[outsizeclothes.com] 26/10/2023 13:46

So our wonderful management has refused to even engage with Macquarie.

"Macquarie confirms that, following multiple attempts to engage with Renewi's Board, including a revised proposal, all of which were rejected, it does not feel it is in an informed position to make an offer for Renewi."

So Otto, - over to you!
You'll need to deliver EVERYTHING the Capital Markets Day promised in order to confirm the Board's decision not to even engage with Macquarie.
Not even considering a revised bid smacks of "we are so stuck up our own backsides justifying our salaries that we don't want to see the gravy train ended"

COME ON OTTO !
PROVE ME WRONG !
DELIVER A SHAREPRICE OVER 775P INSIDE 2 YEARS !

[outsizeclothes.com] 24/10/2023 23:56

To my mind the Capital Markets day showed a long-term story, with lots of Ifs, Buts and Maybes.
Grand if you are prepared to wait years for debt to be paid down so that decent divvys can commence - again!!!.
(btw I'd count a decent divvy as 5% of shareprice for a company growing at single digit percentage)
Remember too that all those nice low interest Green Bonds will, medium term, have to be rolled over in all likelihood, and the next batch won't be at 3.5%

Bring on the bid, as, to my mind, Capital Markets day did NOT justify holding out and refusing !

[wad collector] 24/10/2023 16:41

I suspect that the falling share price gives the answer to that question. Though there can always be surprises.

[betman] 24/10/2023 10:13

My understanding is the bidder has until 5pm on the 26th October to make a firm offer or not. With just 2 days to go is that a good sign or bad ? Is there intense negotiation going on or do they just like to leave until the last minute ?

The Capital markets day showed a good long term future for the business with lots of growth opportunities and the sale of the UK business

[dplewis1] 23/10/2023 13:22

Easy 10%+ here Shirley

[outsizeclothes.com] 17/10/2023 15:37

I can't help thinking that the closer to £7 the market takes this, the more it's likely that a firm £7.75 bid will be met with a wave of willing short-term institutional profit-takers.

[outsizeclothes.com] 10/10/2023 11:53

I think they'll make the bid, and it will make sense for them to.
Having given it a few days for the markets to trade after Capital Markets Day, imho stock will have changed hands into those types of institutions who will now look for a quick, profitable exit in a short time period, and out of the hands of 'long-term holders'.
I believe that management is bound to have been contacted too, looking to see if they will recommend a bid.
Again, imho, anything north of £8 should be.

[horseyphil] 05/10/2023 13:31

To potential bidders, it probably just served to reinforce the view that this is a company with great potential if it were properly funded.

So, maybe made a bid even more likely. Hopefully more than one bidder.

[outsizeclothes.com] 05/10/2023 11:42

Bring on the bid imho.
I don't know what others opinions are of the Capital Markets RNSs, but I think there is a lot of 'jam tomorrow' promise, but also a lot of 'flagged capital expenditure'.
Meaning that debt won't be reduced very fast, sizeable divvys are some way off, and there's quite a bit in there that could potentially go wrong, or be delayed.

What do others here think ?

[sausage7] 04/10/2023 09:57

Capital Markets day today at 3pm. In the RNS no mention of the Macq approach but at foot of the announcement it reads “Renewi has appointed Goldman Sachs as financial adviser alongside Greenhill, Peel Hunt and Berenberg and has also hired FTI Consulting as PR advisers”. That’s a hell of a lot of advice for a £600m company…are they gearing up for a fight??

[outsizeclothes.com] 03/10/2023 16:15

The 'defence' the Company makes in Capital Markets Day, although we have the bones of what will be revealed, should be interesting in the exact details.

[sausage7] 03/10/2023 16:10

Re the RNS, it’s the “person with interests in relevant securities representing 1% or more “…. Regulatory overkill IMHO

[archbishopdesmond] 03/10/2023 14:39

what's with the multiple RNS's? double figures yesterday

[theolonghair] 03/10/2023 13:42

When the dust has settled this price could very well drop back due to people selling like a rinse and repeat kind of thing. Although I rather increase position but to each it's own. When you boil it down it was just an offer and 40% means very little in my opinion.

[outsizeclothes.com] 29/9/2023 15:57

Today's action is more like a "we believe this has legs" than a "it's not going to happen"

[wad collector] 29/9/2023 09:06

He still holds £3.5M so he does have significant skin in the game. Presumably there is still not that much confidence in a deal at 775 or 850 as the price is still around 700. Is this an easy buy for 10-20% upside?
If the offer is withdrawn/refused it won't drop back to 500p .

[george stobbart] 28/9/2023 21:13

Street says a deal is getting boiled at 850. The new Renewi Dutch management have become complacent since Toby resigned and let the stock fall into the small cap purgatory again. They should have sold the UK toxic municipal contracts years ago and Toby has been pushing it. Who would now pay any money for UK PFI onerous contracts? They should seal the deal at 850 and just move one. Not to mention the new Dutch Chairman who has been sitting there three years and hasn’t bought a single share in RWI.