Rpc Share Discussion Threads

[billywhizz1] 09/3/2019 13:00

Ess.I Post 3239

The question I asked you was pretty clear 'Are you a holder' ?
In my follow-on I never said your view was credible or not, I simply referred to your view's degree of credibility. I do not question your post's factual element. However, unfortunately or me, life's all about timing and Jeffian has partially beat me to it and quite correctly points out that the correlation you make with the wider Sector is not as applicable in RPC's case as you seem to think. When I get your answer, I'll fill in the other bit !

[jeffian] 09/3/2019 12:15

EI,

I only meant that, even with the 'bid effect', RPC has already taken a hammering and, without the 'bid effect' rather more so than its peer group. I have no doubt that if the bid fails, the share price would retreat further in the short term. That wouldn't have mattered to me because I was (am?) so convinced of the long-term fundamentals that I would continue to hold. My only reservation now is that my faith in this management has taken a severe jolt and, if the bid does fail, there would have to be a clearout of those responsible, leading to further short term upheaval and uncertainty.

[essentialinvestor] 09/3/2019 12:05

It does not matter whether you think my view is credible, or not.
What I posted is factual, and be checked very easily.
You appear to be looking at RPC in isolation of what has happened to
the wider sector over the past 12 months.

[billywhizz1] 09/3/2019 12:00

EssentialInvestor: Post 3239
Are you a holder ?
If you are, your view would be more credible than it would be if were not. Please spill the beans !

[essentialinvestor] 09/3/2019 11:57

And where would it be trading without the bid?.

You can currently buy the largest packaging company globally, International Paper, on 8x earnings. If someone paid £10 a share for RPC, they did so towards the top of the cycle. To maintain a sector holding is relatively easy-
Mondi, SMDS, SKG, among many options. And you can buy any of those at considerably lower levels than a year ago.

[jeffian] 09/3/2019 11:09

?

It was trading at nearly £10 just over 12 months ago!

[essentialinvestor] 08/3/2019 23:09

Just about the entire packaging sector is trading at significantly lower levels (and multiples)
than 12 months ago. From the sector giant International Paper, through to Mondi, SMDS,
SKG etc. Holders here have been rather fortunate imv.

[jeffian] 08/3/2019 22:53

Budgiekevin,

I don't understand your tone in #3236. It was just a response to your comment "nobody saw this coming". Well, yes, they did. Alistair Osborne in the Times (posted here) pointed out that Apollo's stupidity meant that any counterbidder only had to bid 1p over to outbid them and I pointed out that there was no need for them to go much above. Why would they? As it turned out, they upped it a mighty 11p. Many of us agree with you that both the Apollo bid and the latest bid are too low, but it doesn't justify your comment which was not actually correct.

[phillis] 08/3/2019 20:12

Goldman Sachs will always have something up their sleeves
The big question is how much

Wyg
If 810 p were the final done deal I would make c23 per share

Just over £1 k for a couple of months wait - an acceptable annualised return from uninvested cash

[budgiekevin] 08/3/2019 19:52

Jeffian re your post 3225 save your self congratulations until Berry succeed with £7.93 the difference between Apollo and Berry current bids is IMO too low to swing a likely rejection of Apollo to an acceptable figure from Berry.

[billywhizz1] 08/3/2019 19:27

jeffian

I agree with your logic that the whole issue ultimately is in the hands of the s/h's, but I made my original pitch for discussion and all my post bullets were valid from a factual point of view. So thanks for your feedback which is equally as valid.

[billywhizz1] 08/3/2019 19:14

wyg
I think your shout suggesting a 5% increase in Berry's offer is a very realistic expectation. I feel that if there's enough slack left in the synagised savings to accommodate the 5%, it would stand a more than even chance

[jeffian] 08/3/2019 19:09

billy,

You're barking up the wrong tree.

"If Berry's offer is successful, IMO they will be acquiring RPC on a low valuation." Maybe, but they can only do so if shareholders accept it. The Board have put a choice to shareholders which they can accept or decline. If the majority of shareholders choose to accept, there are no grounds for a 'class action', however badly you and I may think they've handled the whole process. If you don't like it, your remedy is to vote against it.

[billywhizz1] 08/3/2019 17:34

Putting the phillis issue to one side, let me justify my reasons for my comment on a legal case against the RPC Board. If Berry's offer is successful, IMO they will be acquiring RPC on a low valuation. They would be able to do so because the board of RPC had already agreed to a 'full and final' bid from Apollo, therefore the board could be accused of ‘failing in their fiduciary duty', in a way that 'left the door open for Berry to bid without any competitive tension'.

[billywhizz1] 08/3/2019 16:52

I'll tell you what PHILLIS, in future you just ignore my views and in turn, I"ll ignore yours. Feel free to carry on with your self opinioated copy/paste rule mentality and I'll continue with what in your opinion is my 'naive'approach. SO BYE - BYE.

[phillis] 08/3/2019 15:58

There you go again

Class action for what? Completely, totally naive

[billywhizz1] 08/3/2019 15:27

Phillis,

I simply point out an option available to any shareholder who feels that the original prime reasons given for the sale offering were not achieved due the ineptitude and mismanagement of the boards procedures in attempting to do so.
This resulted in the possible misuse of large company funds on a pointless venture which at the onset was disastrously handled and turned out to be in nobody's interest.
By the way, please cease your condescensionary openings of 'Here you go again'.
Rudeness serves you no purpose whatsoever, if you don't agree with others views, that's fine, but please tone down your personal aggressive behaviour, it's misplaced and not in the contributory spirit of this forum's enlightenment.

[phillis] 08/3/2019 14:33

Whizzer

Off you go again
The BOD has done nothing wrong in recommending a higher bid
That is their job ( even if you think they arent doing it v well)

It is the shareholders who decide anyway

I think the small premium offered by Berry is because they have somewhere to go if this is not accepted
On that basis I am back in , in anticipation of a revised offer of 810p
Nothing to lose at these levels

[bouleversee] 08/3/2019 14:28

Sadly, Alistair Osborne is away at the moment but I daresay someone else on The Times will cover this story. I hope they are as sarky and pointed as AO.

[jeffian] 08/3/2019 14:19

#3214

"No one on this BB saw such a small increment coming"

Ahem, Budgiekevin, I think they did!


"jeffian - 12 Feb 2019 - 10:48:08 - 3023 of 3225 RPC One to watch after these results - RPC
I must say I'm not getting too excited about the Berry interest. As Apollo tied their own hands by committing to a 'best and final' offer, what incentive do Berry have to bid substantially above that? All they need to do is bid just enough to attract a majority of shareholders. The whole process has been very badly handled by the Board."

[billywhizz1] 08/3/2019 14:06

mammyoko:
your 3222 post, last para. infers that Berry along with Apollo is P/E, Berry are not P/E.

[bouleversee] 08/3/2019 14:04

Wyg -3211

Nevertheless, the comments by the Chairman & CE0 of Berry are written with the assumption that it is a done deal: "will" not "would".

[mammyoko] 08/3/2019 13:38

Squidsgone - I agree that seems the most likely

[squidsgone] 08/3/2019 13:34

My hope, (and expectation), would be a "no" to both current offers, followed by an increase from Berry to get it over the line.