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Hayward Tyler Group Share Chat (HAYT)



Share Price: 44.50Bid: 43.00Ask: 46.00Change: 0.00 (0.00%)No Movement on Hayward Tyl
Spread: 3.00Spread as %: 6.98%Open: 44.00High: 44.50Low: 44.00Yesterday’s Close: 44.50


Share Discussion for Hayward Tyler Group


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poole
Posts: 17
Off Topic
Opinion:No Opinion
Price:48.50
AVG Interims
3 Jul '17
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.
 
the_shareminator
Posts: 10,701
Off Topic
Opinion:No Opinion
Price:48.50
AVG Interims
3 Jul '17
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.
the_shareminator
Posts: 10,701
Off Topic
Opinion:No Opinion
Price:48.50
RE: Bid
3 Jul '17
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
dannatt
Posts: 13
Off Topic
Opinion:No Opinion
Price:48.50
Share price
2 Jul '17
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.
graham-wales
Posts: 30,665
Off Topic
Opinion:No Opinion
Price:48.50
Directors
2 Jul '17
Have they been promised positions in the new company.
dannatt
Posts: 13
Off Topic
Opinion:No Opinion
Price:48.50
Bid
2 Jul '17
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.
the_shareminator
Posts: 10,701
Off Topic
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: 10,701
Off Topic
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: 149
Off Topic
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: 151
Off Topic
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




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