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Leading commentator Josh Mahony from IG - are we seeing a US$ revaluation?


Hayward Tyler Group Share Chat (HAYT)



Share Price: 47.00Bid: 44.00Ask: 50.00Change: 0.00 (0.00%)No Movement on Hayward Tyl
Spread: 6.00Spread as %: 13.64%Open: 47.00High: 47.00Low: 44.00Yesterday’s Close: 47.00


Share Discussion for Hayward Tyler Group


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poole
Posts: 18
Off Topic
Opinion:No Opinion
Price:47.00
End Game?
Tue 09:26
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.
 
the_shareminator
Posts: 10,706
Off Topic
Opinion:No Opinion
Price:47.00
AVG
Mon 19:15
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.
comeonvog
Posts: 4,248
Off Topic
Opinion:No Opinion
Price:44.50
RE: HAYT
Fri 19:27
Big late recorded sell from the 16th , or is it. this market is so crooked.
comeonvog
Posts: 4,248
Off Topic
Opinion:No Opinion
Price:44.50
RE: HAYT
Fri 11:55
the_shareminator , what am i missing here , can buy for around 44/45p . Just acquired some more yesterday.
the_shareminator
Posts: 10,706
Off Topic
Opinion:No Opinion
Price:45.00
HAYT
15 Aug '17
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
flundra
Posts: 467
Off Topic
Opinion:No Opinion
Price:50.00
RE: Flundra
1 Aug '17
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
the_shareminator
Posts: 10,706
Off Topic
Opinion:No Opinion
Price:50.00
Flundra
1 Aug '17
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.
flundra
Posts: 467
Off Topic
Opinion:No Opinion
Price:48.50
Scheme doc
28 Jul '17
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”
flundra
Posts: 467
Off Topic
Opinion:No Opinion
Price:49.50
RE: HAYT
26 Jul '17
There'll be some HAYT/AVG arbitrage going on as well - trader's dream!
flundra
Posts: 467
Off Topic
Opinion:No Opinion
Price:49.50
RE: HAYT
26 Jul '17
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.




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