Tawa Share Discussion Threads

[jimarilo] 06/10/2009 16:51

Wonder when they intend to start the buyback ?

[kimboy2] 05/10/2009 14:08

Seems to me if the purpose of the buy backs was to push the price up to NAV then they would only need to buy relatively few shares as the share price moves with small amounts traded.

If however the purpose is to sdd to NAV then they will struggle for similar reasons.

I reckon that there are only about 12% of shares that aren't in major hands anyway.

[jimarilo] 30/9/2009 22:35

Wish I knew how the company are going to play this, obviously not as straight forward as first thought

Am sure it will still come good

Fingers crossed ;-)

[topvest] 28/9/2009 21:07

Looks a useful preferred provider for Swiss Re:

Gilles Erulin, Tawa plc Chief Executive, commented: "We look forward to
welcoming the PRO team to the Tawa Group where their invaluable knowledge of the run-off market and global platform will be of considerable benefit in achieving
our strategic goals. We are also pleased that Swiss Re has confirmed that PRO
will enjoy preferred provider status for servicing its run-off operations. The
deferred consideration element has been agreed between Swiss Re and Tawa to
ensure we work hand in hand to increase the profitability and value of PRO over
the coming years."

£22m of accumulated profits being cleared out prior to the deal; shows its been profitable over the years!

Looks like the initial outlay is relatively minimal and NAV neutral. Deferred consideration not enormous and depends presumably on the companies performance. Overall, looks a reasonable deal.

No mention at all of the buy back programme which is interesting. Lets see if it starts tomorrow!!

Overall, encouraged by the results. Would have been nice to see US$2 a share nav as per the header, but not too far off!

[jimarilo] 28/9/2009 16:28

Agreed,

Patience required

[topvest] 28/9/2009 12:12

Looks fairly good results + a nice looking deal. Share buy back should lift the price further over the coming days. Looking good medium term.

[jimarilo] 28/9/2009 11:45

looks like there maybe some short term holders off loading as the online buying limit has increased

Can buy at least 20K as opposed to 1K recently

(Can buy 20K just under 80p)

[jimarilo] 28/9/2009 07:10

Excellent results out plus an acquisition ;-)

Tawa releases interims showing profitable results and a significant reduction in
gearing and announces the acquisition of PRO, the leading run-off service provider

The Group repaid and terminated a term and revolving loan of $37.4 million on 25 June 2009.

I guess there will be no need for a buyback rns as that was already announced in July

[fillipe] 27/9/2009 20:36

Exciting!

f

[jimarilo] 25/9/2009 18:34

Been out all day, I see Mr. 25K off loaded again today and he always seems to realise a price at a premium to the bid, which bodes well ;-)

Yes fillipe the 15 months makes a difference for sure, might mean the company buys stock as and when there is a need as per Kimboys post

Am sure we will all be up early Monday morning ;-)

[topvest] 25/9/2009 18:01

Results on Monday then.

[kimboy2] 25/9/2009 13:18

There isn't that much of a free float so I would not have thought they would need to buy 10%.

If the purpose of the exercise is to get the share price up to NAV to allow share based acquisitions then I would expect them to get on with it.

We shall see.

[fillipe] 25/9/2009 11:41

Jimarilo

Thanks for mention of the long period for the buy-back, I hadn't spotted that.

It makes it all the more interesting.

f

[jimarilo] 23/9/2009 14:50

Agreed

20k is enough to shift the sp, which is expected with such a small free float

11m shares is a massive volume to buyback here (10% of share capital), so should be ok for the pi to realise a good profit as thats near on the free float

The buyback programme extends for 15 months, so should be support around the 127p for sometime to come

[kimboy2] 23/9/2009 13:49

It will be interesting to see how this plays out. Hopefully they will come in with a stronger NAV figure.

It doesn't seem to take much to shift the share price at the moment but I suspect that there are a few waiting for an uplift to sell into.

[jimarilo] 23/9/2009 12:55

Very quiet here, might be a tad different next week

Here's hoping ;-)

[jimarilo] 21/9/2009 22:09

Still a long way to go, be interesting to see where we are by Friday and the impact of the rns due out Monday

Makes me wonder if the company have acquisitions already in the pipe and have a need to see 127p in quick time. Acquisition news might see us surpass 127p ;-)

[topvest] 21/9/2009 21:51

up again today. looking good!

[jimarilo] 19/9/2009 07:45

A flurry of trades Friday afternoon moving the bid to 78p online and only able to buy by phone now

Just 5 working days before the commencement of the share buyback programme and a potential 50%+ gain still to be had from here ;-)

Tawa Plc highly commended ARC awards 2008

[jimarilo] 16/9/2009 15:47

The snippet below from the final results gives the reasoning behind the buyback. The current climate is a prime time to pick up some low hanging fruit and a higher NAV will increase leverage to aid acquisitions

"Tawa prices its acquisitions with an IRR target in excess of 20% post leverage. While having been able to create some leverage in its prior acquisitions, Tawa believes that the built in leverage of its targets sets natural limits to bank financing, especially in the current state of the banking market. In the event that we are able to acquire portfolios in exchange for shares, which has been Tawa's long stated policy, we would expect an exchange value in line with net asset values."

[jimarilo] 16/9/2009 13:49

We are up 17.9% since Monday and online you can sell at 74p "in size" and buy just 1K at 79.65p

The chart looks pretty good from here, but then I do hold ;-)

(Edit: wouldn't worry about the volume that will rise come the 28th Sept)

[jimarilo] 16/9/2009 12:31

I guess there is no real need to ramp this stock as we already know whats coming our way, just need to sit tight ;-)

[fillipe] 15/9/2009 23:16

PhilJH

Still a lond way to go from 72.5p to 127p! Even half way there will be a nice one and in anycase the buy-back hasn't yet started.

f

[philjh] 15/9/2009 22:50

Jim - many thanks indeed ........... sorry to have been so lazy and not finding it myself ...... trying to do a quick sort out tonight on ADVFN of a number of companies' I'm interested in watching - have I missed the boat here though I wonder