First Group's value takes a dive

[winston]

Coast Capital have increased their shareholding in First Group & are now their largest shareholder. It looks as though the hedgefund will attempt to force First board to do something more drastic to create shareholder value.

https://www.thisismoney.co.uk/money/markets/article-6943107/US-raider-Coast-Capital-driving-seat-FirstGroup-boosting-stake-further.html

Bottom of the article suggests rumours circulating that NX Group may have approached Stagecoach about a deal, following Stagecoach effectively loosing its rail division when its 3 rail bids were disqualified & the shareprice tanked.

[JoNi]

https://www.theguardian.com/business/2019/may/26/firstgroup-rail-franchise-investor-pressure-annual-results
https://www.thetimes.co.uk/article/firstgroup-braced-for-huge-writedown-jxg77ql5j

[Solo1]

https://www.bbc.co.uk/news/business-48456840

[winston]

First Group Half Year results:
https://otp.tools.investis.com/generic/regulatory-story.aspx?newsid=1344880&cid=858

Shareprice has tanked -20% to boot....

[winston]

First Group shares are currently down 56% to 33p, an all time low on panic selling / Covid-19 fears.

NX are down to 167p (-30%)
Stagecoach down to 78p (-12%)
Go-Ahead down to 798p (-21.5%)

[the trainbasher]

First Group shares are currently down 56% to 33p, an all time low on panic selling / Covid-19 fears.

NX are down to 167p (-30%)
Stagecoach down to 78p (-12%)
Go-Ahead down to 798p (-21.5%)

After crashing to 28p a share last Wednesday, First are now at 51p a share

[winston]

After crashing to 28p a share last Wednesday, First are now at 51p a share

For now. The impact is currently un-quantifiable & has yet to fully unfold:

https://uk.reuters.com/article/brief-firstgroup-says-cannot-provide-fin/brief-firstgroup-says-cannot-provide-financial-guidance-idUKFWN2BG043

It's also approaching the end of the tax year, people will be topping up their ISA allowances, I expect that is why the market has risen strongly scross the board today.

Robert-Tchenguiz also dumped his 6% stake at a loss:
https://www.thisismoney.co.uk/money/markets/article-8138783/Property-tycoon-Robert-Tchenguiz-shunts-28m-rail-stake.html

https://otp.tools.investis.com/clients/uk/first_group/rns/regulatory-story.aspx?cid=858&newsid=1380918

[mikestone]

Plus the likelihood of any risk of losses on the rail franchises being  replaced by a guaranteed income from management contracts.

[WyreForestShuttle]

https://www.firstgroupplc.com/news-and-media/latest-news/2020/30-03-2020.aspx
First Worcester sister company Great Western Railway who serve Worcester have today been rewarded thier franchise to 2023 under new terms and conditions.

[WyreForestShuttle]

FirstGroup PLC owners of First Worcester have informed all the company has reserves of £400m to draw on during the crisis in addition to its TOC support.

https://otp.tools.investis.com/generic/regulatory-story.aspx?newsid=1381077&cid=858

[WyreForestShuttle]

From Monday 6 April,  First Worcester services under contract to Herefordshire County Council will operate to reduced timetables.

Routes 417, 600, 675 and 676 will operate to the Saturday timetable - they will still operate Monday-Saturday

Routes 405, 482, 671, 672, 673 and 674 will no longer operateRoute 481 will not operate

[WyreForestShuttle]

When the markets reopen after the Easter Holiday. FirstGroup PLC Share price will open at 68.80p this is a % increase of 6.42% on the previous week based on a Market Capitalisation of £838.93m. Happy Easter to all on WM BUS FORUM and to everyone involved in the bus industry at this difficult time.

[Hector]

The fact that FirstGroup PLC closed at 68.80 on Thursday doesn't mean it will open at the same price tomorrow, in fact it's unlikely that it will. Look at the opening price on Thursday - 67.62, which is somewhat different from the closing price the previous day - 64.65.

[WyreForestShuttle]

The fact that FirstGroup PLC closed at 68.80 on Thursday doesn't mean it will open at the same price tomorrow, in fact it's unlikely that it will. Look at the opening price on Thursday - 67.62, which is somewhat different from the closing price the previous day - 64.65.

The opening price I quoted is indicitive and based on the closing price. The opening price will always be variable based on trades undertaken before the markets open and actioned as the markets open hence the difference between closing and opening prices on an quoted company consequently the opening price expected will always be notional and I fully agree not based on the closing price but used simply as a guide to the market.

[WyreForestShuttle]

The fact that FirstGroup PLC closed at 68.80 on Thursday doesn't mean it will open at the same price tomorrow, in fact it's unlikely that it will. Look at the opening price on Thursday - 67.62, which is somewhat different from the closing price the previous day - 64.65.

There were only minimal trades as the market opened post holiday and FirstGroup PLC opened this morning  at  69.1p well within 1p of it closing price trading has picked up with the current price of 71p at 09.00 giving a market capitalisation of £871m therefore as the indictive price was within 0.5% and given the 15mins delay on the wire my post was perfectly correct on quoting the opening price as the margin was less than 0.5% when all the other factors are accounted for.