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Marks and Spencer Group PLC (MKS)

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IanTHughes
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Marks and Spencer Group PLC (MKS)

#203945

Postby IanTHughes » February 26th, 2019, 12:30 pm

Not much information yet, only confirmation of talks

https://www.investegate.co.uk/marks---3 ... 24451606R/

Following press speculation, Marks and Spencer Group PLC confirms that it is in discussions with Ocado Group plc regarding a joint venture in UK Retail. There is no certainty that these discussions will result in any agreement or as to the timing of any such agreement.



Ian

Moderator Message:
Moving to "company News" from HYP Practical. Raptor.

Gengulphus
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Re: Marks & Spencer PLC (MKS)

#204151

Postby Gengulphus » February 27th, 2019, 7:34 am

Marks & Spencer have confirmed a joint venture with Ocado this morning:

https://www.londonstockexchange.com/exc ... 82815.html

Not on Investegate yet for some reason.

Gengulphus

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Re: Marks & Spencer PLC (MKS)

#204162

Postby Gengulphus » February 27th, 2019, 8:04 am

Have discovered a possible reason: Investegate have an Ocado RNS about it. So for the benefit of those who prefer Investegate links or to see both companies' views on the deal:

https://www.investegate.co.uk/ocado-gro ... 00062464R/

Gengulphus

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Re: Marks & Spencer PLC (MKS)

#204180

Postby blobby » February 27th, 2019, 8:56 am


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Re: Marks & Spencer PLC (MKS)

#204200

Postby Breelander » February 27th, 2019, 9:46 am

Official announcement now on Investegate.

Bringing the Best Together: Transforming UK online grocery shopping

M&S and Ocado announce new Joint Venture

https://www.investegate.co.uk/marks---s ... 700062430R

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Re: Marks & Spencer PLC (MKS)

#204227

Postby Nimrod103 » February 27th, 2019, 10:58 am

Neil Wilson, the chief market analyst at Markets.com, said: “M&S’s purchase of Ocado’s UK retail business looks rather like one of its own ready meals – expensive, not very good for you but easy, quick and ready to heat up.”

I don't hold M&S shares, but I have a small holding in other supermarkets, bought (against my better judgment) on the insistence of my wife.

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Re: Marks & Spencer PLC (MKS)

#204230

Postby PinkDalek » February 27th, 2019, 11:13 am

Merely being pedantic but the company name, according to Companies House, is Marks and Spencer Group P.L.C. (formerly known as Conker Retail Limited) or maybe p.l.c., depending on where one looks at the Filing history:

https://beta.companieshouse.gov.uk/comp ... ry?page=77

Marks and Spencer P.L.C being the main trading subsidiary.

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Re: Marks and Spencer Group Plc (MKS)

#204281

Postby monabri » February 27th, 2019, 1:45 pm

From a cursory glance, it looks like there is a dividend cut.

"Concurrently the M&S dividend per share is being reset by 40% to a sustainable level from which to grow in line with earnings over time. As a result, we anticipate paying a final dividend in respect of 2018/19 of 7.1 pence per share".........from 11.9p.

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Re: Marks & Spencer PLC (MKS)

#204314

Postby Gengulphus » February 27th, 2019, 3:06 pm

PinkDalek wrote:Merely being pedantic but the company name, according to Companies House, is Marks and Spencer Group P.L.C. (formerly known as Conker Retail Limited) or maybe p.l.c., ...

Or p l c (with the spaces!) or PLC, according to the company itself in the Companies House document dated 19 July 2017 (currently linked to from https://beta.companieshouse.gov.uk/comp ... ory?page=4, but it will move on to later pages over time) which contains the resolution adopting its most recent Articles of Association and those articles themselves. Or quite possibly others as well, even in that one document - I haven't tried reading all of its 74 pages, just looked in the obvious two places! And Companies House isn't exactly consistent about which form it is - e.g. https://beta.companieshouse.gov.uk/company/02468686 has Aviva listed as "AVIVA PLC" rather than "AVIVA P.L.C."...

So basically, neither the company nor Companies House is at all pedantic about the case, spacing or punctuation of the abbreviation, so I don't think there's any need for TLF (*) to even try to be pedantic about them!

(*) Or should that be T.L.F.? ;-)

Gengulphus

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Re: Marks and Spencer Group Plc (MKS)

#204328

Postby monabri » February 27th, 2019, 3:46 pm

Note the Rights Issue...see within today's update.

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Re: Marks and Spencer Group P.L.C. (MKS)

#204346

Postby PinkDalek » February 27th, 2019, 4:25 pm

Gengulphus wrote:
PinkDalek wrote:Merely being pedantic but the company name, according to Companies House, is Marks and Spencer Group P.L.C. (formerly known as Conker Retail Limited) or maybe p.l.c., ...

Or p l c (with the spaces!) or PLC, according to the company itself in the Companies House document dated 19 July 2017 ...

So basically, neither the company nor Companies House is at all pedantic about the case, spacing or punctuation of the abbreviation, so I don't think there's any need for TLF (*) to even try to be pedantic about them!


My comment re P.L.C. or p.l.c. etc was an afterthought, although I linked to the page (presently 77) which contained the 2002 Certificate of change of name. I also said depending on where one looked. There seems to be an echo.

The main purpose was to get the Topic title changed to include ‘and’ (in place of the ampersand) and ‘Group’ both of which have now been done! The correct name is relevant in that, in one of the parts you chose not to repeat, the original Topic title related to the main trading subsidiary.

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Re: Marks and Spencer Group Plc (MKS)

#204357

Postby Raptor » February 27th, 2019, 4:43 pm

Actually I changed the title from that on HYP by clicking on the link to the RNS and using "company name" +TIDM. It states Marks & Spencers Grp (MKS). I therefore blame Investegate :twisted: Mind you I did notice that the Stock Excahnge link did have the full title, but that was after I had moved it.

Raptor.

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Re: Marks and Spencer Group Plc (MKS)

#204359

Postby Alaric » February 27th, 2019, 4:52 pm

monabri wrote:Note the Rights Issue


Presumably it's going to be offered to existing shareholders. What price though and how much, if any, of a discount?

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Re: Marks and Spencer Group Plc (MKS)

#204366

Postby Breelander » February 27th, 2019, 5:18 pm

Alaric wrote:Presumably it's going to be offered to existing shareholders. What price though and how much, if any, of a discount?


Who knows? Only the intent was announced today....
The Board intends to conduct a Rights Issue to raise up to £600m, which will be launched in due course...


My default position for any of my HYP holdings that has a rights issue is to let the rights lapse and deploy the cash that raises elsewhere. I so no compelling reason to make an exception for MKS.

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Re: Marks and Spencer Group Plc (MKS)

#204379

Postby kempiejon » February 27th, 2019, 5:40 pm

Breelander wrote:
My default position for any of my HYP holdings that has a rights issue is to let the rights lapse and deploy the cash that raises elsewhere. I so no compelling reason to make an exception for MKS.


I like that method but would except if the share releasing the rights would be a top or nearly top pick in the HYP. As MKS have reduced my income they're out the running of course.

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Re: Marks and Spencer Group Plc (MKS)

#204409

Postby csearle » February 27th, 2019, 7:42 pm

I guess I'm being naive here but isn't the concept of M&S being available on-line not a tremendous boon? Initially annoying for one's income stream (like mine) but the perception of quality food (rightly or wrongly) attracts well-to-do types that might prefer to have their groceries delivered to the door rather than involving themselves too much with the hoi polloi?

This could boost M&S's turnover (and future dividend sustainability) tremendously.

Chris
Discl. I am a fully paid-up member of the hoi polloi

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Re: Marks and Spencer Group Plc (MKS)

#204512

Postby idpickering » February 28th, 2019, 10:24 am

This from TMF;

Marks & Spencer’s share price just got hammered. Here’s how you could have avoided the loss

Yesterday was a rough day for Marks & Spencer (LSE: MKS) shares as the share price fell over 12% after the company announced a £600m rights issue and a 40% cut to its dividend. Naturally, many investors were unimpressed with this dividend news (MKS has always been a popular income stock) and dumped the shares. You can read more about yesterday’s announcement in this article by my colleague Paul Summers.

Today, I want to look at the announcement and subsequent share price fall from a slightly different angle and explain how investors could have easily avoided this double whammy of a dividend cut and share price crash. By paying attention to this one thing, investors could have potentially spared themselves considerable pain.


https://www.fool.co.uk/investing/2019/0 ... -the-loss/

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Re: Marks and Spencer Group PLC (MKS)

#208601

Postby idpickering » March 19th, 2019, 12:53 pm

This from TMF written by Rupert Hargreaves;

Don’t delay, I’d sell FTSE 100 retailer’s Marks and Spencer share price today

The last time I covered FTSE 100 retail behemoth Marks and Spencer (LSE: MKS), I concluded, with profits falling, shares in the business looked “fully valued” at 11.8 times forward earnings, and as a result, I thought it might be best if investors stayed away, despite rumours of a possible tie-up with online retailer Ocado.

A few weeks after my article, Marks officially announced that it is going into business with Ocado, and investors will be paying for the privilege.

Specifically, at the end of February, the company announced it i spaying £750m to acquire a 50% share in the Ocado UK retail business funded with a £600m rights issue and 40% dividend cut.


https://www.fool.co.uk/investing/2019/0 ... ice-today/

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Re: Marks and Spencer Group PLC (MKS)

#221378

Postby Breelander » May 13th, 2019, 6:55 pm

In preparation for proposed the Right Issue, M&S have just sent an email announcement to all shareholders...

Marks & Spencer wrote:On 27 February 2019, M&S announced the creation of a new 50/50 proposed joint venture with Ocado Group Plc to transform online grocery shopping for UK consumers and unlock growth for M&S. We are financing the transaction primarily with equity by means of a rights issue to raise up to £600 million.

We will announce a timetable for the rights issue in due course, but in preparation for this, M&S has launched a new rights issue microsite for its shareholders
http://www.marksandspencer.com/shareholder - offering easy access to all the information about the rights issue, the process and what the options are for shareholders.

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Re: Marks and Spencer Group PLC (MKS)

#221397

Postby Bouleversee » May 13th, 2019, 7:58 pm

Breelander wrote:In preparation for proposed the Right Issue, M&S have just sent an email announcement to all shareholders...

Marks & Spencer wrote:On 27 February 2019, M&S announced the creation of a new 50/50 proposed joint venture with Ocado Group Plc to transform online grocery shopping for UK consumers and unlock growth for M&S. We are financing the transaction primarily with equity by means of a rights issue to raise up to £600 million.

We will announce a timetable for the rights issue in due course, but in preparation for this, M&S has launched a new rights issue microsite for its shareholders
http://www.marksandspencer.com/shareholder - offering easy access to all the information about the rights issue, the process and what the options are for shareholders.


Really? I don't know how they'll manage that. One of my holdings is certificated and they don't have my email address and the other is in my IWeb ISA. I really don't feel like taking up a rights issue but perhaps someone can convince me. I'm not sure that Ocado tie up is going to work though I think Waitrose has gone down a lot recently in both quality and service so maybe it has a chance.

I've owned M&S shares for very many years since the days when brokers described them as a quality share. They've probably deteriorated even more than Waitrose, though perhaps not on the food side.

I don't think buy and forget works these days; eternal vigilance seems more appropriate.


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