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Ramridge's Latest Blogs

On February 3rd, Johnston Press Johnston Press (LON:JPR) put out an RNS stating that following an independent review their pension deficit has been reduced from £90m on 3/1/15 to £53m on 3/1/16. Following the announcement, the share price jumped 12%.This is a massive deficit reduction of 41% at one stroke which is unusual but not entirely unheard of. The company also stated that full details…

Recent UK IPOs have proved to be a rich seam for canny investors. The following three tables analyse UK IPOs over the previous 12 months to 30/10/2015. The data excludes investment trusts and REITS.The first table shows performance from first dealing dates to 30/10/15, both for absolute gains/losses and relative to the FTSE All Shares Index.The second table measures performance 3 months following the first…

Below is the text of an email I sent earlier today to Dmitrios Gryparis, Globo's Finance Director. The main issues have been unashamedly drawn from Paul Scott's blog of today (all E&OE are of course mine).  Any replies I receive will be published here."Dear Mr GryparisI am a Globo Plc investor who has been following your company’s fortunes fairly closely over the last 18 months.…

Today's Sunday Times carries an interesting article on the extent of pension fund liabilities in listed companies balance sheets and impact on prices. Nothing new in this for those who study financial results. What struck me as interesting is that the report saw a ratio of pension liabilities to net assets of 50% as a marker. Anything above 50% is a amber to red flag.…



Ramridge's Latest Comments

Hi millen - Thanks for the two links. I hadn't seen these before and found them very interesting. I concur with your view and pooledaniel's that any kind of extrapolation from the Johnston Press announcement is pure speculation. We definitely need to wait until they publish the details in March, and even then I suspect a number of questions will remain unanswered. Regards, Ram

Hi Roland - Great article. There is another reason why people should look closely at GSK. If you believe that we are at the start of a bear market, GSK proved to be highly resilient during the last crash. During the 2008 stock market crash, FTSE100 fell from 6304 in May 2008 to 3531 in March 2009, a fall of 44%. GSK's corresponding fall was…

RE. Cambian (LON:CMBN) Worth mentioning that this is their 2nd profit warning in just over 3 months, revising their EBITDA down again. The last profit warning was in October and it led to a 50%+ fall over the next 2 days. Catching a falling knife in today's market environment is definitely not a good idea. Besides this management just cannot be trusted, so for me…

No offence taken. The central question I asked myself was: has JPR found a way to reduce its pension deficit that can be applied by others who are equally pension-deficit-challenged? Because if they have, then sure as eggs are eggs, they will be queuing up and knocking on your door, as a pensions actuary, to help them boost their balance sheet, profits and eps. The…

pooledaniel - I think I have been careful in saying that we need to wait till the full details are published and that there may well be JPR specific factors at play here. Anyway, from a retired actuary to a pensions actuary, let's just agree that there are many moving parts at play and I have just highlighted some of the key ones.

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