Young & Co's Brewery Share Discussion Threads

[zoolook] 24/5/2019 18:06

Hi grahamite2

Would you mind elaborating..?


Cheers! Simon

[grahamite2] 24/5/2019 15:33

Good luck zoolook but this company's essentially about getting assets out of your estate for death duties purposes. Take away the tax benefit and the price wouldn't be nearly so high.

[zoolook] 24/5/2019 13:44

Bought in yesterday on results. Looks good value with property protecting downside. There’s obviously a pension issue. Don’t know anything about them other that Ian Cowie of Sunday Times occasionally mentions them

[porsche911sse] 24/5/2019 08:49

Nice to see a mention in the press

[porsche911sse] 24/5/2019 08:49

Nice to see a mention in the press

[typo56] 03/4/2018 21:31

Thanks coolen.

I see the Takeover Code says a 'comparable offer' must be made to each class. However, a comparable offer need not necessarily be an identical offer.

"In the case of offers involving two or more classes of equity share capital, prices for all of which are published in the Daily Official List, the ratio of the offer values should normally be equal to the average of the ratios of the middle market quotations taken from the Daily Official List over the course of the six months preceding the commencement of the offer period. The Panel will not normally permit the use of any other ratio unless the advisers to the offeror and offeree company are jointly able to justify it."

My interpretation is, you're probably not going to be disadvantaged buying the non-votings rights (apart from not being able to vote) but, in the event of a takeover, you're probably not going to be advantaged either. I assume a benefit of the cheaper, non-voting shares is the higher yield.

[coolen] 03/4/2018 19:46

It has been many moons since The Takeover Panel have had to rule on the amount a bidder may, or may not, have to pay for non-voting shares.

If you want an extreme, look at electrical engineers Dewhurst plc where the voters now trade at a 50% premium to the non-voters.

[typo56] 03/4/2018 17:59

Sorry if this has been answered before, but why do the YNGN non-voting shares trade at a 20% discount to the YNGA voting shares? In fact, a couple of years ago the discount was about 25%. Too much? It's similar with SDR and SDRC.

In the (unlikely?) event of a bid, wouldn't the YNGN shares receive the same as the YNGA shares? After all, they appear to receive the same dividends and have the same share of the assets. I notice REFS shows the NTAV per share for YNGA as 1596p but I think that is wrong and too high. It looks like they are dividing the NTAV by the 29.7m YNGA shares and not including the 19.2m YNGN shares.

The Articles of Association states, "The A Shares and the Non-Voting Shares must be treated equally for all purposes of participation in profits or assets."

[grahamite2] 26/3/2018 10:17

Morning!

This is a bit ridiculous now. But it goes to show, whenever there's an artificial tax break, the market adjusts for it.

[elmfield] 07/2/2018 15:14

Unexpected but comforting!

[elmfield] 28/11/2017 21:49

Very positive write up in the IC this week.

[grahamite2] 08/11/2017 12:59

Unless you're planning to drop dead in more than 2 but less than 7 years, it's hard to see a lot of point in this.

[grahamite2] 21/10/2017 12:15

Someone ought to post something every couple of months, I suppose!

No September retrace worthy of the name. A 1.3% yield.

[jimbowen30] 25/8/2017 14:24

A long term hold...slow and steady wins the race

[elmfield] 25/8/2017 14:20

Just keeps creeping....

[grahamite2] 23/8/2017 12:11

A September retrace would be nice.

[grahamite2] 05/8/2017 20:55

A lot of people forget about inheritance tax until it's almost too late - 7 years is a big ask for someone of 80. But 2 years.....even at 85 you can expect another 6 years.

[elmfield] 05/8/2017 20:49

I quite like that,
Long term, I mean long term, nice solid hold with a dividend to live off,
Excellent, fireworks not required!
It is a modern replacement for gov't gilts, weird really but shows where
we have ended up.

[grahamite2] 05/8/2017 20:46

Genuinely no offence intended!

But I'm sure you'd agree it's downright weird that a stock with so much going for it has virtually no interest at all here.

[elmfield] 05/8/2017 18:58

Feel free mate!

[grahamite2] 05/8/2017 16:49

Torquil Sligo-Young and his wife have sold 13 thousand of the 300 thousand shares they held beneficially, 4 million they hold as trustees. I don't think you can call that "heavy" selling and certainly not suspicious.

4.3m shares at £13 a pop! He's not wondering where his next meal's coming from!

[miss womble] 05/8/2017 16:09

Some quite heavy director's sales with no explanation as to why. I read this as suspicioys but I would appreciate comments. Regards MW