Triggers_broom
31 Jul 2019
Final results The good news story continues with today’s TU. Still holding and looking forward to the next cash tender offer:roll_eyes:
hairyhelmet
27 Apr 2018
Update Very encouraging update against fairly stiff comparisons. It appears like they are expecting an even better year. I like the fact that management mention that it may cool off eventually which will help keep a lid on any share price rises. I always get nervous when the price rises too quickly and messes up real valuations. Great business to in at the moment.HH
Footsie Explorer
13 Mar 2018
Re: Final results Hi TBIt has been a good year for CCC. Whilst they say that it is tough to maintain the same growth rate in 2018 they are investing at a rate consistent with 2017's growth.Having been an investor since their floatation they are a very steady pair of hands, consistent and good management so I too continue to hold. Low debt and cash generative we can look forward to similar cash returns on a 3-5 year horizon.I will reinvest what I have sold recently if I get to my target price.Having read the update the only things that are mildly uncertain are:-- Extended credit terms from the supplier which will cause a c.£25m reduction in working capital in H1- French contract renewals & expiry of one key contract-BrexitNothing this team can't manage - steady as she goes....
Triggers broom
13 Mar 2018
Final results Morning Footsie and vb6 - and any other lurkers.Excellent set of results at first glance but I wonder if they'll live up to market expectations given the recent SP rise. Hard to call the market reaction to news these days but I'm holding long term and the significant hike in divi (more than I was expecting at least) was pleasing."On we go" as the board state.
Triggers broom
13 Feb 2018
Re: Tender fao Footsie Explorer Thanks for the updates FE. Appreciate you sharing your trade results. I guess I would have made a few quid judging by the SP drop today but it was hardly worth it.
Footsie Explorer
13 Feb 2018
Re: Tender fao Footsie Explorer So the tender offer was 5 times over subscribed which leads me to think that the c.15% rise since the announcement of the return of capital is largely as a result of buy in to receive it. I expect that there will be at least a 7% correction once the paperwork is sorted & the £100m goes out. Me personally, it reads as though of the 2500 shares I tendered I'll send up tendering about 268 shares worth. Hardly worth all the deliberation really!
Footsie Explorer
09 Feb 2018
Re: Tender fao Footsie Explorer I'll certainly share Tb. I tendered 33% of my remaining holding in the end . Looks like I'll know Tuesday if that is going to be scaled back.It's very difficult to know what to do in such circumstances but I have been moving towards a portfolio target of 50% in cash over the last few months which guided my decision somewhat.
Triggers broom
08 Feb 2018
Re: Tender fao Footsie Explorer Hi Footsie,The deadline was the 6th on HSDL as well so expect it's the same for all nominee accounts.I haven't tendered any, not even the guaranteed entitlement, but will be interested in the SP effect and your results from the trade if you don't mind sharing. I still can't see how this is a shareholder return and am hoping, perhaps naively, that by doing nowt my holding will equate to the same value as if I'd sold a few. Given the relatively small GE amount it wasn't worth selling and buying back once dealing fees were included and who knows how the SP will move.Good luck with the trade and hope it pays off for you.
Footsie Explorer
02 Feb 2018
Re: Tender Hi again,I have just tendered mine and when I went through III's corporate action process it says that the deadline for tendering is 6th! This looks like they are building in some comfort for their current platform issues as the notice says clearly that the deadline is 9th.Anyway, if you are thinking about doing a trade just be aware of this with III.
Footsie Explorer
02 Feb 2018
Re: Tender Hi vb6,"Also, given that the number of shares available after the Tender will be less then one would expect an increase in price which isn't presently happening."I'm no expert on this but the company is going to hold the £100m of purchased shares in treasury which I understand to mean that they don't get voting rights and are not entitled to dividend but they are not effectively cancelling them either so the value of your investment is not "more concentrated by x%.In theory if the company needed the cash for an acquisition for example they could re-issue them.Ch
Footsie Explorer
02 Feb 2018
Re: Tender Hi vb6/tbThe corporate action notice from III is totally rubbish and only gives you part of the picture. See this link for the full detail [link] In theory there is a margin to be made trading as long as you are on the registry on 9th and have submitted your tender so if you buy today you'll be on the registry Tuesday.I too had considered buying in and selling at the minimum tender price and yielding a few percent.However, I think there is risk associated with it as you see all the directors have committed to sell their "guaranteed entitlement" which equates to 7% of their holding. Phil Hulme and Greg Lock have offered up to 9x that amount at the "Strike Price" so Phil Hulme's 2.5m shares are just shy of £30m of the £100m.Therefore, it follows that the offer will probably be oversubscribed and that the Strike Price will be £11.70 of close to it.This is not a recommendation by any stretch but I am going to follow the directors and sell 7% of my holding in the hope that the price will drop back to £10 or so in which case I will buy back in.I strongly feel that the end goal is to take this company back private. The high level of shares held by the management and the cash generative nature of the business and the history of buy back/cancellation of shares leads me to think that.But please DYOR as I don't always get it right.Good luck
Triggers broom
01 Feb 2018
Re: Tender Hi vb6,"I have read through the Tender news item. However, having an attention span of a goldfish, I'm not sure that I understand"You're not the only one. I've decided to sit it out as I couldn't see how I was getting a return over and above what the natural market correction will become. It's the first Cash tender offer I've encountered and I wonder why if they're so keen to return excess cash to shareholders they didn't propose a special div of about 81p. Seems a lot simpler but they've done this 3 times before so I guess they see the benefit.I'm sure someone more familiar with these returns of value can advocate selling a portion but until 3pm on 9th I'm an interested observer. I suppose I could treat it as a special by selling my guaranteed entitlement of ~7% of my holding at the strike price and hope my reduced holding equates to a corresponding rise in the SP but I have no idea how I'd check that. Therefore I doubt I'll partake.
vb6
01 Feb 2018
Tender I have read through the Tender news item. However, having an attention span of a goldfish, I'm not sure that I understand.Are they saying that if I could buy shares at, say, 1100p before 9 Feb then I could sell them back at a price of a minimum of 1170p? In this example, it would be a gain of 6% ish.Also, given that the number of shares available after the Tender will be less then one would expect an increase in price which isn't presently happening.Yours Dimmlyvb6
Footsie Explorer
25 Jan 2018
Re: Trading Update Maybe cynical but some less bullish statements might help average down the average share buy back price? I'm hoping CCC follows others that have done share buy backs where the price has dropped (e.g.NG) and I'll use the opportunity to buy back in.I am definitely long on the rest of my holding as there is low debt and good cash generation.I look forward to learning how the US foray is going in the March results.
Triggers broom
22 Jan 2018
Trading Update [link] continuing to exceed the Boards expectations during 2017 the board have given a heads up that 2018 won't be quite as stellar in terms of growth."While we believe the positive momentum in the market is set to continue, there will be a number of one-off costs and investments within the Group in 2018 that will not repeat in 2019, which will hold back the enhancement of profitability in 2018. While it is still very early in 2018, the Board expect the year to be one of stable profitability"Fair enough, I'll take stable profitability as a downturn. No idea how the market will react to this statement.
