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Hayward Tyler Group Share Chat (HAYT)



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Share Discussion for Hayward Tyler Group


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the_shareminator
Posts: 10,999
Opinion:No Opinion
Price:48.50
potential bid
30 Jun '17
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.
 
the_shareminator
Posts: 10,999
Opinion:No Opinion
Price:48.50
RE: Top management has let us down
30 Jun '17
"During the past year the great future potential of our existing business was badly compromised by all of poor financial management, vastly over optimistic revenue & profit projects from our BOD, followed by major failure to convert heralded order pipeline in a timely manner, and compounded by very dilatory reporting of changed circumstances."

I'm with you there poole, it's just such an insult to shareholders who have held or added throughout. Will you vote against the offer?

I expect shareholders of AVG to vote in favour as they are getting the bargain of the decade! We should be sitting much higher on a better offer than the one proposed however it's not over yet.

Quick breakdown of declared holders here

9,130,766 ___ (16.48%) - Directors of HAYT and relatives of ELB
9,000,000 ___ (16.25%) - HARWOOD CAPITAL LLP
3,680,000 ___ (6.6%) - Richard Edgar Sneller
3,609,538 ___ (6.51%) - Henderson
1,356,798 ___ (2.45%) - Unicorn Asset Management Limited
900,000 ___ (1.62%) - Dion Greville Stewart
738,000 ___ (1.33%) - STOCKINVEST LIMITED
668,248 ___ (1.21%) - Chris Hazell
650,000 ___ (1.17%) - NVM Private Equity LLP
641,360 ___ (1.16%) - Killik & Co LLP
600,000 ___ (1.08%) - Neil John Murphy
8,925 ___ (0.0161%) - HARGREAVE HALE LIMITED for "Discretionary Clients"

Together the holdings declared comprise more than 55.8% of the shares in issue. We know of the Directors Maurice Critchley has neither agreed to support or declared an intention to support the merger. So even if all declared holders were moving in favour (which is not by any means guaranteed there is still a majority unknown at this point. The question of why MC has abstained support at this stage should give us hope that he is considering launching a counter offer.

Last point, the large holders sitting on losses will know their AVG share replacements at 51p equivalent will be less likely to regain the value we've seen recently once this is trading as an enlarged entity. Although the risk decreases, so too does the growth given AVG's static trading (remember HAYT growth is stronger if you strip out the first half). If someone here can convince me to vote in favour please do, I would like to hear this argument as I've just about had it with ELB. By supporting this merger he has already thrown his lot in, a total waste of space.

Breakdown of the Directors and relatives
Ewan Lloyd-Baker - 4,233,959 (7.64%)
Nicholas Flanagan - 384,333 (0.69%)
John May - 41,963 (0.08%)
Maurice Critchley - 4,168,131 (7.53%)
Tristan and Sarah Lloyd-Baker - 167,290 (0.30%)
Royston and Maureen Lloyd-Baker - 135,090 (0.24%)

TOTAL: 9,130,766 16.48%
EdGasket
Posts: 184
Opinion:No Opinion
Price:48.50
RE: COMP
30 Jun '17
Hang on a minute!
4.755 HAYT for 1 AVG. AVG current offer price = 230p. 230p / 4.755 = 48.37p bid and therefore I claim myself to be the winner having predicted 48p

Well done Ed :)
Howard05
Posts: 187
Opinion:No Opinion
Price:48.50
RE: Bid
30 Jun '17
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
EdGasket
Posts: 184
Opinion:No Opinion
Price:48.50
RE: Bid
30 Jun '17
Yes there is, announced at 08:04 agreed takeover in AVG shares value 47p - 51p:

http://www.moneyam.com/action/news/showArticle?id=5576828
graham-wales
Posts: 34,789
Opinion:No Opinion
Price:48.50
RE: Updates
30 Jun '17
If AVG are prepared to pay 47p then get a placing done for 45p with sufficient funds to see them through to profit. I'm sure they will get plenty of takers at that low price.
poole
Posts: 25
Opinion:No Opinion
Price:48.50
Top management has let us down
30 Jun '17
A sad situation for HAYT albeit looks a good deal for AVG. During the past year the great future potential of our existing business was badly compromised by all of poor financial management, vastly over optimistic revenue & profit projects from our BOD, followed by major failure to convert heralded order pipeline in a timely manner, and compounded by very dilatory reporting of changed circumstances. Looking ahead we can probably expect a year of transition before the combination of HAYT & AVG are able to begin to show their real potential in 2018 . Hopefully the market will anticipate that and give support to the AVG share price. Roughly speaking for 'remainers' 5p on the AVG share price is worth 1p on each HAYT share.
the_shareminator
Posts: 10,999
Opinion:No Opinion
Price:48.50
RE: Updates
30 Jun '17
I think to properly value this company there has to be future trading figures provided in guidance. The second half performance was actually decent. The first half of this financial year will likely be profitable and growth of the orderbook and revenues maintained. If we had addressed financing and not delayed it might we be sitting in a stronger position? I do blame the Board for dragging their heels and royally c*cking this up. But the die has not been cast, vote against and let this company dig deeper and solve the short term liquidity issue. Rebuild shareholder value with growth and a much more profitable year ahead. Looking further out we should be entertaining £1 share again. I say again, shame on the Board of Directors.
graham-wales
Posts: 34,789
Opinion:No Opinion
Price:48.50
RE: Bid
30 Jun '17
Well there is no announcement from HAYT regarding the offer.
dannatt
Posts: 14
Opinion:No Opinion
Price:48.50
Bid
30 Jun '17
Counter offer possible with MC involved .Any thoughts.
graham-wales
Posts: 34,789
Opinion:No Opinion
Price:48.50
RE: Maurice Critchley
30 Jun '17
Hopefully it will get rejected and a placing take place to cover the short term loan and future working capital.
ALGU
Posts: 137
Opinion:No Opinion
Price:48.50
Maurice Critchley
30 Jun '17
Seems a shame that the director with the largest shareholding doesn't endorse this deal. Would be much more comfortable if the HAYT board recommended the offer unanimously.
wanglii
Posts: 94
Opinion:No Opinion
Price:48.50
A sad day
30 Jun '17
AVG back to within a penny of their price on the day they expressed interest in HAYT and down 3 or 4% on the day. As expected, and I said months ago, HAYT is being given away at this price and having their backs to the wall has not helped. I know my next share purchase.GLA
wanglii
Posts: 94
Opinion:No Opinion
Price:46.50
GW
30 Jun '17
Thanks GW very magnanimous after the previous and numerous digs on this board eg
"not sure your predictions are credible on here" 1.4.17
Hope you made some lolly
bigwattie1
Posts: 2
Opinion:No Opinion
Price:46.50
sold down the river by ewan L.B.
30 Jun '17
joined this in 2008 when southbank plc & believed his crap of making this a serious company with my hard earned cash?????
comeonvog
Posts: 5,819
Opinion:No Opinion
Price:46.00
RE: Updates
30 Jun '17
What do you think we are worth , i would vote against it .
comeonvog
Posts: 5,819
Opinion:No Opinion
Price:46.00
RE: COMP
30 Jun '17
how did you come to get that figure, within .06p im impressed.
the_shareminator
Posts: 10,999
Opinion:No Opinion
Price:46.00
Updates
30 Jun '17
The repayment of £2.4 million of short term banking facilities and the annualised measurement of the financial covenants, have both been extended to 28 July 2017. Little wonder given cash on hand is very low at £1.2m

The offer is for a paltry 47p which I think will translate to 51p post the merger if successful due AVG's price. Complete rubbish! Shame on the board for even entertaining this.

AVG have 22.9% confirmed to vote in favour and a further 11.7% have delivered letters of intent however they are a long way short. I will vote against and I hope many here will also. This company does not need to be gifted away
graham-wales
Posts: 34,789
Opinion:No Opinion
Price:46.00
RE: COMP
30 Jun '17
Well done 👍
wanglii
Posts: 94
Opinion:No Opinion
Price:46.00
COMP
30 Jun '17
Wanglii.........52p
Flundra ........125p
Dannatt.........80p
YouHavingalaugh....72p
Dinoken.......100.00p
graham-wales......90p
Shan......65p?
The Shareminator.....70p
Rejlee....54p
Stoned and broke....78p
Chanjael........67p
Edgasket...48p
Poole....83p
graham-wales
Posts: 34,789
Opinion:No Opinion
Price:45.50
RE: Jeez
30 Jun '17
That's what it says yes cash and shares isn't it
comeonvog
Posts: 5,819
Opinion:No Opinion
Price:45.50
RE: Jeez
30 Jun '17
thought it was 51.6
50glass
Posts: 783
Opinion:No Opinion
Price:44.50
RE: Jeez
30 Jun '17
As a Avingtrans shareholder it looks like, at 47p per share, that we are buying you for a low price
graham-wales
Posts: 34,789
Opinion:No Opinion
Price:44.50
Jeez
30 Jun '17
Got it cheap then shame.
Carpking
Posts: 3,000
Premium Chat Member
Opinion:No Opinion
Price:44.50
How much
30 Jun '17
Was the recommended offer for here?




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