IN BRIEF: Kelso buys 3% stake in Angling Direct and calls for buybacks

Kelso Group Holdings PLC - invests in undervalued London-listed companies - Buys 2.3 million ...

Alliance News 29 November, 2023 | 3:10PM
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Kelso Group Holdings PLC - invests in undervalued London-listed companies - Buys 2.3 million shares of Angling Direct PLC at 35.1 pence per share, taking a 3.0% stake in the Norfolk, England-based fishing tackle retailer. Angling Direct has 46 stores and an estimated 12% of the UK market, Kelso notes, saying this could grow towards 20%. Kelso also argues that Angling Direct has surplus capital that could be returned to shareholders through share buybacks. The retailer has GBP17.6 million in net cash, Kelso notes, equal to about 60% of its equity market capitalisation.

Kelso current stock price: 2.85 pence, up 5.6% in London on Wednesday

12-month change: up 3.6%

Angling Direct current stock price: 40.50p, up 1.3%, for GBP31.3 million market cap

12-month change: up 53%

By Tom Waite, Alliance News editor

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Kelso Group Holdings PLC 2.90 GBX -1.69 -
Angling Direct PLC 41.00 GBX 0.00 -

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