Welfare

  • In this world of ESG investing I believe staff welfare should form a part of any company review.  I have checked the Glassdoor review for every company on AIM. The quality ones are here.
Company Score No. reviews Mkt Cap (m) Business
HML Holdings 4.6 46 £15 Prop. Mgmt
Abcam 4.7 186 £2,677 Biotech
Act.Exp’ence 4.7 10 £24 Cloud analytic
Alpha FX 4.7 72 £443 FX
Gateley 4.8 41 £251 Lawyer
Cropper (J.) 4.9 5 £126 PE 28X
Polar Capital 4.9 6 £558 Fund Manager
Prime People 5 7 £12 Recruiter
  • If anyone wants to discuss the list of 20 on the naughty step subscribers can call.

Hargreaves Lansdown– Book Build

Share Price 1708p

Mkt Cap £8.1bn

Conflict Disclosure: No Holding

  • Book Build Peter Hargreaves is selling £500m of stock by book build announced at 4.51pm yesterday. “Due to strong investor demand” he has decided to sell a few more raising £550m at a 6.3% discount to the price. This is stated to be part of long term financial planning to diversify his assets. His stake reduces from 32% to 24%.
  • Valuation PE 29.3X Yield 2.7%
  • Conclusion With the shares down 30% since last May this seems a remarkable time to be selling stock. It would appear the placing wasn’t to fulfil unprecedented investor demand. I am aware of 3 legal firms pursuing class actions against Hargreaves over Woodford. Investor losses run into the billions, which may be painful for HL to have to compensate.  While the company may be pregnant with forecast upgrades the medium risk seems to be all on the downside. Perhaps Mr Hargreaves feels the same.

jeremy@charltonillingworth.co.uk