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EXCLUSIVE: InfraStrata continue to negotiate with major gas companies and institutional investors


Hayward Tyler Group Share Chat (HAYT)



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comeonvog
Posts: 5,819
Opinion:No Opinion
Price:45.00
RE: Good News
30 Jun '17
2nd RNS all done and dusted
 
graham-wales
Posts: 34,789
Opinion:No Opinion
Price:45.00
RE: Good News
30 Jun '17
Oh yeah read it wrong lol thought they had paid the £2.4 million then lol
comeonvog
Posts: 5,819
Opinion:No Opinion
Price:45.00
RE: Good News
30 Jun '17
Is that it.
chanjael
Posts: 154
Opinion:No Opinion
Price:45.00
RE: Good News
30 Jun '17
Something I'm missing? Can only see banking covenants extended to 28 July
graham-wales
Posts: 34,789
Opinion:No Opinion
Price:45.00
Good News
30 Jun '17
Well I think so.
flundra
Posts: 665
Opinion:No Opinion
Price:45.00
Volume
29 Jun '17
No volume to speak of, and no apparent leaks. Interesting given there's a momentous day ahead...
Howard05
Posts: 187
Opinion:No Opinion
Price:45.00
MERGER
29 Jun '17
I guess a merger will be announced AVG very good at building up companies then selling
comeonvog
Posts: 5,819
Opinion:No Opinion
Price:45.00
RE: HAYT
29 Jun '17
To be honest i dont mind ether way , wouldn't even mind a wobble. ;-).
flundra
Posts: 665
Opinion:No Opinion
Price:45.00
RE: HAYT
29 Jun '17
To my mind, the gearing’s fine, and the banking covenants and facilities are readily resolvable (and probably have been resolved). The 2017 figures and knock on effects on banking covenants and loan repayments, have had an over-exaggerated impact on sentiment and the SP. Such is the downside of being tied to specific immovable financial year dates. Seen in context and in the longer term though, the poor figures from 2017 should be seen as a growth pain, rather than a sickness imo.

I suspect tomorrow we will see: AVG walk away, 2017 revealed as ugly but no worse than currently expected, banking facilities/covenants resolved, loans refinanced, and HAYT advise a good start to 2018 with a cautiously optimistic forecast going forward. SP to bobble then climb back up. They’ll underpromise but overdeliver this year to make up for 2017 being the other way round.

imo bwtfdik etc
graham-wales
Posts: 34,789
Opinion:No Opinion
Price:45.00
Guys
29 Jun '17
Cheers for that, think I've nearly got it 🤔
Dinoken
Posts: 515
Opinion:No Opinion
Price:44.50
RE: HAYT
29 Jun '17
Must admit, its a bit of a relief that AVG won that Sellafield contract because the share price shot up from 202 to current 235, still well below original 257. Assuming a paper bid for HAYT, at least the AVG sp is currently holding up. However, AVG also have a cash pile of 28mil so maybe some cash will be on offer. Cannot believe AVG will just walk away. The two companies look such a good fit. Roll on Friday.
the_shareminator
Posts: 10,999
Opinion:No Opinion
Price:44.00
RE: HAYT
29 Jun '17
Hi chanjael, if it's the same characters talking down HAYT over there it's no surprise where they have placed their chips. Many of the posts on the ADVFN board concerning this company were wildly inaccurate especially concerning an imminent placing, the BoD being replaced etc. When the bid came they changed their tune regarding dilution. Is there any basis for AVG picking up this company on the cheap? If at current levels we are talking about cheap £24m I think it's highly unlikely unless the refinancing terms stipulate something concerning liquidity which only AVG can offer short term. But then even that could be dealt with through a placing. So at this stage I wouldn't worry about HAYT going for 44p or less. The offer will be put to shareholder who must vote as a majority in favour, again not likely unless we are getting a good deal.

AVG are up 15% from their June lows partly owing to a recent contract win and as the poster below highlights the results for the FY are nothing special. They have access to working capital but there is no chance of AVG spending that on this acquisition. A merger offer may come valuing HAYT around £30m and we would be given new shares in AVG but I would expect that to be rejected by holders here and so might AVG. It would be in AVG's interest to pick this company up now given the liklihood of removing the financing risk, the growth prospects and the return to profitability following the heavy investment of capital. We are valued this low simply because of perceived financing risks but in one years time the situation will appear much rosier. Fast forward 3 years and you get the point. AVG must have been crunching numbers over this time and realise the potential. The question left that needs answering is surrounding the company's debt and if terms can be improved.

So in answer to your question AVG may offer a low sum but I expect that will be rejected. I don't see AVG making an appropriate offer of 70-80p as it would dilute their holders considerably therefore we will likely continue trading as separate entities
Schrodingerscats
Posts: 88
Opinion:Hold
Price:44.00
Expectations?
28 Jun '17
"Avingtrans also confirmed that although revenue for the year to the end of May was slightly behind management outlook, it closed the year with adjusted profit before tax marginally ahead of internal expectations and net cash of £26.2m." Avg needs imo new markets and there are alot of oil finds needing equipment.
chanjael
Posts: 154
Opinion:No Opinion
Price:44.00
RE: HAYT
28 Jun '17
Thanks for that Shareminator. Can you throw any light on why the concensus on the ADVFN AVG chat board is that they're going to pick up HAYT at a steal? Is it simply biase because they are holding AVG? What worries me is that some of the posts seem well researched and quite convincing. Surely HAYT is worth 65-70p of anyone's money?
the_shareminator
Posts: 10,999
Opinion:No Opinion
Price:44.00
RE: HAYT
28 Jun '17
graham the link I highlighted below is the update released on June 23 and the company have granted AVG one further week to make the offer and this ties in with FY results announcement and repaying the loan / dealing with a refinancing.

My guess is they want to see the results breakdown and more importantly initial trading figures and liquidity. AVG will have run a variety of scenarios as to what we may expect and probably have an 'offer' for each case in point. I say this because they won't get an early look in on these results (they may have had access to certain figures because of the due diligence access they are permitted) and given all dates coincide on the 30th there must be some significance.

I'm hoping for a repayment of loan, completion of refinancing and an improved outlook with trading figures profitable in the first half.

AVG offer around 60p would help.
chanjael
Posts: 154
Opinion:No Opinion
Price:44.00
RE: HAYT
28 Jun '17
Jees Graham, look what this share is doing to you ;-)
graham-wales
Posts: 34,789
Opinion:No Opinion
Price:44.00
RE: HAYT
28 Jun '17
Misread it wrong totally confused now as last announcement said 23rd June lol
graham-wales
Posts: 34,789
Opinion:No Opinion
Price:44.00
RE: HAYT
28 Jun '17
Further to an announcement on 28 April 2017, in accordance with Rule 2.6(c) of the Code, Avingtrans was required to announce either a firm intention to make an offer for the Company (pursuant to Rule 2.7 of the Code) or announce that it does not intend to make an offer (pursuant to Rule 2.8 of the Code) by 5:00pm today (being the 28th day following the date of the announcement of the first extension to the deadline pursuant to Rule 2.6(a)).

Has this changed now then?.
the_shareminator
Posts: 10,999
Opinion:No Opinion
Price:44.00
HAYT
28 Jun '17
For avoidance of doubt, everything is being announced on the 30th June, there is nothing due today

The Board of Hayward Tyler announces that, at its request, the Panel on Takeovers and Mergers (the "Panel") has consented to a further extension of this deadline in accordance with Rule 2.6(c) of the Code and, accordingly, Avingtrans must, by no later than 5.00pm on 30 June 2017, either announce a firm intention to make an offer for Hayward Tyler in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be further extended with the consent of the Panel.

The Company intends to announce its results for the year ended 31 March 2017 on Friday 30 June 2017.

http://www.investegate.co.uk/hayward-tyler-group--hayt-/rns/extension-to-deadline-under-rule2-6-c-/201706230700099575I/

The Group also continues to have constructive discussions with RBS with respect to the repayment of £2.4 million of short term banking facilities and the annualised measurement of the financial covenants, both of which have been extended from 31 May to 30 June 2017.

http://www.investegate.co.uk/hayward-tyler-group--hayt-/rns/update-on-banking-facilities/201706010711368079G/
chanjael
Posts: 154
Opinion:No Opinion
Price:44.00
RE: Results
28 Jun '17
Hi Flundra, thank you for your concern in the undies department. I think a trip to M&S will be in order at some stage tomorrow, just as a back up ;-) - lots of negativity on the ADVFN AVG board I notice. Worryingly, most on that side of the fence seem to firmly believe that they'll pick up HAYT for a snip! AVG share price has rebounded strongly over the past week so I'm starting to wonder if there is more mileage in that viewpoint than I'd originally thought? Too late now I suppose, only 48 hrs until D-Day (that's assuming they don't extend again!!!)
flundra
Posts: 665
Opinion:No Opinion
Price:44.00
RE: Results
27 Jun '17
You're right. For some reason that RNS doesn't appear in the LSE RNS list.

So the AVG situation may be resolved at the same time. Should be interesting.
dannatt
Posts: 14
Opinion:No Opinion
Price:44.00
Results
27 Jun '17
Rns 95751 says results due on Friday 30th
flundra
Posts: 665
Opinion:No Opinion
Price:44.00
RE: Results
27 Jun '17
Hi chanjael
Hope your undies are bearing up under the strain!
Yes, it's results tomorrow. The 20/4 RNS has the details. Expect a 7am RNS tomorrow. We know the results figures won't be pretty, but hopefully the bad news is all out now and there'll no more nasty surprises. The briefing at 10am should be the more interesting bit, with some recent info and forward guidance given maybe.
Unless they declare tomorrow morning too, there'll also be an elephant in the room by the name of AVG. They have till Friday to declare their hand (or foot!)
chanjael
Posts: 154
Opinion:No Opinion
Price:45.50
Results
26 Jun '17
Am I correct in thinking the YE results will be announced this Wednesday 28th? Or is it the 30th along with Banking and T/O deadline?
Dinoken
Posts: 515
Opinion:No Opinion
Price:45.50
RE: Planned.
23 Jun '17
Probably arguing about who gets what deckchairs - i.e. composition of new board. Not sure if any HAYT directors will get a look-in, which might be a show stopper. Seen this happen before. BWDIK




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