Watchstone Share Discussion Threads

[wattene] 23/3/2020 12:07

I gave up a while ago now. Sold at 70p only to see it rise a few weeks later to 140+

Not cut out for this investing lark LOL - Ploughed the cash into SXX - doh!!

[foreverfalling] 22/3/2020 19:08

Decided to sell our after many years of pain. Felt so good. So many better options out there right now.

[hindsight] 11/2/2020 14:16

Slight issue for me is does the 195p cash indicate Ingenie has been losing money as was expecting 200p

[spbcscw] 29/11/2019 17:53

Just read the RNS.

Ahem..... of course they need more time as the board are soooooooo busy with all their other activities!

[actofwill] 25/11/2019 09:53

Appreciated for sharing those notes - saves me quite a bit of time. They typically gun down the professional indemnity insurance of the directors. So it looks to me this could be "bought out" for a couple of £m - max.

[the dark horse] 25/11/2019 09:04

Having trawled back through my notes and the news releases I am heartened to see the the letter of claim in 2015 that threatened action under the FS&MAct2000 was from 342 claimants amounting to £9.4m and importantly did not prevent court approval for the distribution back then. On that basis I have been topping up this morning as I see few other opportunities that are cash backed with a 30% kicker :)

[the dark horse] 22/11/2019 15:32

The trouble is the "suing class" is more likely to be previous shareholders who bought at the height and panic sold in the midst of the bruha that followed so they took a loss and are looking for someone to blame. Truth is they bought with greed in mind and got it wrong but by rattling the cage they might obtain a settlement they don't deserve.

I think the SFO will be looking for a convenient way out with a fine that covers the cost of the investigation. If there had been anything serious it would have surely been acted on by now.

[actofwill] 22/11/2019 15:21

Assuming the suing "class" consists mostly still of current shareholders it would be largely a wash, except for paying lawyers fees in the middle... so better off to drop it and just distribute the whole cash pile directly to shareholders?

Any thoughts on the presumably ongoing SFO investigation?

[the dark horse] 22/11/2019 13:54

All recent results have been accompanied by:

There have been no further developments at this stage on the threatened class action litigation first announced in September 2015.

Now there is money in the pot you can bet the solicitors will try and resurrect the class action and since we just agreed to pay S&G £11m for no good reason other than getting our hands on the remaining £39m now I worry how much we might have to pay these disaffected shareholders.

Still feel its a buy now they've dropped back below 150 but it will take patience and unless the company is bid for the next distribution won't be the last and will therefore only return part of the 100m. So say 70m - So £1.50 in cash? the city reckon the rest is worthless/at risk/ but since its in for free who are we to argue!

[otemple3] 22/11/2019 13:24

Happy to sit and wait - won't be the most exciting in the short term but worth it once it is all sorted and distribution agreed.

[the dark horse] 22/11/2019 13:22

If the City are seemingly offering £20 notes for £15 there is generally a reason ;-)

IMO there are two outstanding issues and it is unlikely that they will be allowed to make a distribution until they are settled:
1. SFO investigation
2. Shareholder actions - you may feel these are settled but the RNS did not say they were all settled, just the ones surrounding old friends! I am referring to potential class action suits that were started by disgruntled shareholders who bought at the peaks

I personally don't feel either have merit but it doesn't alter the fact that limbo remains likely and the £5 discount is being offered for patience and the outside possibility that they have to settle an action and it costs £25m to avoid further lengthy delay.

caveat emptor

[makinbuks] 22/11/2019 12:41

If estimates are correct and there's £2 a share of assets here surely there would be more buys

[hindsight] 22/11/2019 10:36

Seems someone is continuing to sell but not seen an rns as to who

[makinbuks] 05/11/2019 15:57

Drifting lower out of boredom

[skinny] 23/10/2019 10:52

See the RNS on 16th.

[strongbuy] 23/10/2019 09:30

Did they settle the shareholder disputes

[squire007] 23/10/2019 09:04

They will close it down ..... and hand out the cash.

[simon cawkwell] 21/10/2019 15:21

The question now is what the directors will propose to do with the cash. A buy back programme seems sensible enough to me. And paying 200p per share forthwith seems eminently sensible too.

[spbcscw] 21/10/2019 15:04

Beckers ... good call and don't forget Ingenie which must be worth another ~£12-15M

[rogthepodge] 21/10/2019 13:58

apart from S&G lol

[loobrush] 21/10/2019 13:01

SIMON CAWKWELL Well done SIR you called this right-spot on-hope you made a bucket full.
Can you give us a bit more info on how you come to 200p

[kemche] 21/10/2019 12:25

Rog- I cannot recall a single thing he has called correctly. Certainly not here. Nor at S&G.