Galliford Try Announcement

[idpickering]

Announcement re: Rights Issue

1 for 3 fully underwritten £157.6 million Rights Issue

Further to its announcement on the 14 February 2018, Galliford Try plc ("Galliford Try" or the "Company" today announces a fully underwritten rights issue to raise gross proceeds of approximately £157.6 million. A prospectus containing full details of the Rights Issue (the "Prospectus") is expected to be made available on the Group's website, http://www.gallifordtry.co.uk, later today.

https://www.investegate.co.uk/galliford ... 00059975I/

[paullidd]

Thanks Ian,

Well I'll be having a good look at that later to decide whether to take up the rights or to sell them.

Paul

[monabri]

Looks like Blackrock are interested

http://www.londonstockexchange.com/exch ... 44100.html

They increased their holding to 14.7% from 5% a week ago...just in time (record date was 23rd March).

[idpickering]

Thanks Ian,

Well I'll be having a good look at that later to decide whether to take up the rights or to sell them.

Paul

You're welcome paullidd. I have watched the interest in this company shown by some of us here, well, with interest. I did have a look at them some time ago, but that's as far as it got.

Ian.

[monabri]

I do hold GFRD but I've not been impressed with the management team.

Previous discussion
viewtopic.php?f=15&t=10594&hilit=Gfrd


Previous discussion
viewtopic.php?f=15&t=10118&hilit=Gfrd

With reference to my opening comment, the CEO said in the half year report...

"We delivered a strong financial and operational performance....." But we need to ask the shareholders for £150m and we're cutting the dividend! ( The last bit were my words)....and I don't understand the maths as to why they need £150m.

[paullidd]

The Prospectus for the rights issue can be found here-

http://www.gallifordtry.co.uk/~/media/Files/G/GallifordTry/policies%202018/Rights%20Issue%20Prospectus%202018.PDF

288 pages

[Davidsb]

Well, having a little bit of this year's ISA cash lying around, I've just confirmed full take-up of the GFRD and the PFG rights issues.

Time will tell....

[paullidd]

I will probably take up the rights as well. In for a penny.... and al that.

I did a very rough Calc based on last night closing price of 948.5p x 3 + the rights at 568p and the divided the lot by 4 to get a price of 853.4p. Current SP at 879.5p. so the price seems to be holding up reasonably well.

ATB
Paul

[funduffer]

I have decided to take up the Rights Issue as well, to lower my average buy price.

The dividend policy is now a cover of 2, which is fairly sensible. An interim dividend cut of 12.5% has been announced (in line with this policy), and I am hoping the final is no worse (fingers crossed).

I think the business is sound. The housebuilding side should be OK with the nationwide shortage of housing, and I suspect the construction side will rebound after the dust has settled from the Carillion debacle.

In for the long term.

FD

[monabri]

Well, having a little bit of this year's ISA cash lying around, I've just confirmed full take-up of the GFRD and the PFG rights issues.

Time will tell....

Wow, that was quick! Which broker are you with (for GFRD)?

With the increase in shares, I wonder if the Divi will also take a hit to reflect the extra shares issued?

[daveh]

Well, having a little bit of this year's ISA cash lying around, I've just confirmed full take-up of the GFRD and the PFG rights issues.

Time will tell....

Wow, that was quick! Which broker are you with (for GFRD)?

With the increase in shares, I wonder if the Divi will also take a hit to reflect the extra shares issued?

I hold GFRD with II (TD as was) in a CREST sponsored account. The rights issue wasn't there yesterday, but has appeared today, with the Nil paid shares (which only existed from today 28th Mar) and there is a button to allow you to make your choice. I'm probably going to take up the rights, but want to transfer the cash in first. The secure message said they only had two options available - accept or leave the rights to lapse. You could of course sell into the market or sell some to pay for the rest (tail swallow) but the secure message implied you had to do that yourself, I've done all my previous rights issues with HSDL and I've had the option to take up the rights, allow the rights to lapse or tail swallow - and HDSL did the tail swallow there and then for a single fee without me having to work out how much to sell to take up the rights.

II have set a date of 10th April to make the decision with them, and have said if CREST holders decide after that but before the companies acceptance date they will try and do what you want but no guarantees.

[Davidsb]

My GFRD shareholding is in my iWeb ISA account.

I checked at lunchtime to see if there was a message re the rights issue but the mailbox was empty.

I checked my email account mid-afternoon, and I had the usual 'You have an urgent message in your secure inbox' email from them.

So, pretty good, I guess.

[paullidd]

I took up the rights issue yesterday afternoon through II.

Paul

[everhopeful]

I have taken up the rights with Barclays SmartInvestor.

[monabri]

I use SVS as my " trading platform". This afternoon a new holding appeared, stating the quantity of shares but no price and no facility to buy/sell at the moment. So, a little progress!

[paullidd]

Hi Monabri - Does it not show a corporate action against your GFRD holding? That's the way I executed my rights.

ATB
Paul

[monabri]

Hi Monabri - Does it not show a corporate action against your GFRD holding? That's the way I executed my rights.

ATB
Paul

At the moment it won't allow anything other than to " view" the quantity of shares but no price/ total cost ( although I could work that out for myself). There is no option to say Y/N at the moment.

[monabri]

Following on from my original posting, I see that ticker "GFRN" is now trading and listed on the LSE. This appears to be the "Galliford Try plc Nil Paid Rights".

I expected the price to be £5.68 per share but it is currently trading at ~£2.60 so I'm not quite sure what is going on?

http://www.londonstockexchange.com/exch ... ml?lang=en

I note the GFRD closing share price today of 825p and GFRN at 260p.

(I could buy GFRN shares at 260p).

Can anyone offer an explanation?

[daveh]

Following on from my original posting, I see that ticker "GFRN" is now trading and listed on the LSE. This appears to be the "Galliford Try plc Nil Paid Rights".

I expected the price to be £5.39 per share but it is currently trading at ~£2.60 so I'm not quite sure what is going on?

http://www.londonstockexchange.com/exch ... ml?lang=en

I note the GFRD closing share price today of 825p and GFRN at 260p.

(I could buy GFRN shares at 260p).

Can anyone offer an explanation?

Yes - they are nil paid rights, so they give you the right to buy a new GFRD share for £5.68. If GFRD shares are trading at 825p so 825-568 = 257 ~ the price of the nil paid rights. The Nil paid rights should be the GFRD price - £5.68 (the subscription price).
(edit) So if you buy the nil paid rights you have to pay £5.68 to turn each of them into fully paid GFRD shares.

[monabri]

(Apologies, bear with me as I've not been through this before.. )

So, if I were to buy the nil paid right at £2.60 (say), would I then have to pay a further £3.08? (or £?)


In addition, and possibly confusing matters ,I can see that my broker has made a mistake (!) ... I've cut and pasted the text from their email (after I badgered them today as I'd received no info on the RI).

"If you choose to let the offer lapse as mentioned above, any cash payment will be shortly after the completion of the rights issue. No exact date has been announced. As a general rule, the amount per right is often around the market price of a full provident Financial Plc share minus the 568 pence subscription price (this calculation is simply intended as a rough indication)".