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Colliers International UK Share Chat (COL)


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bus.racer
Posts: 10
Off Topic
Opinion:No Opinion
Price:0.80
Strong Opinion
28 Mar '12
Once again a perfectly viable company prepacked and sold off at the expense of the shareholders. In a month's time we will hear how well Colliers is doing, just like DTZ.

I knew what i was getting into when I picked up some shares, but for some reason I though that this would be different.
 
bus.racer
Posts: 10
Observation
Opinion:No Opinion
Price:0.80
Prepack
28 Mar '12
Canada’s FirstService Corporation has completed its acquisition of Colliers International UK on a going concern basis via a prepack administration.

In a stock market announcement Colliers said FirstService had earlier today bought from the Company all the trading operations of Colliers International UK on a going concern basis, securing full continuation of the Colliers International UK group's business for its clients and staff.

It said the valuation of the company derived from the FirstService proposal meant that, given the level of debt within the company, there was minimal value, if any, to be attributed to the ordinary shares of the company and the transaction completed yesterday will realise no value for the ordinary shares of the company.

An administrator was appointed this morning to the Company.

Shares in Colliers International UK have been suspended from trading on AIM pending clarification of the company’s financial position.

Shares in Colliers International UK are at 0.80p giving it a market capitalisation of £1.2m.

On 20 March Colliers International UK announced that Canada’s FirstService Corporation was close to making a takeover offer that may provide “no value” for shareholders. It said FirstService had been given an extension of its offer period until 5pm on 3 April 2012.

FirstService Corporation, the Canadian property services firm, is closing in on a deal to buy Colliers International UK in a move that Colliers said would “secure the group’s operations”.

Colliers said FirstService was continuing constructive discussions with the company's key stakeholders with the "firm intention of completing a transaction shortly".

It added: “The precise nature of such a transaction is yet to be determined and it may provide negligible, or no value for shareholders.

“It will, however, secure the future of the group's operations, provide stability for employees and ensure uninterrupted service to all clients.”

It added: “There is no certainty that at the end of this period an offer for the Company will be made. Further announcements will be made as appropriate.”

On 24 January Colliers International UK confirmed it had received a takeover approach from FirstService Corporation, which owns a 29.4% stake in Colliers International UK, at a discount to its then share price of just over 2p.

FirstService subsequently confirmed it was weighing a formal bid for Colliers International UK, the London-based franchisee of its commercial real estate operation Colliers International, that was unlikely to offer “any value to shareholders”.

In November of last year Colliers’ shares fell by a quarter to 2.5p with the company blaming the “DTZ effect”.

In its latest results for the first half 2011 it reported showed a pre-tax loss of £3.99m. Colliers has £18m of debt maturing for repaymen
riddler
Posts: 81,697
Premium Chat Member
Off Topic
Opinion:No Opinion
Price:0.80
R.I.P
28 Mar '12
Colliers International UK business has been acquired by FirstService Corporation

On 24 January 2012, Colliers International UK confirmed that it had received an approach from FirstService Corporation ("FirstService"). In accordance with Rule 2.4(c) of the Takeover Code ("the Code"), FirstService was required, pursuant to Rule 2.6(a) of the Code, by 5.00 p.m. on 21 February 2012 (the "relevant deadline"), to either announce a firm intention to make an offer for Colliers International UK, under Rule 2.7 of the Code, or announce that it did not intend to make an offer for Colliers International UK which would be treated as a statement to which Rule 2.8 applies.

Following on from two extensions of the relevant deadline, FirstService earlier today completed the acquisition from the Company of all the trading operations of Colliers International UK on a going concern basis, securing full continuation of the Colliers International UK group's business for its clients and staff.

The valuation of the Company derived from the FirstService proposal meant that, given the level of debt within the Company, there was minimal value, if any, to be attributed to the ordinary shares of the Company and the transaction completed yesterday will realise no value for the ordinary shares of the Company.

Colliers International UK confirms that it is no longer in discussions (with FirstService or any other party) regarding a possible offer for the issued share capital of the Company and that it is no longer in an offer period. The previously announced deadline by which, in accordance with Rule 2.6(a) of the Takeover Code, FirstService was to have announced either a firm intention to make an offer for the Company or announce that it does not intend to make an offer for the Company has therefore, with the consent of the Takeover
mulledwine
Posts: 35,667
Observation
Opinion:No Opinion
Price:1.03
COL
21 Mar '12
Shares in Colliers International (COL) slid 0.175p to 0.975p on news that FirstService Corporation is moving closer to completing a takeover of the real estate services company, but that any transaction may provide negligible or no value for shareholders. The original deadline of 5pm on 20th March has been extended to 3rd April, although Colliers has once again stated that there is no certainty that a deal with be agreed. The troubled company has not made a profit since 2007 and with performance only deteriorating further in the last few years, the shares have fallen by over 90% in the last 12 months alone.
TallDealer
Posts: 7
Off Topic
Opinion:Sell
Price:1.08
Another Pre-Pack on the way?
20 Mar '12
FirstService looks set to table a bid for Colliers International UK as it secures a further takeover extension.

A Stock Exchange announcement released just ahead of today's 5pm "put up or shut up" deadline said that the Canadian property giant "is continuing constructive discussions with the company's key stakeholders with the firm intention of completing a transaction shortly".

A statement from Colliers added: "The precise nature of such a transaction is yet to be determined and it may provide negligible, or no value for shareholders."

=======================

Based on this doesn't look too favourable for shareholders given the debt levels.
Knitpick
Posts: 8
Off Topic
Opinion:No Opinion
Price:1.18
bus.racer
20 Mar '12
It seems everyone has reconciled themselves to an inevitable First Service aquisition, which will no doubt be at or around 1p (IMO). Purchasing at a level below this will give a decent return.

Everyone knows that they are the only purchaser for this business, his confidence will be in them, rather than in the current trading entity I would have thought. 12.5% of the company is a big punt for most, but I guess he has a few quid to play with.
bus.racer
Posts: 10
Observation
Opinion:No Opinion
Price:1.18
5pm deadline for FirstService today
20 Mar '12
It will be interesting to see where this goes.

As a point of interest Georg Muzicant, MD of the Vienna office has purchased 2,750,000 shares over the last month. He now has c.12.5% holding (18m+ shares). This is either a big punt or a sign of his confidence in the company...
Gibbo960
Posts: 12
Answer
Opinion:No Opinion
Price:0.95
bus.racer
21 Feb '12
Excellent post Sir, I put most of last years bonus in here at 0.47. I am happy to keep but ....

Would you care to predict whether I should hold or sell?
bus.racer
Posts: 10
Observation
Opinion:No Opinion
Price:1.00
News
21 Feb '12
Colliers International UK this morning said that deadline for a takeover approach from its majority shareholder FirstService Corporation had been extended for another month to enable further due diligence.

On 24 January Colliers International UK confirmed it had received a takeover approach from FirstService Corporation, which owns a 29.4% stake in Colliers International UK, at a discount to its then share price of just over 2p.

FirstService Corporation, the Canadian property services firm, subsequently confirmed it was weighing a formal bid for Colliers International UK, the London-based franchisee of its commercial real estate operation Colliers International, that was unlikely to offer “any value to shareholders”.

Shares in Colliers International UK fell 0.35p or 31.82% to 0.75p on the news that day, giving the company a market capitalisation of £1.125m.

Sources close to Colliers International UK described the bid as "tentative" at the time.

This morning Colliers said today’s deadline for a bid had passed with “no certainty that at the end of this period an offer for the company will be made”.

It added that at the request of the Board of the Company, the Panel on Takeovers & Mergers has consented to an extension of the relevant deadline, until 5pm on 20 March 2012 to allow FirstService to perform further due diligence.
Colliers’ share price was holding steady at 0.90p in early trading this morning giving it a market capitalisation of £1.349m.

Colliers has been pushing on with a major restructuring since FirstService invested £9m in buying its stake in the business in 2009. Chief executive David Izett left in 2010 and has been replaced by ex-Jones Lang LaSalle director Tony Horrell.

In November Colliers’ shares fell by a quarter to 2.5p with the company blaming the “DTZ effect”.

In its latest results for the first half 2011 it reported showed a pre-tax loss of £3.99m. Colliers has £18m of debt maturing for repayment this September.

FirstService Corporation describes itself as a global leader in the real estate services sector, providing a variety of services in commercial real estate, residential property management and property services.

It says on its website that it “manages more than 2.3bn sq ft of residential and commercial properties through its three service platforms: Colliers International, the “third largest global player in commercial real estate services”; FirstService Residential Management, the largest manager of residential communities in North America; and Property Services, including Field Asset Services, one of America's largest providers of property preservation and distressed asset management and FS Brands, one of North America's largest providers of property services through franchise networks”.

FirstService generates over US$2.2bn in annual revenues and has over 20,000 em
mannnan
Posts: 40,599
Premium Chat Member
Observation
Opinion:No Opinion
Price:0.95
Nabil
21 Feb '12
Is this going to fly now




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