Blank canvas good morning everyone
TonaldDrump happy happy royal baby day
LJ morning all
LJ Surprised by the lack of commentary over the weekend around EQN. Thought last weeks article might flush a buyer out into the open
Blackbag99 A meeting starting on time, its just not British!
Manxish Morning each
Pharma @BE, by "we" do you mean you and the hamster have, or are you including the ROTR?Probably fair comment either way. "Good morning" is about the height of financial analysis on this side.
Kiwi-juice Request for DIA (Spanish food retailer), looking like a death spiral
Blackbag99 Greencore, all cash, what's not to like?
Belle GMChina easing again. 3m SHIBOR about to tick down past Aug low on recent comments from PBoC. Seriously cancelling out Trump's trade pol.
Belle All one huge mess they're causing.
Blackbag99 Greencors doesn't trade at 15x ebitda?
Blue horseshoe... 9.9pc short GNC
CockneyRebel Pure speculation on my part but any idea why has GRG has rallied the past week nearly 10% while the market tanked? Could it be WTB just getting the voting okay to sell Costa and the £3.8bn burning a hole in their pocket to replace it? Probably not but weird how GRG has rallied against the mkt imo.
Blackbag99 When is the earnout on special divi?
Blackbag99 Cause it might be worth taking the payday
urgeview lol cockers, you don't seriously believe wtb are going to buy achain of small bakers , do you ?
LJ i would imagine payout would be next year at some point, maybe alongside Final?
CockneyRebel GRG coffee voted higher than Costa's by British Public - Costa had 1200 odd shop, GRG has about 1100, GRG valued @ £1.1bn, Costa valued @ £3.8bn - looks a similar footprint at a snip imo
CockneyRebel About a dozen stocks managed gains over the past week or so, GRG gained about 10% - quite a market buck for no reason imo
Blackbag99 Amen BE, Costa looked fully valued
urgeview Yes ,but wtb bought costa for approx 87million or lower before building it up ?
VV75 Can we talk a bit about the placing at 50p in Valerie, if you have time at the end of the hour?
CockneyRebel Well perhaps WTB wouldn't be the after them but what explains a 10% rally like that in this market - that was better than nearly any other stock, only GNC came close imo
Pi1010 I think we used to call it Superdroop back in the day BE!
CockneyRebel The chart broke out too - takes some doing in a tanking market full of fear imo
Excel Developer http://www.propertyreporter.co.uk/landlords/landlord-purchases-down-30-in-3-years.html Landlord purchases down 30% in 3 years
TonaldDrump so they're actually hoping the weather is superwet?
CS1 Julian Dunkerton has just opened his organic cider shop down this part of the world, wonder if it will be super-dry :)
Blackbag99 Any views in why a Patisserie doesn't know what its delegated authority is? Or its Auditors? That's a stay clear from me.
Pharma @Excel, that data point is meaningless without knowing what level of landlord *sales* there were. It is only the net figure that gives you any sense of whether the BTL market is shrinking, staying flat, or still growing.
Excel Developer @Pharma: need the underlying Hamptons International note. @All, anyone got this, please place in Long Room.
TonaldDrump @BE How is MIFID II going to affect you posting snippets of research from brokers?
CS1 @BE: was it £8m or £18m FX impact?
CS1 @BE: Tks
Baru Thoughts on Musk's move into tequila and (as of this morning) Pacific Rim-style fighting robots?
qwerty Superdry. At least it now knows the effect of a SALE which wasn't always the case!
Blackbag99 No worries BE, but a board that doesn't know what its delegated borrowing authority does, is not in charge. Shareholder raid on to repay bridging loan. Ouch
Finlay How does a company have £10m in overdrafts without any board member knowing?
Blackbag99 @ Finlay, they delegated the power. In reality they shouldn't be surprised
Pharma @Finlay, the FD was presumably on the board, so that's one director at least who knew.
Finlay Sorry - Meant the rest of the board? So it only takes one board member sign off ?
Excel Developer @BE: (Guessing from a point of ignorance), have CAKE:LSE defaulted? Doesn;t that trigger covenants?
qwerty Patisserie. The monthly board meetings must have been interesting when overdrafts were not discussed. Perhaps the FD had a memory loss!
Blackbag99 @ Finley, it would be weak if only one member knew
TonaldDrump landlords in london are notoriously quick - always a stream of tenants waiting
Pharma @BE, one of the frauds (alleged) may have related to not paying rents, and hiding the paper trail.
Finlay @Blackbag99 weak or fraud? Company, banks, auditor - I doubt many will come out of this well.
dfd Not paying rent; not paying HMRC; you would think that would keep them afloat without additional £10m o/d. Suggests money smuggled out.
Excel Developer Brexit too complicated at the moment.
Pharma @BE, some of us would say the EU is taking the piss, so there's not much to choose between them.
Blackbag99 @Finlay, to get to fraud it would mean weak procedures. That's the Board and the Auditors in the frame too. Its material sums, it should never go to the authority of one!
GBKrona both pls - Brexitiers are taking the P155
Excel Developer Carl Weinberg High Frequency Economics: "Brexit means Stagflation, back to the 70s for Britain."
LK Hyman @ Baru Musk's Teslaquila sounds like bad news for Diageo's Casamigos
Blackbag99 Americas join the Big box destruction in the UK. Sears?
Blackbag99 Interesting, far fewer mall anchors in the US
Plato the Cook Does the £ ever move much against the £?
wayneJ There is an 'interesting' video on Twitter of Alastair Campbell, on Irish TV, telling Nigel Farage to 'own his S***' - very telling that when Nigel Farage asked for his plan for Brexit witters on about the PM but unable to say what he would do; in the end Campbell explodes at him. There is now a video / song on the topic as well.
Maverick Morning Bryce, just wondered if you have heard anything similar to Mr Harrington r.e. Equiniti from your own sources?Many thanks.
Excel Developer @waynej: I've seen the first part of that. got a link for the full edition?
Kiwi-juice Convatec: another PE company which IPOed with superb success
Excel Developer https://www.youtube.com/watch?v=TENezpL-r7o
wayneJ @Excel - sorry not easily from corporate network. Well worth searching for it. Can imagine that going forward TV audiences and crowds will be chanting the specific phrase to Brexiters.
Shinshin @excel Open Europe: No material negative impact from Brexit.
Kiwi-juice CTEC: how to kill a golden goose. Check the competitor Coloplast, they seem to be earning a good living in this industry
wayneJ Ah - found it -https://twitter.com/MitchBenn/status/1043167970137186304
hedgehog pm to make a statement on brexit later (yawn)
Excel Developer why the ukakele?
Manxish @Shin - assuming there's an agreed and ratified deal of course, otherwise: "Open Europe argues that a No Deal exit from the European Union would be sub-optimal and would entail some material costs."
wayneJ Would SuperDry be an attractive tuck in brand for someone? Thinking that at this valuation P.E. must be using slide rules? Also capital markets day tomorrow?
Excel Developer Alistair Campbell should own his sh*t in regard to Blair/Brown years building tiny numbers of council houses. He helped caused Brexit due to housing crisis.
Flaneur On Brexit - I reckon May will get a deal that 'excludes' NI. She'll then put this or a 'no deal' choice on a referendum, killing 2 birds with one stone.The EU are gunning for the DUP so whatever happens, their interests will get chopped. UK will get a 'good' Brexit but the price is NI.
Excel Developer @Flaneur: but General Election (GE) requires parliamentary assent under Fixed Term Parliaments Act and a referendum needs an Act of Parliament, more work to pass the Ref than GE
wayneJ DUP has said that they won't blink first and have cut their eyelids off; and that their lines are 'blood-red lines'. These guys have a 'strong view'
TheManwithaLongChin What makes you think the people in NI will ever stop voting DUP?
cloudy @Flaneur - And right at the end of everything is . . . Gibraltar. Oh dear!
cracklenpop @qwerty - Dunkerton sold £71m Superdry shares in the summer - just saying: https://www.ft.com/content/94692a3e-8f07-11e8-bb8f-a6a2f7bca546
wayneJ @Cracklenpop - that is part of what makes me think is Superdry without defences?
Blackbag99 @Flaneur - And right at the end of everything is . . . Gibraltar. Oh dear! Why?
Pharma Speaking of green ink mobs, the comments in Colby Smiths Turkey story (https://ftalphaville.ft.com/2018/10/15/1539579601000/One-step-forward--several-steps-back-in-Turkey/) show impressive levels of pro Erdogan trolling.
Big Red DUP used to hard ball politics, given their history. I reckon that the EU is now crossing the line and actively interfering in UK internal politics. Ultimate objective to force new referendum.
Patience @Blackbag99 - Gibraltar same border problem as NI :-(
cloudy @B99 right at the start of the Brexit thing we were told we would have to cede Gibraltar back to Spain. It's not been mentioned since.
wayneJ @Big Read - or alternatively EU is sticking to its rules. And simply asking the UK govt to honor the GFA and the already agreed backstop.
Blackbag99 Nope! Its a hangover from colonialism. The Utrect treaty says it cam only be owned by Britain or Spain, so prevents release.
Pharma @wayneJ, GFA says nothing about border checks, but it would be breached by keeping NI in the customs union while the rest of the UK left.
wayneJ The ARM old guard is Robin Saxby generation.
TheManwithaLongChin If the EU cared about the GFA they would stop the nonsense about a backstop and let us negotiate a proper long-term agreement.
Excel Developer Well, we need expert analysis on Brexit, anyone got the Pawel Swidlicki Edelman public affairs consultant note?
wayneJ The CTA (common travel area ) - I need to verify but did it originally proceed the GFA?
FATDAZ Whole Irish Border debacle could be solved by referencing the relationship/ border arrangements of the Channel islands to Europe i would suggest but no one seems to want to investigate that approach
Pharma @wayneJ CTA was formed in the 1950s.
CS1 @wayneJ: yes it did
wayneJ See https://en.wikipedia.org/wiki/Common_Travel_Area
wayneJ Don't laugh - the British imposed entry controls on Ireland during the French Revolution! (above wikipedia page)
Excel Developer @BE: can you request a note from Pawel.Swidlicki@Edelman.com , he has done the parliamentary arithmetic on Brexit.
wayneJ @BE - we could go all the way back to Sophie Wilson and Steve Furber?
cracklenpop @pharma CTA's been around since 1922 and the formation of the Irish Free State.
Blank canvas Midday already. Thanks for Greencore, and the early start. :)
Electric Dragon There may be 1,236 reader comments on that article, but I expect there aren't more than three or four opinions (if you're lucky), merely voiced with different degrees of loudness.
Excel Developer Bank Of America earnings beat. 66 vs 62 EPS
Pharma @cracklenpop - must be another UK-IRE treaty I'm thinking of. Certainly something signed in the 50s that formed links predating the EU.
cracklenpop @Pharma either way, FoM between Britain and Ireland predates EU membership by decades.
Excel Developer No bounce in sight for SP500.
Tom Dalgleish @Excel, typically the bounce is post midterms
Excel Developer @Tom Dalgliesh, ah good. you mean skip the whole October then. I concur.
Excel Developer cheers bye
Manxish Thanks BE, Rabble
Maverick From what I've heard one of the plans was to divide floors between DW sports gyms, Sports shop and high end shop...
Tom Dalgleish @BE, I was reading today about an Israeli company that can detect what a shopper takes off the shelf and where that person goes with it reducing shoplifing (circa 4% of gross) to that done by employees only
Maverick Many thanks as always Bryce, have a good week.