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TAKE PROFITS Ramsdens Holdings (RFX)

Close Ramsdens Holdings (RFX) at market (666p)

When we first highlighted Ramsdens in March, we were attracted by its consistent execution, strong cash generation and attractive valuation. Since then, the shares have risen by more than 76%, with the bulk of those gains following the recommended cash acquisition by FirstCash. After the improved final offer, the shares are now trading close to the agreed takeover price, suggesting the market largely expects the transaction to complete.

While Ramsdens remains a high-quality business, we believe the original investment opportunity has now largely played out. With the share price now driven primarily by the takeover process rather than future operational performance, the scope for further upside appears limited. We are therefore moving the position to Take Profits, allowing us to lock in the gains from the recommendation and focus our attention on opportunities where the potential reward is more attractive relative to the remaining risk.

Profit excluding dividends = +76%

RFX Daily Candle Chart