wjw22
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Posts posted by wjw22
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I'm short Finablr. The shares have been suspended from LSE for almost 2 years. While the shares are suspended I can't close my position and I'm paying overnight funding charges.
Does anyone have any ideas about what I can do?
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Is it possible to add return on total assets (ROA) and dividend cover ratio to the Stocks Screener?
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Investegate: Offer for Finablr Limited
No word on the price, but presumably it will only be a notional amount.
Also presumably the stock will delist and this situation will apply:
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Intu appears to have unknown availability of borrowing for short selling on IG. Does that imply an increased risk of a short squeeze?
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DFS has convinced shareholders that raising some more equity will fix it, but its balance sheet looks worse than ever.
FT Alphaville: Markets Now (Registration but not subscription required.)
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The announcement of the merger collapse was on 16th March and the lockdown was on 20th March.
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LSL Property Services announced on 16th March that it would not be merging with Countrywide. Its balance sheet looks terrible with net assets of £141m including goodwill of £160m and a Current Ratio of less than 1. Since then it has been affected by the lockdown as well, but somehow today the share price is back to a pre-lockdown level. I'm short at 177.
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Nothing, Anglo American bought them from you for 5.5 p each.
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It's over.
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Countrywide's merger with also failing LSL Property Services has fallen through
Countrywide's market value has been in freefall for months, which it attempted to mask with a share consolidation in December 2019. Now this merger has fallen through I'm short and I think Covid-19 will push the price down significantly in the next few weeks.
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https://investors.finablr.com/en/reports-and-releases/regulatory-news/
QuoteFinablr is currently taking urgent steps to assess accurately its current liquidity and cashflow position, which has been adversely impacted by a number of factors:
- travel restrictions imposed to limit the spread of Covid-19, which have reduced demand for its foreign exchange and payment services and has restricted the movement of physical currencies that the company needs to operate its businesses;
- the recent credit downgrade of Travelex's bonds;
- a liquidity squeeze at both Group and operational business level; and
- adverse perceptions in the market that the circumstances surrounding NMC Health PLC (the management, operations and finances of which are independent and separate from those of the Company) are relevant to Finablr, which have exacerbated current levels of stress on the Company's cashflow position.
These factors place significant constraints on the Company's access to the daily liquidity the Company needs to manage its business effectively and its ability to negotiate longer term financing. Due to the fast-moving nature of the events and circumstances referred to above, the Company is urgently seeking to complete its assessment of its liquidity and cashflow position and negotiate the steps that are necessary to address its short- and longer-term financing needs.
I think this is the endgame.
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Amigo's founder and controlling shareholder says Amigo is committing slow-motion suicide in his blog.
I think if Amigo was going to seek a judicial review of the Financial Ombudsman Service's guidance on irresponsible lending then it would have done so by now. It looks like insolvency is coming.
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Intu receives mention in today’s FT Alphaville (registration but not subscription required).
From intu's update on strategy to fix the balance sheet:
Quoteintu has, over the past several months, engaged in extensive discussions with its shareholders and potential new investors regarding a possible equity raise of between £1 billion and £1.5 billion. Following these discussions intu has concluded it is unable to proceed with an equity raise at this point.
While a number of intu's shareholders and potential new investors indicated their support for an equity raise, the Board believes the current uncertainty in the equity markets and retail property investment markets precluded a number of potential investors from committing capital into the business and intu was therefore unable to reach the target quantum at the current time.
However, during this process, intu received several expressions of interest to explore alternative capital structures and asset disposals.
Accordingly, intu will continue and broaden its conversations with its stakeholders with a view to discussing the range of options available to the Company to demonstrate the equity value of the business and to utilise its assets to provide further liquidity. These include alternative capital structures and solutions and further disposals.
The only "alternative capital structures" I can think of involve giving creditors more control than current shareholders. Intu's going to keep selling off what assets it can. Effectively it is doing what would happen if it went into administration.
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The vote went through and Sirius receives another mention in today’s FT Alphaville (registration but not subscription required).
Looking at another share dealing forum there seem to be some Sirius shareholders who gambled far more than they could afford to lose.
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intu has an announcement today regarding its rights issue.
intu announces Amendment of Revolving Credit Facility
Quoteintu is pleased to announce that it has agreed terms for an amendment and extension of its revolving credit facility ('RCF') to 2024. The revised four-year, £440 million RCF is conditional on intu raising a minimum of £1.3 billion of equity and will replace intu's existing £600 million RCF that is due to expire in October 2021.
The revised RCF will be provided by all seven of the existing banks who participate in intu's current RCF, being Bank of America, Barclays, Credit Suisse, HSBC, Lloyds, Natwest and UBS.
The Company is working with its corporate brokers, BofA Securities and UBS, and its financial adviser, Rothschild & Co, on the intended equity raise and intends to update the market in this regard at the time of release of its Annual Results for the year ended 31 December 2019, on 5 March 2020.
Matthew Roberts, chief executive of intu, commented:
"This extension of our RCF is a key milestone in addressing our near-term refinancing needs. It also underlines the continued support we have from our relationship banks. This revised RCF will extend the maturity profile and be used to provide general liquidity for intu.
Fixing the balance sheet remains our number one priority and we remain engaged with shareholders and potential new investors in relation to the intended equity raise."
intu has a market capitalisation of 220m. Its chances of raising 1.3bn seem remote. I'm short again.
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BBC: Young, Welsh and Pretty Minted: The 20 year old online trader who makes up to £200,000 a year
I must admit I haven't watched this yet, and maybe this guy has some amazing gift for FX trading, but this sounds a bit too good to be true.
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I think the no-voting private investors will mess up at the Court Meeting. I’m long at 5.19.
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On 07/02/2020 at 13:51, dmedin said:
You're very brave for going anywhere near it.
Looking at another share dealing forum there seem to be quite a few very vocal Sirius shareholders who want to vote no to the Anglo American bid but are too stupid to work out how to vote. I'm thinking carefully about that short.
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The share price is now below Anglo American’s bid price of 5.5p. This looks like an opportunity for bondholders to buy below the bid price, vote yes and even make a small profit on the share price.
If anyone's interested, here is the part of the Scheme Document regarding the shareholders' vote:
QuoteAs detailed further in the Scheme Document, in order to become effective, the Scheme requires, among other things, that a majority in number of the Scheme Shareholders present and voting (and entitled to vote) either in person or by proxy, representing not less than 75 per cent. in value of the Scheme Shares held by such Scheme Shareholders, vote in favour of the Scheme at the Court Meeting, and that the requisite majority of Sirius Shareholders approve the Scheme Resolution at the General Meeting. The Scheme is also subject to the satisfaction or (where applicable) waiver of the Conditions and further terms set out in the Scheme Document.
Notices convening the Court Meeting and the General Meeting, to be held at Honourable Artillery Company, Armoury House, City Road, London, EC1Y 2BQ, on 3 March 2020, are set out in the Scheme Document. The Court Meeting is scheduled to commence at 11.00 a.m. and the General Meeting is scheduled to commence at 11.15 a.m. (or as soon thereafter as the Court Meeting is concluded or adjourned).
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It appears that a few institutional investors are buying Sirius shares, so much so that they've bid the share price above Anglo American's offer price. Presumably these institutional investors are bondholders who want to be sure the vote for the takeover goes through and liquidation is avoided.
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Wolf Street on 30/12/2019: I, Who Vowed to Never-Ever Short Stocks Again, Just Shorted the Entire Market
I do hope he lets us know how he gets on.
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Amigo's controlling shareholder has announced that it is a willing seller of its 60% holding in Amigo.
Investegate: Strategic Review and Statement from Richmond Group Ltd
QuoteThe strategic review will consider various aspects of the Company's strategy, ownership and operating model, including the potential sale of the Company as a whole, the sale of parts of the group, reorganisation of entities within the Company's group, the sale of the UK business, the sale of certain books of business including a potential de-listing of the Company's shares. The strategic review will include a formal sale process of the Company, further details of which can be found below.
More here:
FT Alphaville: Markets not live, Monday 27th January 2020 (Registration but not subscription required.)
It looks like having both a high-risk borrower and a high-risk guarantor on the hook doesn't reduce the lender's risk much after all. I went short at 66 and I don't think Richmond Group will find a buyer.
Finablr (owner of Travelex)
in Shares and ETFs
Posted
Thank you @AndaIG.