Talktalk Telecom Share Discussion Threads

[quepassa] 30/6/2020 07:20

DIRECTOR BUYING continues apace this year.

Another RNS today detailing yet another significant purchase of TalkTalk shares by the Founding Exec Chairman, Sir Charles Dunstone.

This time, 1,000,000 shares at 86p.


Updated list of DIRECTOR BUYING since start of 2020:-


29/6 Sir Charles Dunstone - Founding Exec Chairman - Buys 1,000,000 shares
17/6 Roger Taylor - NED- Buys 500,000 shares-
16/6 Tristia Harrison - CEO- Buys 223,045 shares-
15/6 Roger Taylor - NED- Buys 1,000,000 shares -
29/4 Sir Howard Stringer - NED- Buys 56,000 shares -
16/3 Phil Jordan - NED- Buys 42,750 shares -
10/3 Sir Charles Dunstone -Founding Exec Chairman- Buys 955,149 shares
3/3 Sir Charles Dunstone - Founding Exec Chairman - Buys 377,140 shares
3/2 Tristia Harrison - CEO- Buys 171,970 shares


Almost 2.75million TalkTalk shares have been bought by Directors during just this month of June.

ALL IMO. DYOR.
QP

[1224saj] 26/6/2020 21:31

Bookbroker, so Tosca buy another 11 mill shares, taking them to 29.1%I need to look at the history to work out what their average is now? I would say around 1.24?

[bookbroker] 26/6/2020 14:03

So Tosca buying more, one assumes from the Welsh farmer, but is this a takeover by stealth, or protecting their investment!

[bookbroker] 25/6/2020 15:39

Got to be one of the most badly managed companies on the exchange, it would appear that ever since the split it has been run as much as at the behest of the chief share holders, by a series of mistakes from Harding being appointed as a stooge of big shareholders, paying huge dividends out of the cash flow, not reducing debt in the process. Harrison has a huge task, and I hope this will not be taken out on the cheap by the principal holders of stock. It would be a travesty of the last four years, I hope someone will come in out take it out for a small premium instead of watching it continue to weaken.

[bookbroker] 25/6/2020 14:06

Even a £1.00 would be an achievement!

[1224saj] 25/6/2020 10:32

Exc and NED are averaging 4% loss on their recent purchases and 31% collectively, I hope they know what they are doing. I've set a target to get out at 1.24

[bookbroker] 25/6/2020 09:17

Totally baffled, director buys, which count for little really and truthfully, and it was non-exec at that, but Roger Taylor been on the board since inception. He is now sitting on a tidy loss, must be wondering himself, but then he might have money to burn. Nonetheless, post results this has been disappointing, first set of figures since move to Salford, cost cuts, etc., and a damp squib. Where is the consolidation here, because the way things are going the founders are going to be downsizing in lifestyle choices at this rate!

[bookbroker] 23/6/2020 18:40

Extraordinary this company, share price just cannot get traction, ok it is the underlying business that matters, but it has been a rotten investment over the last four years, Tosca really need to start twisting the screw, being a passive investor is doing them no favours!

[shaker44] 23/6/2020 13:29

From memory 660k and 340k

[1224saj] 23/6/2020 13:13

Hi Shaker44, I missed that yesterday, how large were the buys

[shaker44] 23/6/2020 10:57

If you feel we are 12/18 months away I wonder why heavy director buying now? And some very chunky buys yesterday.

[1224saj] 23/6/2020 10:15

Looking at potential value reference an acquisition. On a per subscriber base of 4.2m, fair value would sit around £400 per sub, then you've got to factor in current debt of around £190, total costs £590 or £2.13 per share. I think we are 12/18 months away from where there may be a player change. Debt reduction, cost savings and a net 800k new subscribers and we might just get to around the £2 per share mark, which would return about a 30% return for the major shareholders

[quepassa] 23/6/2020 08:22

On 19th June, Deutsche issue a broker note with a REITERATE BUY recommendation and a(slightly reduced from 200p) TARGET PRICE of 175p .

Deutsche see some 100% UPSIDE to current share price.

ALL IMO. DYOR.
QP

[shaker44] 23/6/2020 02:10

You are right 1224. Apart from Sky, the other large UK isps have very poor reviews. 1gw analysis interesting.
It looks as though Sky, Virgin,BT and Vodafone to name just 4, can benefit from TTs 4.2m subscribers.
So maybe not much downside in the share price but 50% upside?

[1gw] 22/6/2020 21:39

1224saj - no "view", it was just an observation that since the passmark for a scheme of arrangement is 75% (of shares voted), Dunstone, Ross and Toscafund could pretty much push one through if they wanted to (subject to the "majority in number" test), although clearly to get the independent directors' support the price would have to be a "fair" one.

That would be where a third party was the bidding party (as otherwise I think they would have to discount the voting rights of anyone who was part of the bid) - but I was thinking of a scenario where another Telco, or private equity or whoever approaches Dunstone, Ross and Toscafund to secure their support for a bid.

[shaker44] 22/6/2020 18:47

Maybe all UK isp service sucks. Dunno.
I think a re rating will be a long time coming though without 'corporate' activity indicated by recent heavy director buying.

[1224saj] 22/6/2020 16:56

Shaker 44 agree with debt, cost cuts and better buy rates from open reach and city fibre should improve profit and hopefully debt reduction. The reviews are subjective and certainly sit better that plus net and virgin.

[bookbroker] 22/6/2020 16:51

Business without fixed line, Vodafone to name one, but also Three.

[shaker44] 22/6/2020 16:47

So they have a reported 775m debt overhang.
Reviews state that their service sucks. Heavy buying by Ned/Ed.
If not taken private who would be likely buyers that wouldn't fall foul of monopolies commission?? And at what likely price?

[1224saj] 22/6/2020 16:23

Where can I find the formula for the options just given to the CEO and CFO measured against TSR and CAGR over the next 3 years

[1224saj] 22/6/2020 13:16

The main shareholders are not in the business of loosing money. If they were to vote to take the company private, there would be a minority shareholders challenge if the price was sub 100p. My view would an offer around 1.40p as this would put around net neutral to their purchase costs. It would also give a nice uplift to recent share purchases

[1224saj] 22/6/2020 13:09

1Gw, interesting view regarding SOAWhat draws you to this view? I see the latest guidance as good and the Exec and NED large purchases at around 90p as more skin in the game.

[septimus quaid] 22/6/2020 10:51

hard to know where this is leading to, another 5% of the vote between them and the big three can collaborate and vote through anything they want (even a low-ball offer to take the company private)?

or, prior to a bid, any prospective purchaser only has three parties to get an initial agreement with on what they consider to be fair value?

There must be rules covering this.

[1gw] 22/6/2020 07:59

Significant shareholdings according to the annual report, as of 7th May, were:

29.8% Charles Dunstone
28.5% Toscafund
11.2% David Ross
3.5% Jupiter Asset Management
3.1% Capital Research

Comparing this with the previous annual report position, it appears Invesco, Capital, Jupiter and Richard Griffiths have been selling down (although Griffiths appeared during the year, peaking at 5.3% declared before reducing) and this has perhaps been the source of a lot of the shares bought over the last year by Toscafund in particular, but also Dunstone and the other execs/non-execs.

The result is an even more concentrated ownership, with Dunstone, Ross and Toscafund having nearly 70% between them and therefore being not far short of being able to vote through a deal on scheme of arrangement terms by themselves (although subject to the "majority in number" test).