Kelso Group Holdings PLC Update on Investment: TheWorks.co.uk plc (7329O)
05 10월 2023 - 3:00PM
UK Regulatory
TIDMKLSO
RNS Number : 7329O
Kelso Group Holdings PLC
05 October 2023
Kelso Group Holdings Plc ("Kelso")
Update on Investment: TheWorks.co.uk Plc ("TheWorks")
The Board of Kelso notes the results yesterday of the TheWorks'
AGM resolutions. In particular, we draw attention to Resolution 2,
which was not passed, having been voted against by c.65% of
shareholders, which proposed paying a final dividend.
Kelso holds 2.9 million shares, representing 4.6% of the issued
shares. We are supportive of management and voted for all
resolutions with the exception of Resolution 2. We believe, given
the low valuation of TheWorks of c.1.4x EV/EBITDA(1) (excluding
IFRS 16 lease liabilities) that the company's cash is better used
by buying back its shares for cancellation. Kelso looks forward to
engaging with the management of TheWorks on this matter.
We strongly believe that the intrinsic value of TheWorks is
significantly higher than the current value. We also believe that
its position in the UK high street with a dozen own brands at the
value end of arts and craft products, stationery, games and books
all in the creative and learning arena is a good defensive part of
the market.
(1) Calculated as current market capitalisation (GBP23.9m) less
net cash (GBP10.2m), divided by expected FY24 EBITDA (GBP10.0m).
Figures taken from TheWorks' announcement on 30 August 2023.
For further information please contact:
Kelso Group Holdings plc +44 (0) 75 4033 3933
John Goold, Chief Executive Officer
Mark Kirkland, Chief Financial Officer
Jamie Brooke, Chief Investment Officer
About Kelso
Kelso was established in 2022 to identify, engage and unlock
trapped value in the UK stock market. Kelso's strategy is to invest
in situations where there is an anomaly between the intrinsic value
and prospects of a company and its stock market valuation. Kelso
will, in particular, look for situations where it believes the sum
of the parts of a business is greater than the current value.
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