$ALLUX #Installux 2 blocks were traded yesterday for a combined 4,109 shares at €390 (or ca. 1.5% of o/s). Since Installux has not received (yet) shareholders’ approval to buyback its shares, there is a likelihood these shares got purchased by the Canty family holdco or a fund.
To recall, in connection with the upcoming AGM this month, shareholders are requested to approve a new share buyback program for 10% of o/s at a maximum share price of €400.
Installux has repurchased ca. 7% of its shares over the past years and the Canty Family doubled its ownership in the company from 36% to 71% over the last 20 years. I would expect this trend to accelerate over the next few years with a take-private as the eventual outcome.
Installux has huge dry powder on its balance sheet to proceed with share repurchases.
The Canty family holdco can also assist in repurchases when share buyback programs have expired or should they prove insufficient.
The last sizable block, which was traded in 2020, actually turned out to be a repurchase by the company (as we suspected at the time).
Ca. 7% of o/s repurchased over the past 2 years.
Yesterday’s trade amount is also very close to the dividend Financière CCE (The Cantys’ holdco) is about to receive...
I could be wrong but, based on the above, I’m guessing these most recent transactions were purchases by the CCE holdco. It could also signal they expect a very good FY 2021 and beyond (in line with the French DIY market’s performance).
I meant house renovation market although DIY is booming too.

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