Duyuru • Jul 12
Cap10 Partners LLP completed the acquisition of Sureserve Group plc (AIM:SUR) from a group of sellers and others. Cap10 Partners LLP reached an agreement to acquire Sureserve Group plc (AIM:SUR) from a group of sellers and others for approximately £210 million on April 21, 2023. Under the terms of the acquisition, Sureserve shareholders will be entitled to receive 125 pence in cash for each Sureserve share held. The acquisition will be effected by means of a Court-sanctioned scheme of arrangement. The cash consideration will be financed by a combination of equity financing and new debt. Following the effective date, Sureserve will continue to operate as a standalone business group. Cap10 does not intend to make any material change in the conditions of employment, or in the balance of skills and functions, of the employees and management of Sureserve. Each of the non-executive members of the Sureserve Board have agreed to resign as a director of Sureserve with effect from completion of the acquisition. As of June 9, 2023. The Court Meeting sought approval from holders of Scheme Shares for the Scheme.Cap10 has received irrevocable undertakings and a letter of intent from Sureserve Directors, Harwood Capital, Miren Rawlings and Slater Investments in respect of their share holding in Sureserve. As of May 25, 2023, after disposal of 750,000 Sureserve shares, Slater Investments' irrevocable understating has also updated to its remaining shareholding of 25,568,325 shares, representing approximately 15.38% stake in Sureserve. The Sureserve Board unanimously recommended the transaction. The transaction is subject to the Sureserve’ shareholders approval at the Court and General meeting, the sanction of the scheme by the Court, subject to the law of England and Wales and the jurisdiction of the Court and the applicable requirements of the Takeover Code, the Panel, the FCA, the London Stock Exchange. As of July 6, 2023,the Court had sanctioned the scheme on July 5, 2023. The scheme is expected to become effective during late June/early July 2023. As of May 17, 2023, the Scheme is expected to become effective on July 11, 2023.Dimitrios Georgiou, Wladimir Wallaert, Nirav Amlani and Alex Bennett of Evercore acted as independet financial adviser to Sureserve Board. Stephane Auton and Daniel Bush of Shore Capital acted as nominated adviser to Sureserve. Alistair Allen, Rob McCann and Matt Jaquiss-Ollier of Rothschild & Co acted as financial adviser to Cap10. Proskauer Rose (UK) LLP is legal adviser to Cap10 and Eversheds Sutherland (International) LLP is legal adviser to Sureserve.Cap10 Partners LLP completed the acquisition of Sureserve Group plc (AIM:SUR) from a group of sellers and others on July 11, 2023. New Risk • Jul 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Reported Earnings • May 17
First half 2023 earnings released: EPS: UK£0.032 (vs UK£0.022 in 1H 2022) First half 2023 results: EPS: UK£0.032 (up from UK£0.022 in 1H 2022). Revenue: UK£155.3m (up 23% from 1H 2022). Net income: UK£5.20m (up 47% from 1H 2022). Profit margin: 3.3% (up from 2.8% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Commercial Services industry in Germany. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €1.09, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 14x in the Commercial Services industry in Germany. Total returns to shareholders of 9.0% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €2.13 per share. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €1.05, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 14x in the Commercial Services industry in Germany. Total returns to shareholders of 14% over the past year. Reported Earnings • Jan 25
Full year 2022 earnings released: EPS: UK£0.08 (vs UK£0.071 in FY 2021) Full year 2022 results: EPS: UK£0.08 (up from UK£0.071 in FY 2021). Revenue: UK£275.1m (up 13% from FY 2021). Net income: UK£13.1m (up 15% from FY 2021). Profit margin: 4.8% (up from 4.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Commercial Services industry in Germany. Duyuru • Jan 24
Sureserve Group plc, Annual General Meeting, Mar 21, 2023 Sureserve Group plc, Annual General Meeting, Mar 21, 2023. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Chairman Nick Winks was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Oct 12
Sureserve Group plc to Report Fiscal Year 2022 Results on Jan 24, 2023 Sureserve Group plc announced that they will report fiscal year 2022 results on Jan 24, 2023 Reported Earnings • May 18
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down UK£3.54m from profit in 1H 2021). Profit margin: (down from 3.1% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 8.5%, compared to a 15% growth forecast for the industry in Germany. Board Change • May 12
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Chairman Nick Winks was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • May 05
Sureserve Group plc Appoints Tania Songini to the Board as Non-Executive Director Sureserve Group plc announced the appointment of Tania Songini to the board of the Company as a Non-Executive Director with immediate effect. Tania brings over 20 years of senior financial management experience, most recently serving as Finance Director of Siemens Energy UK and Director of Finance and Operations for the International Rescue Committee UK, before concentrating on a portfolio career, which includes roles on the board of Thrive Renewables plc, a mid-sized renewable energy developer and operator, London Energy Ltd, a waste-to-energy operator and Energy Systems Catapult, an innovation development consultancy. Prior to 2015 Tania worked at Siemens for 18 years, during which she was involved in the energy, healthcare and logistics sectors. Her energy experience is predominantly around renewable power generation and transmission network infrastructure, and her healthcare work focused on PPP hospital managed equipment services. Duyuru • Feb 17
Sureserve Group plc to Report Fiscal Year 2021 Final Results on Feb 15, 2022 Sureserve Group plc announced that they will report fiscal year 2021 final results on Feb 15, 2022 Duyuru • Feb 16
Sureserve Group plc, Annual General Meeting, Mar 22, 2022 Sureserve Group plc, Annual General Meeting, Mar 22, 2022, at 10:00 Coordinated Universal Time. Location: at The City of London Club, 19 Old Broad Street London United Kingdom Agenda: To consider that the Company's Annual Report and Accounts for the financial year ended 30 September 2021, together with the Directors' Report and Auditor's Report thereon, be received and adopted; to consider that RSM UK Audit LLP be reappointed as the auditor of the Company to hold office from the conclusion of the AGM until the conclusion of the next Annual General Meeting at which accounts are laid before the Company and the Directors be authorised to fix the auditor's remuneration; to consider that Robert Legget be re-elected as a Director of the Company; to consider that Christopher Mills be re-elected as a Director of the Company; to consider that Peter Smith be re-elected as a Director of the Company; and to consider other matters. Reported Earnings • Jan 26
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: UK£0.071 (up from UK£0.04 in FY 2020). Revenue: UK£244.0m (up 25% from FY 2020). Net income: UK£11.4m (up 80% from FY 2020). Profit margin: 4.7% (up from 3.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.5%. Over the next year, revenue is forecast to grow 14%, compared to a 24% growth forecast for the industry in Germany. Duyuru • Dec 09
Sureserve Group plc (AIM:SUR) acquired Corenergy Limited for £7.5 million. Sureserve Group plc (AIM:SUR) acquired Corenergy Limited for £7.5 million on December 8, 2021. The maximum total consideration payable for CorEnergy is £7.5 million, with an initial £5.9 million payable on completion, to be satisfied through £2.9m in cash and the issue of 3,281,879 new ordinary shares of 10p each in Sureserve (the "Consideration Shares"). The Consideration Shares are being issued at an effective price of 89.4p each, being the mid-market closing price over the last 5 business days. Further deferred consideration of up to £1.6 million may be payable, split equally between cash and shares, depending on CorEnergy's full year results to December 2021. The transaction is to be achieved on a debt free / cash free basis. The Executive Directors of CorEnergy, Tom Griffin and Richard Budzynski. will remain with CorEnergy following the acquisition by Sureserve. CorEnergy has grown through the successful delivery of a number significant contracts and in the year ending 31 December 2021 is expected to achieve revenues in excess of £6m and EBITA of £1m.
Sureserve Group plc (AIM:SUR) completed the acquisition of Corenergy Limited on December 8, 2021. Recent Insider Transactions • Jul 30
Independent Non-Executive Chairman recently bought €97k worth of stock On the 28th of July, Nicholas Paul Winks bought around 100k shares on-market at roughly €0.97 per share. This was the largest purchase by an insider in the last 3 months. This was Nicholas Paul's only on-market trade for the last 12 months. Reported Earnings • May 22
First half 2021 earnings released: EPS UK£0.022 (vs UK£0.013 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: UK£114.6m (up 4.6% from 1H 2020). Net income: UK£3.54m (up 72% from 1H 2020). Profit margin: 3.1% (up from 1.9% in 1H 2020). The increase in margin was driven by higher revenue. Recent Insider Transactions • Apr 16
CFO, Interim COO & Executive Director recently bought €91k worth of stock On the 15th of April, Peter David Smith bought around 96k shares on-market at roughly €0.95 per share. This was the largest purchase by an insider in the last 3 months. This was Peter David's only on-market trade for the last 12 months.