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Market analyst Rajan Dhall talks about the financial market Watch here

Market analyst Rajan Dhall talks about the financial market


Hayward Tyler Group Share Chat (HAYT)



Share Price: 45.50Bid: 43.00Ask: 48.00Change: 0.00 (0.00%)No Movement on Hayward Tyl
Spread: 5.00Spread as %: 11.63%Open: 45.50High: 45.50Low: 45.50Yesterday’s Close: 45.50


Share Discussion for Hayward Tyler Group


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Dinoken
Posts: 229
Off Topic
Opinion:No Opinion
Price:45.50
RE: Planned.
Fri 10:16
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
 
flundra
Posts: 436
Off Topic
Opinion:No Opinion
Price:45.50
RE: Going to the wire again
Fri 09:53
O not again. Come on AVG, slap it on the table or push off.
chanjael
Posts: 144
Off Topic
Opinion:No Opinion
Price:45.50
Planned.
Fri 09:01
1. Banking covenants. 2. AVG offer. 3. YE results. The fact that all three announcements now have the same deadline date is clearly not coincidental. Completely staged and for a reason . . .?unquestionably. Wish I knew the bloody reason !!!
graham-wales
Posts: 29,453
Off Topic
Opinion:No Opinion
Price:45.50
RE: Going to the wire again
Fri 07:45
fully the last extension lol
comeonvog
Posts: 3,626
Off Topic
Opinion:No Opinion
Price:45.50
RE: Going to the wire again
Fri 07:20
looks like we have to wait another week, i dont mind as hopefully the results will be better than last year.
Dinoken
Posts: 229
Off Topic
Opinion:No Opinion
Price:45.50
Can kicked to 30th June
Fri 07:20
Avg now have till 30/6 with results same day. Interesting week ahead.
flundra
Posts: 436
Off Topic
Opinion:No Opinion
Price:45.50
RE: Going to the wire again
Thu 19:34
Eyes peeled for any RNSs tomorrow morning or volume in the day. Right now it does feel like more can-kicking is on the way.
EdGasket
Posts: 123
Off Topic
Opinion:No Opinion
Price:45.50
Going to the wire again
Thu 16:28
Not looking good for a deal. Hope its not 'kick the can down the road' for another month.
stonedandbroke
Posts: 46
Off Topic
Opinion:No Opinion
Price:47.50
RE: Announcement
Tue 12:52
Also finals are out 28th June.
flundra
Posts: 436
Off Topic
Opinion:No Opinion
Price:47.50
RE: Announcement
Tue 10:50
A few thoughts on the possible scenarios we might now see.

The next key time/date is 5pm on Friday this week (23 June), when AVG must bid for HAYT or walk away. Extension is possible but becoming less likely as it’s already been extended twice. It’s eerily quiet, but something’s probably going to happen soon!

The possibilities include:

1 AVG make a successful bid. Who knows what value or format a bid would assume, but FWIW Wanglii’s straw poll on this chat board had a range of 48pps to 125pps with an average of 75pps and a median of 72pps.
2 AVG walk away.
3 HAYT announce new banking facilities.
4 HAYT announce operational news (orders etc)
5 HAYT announce other fund-raising. Unlikely imo.
6 HAYT release early some further information about performance from the financial year 2016/17, and/or forward guidance for 2017/18. Booking existing (delayed) orders should already be largely back on track, and new orders continue to flow, so I imagine HAYT will be keen to back this good news up asap with more concrete figures and (more conservative this time) projections for EBITDA, EPS etc.

2 to 6 could arrive in any permutation/combination. All could potentially be good or bad news (although I’m speculating it’ll be good).

WTFDIK but FWIW my best guess is that we’ll see AVG walk away, and new favourable banking facilities (including long term refinance of the term loan falling due now) confirmed simultaneously. Maybe we’ll also learn what AVG value HAYT at! The SP will yo-yo for a while as, for example, hot money chasing a potential bid leaves, but longer term investors arrive/return as stability returns, and HAYT is once again seen as a decent growth stock with a progressive divi. As an AIM small cap expect volatility, but also expect a return over time to 80+pps, all other things being equal. That’s where we sat happily in October before the current period of volatility kicked off. If AVG go away, I think that after the dust settles, the view (to quote the PM) will be that “nothing has changed” since October. Just minor delays in booking orders having an over-exaggerated impact on revenues, covenants, facility arrangements, and sentiment. However with long term banking facilities sorted, delayed and new orders completing and feeding through to the bottom line, and credibility returning, those concerns will evaporate. The focus will return to the world class business, partnerships and operational improvements from Luton etc etc. A bright future then awaits hopefully.




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