Оглавление
Rodney Hobson. Understanding Company News
Publishing Details
Disclaimer
About The Author
Preface. What the book covers
Structure of the book
Who this book is for
Supporting websites
Introduction
Chapter 1. The Right To Be Informed
Finding a balance
The Wolfson case
Honesty is the best policy – Barclays
Figure 1.1: Barclays
Chapter 2. Rules That Companies Must Follow
Effect on the UK
The timetable
When to expect updates
What the statement contains
Recording key events
Half year results
Annual results
Chapter 3. News Sources
The modern exchange
Official news distributors
The Internet
Websites for investors. InvestEgate
Hemscott
ADVFN
MoneyAM
Digital Look
Other sites
Chapter 4. Trading Statements
A basic statement
What this tells you
How the shares moved
Figure 4.1: Spring
Detailed statements
Overview
Operating Highlights
Debt Reduction and Restructuring Actions
Outlook
The story so far
The current situation
Managing debt
Raising cash
Selling assets versus issuing shares
Figure 4.2: Wolseley
Seen in context
Profits in line with expectations
Sales and margins
For better or worse
That’s Entertainment
The chief executive’s comments
The overall picture
Sales figures
13 weeks to 28 March 2009
Assessing different parts of the business
Comparing with the previous quarter
Comparing business segments
Two for the price of one
Sector comparisons
Comparing supermarkets
Sainsbury’s
Tesco
Morrisons
Hide and seek
Figure 4.3: SIG
The choices available
Chapter 5. Profit Figures
Two reports each year
Half yearly figures
Preliminary results
Each report has two parts
What we should see
Financial Highlights
Operational Highlights
Important figures
Figure 5.1: Concurrent Technology
Missing link
Highlights
Spot the missing line
Case study: Thorntons
Watch the dividend
Picking out key points
Own Stores
Franchise
Commercial
Thorntons Direct
Third party sales
Figure 5.2: Thorntons
Dig deeper
UK COAL. Preliminary Financial Results for Year Ended December 2008
Financial Highlights
Mining and Power
New Coal Contracts
The underlying picture
Figure 5.3: UK Coal
Property companies
Valuing assets
Triple net asset value
Debt levels
Case study: Terrace Hill
Financial highlights
Figure 5.4: Terrace Hill
Staying alert to opportunities
Operational highlights
Chapter 6. AGMs
Chairman’s statement
Case study: Mitchells & Butlers
What the chairman said
Current Trading
Outlook
What the figures show
Figure 6.1: Mitchells & Butlers
Chapter 7. Alerts
False alarms
Share price movement
To the point
Statement re share price increase
Case study: Thomas Cook
Thomas Cook notes the recent press comment and share price movement
Figure 7.1: Thomas Cook
Ups and downs
Response to share price movement
Figure 7.2: Brixton
Strategic review
Figure 7.3: Claimar
Profit warnings
Separate trading arms
Legacy issues
Read to the end
Figure 7.4: Renew
Case study: Cattles
Cattles withdraws its application for permission to take retail deposits
On the credit side …
… on the debit side
From bad to worse
Cattles suspends lending to new customers
Breakdown of internal controls
From profit to loss
Figure 7.5: Cattles
Suspension pending clarification
Chapter 8. Takeover Approaches
The Local Radio Company. Rule 2.10 Announcement
Keeping watch
Rejection of Approach
Figure 8.1: Alexon
Choosing whether to stay in or get out
Statement re possible offer
Figure 8.2: Bowleven
Pre-conditions
Lack of certainty
Update on possible cash offer
Talks are terminated
End of offer period
When an offer is welcomed
Statement re Possible Offer
Advice to shareholders
Key dates
Contested bids
UKRD and Hallwood bids for The Local Radio Company
Cash Offer by UKRD for The Local Radio Company
The existing alternative
Local Radio’s response
The merits of patience
First closing date
Pause for thought
The bidder
BG Group bids for Pure Energy Resources
The bid battle starts
BG Group makes A$796 million takeover offer for Pure
Conditional bids
Assessing rival merits
BG Group takeover offer for Pure – Update
Matters come to a head
Pure recommends BG Group takeover offer
Paying more to be sure
The battle ends
BG Group acquires relevant interest in more than 90% of Pure
BG Group will now proceed to compulsory acquisition of all the remaining Pure shares
Mergers
Case study: Peter Hambro/Aricom
What makes this a merger?
Recommended Merger of Peter Hambro Mining and Aricom
Joint ventures
Points of contention
Case study: Stagecoach
Sightseeing joint venture in New York
Who gets what?
Will it last?
Figure 8.3: Stagecoach
Chapter 9. Rights Issues and Placings
Case study: Hammerson
The important details
Highlights
What the rights issue is for
A sop to shareholders
Dividends
Case study: Cookson
Cookson Group plc announces an underwritten Rights Issue to raise net proceeds of approximately £240 million
Background to the issue
Background
Understanding the clues
Action taken
Management response to market conditions
Profit projection
Profit estimate for the year ended 31 December 2008
Figure 9.1: Cookson
Responses to rights issues
Figure 9.2: William Hill
Placings
Case study: SSL
Reasons for the placing
Placing Rationale
Current trading
Result of the placing
Result of Equity Placing
Figure 9.3: SSL
Case study: Tullow Oil
Reasons for the placing
Background to the Placing
Figure 9.4: Tullow
Chapter 10. Changes In Important Shareholdings
Simple statement
Incentive plans
Directors/PDMR Shareholding
Selling incentive shares
Understanding the form
Directors’ Dealing Form
What this means
Changes in large shareholdings
Chapter 11. Board Changes
Order of importance
Length of service
Why are they going?
Case study: Associated British Foods
Directorate change
Directorate change
Case study: Johnston Press
Board Change
Board changes
Background
Figure 11.1: Johnston Press
Gushing tributes
Harvey McGrath, Prudential Chairman, said:
Commenting, Mark Tucker said:
Commenting, Tidjane Thiam, Chief Financial Officer, said:
Abrupt departures
Mr Jim Leng
Background to the turmoil
Figure 11.2: Rio Tinto
Return of former directors
Case study: Redrow
Bridgemere Board Proposal
Implications
Figure 11.3: Redrow
Board Changes
Chapter 12. Other Non-routine Issues. Strategic reviews
Case study: Friends Provident
What happened
Debt restructuring
Manageable limits
Case study: SEGRO
Amendment To Covenant Levels Successfully Achieved
Case study: Shanks
Figure 12.1: Shanks
Contract wins and losses
What does the company get out of it?
The good, the indifferent and the ugly
Contracts renewal process
Checking back
Contract negotiations
Fears for the future
Figure 12.2: Dawson Holdings
Contracts renewal process
How are rivals affected?
Major Contract Wins
Major Contract Wins
It’s a deal
Case study: Aero Inventory
Stock Sale
Points to ponder
Share Placing
Figure 12.3: Aero
Current Trading
AIM and nominated advisers
Change of Nominated Adviser and Broker
Milestone payments
Case study: GW Pharmaceuticals
Figure 12.4: GW Pharmaceuticals
Share issues
Shares held in treasury
Delisting
Case Study: Metnor
Reasons for delisting
Figure 12.5: Metnor
What this means for shareholders
When trading ceases abruptly
Suspension
Simple precaution
Cancellation of admission
Restoration of share trading
Legal disputes
Case study: PartyGaming
Non-Prosecution Agreement Concluded with the US Authorities
Figure 12.6: PartyGaming
Going to court
Chapter 13. Scary But Harmless Announcements
Kingfisher plc – Voting Rights and Capital
Forward looking statements
A Final Note – On Trading
Timetables
