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Started: shareaction, 15 Nov 2017 15:59
Last post: shareaction, 15 Nov 2017 15:59
test
Started: the_shareminator, 25 Aug 2017 19:37
Last post: the_shareminator, 25 Aug 2017 19:37
Late £15k buy at 51p Possibly mid 50s value equivalent one the AVG shares are distributed if this trend continues. News of a settlement or completion of refinancing talks with the bank would help boost the market value. Expect that to come once AVG have completed the process of acquiring HAYT. Also expect to see a bullish H1 trading performance as our board had indicated was likely in the not so distant future. Now any increased order activity which may have been 'delayed' for want of a better word could be revealed. The cash-flow risks which will not be such a threat going forward may be addressed to ease market concerns also.
Reports from Avingtrans and Hayward Tyler Group meeting say all resolutions carried by requisite majorities. Avingtrans share price has recovered to the level 238p when the offer was first made, but Hayward Tyler Group share price aat 47p still lags a bit. Seemingly only the Court to satisfy now for the merger to proceed. Where next?For holders inclined to remain shares will hopefully be more marketable and while there ought to be scope for some further modest progress versus the market in this financial year it may be necessary to wait until the next financial year for a better rating.
Started: the_shareminator, 21 Aug 2017 20:15
Last post: the_shareminator, 21 Aug 2017 20:15
Resistance is futile. Or at least it was in our case, nicely orchestrated to succeed before the approach was even revealed to private investors, by then many had sold down or moved on following the p*ss poor management of finances and the worsening risks.. So today we hear the deal is done and in 11 days we will receive our AVG shares. Somebody has duly dumped £24k today at a knock down price, possibly one of the rebels but more likely a 'third party' who bought stock to ensure the vote passed. Anyone selling now has to be crazy! Despite not liking this deal one would have to be blind not to see the positives from suring up the near term debt obligations and boosting free cash for increasing the rollout of orders and such. It's no surprise to see buys up to 49p sweeping up the leftover stock.
Started: the_shareminator, 15 Aug 2017 12:45
Last post: comeonvog, 18 Aug 2017 20:27
Big late recorded sell from the 16th , or is it. this market is so crooked.
the_shareminator , what am i missing here , can buy for around 44/45p . Just acquired some more yesterday.
Hi flundra - today I cast my vote and elected to VOTE AGAINST. Like yourself I'm not holding out much hope that opposition will succeed given the lack of a banner to rally around, namely MC who do not initially endorse this approach. We have confirmation now Ewan Wade Royston Lloyd-Baker will become a non-exec Director in the enlarged company and receive his bonus, whilst loyal shareholders continue to nurse losses built upon his poor forecasts and impaired vision concerning the financial predicament we now find ourselves in. In 6 days there will be a court session and the likely result will see us posting on the AVG board thereafter. The latest document suggests up to 30,706,123 ordinary shares of 5p at an issue price of approximately 245p will be admitted placing an estimated market value over the combined entity of £75m although with AVG trading lower it looks to be less currently. HAYT being debt free, at least after balancing current assets and liabilities enables the company to pursue growth through investing more now cash-flow is not such an issue which is positive but it's a steep price we have paid in order to access this financing. Quite what else AVG bring to the party for the premium being paid I do not know. We can be hopeful at least that with better governance and improved cash-flow HAYT can grow at a quicker pace
Started: the_shareminator, 1 Aug 2017 13:35
Last post: flundra, 1 Aug 2017 23:28
Hi shareminator I’ve not read everything, but agree it would be wrong of ELB to accept this bonus if only because he’s going to AVG as a non-exec director. These bonuses are perhaps the HAYT directors’ golden parachutes, awarded to compensate for loss of their jobs on t/o or merger, but if he’s going straight into AVG on a full package as part and parcel of the deal he himself has cooked up, he absolutely should not accept a parachute bonus, even if technically contractually entitled. The same applies to any other HAYT directors taken on by AVG. I also agree ELB’s done a lot wrong this past year, including re funding and forecasting, and of course selling for a price which fails to recognise the long term prospects. Hardly bonus territory. I think I’m kind of resigned to this merger though now we’ve been told there’s no realistic way of sorting the debt pile. I would have participated in any open offer though. The employees should be ok as the HTG business carries on, albeit as a subsidiary of AVG. They’ll be worried about redundancy because of the change I guess, but keep their employee rights. They might actually be more secure with AVG’s balance sheet behind them. We’ve had precious little indication recently of the extent of the problems. Would ELB argue he’s released what he’s been obliged to and preserved value by preventing panic, enabling an orderly sale? – I don’t know. Regards
Just reading through these documents, have you read the Bonus letter? "The Company shall pay the Agreed Sum to you (ELB) on the relevant Trigger Date. For the purposes of this letter, the following defined terms are applicable: Agreed Sum means an amount equivalent to the gross value of one year's basic salary at the rate prevailing immediately prior to the Trigger Date" This signed off by Nicholas Flanagan, well done those two! A further example of misusing their appointed positions but to be expected by 'big' men in this day and age. Do all the employees of HTG who contribute far more blood, sweat and tears receive a bonus equivalent to one years salary? It's terms like this that allow for circumstances such as the one we now find ourselves in. Ewan Lloyd Baker should not receive a penny in bonus terms given his list of failures over the past year, no financing solution except this proposed deal, prior to this poor forecasting, stiff interviews concealing the reality HAYT was likely to encounter this mess.
Started: flundra, 28 Jul 2017 12:51
Last post: flundra, 28 Jul 2017 12:51
A lot of people have been saying it - looks like they were right... P23 – “Following discussions with RBS, the HTG Directors believe that a substantial equity placing would be required to secure long term financing from its lenders. There can be no certainty that such a fund raising can be completed and in the event that such a fund raising were successfully completed, the HTG Directors believe that this would likely be at a substantial discount to both the Closing Price on27July 2017 of 48.5pence and the implied value of HTG Shares under the Scheme of approximately 50.1 pence, resulting in significant dilution to HTG Shareholders”
Started: the_shareminator, 25 Jul 2017 15:03
Last post: flundra, 26 Jul 2017 16:18
There'll be some HAYT/AVG arbitrage going on as well - trader's dream!
Great post shareminator. I hope to read the AR shortly. Thanks for these comments, although my blood pressure’s probably gone up a few notches reading them. What a sorry end for a great company on the up. Re the SP, it seems to have come back in the last couple of days from unexpected lows, like you say probably because for example we now have the Sept target date. All other things being equal I’d expect it to sit just below the merger price, like poole said to reflect the “risk” of merger not proceeding, and the market interpreting merger not proceeding as bad news. (We know better of course!). Merger price is of course a moving target being determined by formula referenced to the AVG SP. No-voting Resistance fighters like myself may emerge in sufficient numbers to scupper the merger, a counter bid might still materialise, and there’s always the possibility of dial-moving news. Those scenarios could put the cat amongst the pigeons, but my best guess otherwise would be relative stability around current levels until merger.
Exactly, if you do read it though it will fill you with greater confidence about HAYTs H1 performance. There was a subtle point mentioned about £80m revenue on an annualised basis being achieved in H2 last year and that the out look for this year suggests growth on this. Coupled with that was mention of just were new revenue might come from and how Peter Brotherhood (which cost us £10.1m) is growing quickly and picking up the slack nicely. The gross profit generated is 3x that of HAYTs gross profit as a percentage of revenue. That acquisition and the investment in the Centre of Excellence alone amounts to the paltry value AVG offered. A company that employs more than 500 people globally across multiple sites on different continents with record order book and a long standing reputation. Voting down this offer will show the Boards we as shareholders do not wish to gift this investment away at ridiculous prices and they must seek alternative financing arrangements. Strike a refinancing deal with the banks, conduct another loan note if absolutely necessary. Raise the cash and go about turning round our fortunes. Where do you think the share price will go from here flundra, as we approach the vote?
I haven’t read the AR, but we may never know what’s actually gone on with the banking saga. Similarly for the vote, I suspect information will be minimal, and timeframes short. All to gently ease through a yessssssss – trusssssssssssst meeeeeeeeeee. It’s still NO from me though.
Wow well there's an update, can't be sure who received the low down but clearly a leak this morning with increased buying activity. We have received an official date then, 1st September is the date at which AVG is expected to have completed it's acquisition of this company, implying a short time-frame of 36-37 days. The vote won't come a week before, they will need time to verify the votes and make the transition if the bid is successful so I would estimate early August perhaps. I couldn't see details in the Annual Report. I expect some who sold thinking this would drift lower will be disappointed, that was a nice buying opp 10% up on very little but expect those 36-37 days to go by quickly, especially when we receive notification of the voting day. GLA Update on banking facilities Further to the announcement of 30 June 2017 Hayward Tyler Group plc, the specialist engineering Company comprising the operating companies of Hayward Tyler and Peter Brotherhood, is pleased to announce that the repayment of £2.4 million of short term banking facilities and the annualised measurement of the financial covenants, have both been extended from 28 July to 1 September 2017, to coincide with the expected completion of the recommended acquisition by Avingtrans plc, as announced on 30 June 2017.
Started: the_shareminator, 25 Jul 2017 13:31
Last post: the_shareminator, 25 Jul 2017 13:31
Buys coming in now, ASK up to 48p
Started: poole, 24 Jul 2017 12:24
Last post: poole, 24 Jul 2017 12:24
Annual Report of HAYT - 129 pages to read! -'Poised for Growth'
Started: the_shareminator, 21 Jul 2017 12:39
Last post: the_shareminator, 21 Jul 2017 12:39
PAYS up nicely on its proposed offer this morning and same sector SCH has benefited nicely. Quality investments, the like of which we all hoped HAYT would flourish into. Instead we are suffering from a low ball bid. Just my opinion flundra but I think recent selling into low liquidity is just a sign of no forthcoming counter offer and the fact the bid was not for a set amount of cash but rather a ratio of AVG. The type of deal presented is advantageous to the AVG board (and those seated there post merger) as shareholders may exit prior to the completion of deal given risks involved here with financing. We have not heard any news regarding a counter offer or better looking results but equally rumours of worse than expected results is just a speculative. Lack of new orders does not mean order conversion is down and costs will be back in line with previous H1 norms I should think. To add to that the market seems subdued as a result of the current offer period and liklihood it will succeed in the absence of any shareholder activism or MC inspired counter offer. Maybe when a date for the vote and further details are provided we will see an uptick. Likely those in favour of the merger are collecting undertakings or assurances with the bigger players. I for one have made my peace with the merger now, despite my intention to vote against, such a merger will add stability here which is much needed. We expected the BoD to secure that for us but instead this is what we have. Such is the messy world of finance and corporate greed. Hopefully will pick up a few of these on the cheap in the next month or two
Started: wanglii, 14 Jul 2017 22:38
Last post: flundra, 20 Jul 2017 14:45
I quite agree the HAYT sp can be expected to hover a bit below the merger price to reflect the risk of merger not proceeding (all other things being equal), and it was doing this in the days post announcement. I was thinking though that the subsequent fall of 10% on no new news required some particular explanation, because it’s such a significant fall. I can’t see how any shareholder can vote yes with any conviction given the restricted newsflow. The picture now will be very different from March. I also wondered if sweeteners can be given to secure those irrevocable vote undertakings. The balance sheet is perhaps stretched in the sense of “working hard” rather than stressed, but without updated figures and an explanation (which we’ve never had) for the long delay refinancing, we don’t really know. My understanding from what the bod have said (until they went to ground) is that the strong H2 2017 performance anticipated in the half yearly report, happened/is happening, just the wrong side of 31 March! With all forward business pointers strong too. Order levels may not have been very exciting in Q1 calendar year 2017, but may well be flowing in superfast now.
The HAYT SP is presently largely determined by the AVG SP which on its own is justified by its cash holdings and forward order book. That the HAYT SP is at a slight discount to the merger proposal terms principally reflects the risk the deal will not proceed for some reason. If one thinks the deal will be done and that looks likely then HAYT is essentially a cheap way into AVG. It is a good deal for AVG and once it is a done deal and the logic of the merger is better understood by the market (following brokers notes etc) the potential of the combined business ought to be reflected in a progressive improvement in the AVG price once the deal is completed. I agree ELB did do a good job over the years but the BOD completely screwed things up big time on a number of fronts all at the same time over the last year or so. That HAYT's balance sheet was stretched was clearly a problem but less so if the required order intake and hence forward order book was in place. If it was then the BOD and the committed larger shareholders would I think not be supporting the present terms. The HAYT preliminary figures claimed a record order book but that suggestion was due to the addition of Peter Brotherhood and in reality the order book was higher in early 2017 than at the end of March 2017. My reading is that they have been struggling to get the orders in otherwise we would have heard much more of them. Despite sterling weakness part of the problem appears to have been converting many OEM order prospects into orders in a timely manner or at all! Seemingly HAYT has been devoting additional resources to securing those or similar orders but that takes time. Meantime AVG has no certainty of HAYT short term revenue stream (or maybe it has via due diligence!) and has for its own shareholders to pitch its terms to reflect that. I get the impression that many contributors to these threads have been there to make a turn and already done so but those (perhaps a minority) in for the longer term ought to do well relative to the current price by staying with the merged businesses.
I’ve been mulling over the possible reasons for the SP declining over recent days, away from the merger price. Might it indicate increasing doubt over the approaching merger proceeding? That could perhaps be because (good) financial figures might be leaking, or suspected, boosting the No vote? Or the prospect of a MC inspired counter bid receding? Or it might reflect lack of real news, and suspicion that’s because bad news is being suppressed, or concern the ship is rudderless. I suspect the prevailing market view will be pessimistic because many interpret the delayed refinancing as difficulty refinancing. A board shake up is inevitable if merger doesn’t happen, meaning more volatility. PS I’m tempted to hold post-merger, for the reason you state, and because I like what I’ve seen of AVG so far anyway, even though right now (in the nicest possible way) I wish they’d b*gger off! I’d research AVG properly before selling, although have lost some confidence in ELB (who might get a board role). Generally he’s done a great job at HAYT over the years, but has dropped the ball this year imo.
Flundra - I don't know if prior to the vote the company will be obligated to state its trading position, I would hope so for transparency but I fear we won't hear anything until the next trading statement. You make an important point regarding deferred revenue and this should boost figures for the current trading period. We haven't heard much about new orders recently, but like you I suspect we are well on course to meeting targets and improving the company's financial position Let us not forget even if the deal succeeds we will later benefit when the improved trading position is eventually released to the market. Now is the time to accumulate and vote against, but if resistance is not enough then hold and reap the rewards of a combined AVG HTG entity
spell check!! Meant Wanglii
Started: Schrodingerscats, 18 Jul 2017 10:39
Last post: Schrodingerscats, 18 Jul 2017 10:39
Traded out. Trading clln with next share being watched. Gla.
dannatt - We won't ever know about the alternatives if the bid succeeds. Like flundra I agree refinancing would still be on the table, we began delaying the repayment of loans before we received an official offer so presumably the bank were comfortable extending discussions with HAYT. It was only later that AVG began their due diligence in the offer period although it may have begun earlier, it's difficult to know. I would point out there is no chance of AVG "wiping out the debt". They have other pies in the oven which will require heavy investment in the coming months and years. I would expect if the deal is successful, they will repay the £2.4m and potentially secure a refinancing of debt, but will opt to retain the vast majority of its cash. I agree being a part of a larger entity we could have a more secure future but by no means will shareholders here be richly rewarded for supporting this company over the years. We are being bought out on the cheap. The future combined value may act as a ceiling especially given the uncertain trading performance AVG reported. HAYT had a much stronger second half in terms of operations by contrast. Flundra - I'm still here but I'm not at my trading platform until 19th so I can't comment in too much detail. But I'm largely in agreement with your posts. I would add this deal if successful will save the disgraced ELB (in terms of sentiment) by projecting him into a position on an enlarged board of AVG directors, enlarging the HAYT group under new leadership and dealing with the outstanding loans. Ofcourse this would all come at the expense of shareholders but when has that ever stopped unscrupulous directors? The best thing we can hope for is a counter offer but failing that, this deal needs to fall through. Shareholders should not be cowed into thinking plan A put forward is our best option when it only suits certain individuals and persons with an interest in AVG. Keep up the posts, enjoy reading here :)
If refinancing were impossible or even difficult, you surely wouldn’t have a senior bod member in Maurice Critchley not recommending this merger. It’s more about this rather nebulous concept of bod members’ “commercial assessment” imo. The split means there’s a very strong view HAYT’s future is best left in its own hands. The absence of news suggests to me that dealing with refinancing and good news is being delayed/suppressed. I agree the sp might fall if the merger doesn’t go ahead, but imo only temporarily, because we’d also probably see a swift refinancing and hopefully release of order book/cash collection news. That will be being withheld atm. There’d be board changes too causing more uncertainty. PS Where's our chum shareminator?! I don't know where his info came from but I think he was suggesting the merger option was being pursued because otherwise a placing was necessary to recapitalise, but this was being resisted by the bod (minus MC) as they lacked funds to participate and were playing dog in the manger by going for merger so as not to dilute themselves in the placing, and so that ELB could get a bod position at AVG. Sorry if I've misquoted you shareminator.
I'm considering accepting this bid because the alternatives don't look very promising.If they could refinance they would have by now.With no counter offer and this bid failing I can see a sharp fall in the share price.As part of Avingtrans and a larger entity we could have a bright future with the debt wiped out.
I think the current position is still: The aggregate percentage of the issued share capital of HTG represented by those irrevocable undertakings and letters of intent provided by HTG Shareholders, as detailed in Appendix 3 of the Announcement, remains unchanged at 31.3 per cent. and 11.7 per cent. of the HTG issued share capital, respectively. So by no means nailed on. Vote NO!
Thanks for that flundra. Looking ever more likely it may go through.
I don't think we know yet. I've just realised there's a separate website for takeover announcements: http://htg.global/investor-relations/takeover-code-requirements Amongst other things it confirms Mr Sneller is voting in favour
Does anyone know when we vote for the Avingtrans bid.
Started: poole, 10 Jul 2017 09:34
Last post: poole, 10 Jul 2017 09:34
Just a thought on seeing that TP Group has today announced plans to raise around £24m to add to existing cash resources to fund existing business and make acquisitions.
Started: the_shareminator, 7 Jul 2017 16:21
Last post: the_shareminator, 7 Jul 2017 16:21
Hi Shareminator On the cash issue, you may be right about the need for recapitalisation and directors resisting dilution, but I’ve always seen it more positively, and think revenues and settled debt/overdraft facilities are achievable and will suffice, and enable continuation of the dividend even. The difference in monthly payments between servicing £22m of debt and a more conservative pile cannot be more than a few £10ks. That is entirely manageable, surely, until revenues pick up, which they should be doing by now anyway. But I agree it’s becoming more difficult to form a view, the longer this radio silence goes on. I’m not sure how many PIs there are but I think everyone posting on this BB is voting against the deal. That might represent the general view. Hopefully other PIs are informed and perhaps read the BBs even they don’t post. There seems to be little or no commentary on the deal out there in the press, for sure. It would be good to see some. Richard Sneller’s direct phone number is on his disclosure forms. He owns 6%+. He’s maybe a nominee/trustee for a third party (he’s a fund manager by profession), but what’s his view I wonder? I’m still hopeful the deal will be kicked into touch. It really makes no sense, unless the debt burden cannot be refinanced on reasonable terms imo. That question is price sensitive info, and as we are being told that RBS is supportive and we have not heard refinancing is impossible (we’d know by now if it was imo), I would assume we can refinance, and the only reason for delay is heel dragging by the BoD pending the vote on merger. On balance the other business pointers are also clearly positive. The nuclear sector is rightly becoming very significant, and the opportunities there are vast. China and India alone represent a huge burgeoning market, even if one were to take Japan USA Korea and Europe out of the equation. The BoD seem to have donned their tin hats and retreated to their bunker, presumably to tough it out till the vote. But the deal might fall through, HAYT is still a business, and they should come out and deliver on their ongoing duties to shareholders and stakeholders in the meantime. They’re surely legally bound do this despite a pending merger, and even if they’re pulling in different directions on the deal, or not wanting to be diluted etc. They should get on with the refinancing and/or other fund-raising, keep the order and other news coming, and agree and announce the dividend policy. I think they’re playing a bit fast and loose atm tbh imo. Regards
From what I gather the Board have not proposed a rights issue because they would be significantly diluted unless they could cough up a lot of the cash themselves. With the exception of MC I don't think the Board or their relatives are in a position to pledge that kind of money to retain their current positions. Instead ELB will continue on with AVG as a non-exec I believe if the deal succeeds. How to gather enough votes and engage enough people invested here that this deal is bad for them? Without knowing address or telephone numbers of smaller pi's we only have the chat sites and social media. Possibly a share magazine could sponsor an article on such a move but we would likely need to pay a fee for that and hope the writers are not AVG shareholders. The cash on hand was less than I expected but the results have a few glimmers of hope. We had £1.2m cash end of March and net assets improved since the half year point. We are more than 3 months into the new year and it might be useful for all if we had an update soon rather than leaving it until October when they will announce an Interim trading update. I do expect the cash position to have risen but we are in the dark until the company inform us. Or if the deal fails and a refinancing takes place, HAYT may then inform holders that they have paid a sum of cash to the bank - this would suggest cash on hand has increased substantially as they would not otherwise be in a position to reduce their cash (vital for the companies day to day business). All those trade receivables mounting up, expect some of those are being dealt with in the first half. Also the fact the order book is at a record £49m suggests we are in a good position to turn much of that into cash short term. A refinancing of debt would have solved this and still can if the company can prove they are actually turning a net profit now. If things are tight and despite cash on hand rising it doesn't enable the company to repay the short term borrowings, I would favour a rights issue to reduce the debt and provide the company enough room to trade it's way out of danger. We still need favourable refinancing terms though. GL
Started: poole, 3 Jul 2017 10:58
Last post: flundra, 5 Jul 2017 10:39
Agree shareminator. Perhaps time for an activist shareholder to take a stance with MC and derail this offer. I'd also be perfectly comfortable servicing the debts for a while till revenues build back up. The debt was reasonably to be expected, and the whole point of all that investment was to improve performance in the operational facilities, grow revenues and shorten the revenue cycle! And it's working! Can HAYT really not manage £100k or so a month for a short while? I'm sure they can. Revenues are over £60m+ pa and improving! We've done all the hard work, now we seem to be trying to snatch defeat from the jaws of victory! Now is not the time to lie back with our legs apart. HAYT should be refinancing right now, or come clean and tell us that they have tried but been unable to secure terms with RBS or other banks.
flundra - I completely agree with your sentiments in your previous two posts. "I think it is perhaps the BoD preserving the status quo in the hope the merger proceeds and the issue can be buried." With the offer hanging over us I don't think a refinancing will happen, there is little incentive except by MC who is alone in this regard it would seem, to come to new terms with our lending partner. If the offer is rejected, you would expect a refinancing to follow shortly after maybe with higher yield terms but pushing the repayment dates further out. Might that depress near term annual results? Yes in comparison to a takeout and AVG paying down a substantial sum of debt with it's cash (assuming that happens). But shareholder value could recover post successful refinancing if the company demonstrate an ability to organise it's finances efficiently and pay down loans when they becomes due.
Sort out the refinancing now asap please BoD. I very much doubt it is in HAYT's interest to delay refinancing any longer. It probably never was. The BoD must be careful not to breach their duties here, for example to us as shareholders, to act in the best interests of the company. I cannot believe this inordinate delay is down to any difficulties obtaining reasonable terms from our supportive bank, or other bank. I think it is perhaps the BoD preserving the status quo in the hope the merger proceeds and the issue can be buried. I wonder what level of shareholder support this merger would get, if refinancing occurs now, and the curious recent silence is filled by good contracts and operational news. Might support fizzle out?
poole - There are only two Board members with sizable holdings and one has intentionally decided not to recommended the offer. Why do you think that is? This offer is not the only option, there are other viable alternatives not least a proper refinancing that has been in the making these past 5-6 months. I can see your point of view that HAYT are somehow backed into a corner but why can't this company deal with the banks alone? They should be able to negotiate a longer term financing deal. I would even back a placing at this level to cover short term cash-flow and help repay the outstanding sum. We do not need to sell up for 48p. You only need to read through the latest results to know we are not in a weak negotiating position. Look at the order book and outlook. AVG do not deserve to mop this up on the cheap. The Board should instead focus on cash-flow issues and come to an agreement with regards the refinancing. I keep hearing about combined operations being a good thing for HAYT but point to me where AVG have any expertise in this area. Perhaps certain board members need replacing rather than a hostile takeover bid succeeding, I think we all know who...
Hello Sherminator - Most of HAYT BOD in their judgement (Having backed us into a corner perhaps they have come to their senses at last) is recommending AVG bid acceptance versus alternatives. . Although having plenty to say on 'approaches to winning new orders' HAYT has been very quiet of late on announcing firm new orders and it may be that which has weakened their negotiating position. In the circumstances only AVG with a deep enough pocket has come forward. I would have preferred a somewhat better offer but in the circumstances see good potential for the combined operations with hope that they will begin to show their paces by 2018 with an AVG price improvement to reflect that and more to come.
Very shabby stuff from HAYT. The Annual Report basically seems to be saying we’ve weathered the storm of a difficult year, taken the astute risk of making significant investment in Luton and PB, but despite a supportive bank, improving market conditions, and these investments starting to bear fruit with a record order book....we’re throwing the towel in, and selling you all down the river for peanuts. It makes absolutely no sense at the moment, and is the worst possible thing to do, just as the orders are flowing in and the investment about to pay back. Well done Maurice for resisting. I’ll be voting against. The driver for the deal seems to be the weakness of the HAYT balance sheet (and the strength of AVG’s), but that weakness is fully explained, and with a supportive bank and all trends positive, success from here seems almost nailed on. “In providing its [independent] advice to the HTG Directors, Akur has taken into account the commercial assessment of the HTG Directors” That makes me a bit suspicious of the BoD, because the commercial assessment (as opposed to the financial assessment) in the Annual Report seems wholly positive going forward. The more I see of AVG the more I like it as a company, but would want to see HAYT remain as HAYT, with a gutsier BoD now.
Howard you are not getting AVG shares at a discount if the deal goes ahead. AVG are getting YOUR shares at a discount! Think on that seriously. HAYT division under AVG may grow no doubt, but again any growth will be heavily diluted among the HAYT and AVG shareholding combined. AVG doesn't appear particularly exciting, it's just cash rich
I am happy to take avg shares as bought in to get avg at a discount .Would of liked better terms in respect of more avg shares for ours But avg very good at building businesses and then selling on Just like Melrose but much smaller scale
Yes there is, announced at 08:04 agreed takeover in AVG shares value 47p - 51p: http://www.moneyam.com/action/news/showArticle?id=5576828
Well there is no announcement from HAYT regarding the offer.
Started: the_shareminator, 3 Jul 2017 08:02
Last post: the_shareminator, 3 Jul 2017 08:02
Interim results for the six months ended 30 November 2016 - capitals highlighted to illustrate my belief this company has very little organic growth potential and is trying to seize HAYT for a ridiculous offer. · Revenue from continuing operations of just £9.6m (2016 H1: £8.6m) · Adjusted group EBITDA at breakeven (loss 2016 H1: £0.7m) · Adjusted LOSS before tax of £0.2m (loss 2016 H1: £1.2m) · Cash OUTFLOW from operating activities £3.5m (2016 H1: £0.5m) · Net cash reduced to £27.8m (31 May 2016: Net cash £51.0m), following successful tender offer which returned £19.4m to shareholders They are at breakeven EBIT with their Energy and Medical and their order book is tiny in comparison to HAYT's. Mention of a a £9m contract with Wuhan, China for NMR cryostats is over 10 years and the £47m contract with Sellafield is again over 10 years. So £0.9m and £4.7m per annum respectively if averaged across the period. Smallfry. Post period end they bought Scientific Magnetics Ltd, Abingdon, for £0.35m and cleared the £0.45m loan. That is making £2m per annum and £40k profit before tax. Tiddly. Just recently they announced the Sellafield contract extension which relates to the contract signed in May for a period of 10 years. No new significant customers since then... Cash down to £26.2m which suggests a loss even accounting for the acquisition of SM Ltd Does this strike investors as the kind of parent company that should be taking control of HAYT? Take a quick look at HAYT's previous results, the organic growth likely to come from our increasing order book and newly completed Centre of Excellence.
Started: dannatt, 2 Jul 2017 19:00
Last post: dannatt, 2 Jul 2017 19:00
Take a look at Hayt website under the investor section.Growth Company Investor-Buy recommendation 77.5p Dec 2016.Look where we are now 48.5p.Price has been manipulated down for this bid.Why take six months to renegotiate the £2 million debt causing much uncertainty.
Started: graham-wales, 2 Jul 2017 17:50
Last post: graham-wales, 2 Jul 2017 17:50
Have they been promised positions in the new company.
The assets are worth £26 million at the last set of results so Avingtrans are virtually buying Hayt for nothing.This should not be allowed.What a rubbish opportunistic opening offer.Vote no.
Started: the_shareminator, 30 Jun 2017 17:57
Last post: the_shareminator, 30 Jun 2017 17:57
In fact look at the revised announcement! There is a new clause concerning a competing bid and a revised irrevocable undertaking to vote in favour of 16.2% down from 22.9%. Come on, this is already a clear enough sign, vote against. If we receive a competing bid in the meantime I expect that percentage to decline further. Feel better going into the weekend. Have a good weekend boys and girls Further re: Irrevocable Undertaking for the Recommended Acquisition of Hayward Tyler Group plc Further to its announcement at 7:30 am this morning, 30 June 2017, on the terms of a recommended acquisition pursuant to which Avingtrans will acquire the entire issued and to be issued ordinary share capital of Hayward Tyler Group plc (the "Announcement"), the Avingtrans Board provides the following update in respect of the irrevocable undertaking provided by Harwood Capital in favour of the Scheme at the Court Meeting and the Resolutions at the HTG General Meeting. A revised irrevocable undertaking has been obtained from Harwood Capital amounting to 9,000,000 HTG Shares, representing 16.2 per cent. of the existing issued share capital of HTG. The updated irrevocable undertaking follows substantially the same form as that detailed in the Announcement, save for one of the terms, under which the previous irrevocable undertaking would lapse. Under the revised irrevocable undertaking Harwood Capital may no longer opt for its obligations to cease in the event of a competing bid on terms which are at least 10 per cent. higher than the Offer (with this previous provision being detailed at clause (ii)(d) of Appendix 3 to the Announcement). The aggregate percentage of the issued share capital of HTG represented by those irrevocable undertakings and letters of intent provided by HTG Shareholders, as detailed in Appendix 3 of the Announcement, remains unchanged at 31.3 per cent. and 11.7 per cent. of the HTG issued share capital, respectively. The revised irrevocable undertaking will be available, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on Avingtrans' and HTG's websites at www.avingtrans.plc.uk and http://htg.global/investor-relations/takeover-code-requirements by no later than 12:00 noon on 3 July 2017 until the end of the Offer Period.