Restore Share Discussion Threads

[wad collector] 15/2/2022 11:26

I see the TU last month was ahead of expectations.

[18bt] 27/10/2021 07:56

Feel another sensible add-on - plus the ability to add extra services to the c124k boxes.

[cwa1] 27/10/2021 07:49

Acquisition:-



Restore plc (AIM: RST), the UK's leading provider of integrated information and data management services, secure technology recycling, and commercial relocation solutions, is pleased to announce that is has acquired 100% of the share capital of The Document Warehouse in the UK ("TDW"), for a cash consideration of £6.5m.

TDW is an established records management business located in Sittingbourne, Kent, with c.124k boxes under management and generating annual revenue of c.£550k. Importantly, the business has a modern freehold warehouse and logistics centre (which is a majority of the consideration) that will provide an additional, strategically well-located site with capacity to service the key London and the South of England markets for Restore's growing box estate and to further consolidate existing sites.

To support the long-term trend of annual organic growth of 1-2% pa in boxes under management, Restore has a strategy to expand capacity, whilst also reducing cost through increasing storage density and consolidation of existing premises. Whilst most of the Group's storage footprint is leased, this opportunity to acquire a freehold site with available capacity and future development potential, represents an excellent strategic opportunity.

[cwa1] 15/9/2021 07:31

Following the strong first half performance reported on 27 July 2021, the Group has achieved further positive trading momentum in the third quarter and continues to make excellent progress on its strategy to expand through organic growth, strategic acquisitions and margin improvement:



· Trading in July and August has continued the positive momentum achieved throughout the year, supporting confidence in a strong second half performance in line with the Board's expectation

· Current run rate level of revenue now at £254 million, with run rate EBITDA of £74 million (c.18% growth above pre-COVID-19 revenue levels)

· Customer demand continues to increase across all business units with particularly strong demand growth experienced in Technology, Datashred and Harrow Green in August...

[wad collector] 09/9/2021 17:56

As a holder of both Marlowe and Restore I have watched the share price movements of both with some detachment but it ought to have made a stronger single company. Good to see both share price rising!

[cwa1] 10/8/2021 10:24

Modest acquisition just announced:-



trategic acquisition of PRM Green Technologies Ltd

Restore Technology continues expansion momentum





Restore plc (AIM: RST), the UK's leading provider of integrated information and data management services, secure technology recycling and commercial relocation solutions, is pleased to announce that it acquired 100% of the share capital of PRM Green Technologies Ltd ("PRM"), a leading IT recycling and asset disposition (ITAD) business, on 9th August 2021.



This is the fourth strategic acquisition by Restore in the ITAD sector in the past 12 months and consolidates Restore Technology's number one position in this highly fragmented UK market.



PRM is based in Cannock with sites in Carlisle, Taunton and Alton. The business has a broad product offering, operates an excellent ecommerce platform (PCBITZ.com) and has established a strong position in the valuable UK education sector. The integration of PRM into Restore's existing ITAD business will add further scale, offer operational efficiency, and extend strategic sales channel presence.



This acquisition represents a further milestone in Restore's strategy for growth, as outlined at the Group's Capital Markets Day presentation in November 2020, to grow earnings through organic expansion, strategic acquisition and margin improvement through synergies and efficiency gains.



PRM's team of 59 staff will remain with the business which will be fully integrated into Restore Technology

by the end of 2021. PRM is a well invested, highly profitable and cash generative business and is expected to be immediately earnings accretive with average yearly revenue of £3.0 million and an average EBITDA of £0.9 million achieved over the past 3 years.

[cwa1] 10/8/2021 07:24

Deal off...

10 August 2021

Marlowe plc

Statement Regarding Restore plc ("Restore")

Further to the announcement of 22 July 2021 regarding a possible offer to acquire all of the issued and to be issued share capital of Restore, the Board of Marlowe plc ("Marlowe" or, the "Company" or, together with its group, the "Group") does not believe that a transaction is able to be reached on financial terms that would be in the best interests of Marlowe shareholders. As such, Marlowe confirms that it does not intend to make an offer for Restore under Rule 2.7 of the Code. This is a statement to which Rule 2.8 of the Code applies.

The Marlowe Board (the "Board") continues to believe that a combination of Marlowe and Restore would have been strategically compelling, creating a business of scale delivering a broad spectrum of complementary business-critical services and software to UK organisations and providing a platform for significant future growth. The Board believes that the Marlowe management team has demonstrated a strong track record in creating value for shareholders and understands the growth opportunities that the combined group would have been able to capitalise upon.

In line with Marlowe's disciplined approach to M&A, and taking into account the Board's view of the relative growth prospects of both businesses and inherent value of each, the Board does not believe that a combination with Restore at an offer price that would be required to secure a recommendation from the Restore Board would deliver attractive value creation for Marlowe shareholders.

[cwa1] 05/8/2021 07:32

A slightly repetitive but clear reiteration of the BOD's rejection of the offer has been released this morning:-

[ilovefrogs] 03/8/2021 14:31

Stock above £5 now, and I see that Marlowe is buying in the market. However, I think the bid is too cheap, and the cash component too low. Was hoping to see some other bidders come out of the woodwork but nothing as yet. I might start to reduce at c 520, and reinvest if bid fails and price retreats back into the 4's.

[cwa1] 03/8/2021 12:51

3 August 2021

Restore plc

Restore plc goes from strength to strength

and

Significant shareholder support against Marlowe's proposal

Unanimous rejection of Marlowe's proposal

The Board of Restore plc (AIM: RST), the UK's leading provider of integrated information and data management services, secure technology recycling, and commercial relocation solutions, refers to its announcement of 22 July 2021 (the "Rejection Announcement"), and its unanimous rejection of Marlowe plc's unsolicited, highly conditional, non-binding proposal announced on 22 July 2021 (the "Marlowe Proposal").

The Board of Restore wishes to reiterate its unanimous rejection of the Marlowe Proposal and its firmly held views, as set out in more detail in the Rejection Announcement, that:

-- the Marlowe Proposal significantly undervalues Restore, considering its current and future prospects;

-- the structure of the Marlowe Proposal, with its very low cash element, is not in the best interests of Restore shareholders; and

-- the combination of Marlowe and Restore is not strategically compelling.
The Board of Restore considers the Marlowe Proposal to be highly opportunistic and shareholders are strongly advised to take no action in relation to the Marlowe Proposal.

The Board of Restore looks forward to expanding on the above factors in due course.

Strong momentum and accelerating growth across all of Restore's businesses

In addition, Restore's H1 results, published on 27 July 2021, clearly show that Restore continues to go from strength to strength as a stand-alone business with run rate revenues of GBP250m which is 16% above pre COVID-19 levels and, as demonstrated by the reinstatement of the progressive dividend policy, that the Board is delivering on its strategic vision for the business and creating strong returns for shareholders.

Significant shareholder support against the Marlowe Proposal

The Board of Restore can confirm that it has received written confirmation from seven shareholders representing approximately 33.27 per cent. of Restore's issued share capital, stating that they do not intend to accept an offer on the terms set out in Marlowe's possible offer announcement dated 22 July 2021.

Further details of this significant shareholder support against the Marlowe Proposal are set out in the Appendix to this announcement.

Charles Bligh, Chief Executive of Restore, commented:

"We are delighted by this strong show of support from our shareholders.

As Restore's H1 results clearly illustrate, the Company is performing very well as a stand-alone company as it continues to grow, win market share, deliver strategic acquisitions and implement its already successful strategy, all of which will create significant shareholder value."

[18bt] 27/7/2021 09:07

Makes offer success look even less likely.

[cwa1] 27/7/2021 07:58

Morning expectation snip from Investec:

RESTORE-H1 ahead of expectations, reinstate div 2.5p interim............+3-4%

[cwa1] 27/7/2021 07:35

The Group achieved a strong performance in H1 ahead of the Board's expectation, with adjusted profit before tax up 56%, sustained momentum in trading across the entire business and significant progress made on Restore's strategy to grow through organic expansion, strategic acquisition and margin enhancement through synergy and efficiency.



Activity levels increased steadily throughout the period and a number of major contract wins reaffirmed Restore's leading position and ability to grow market share still further. Four acquisitions were successfully completed during the period including the substantial acquisition of EDM, a Digital and Document Management business for £62.4 million which resulted in the significant expansion of Restore Digital and Restore Records Management, a bolt-on acquisition in Records Management and two acquisitions in Restore Technology, with all contributing to the successful H1 performance. The strong profit achievement was further supported by the realisation of cost and efficiency improvement initiatives, particularly in property and employee costs.



The combination of recovering activity in the wider economy, market share gains and focused acquisitions means that the Group is already emerging from the pandemic as a larger and stronger business, with enhanced positions in its key target growth markets. In addition, management's focus on operational effectiveness and financial discipline has also created a more efficient business that is well positioned for future expansion. As a result of this strategic progress, the financial scale of the business has increased with annualised run rate revenues expanding to c.£250 million based on performance in May and June 2021, some 16% higher than 2019 (taken as the pre COVID-19 benchmark) and profits showing an improving trend from Q1 into Q2.

Sounds like a bullish, defence type announcement to me! They say this about the offer:-

On 22 July 2021, Marlowe plc (Marlowe) announced a possible non-binding offer for the Group. Prior to this, the Group had received two unsolicited, highly conditional, non-binding proposals from Marlowe, both of which were unanimously rejected by the Board given that it significantly undervalued the Group considering its current and future prospects. In addition, it was concluded that the structure of the proposals was not in the best interest of the Group's shareholders, given the low cash element. The Board remains highly confident in Restore's standalone prospects through its clearly articulated strategy to generate significant shareholder value through sustained organic growth, material margin improvement through scale, synergy and operational efficiency and the substantial acquisition opportunities that exist in the markets in which it operates. Marlowe now has until 19th August to put forward a firm offer for Restore or walk away/confirm it has no intention to make a firm offer. There can be no certainty either that an offer will be made nor as to the terms of any offer, if made. For further details, refer to the Group's Statement re possible offer, which is publicly available on the Group's website.

[cwa1] 22/7/2021 11:26

Value of the offer decreasing as Marlowe share price drifts off..

[dr biotech] 22/7/2021 10:40

As a Marlowe holder I’m not sure it what I want to see. Marlowe is expanding at a decent pace by multiple small bolt-on acquisitions, I’m not really sure why they want to go through a long protracted battle that may just end up costing a lot of management time and bankers fees. Or take in a company of this size with what appears at first glance limited synergies.

Usual board rejection, severely undervalues etc, that’s why all the directors have large personal holdings - or not as is the case. May screw their options as these don’t expire for a while.

[cwa1] 22/7/2021 09:05

Strong rebuttal of the offer from the BOD out now. Significantly undervalues, etc

[18bt] 22/7/2021 07:36

Not a very generous premium - 26%.

[cwa1] 22/7/2021 07:18

Well, well, well...



22 July 2021

Marlowe plc

Possible Offer by Marlowe plc for Restore plc

Marlowe plc ("Marlowe" or, the "Company") announces that it made an approach to the Board of Restore plc ("Restore") regarding a possible offer to acquire all of the issued and to be issued share capital of Restore for 530p per Restore ordinary share (the "Possible Offer"). The combination would create a business of scale delivering a broad spectrum of business-critical services and software to UK organisations, addressing their compliance and information management requirements.

This was the second proposal made by Marlowe to the Restore Board. Both proposals were made over the last few weeks and were rejected.

The terms of the Possible Offer of 530p, if made, would consist of 71p in cash for each Restore share and the remainder in new Marlowe shares. The exchange ratio will be set at the time of the announcement of a firm intention to make an offer, if made.

The terms of the Possible Offer of 530p represent:

-- a premium of approximately 45% to the placing price of 365 pence per Restore share on 30 April 2021;

-- a premium of approximately 42% to the six-month volume-weighted average closing price of 373p per Restore share; and

-- a premium of approximately 26% to yesterday's closing share price of 420p per Restore share.
The Possible Offer values the entire issued and to be issued share capital of Restore at GBP743m on a fully diluted basis. Restore shareholders would own approximately 49% of the combined group and would be major participants in the potential future value creation within the combined group.

Alex Dacre, Chief Executive of Marlowe, commented:

"We believe the combination of Marlowe and Restore is strategically compelling and will deliver value for all shareholders.

Marlowe and Restore share the same corporate DNA and channels to market, and we believe that bringing our businesses together will create a leading business-critical services group delivering a comprehensive range of services and software, spanning the compliance and information management sectors, with an addressable market of c.GBP9bn.

Combining Marlowe and Restore represents a transformational opportunity for our customers and shareholders, reinvigorating the Restore strategy and shareholder returns, deepening and broadening our service offering, and creating a business of scale that will deliver significant further growth".

[cwa1] 13/7/2021 08:15

Nice to see the SP, gently, moving in the right direction, there wasn't a lot to be disheartened about in that last TU IMO

[18bt] 05/7/2021 18:13

Slightly muted share price reaction - a lot was already baked in to forecasts.

[cwa1] 05/7/2021 08:14

Well that's a rather strong update by RSTs standards, can't quite recall anything as upbeat as this for a while:-



rading Update and Confirmation of Dividend



Trading above expectations in Q2



Restore plc (AIM: RST), the UK's leading provider of integrated information and data management services, secure technology recycling, and commercial relocation solutions , today issues a trading update for Q2 2021, ahead of its Half Year results on 27 July 2021.



In addition, as a result of the strong first half performance and continued confidence in the Group's outlook, the Board confirms its intention to reinstate its progressive dividend and pay an interim dividend payment for FY21.





TRADING UPDATE



Further to the announcement on 27 May 2021, Restore is pleased to report that trading continued to strengthen through the first half, with second quarter performance ahead of the Board's previous expectations.

· With the benefit of the increasing activity levels, the accretion from acquisitions made in 2021 and further new business wins, the Group continued its good momentum from Q1 into Q2

· The positive trend is evident across all of the Group's business units, with each showing strong revenue growth in Q2, both sequentially and over prior year

· As a result of this progress, the Group's run rate revenue for the 8 week period since the acquisition of EDM is more than £250m pa (FY20: £182.7m, FY19: £215.6m)

· Underlying cash generation in the first half continued to be strong, with net debt anticipated to be in line with expectations at the half year

The Group has made significant strategic progress during H1 and a solid platform is in place for continued development in H2, with further growth potential from increasing activity levels in the economy, sales expansion and further acquisitions expected to be completed during Q3 and Q4.



The combination of activity recovery, market share gains and focussed acquisitions means that the Group is already emerging from the pandemic as a larger business, with enhanced positions in its key target structural growth markets. In addition, management's focus on operational effectiveness and financial discipline have also created a stronger organisation, capable of generating sustainably higher returns.

[porsche1945] 23/6/2021 08:30

If Questor is punting this, dump it. Seriously, I have traded this when the awful spread is narrower but tbh I doubt this is ever going anywhere much. Questor thought Woodfords Patient Capital was a “ buy “, also Aston Martin, companies my ten year old would know to avoid. Stick to large cap tech denominated in USD.

[18bt] 27/5/2021 07:36

Decent DWP contract. Might also help with staff attrition.

[cwa1] 27/5/2021 07:20

Solid enough update:-

27 May 2021

Restore plc

("Restore", the "Group" or the "Company")

AGM Trading Update

Strong trading momentum and new customer win

Restore plc (AIM: RST), the UK's leading provider of integrated information and data management services, secure technology recycling, and commercial relocation solutions , today issues a trading update ahead of its Annual General Meeting to be held later today.

Trading for the four months to 30 April 2021 (the "Period") was in line with the Board's expectations with activity levels continuing to progressively recover.

-- Activity levels continue to show sustained improvement, with revenue for the Period being approximately 3% ahead of the comparative period for the previous year and approximately 95% of the same pre COVID-19 period during 2019

-- Records Management continues to make strategic progress and is pleased to announce that the Department for Work & Pensions ('DWP') has awarded Restore a document services project of approximately GBP10m over 20 months from June 2021. As part of the service, c95 staff will transfer from the current provider to Restore

-- The Records Management and Digital businesses have both been significantly enhanced by the GBP61m acquisition of Rainbow Holdco Ltd, trading as EDM, on 30 April 2021. Management are well progressed with the integration of EDM and the trading performance of its businesses since ownership has been as expected

-- Integration of the recent Technology acquisitions is also progressing well with revenues for Restore Technology expected to double in 2021 when compared with prior years

-- Restore Datashred remains impacted by lower activity levels, but as the economy opens up, the business is seeing very encouraging demand improvement across all regions, including London. Restore Harrow Green is trading strongly with a good pipeline of projects and office reconfigurations.

The Group's Half Year results will be released on 29 July 2021.

Charles Bligh, CEO, commented:

"Our core business is recovering well with increasing activity across all business units and we continue to win new customers and contracts, whilst now being able to offer an increasing suite of services to existing customers.

We have completed 5 acquisitions in the last 6 months across our Technology, Digital, and Records Management business, welcoming over 500 new staff to the business.

We continue to appraise a growing pipeline of further potential acquisitions, and with our strong financial position, we have the flexibility to respond quickly and execute attractive opportunities which may materialise during the second half of 2021."