gamesinvestor
12 Feb 2018
Interesting foresight [link]
Fokisi
09 Feb 2018
Re: Buffettology fund Sold it, immediately & entirely
Hardboy
09 Feb 2018
Re: Winnifrith Just to add: I will also be seeing what Keith Ashworth-Lord has to say in his monthly report. We may get 2 before DTY's finals. If he's adding that will give me some confidence too.
Hardboy
09 Feb 2018
Re: Winnifrith And of course most companies do keep an eye on bulletin boards to get some feedback about what their PIs are thinking. I'm still going to hold off buying more till we get the finals I think. They will have had a brief time to see how the new pricing structure is affecting trade, and what they do with the dividend will give some indication as to their confidence in the future direction.
old_punter
08 Feb 2018
Re: Winnifrith Hardboy,Ouch, nice one.However, the lack of director buying was the only thing that gave me and I think others on this board cause for concern at buying sub 800p, not sufficient to stop me. IMVHO what gets posted on iii does sometimes move prices in smaller stocks, no way of proving this of course.OP
Hardboy
08 Feb 2018
Re: Winnifrith "I wonder if today's 5% rise is a result of those posts."Bound to be: Last Thursday I had a breakfast in a Brewer's Fayre, but only a continental rather than full English, and Whitbread's Shares tumbled!
old_punter
08 Feb 2018
Re: Winnifrith Well done Hardboy and Soothsayer, I should have realised that. I wonder if today's 5% rise is a result of those posts.
videodawn
07 Feb 2018
Re: Winnifrith The Americans seem to call it a "close period" and the British seem to call it a "closed period"Close means nearby whereas closed means shut. Neither meaning has any sense in relation to a period which might better be described as a disclosure period.
Hardboy
07 Feb 2018
Re: Winnifrith I owe everyone, especially the directors an apology. I've just checked the rules on closed period, and it is 60 days before the announcement of annual results. The finals are due to be released on 14th March, and 60 days before that would be just before the release of the trading update, so you are quite right. I naturally assumed that having released a trading update, all commercial issues were out in the open, so it would be an open period; but because they released it less than 2 months before the finals, then it was still a closed period. So I've smacked myself hard on the wrist and will patiently wait for the finals before berating the directors again.
soothsayer2
07 Feb 2018
Re: Winnifrith Hi,Just wondering whether this is a 'closed period' just before announcement of final results, which might explain lack of Director purchases? Or are they free to deal in Dignity shares at the moment?
Hardboy
06 Feb 2018
Re: Winnifrith "but a 75% fall must mean there is value"And who better to recognise that than the directors? That's why they are piling in buying shares.
old_punter
06 Feb 2018
Re: Winnifrith Tiger,I read that should the 1.5 times covenant be breached the bond holders take control of the assets. I expect the dividend would go for a start and they could sell off assets to repay themselves perhaps wiping out shareholders. But a fire sale would not make a lot of sense.However, while nothing is impossible, I doubt the 2018 outturn will be so bad as to breach the debt covenant. My guess at 2018 eps, 74p, is lower than some brokers but comfortably above the debt covenant. I think it relevant that DTY claims over 80% of DTY's biz comes from referral, repeat or recommendation and that share has been constant for a decade. SO why a big dive in revenue, people keep dying.Its going to be a less profitable trade for everyone including the 70% small owner/manager outfits and I expect DTY will continue to hoover them up at lower prices reflecting the lower profitability. The shares are holding up quite well so far in a falling market this week, but I am puzzled no director buys reported so far.
CASTLEFORD TIGER
06 Feb 2018
Re: Winnifrith I am surprised they trade at a premium but take your word for it.I think the 1.5 x might be tested going forward and what happens if its breached?Does the debt become payable on demand?The market having taken the shares from 28 pounds to close to 7.00 has made its mind up.I agree 28 was a heady premium rating but a 75% fall must mean there is value at some point.I rent a site to an independent who in my town is one of only 2 left.The other 4 whilst trading under the original names are owned by DTY.He had not heard anything negative about DTY.Tiger
TX2
05 Feb 2018
Re: Winnifrith All of Dignity's debt is in the form of a quoted bond fixed at 4.5% /4.69% APR interest for the period of the loan which is till 2049.Each year 3% of the gross amount of bond is retired.As far as I am aware the only way it can be redeemed is by purchase in the market.It is currently trading at a premium to issue price.£114 per £100 nominal value.The debt cannot be called in providing Dignity meets covenants which is EBITDA earnings should exceed interest payments by 1.5 times.
CASTLEFORD TIGER
05 Feb 2018
Re: Winnifrith NEEDS A RIGHTS issue in my opinion. Get rid of at least half the debttiger
