Uniq Plc Share Discussion Threads

[johnyee 7] 18/2/2011 09:22

sounds much better to me

[johnyee 7] 18/2/2011 09:21

CAPITAL STRUCTURE OF THE COMPANY
FOLLOWING THE RESTRUCTURING

Current capital structure Existing Shareholders 114,833,817 10.0 100.00

Capital structure following Existing Shareholders 11,483,382 1.0 9.8

Restructuring Newco 105,704,528 1.0 90.2
----- ----- -----
Total 117,187,910 1.0 100.00
----- ----- -----

[johnyee 7] 18/2/2011 09:18

purplebox,didn't see that bit, so shareholders will have about 11.5 million shares and pensioners get about 106 million shares so total shares in issue after restructuring will be slightly over 117 million which is about the same as now, just nominal value of shares will have changed.

[mechanical trader] 18/2/2011 09:09

I think this is the give away to how
the pension fund will deal with its
stock holding after the 25th.......


Geoff Eaton, Uniq's chief executive, said that he was hopeful that by the time the pension scheme completes a two-year assessment period after the deal, it would have been able to sell its shares in Uniq at a price high enough to avoid falling back into the PPF and would instead offer benefits slightly better than those guaranteed by the scheme

[billybankrupt] 18/2/2011 08:25

10551

sorry - early morning and missing the point!

[mechanical trader] 18/2/2011 08:10

Yep I think we will go up to about 20p
before the meeting on the 25th.

I see decent value at around that share price and
the chance for management to concentrate
on the business rather than looking over
their shoulders all the time at a pension
debt burden.

[neverabanker] 18/2/2011 07:59

lots of v.small sell trades yesterday,drip drip as shorters plied their trade, but they will have to buy back at some point-this was bound to happen after such a rise as Weds. I guess they will try again today in the hope that a few of the punters who are still showing a decent enough profit will panic and get out. There were also a number of significant purchases, possibly someone accumulating, or just several different people with confidence. Not suggesting that this has much further to go but somewhere between 14and 20 p seems reasonable.All IMO of course.

[purplebox] 18/2/2011 07:55

johnyee 7 - 17 Feb'11 - 22:40 - 10546 of 10548

shareholders will be left with the same amount of shares they have at the moment which is just over 114 million, pension fund will get just over 900 million shares I believe.

No - read page 5 of the Circular.

[olly2] 18/2/2011 06:05

two late trades of 150,000 and 250,000 at 11p.some body is confident it will rise from here.

[mechanical trader] 18/2/2011 01:24

Yes it did retrace back but the fact is even
with the dilution for present holders this
company is worth at least 20p per share.

market cap is around 100 million for a debt
free company with 250 million turnover and 400
million of tax loss credits to use.


Lets face it nothing in the share world goes up
in straight lines.

I expect the share price to recover tomorrow and carry
on rising up to approx 20p.

I think the Fund managers talk of 50p target is
way over the top unless he knows more than us.

Is he factoring in a bid?.

Certainly wouldnt buy for that but fundies wise
still very cheap even with dilution.

[ayesha4] 18/2/2011 01:11

god that is old news

desperation?

[johnyee 7] 17/2/2011 22:40

shareholders will be left with the same amount of shares they have at the moment which is just over 114 million, pension fund will get just over 900 million shares I believe.

[spacedust] 17/2/2011 20:55

if joe bloggs plc has 1m shares in issue and has 10 shareholders then each shareholder would own 100k shares. if 90% (900k shares) of the company is given to a pension fund and the 10 shareholders get 10% then they each now own only 10k shares each

if share price is 10p, then their previous holdings (when shareholders owned 100% of company) were worth 100k x 10p = £10,000

after giving away 90% - if share price is 10p then thier 10k shares x 10p = £1,000

there will defenately be a dilution, there will be share consolidation, the price will be high but you will own less shares so the value of your holding will not change...hence why there is a lot of selling. This is going back to 8p or below. i have to add the bit about all in my honest opinion otherwise i can get done...you make up your mind

[stewjames] 17/2/2011 18:47

Tough comparison to make. NFDS does indeed have pension issue. On the other hand, it's profitable. It's also considerably larger, and note the price is at current levels courtesy of a recent bid.

Related to that last point, I was mulling over the possibility of a bid for Uniq. I recall there were interested parties in the past that were ultimately turned off by the pension liability. That will be gone with the restructuring. With 90% in the hands of a single holder, any bid automatically succeed or fails on their whim. Not sure whether this would be viewed as positive or not...presumably they wouldn't (couldn't?) be entertaining bids that don't cover a large proportion of the obligations to pension fund members. Also, pension aside, I suppose Uniq is a rather different (less attractive?) entity now to that which previously attracted interest. In particular, it's substantially smaller.

The majority shareholder will have an iron grip over the company as a whole, to the point they could easily call all the shots and replace any board members who resist. Is there anything in the restructuring documents about their intentions regarding fully exercising their rights?

[billybankrupt] 17/2/2011 15:51

Disagree - management of the company over many years resulted in a legacy pension for business no longer owned IMO. This then drove the demise surely

[purplebox] 17/2/2011 15:51

StewJames - 17 Feb'11 - 15:32 - 10534 of 10538

Is the current share price accounting for the dilution ?

If markets are at all efficient, then (broadly) yes.

If we assume the restructuring is almost certain to happen (it is, IMO), then buying today is effectively the same as buying into the restructured company at a valuation roughly 10 times the currently stated market cap.

Exactly right!

[stewjames] 17/2/2011 15:49

Really? It's been a while since I looked, but I don't recall them ever consistently making good money from operating businesses (stripping out all pension considerations and the multitude of acquisitions and disposals muddying the picture)

[propane] 17/2/2011 15:47

Exactly....no pension liabilities will lead to a leaner, meaner uniq!!

[oldtown] 17/2/2011 15:44

Fiar points but many of these have direct link to legacy pension problems stew.

[oldtown] 17/2/2011 15:33

Yes The market cap is around 100 million for a debt free company with 250 million turnover and 400 million of tax loss credits to use.
V CHEAP.