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From the FT at the weekend
So far in 2024, the nine takeover deals that have been struck or are in progress were at an average 49 per cent premium to the pre-bid price.
We're getting bugger all on an already deflated SP.
I agree with you something is going on here.But this is Accrol and I feel SP has been play with so that a low bid could be place.The SP should be around 40p to 50p right now I am holding to see what the out come of the vote will be.
Marvern Holdings extending their long CFD's. Somebody knows something.
https://www.lse.co.uk/rns/ACRL/form-83-accrol-group-holdings-plc-xnsx0qq3y6u6s48.html
Company has been building a portfolio of factories and brands then sells out at a ridiculously low level?
From darrin1471 on the other bb:
I have just downloaded todays trades:
1.33m sold below 38p
17.07m sold at 38p
4.93m sold above 38p
Takeover rules prevent buyer paying above 38p. So who's buying and why? Not just us that thinks 38p is to cheap. Any counter bid needs to be 10% above 38p
I don't know him from Adam but I have checked his nos and they are correct.
So who's buying and why?
Not rushing to sell mine, been underwater a long time on these and still underwater, in no rush to take the offer.
Indeed, seems I was correct when I said management may be having doubts about raising the money on AIM for the paper mill. According to a summary I heard on Ian King's programme, Accrol's management felt that their considerable success in turning the company around had not been rewarded in share price terms on the AIM market, making it difficult to fund any future investments (by which I presume they mean the paper mill). If true, I mean if poorer companies keep getting overly punished and better companies keep getting no reward, it kind of makes investing in AIM a joke! On the other hand, why does every company seem to need to fund their investments with debt or share placings? Why can't they finance growth the old fashioned way out of cash earnings?
No worries recklessferret. By the way, I very much agree with yr comment that management came across as down to earth and competent... which makes this outcome all the more disappointing, as you say. Maybe they were concerned about raising the money for this infamous paper mill on AIM? Now one presumes that funding is secured. Also secure, I'm quite certain, are the current management, as I can't see the new owners replacing them with an all-Portuguese team. Nice work for them.
And thank you also Raydio. Yes, a higher bid is possible I guess. I have spent so long hoping for the illusory "higher bid" to arrive in other circumstances that that was actually not in my mind, when maybe it should have been. Anyway, I am out at a profit, and moving on, but not on AIM I might say.
OK Unhooked, thanks for that. I will be watchig with interest- I really thought that this management would have the cojones to see this through, including the paper mill which has been overhanging the whole exercise. I see Gareth Jenkins comment via Sharecast-LSE news:-
"Combining with the Navigator Group brings together a highly complementary product offering. It will enable Accrol to benefit from the capabilities, scale, network and resources of Navigator, building on the strategic progress we have made to date."
Maybe, but it won't be Accrol Holdings of Roman Road Blackburn making the fundamental decisions in future will it? That will be down to Portugal. I like the Algarve, but I don't need the Portuguese to be choosing what is on offer to wipe my bum, etc. I was quite happy with the Lancastrians. And that from a Yorkshireman n'all.
Sometimes when an offer has been made for a company other companies may come forward and make a better offer. With such a small premium to the SP before the bid announcement some may think this is a possibility. Also as you suggest the shareholders could reject the offer and it does not go through. There has to be a majority of votes cast for the offer to succeed plus the total number of votes cast have to represent 75% of the value of the company according to the appendix to the offer. I am holding my shares at present. Fortunately I have traded Acroll profitably an although I make a loss on a holding bought at 48p I have a profit on some bought at 34p plus the trading profits to date. So Acroll has been good to me overall. Not always the case with other stocks but it's part of investing for most, you win some you lose some.
You're more forgiving than I am recklessferret.
To answer your question, in my experience of takeovers (for what it's worth), the share price typically settles 3-4% below the offer price. I take this to indicate the time value of money - i.e. you can cash out today or wait a while to get the extra 3-4%. The fact that the share price has already hit the offer price this morning suggests to me that at least some investors are unimpressed and are holding out for a better deal. Which is why I've sold some, but also kept some just in case.
Held for a few years and bought into the new management and board, who appeared down to earth and enthusiastic to re-build the co. (which to be fair they have done). Now this. Have they just got bored? I don't adopt the accusation of "weak management"- they have made tough and innovative decisions to date. Nowout of the blue- WTF? Have they realised they have got the future all wrong, just when the present seemed to be going right?
Very dissolutioned (again). At least I have an 11% profit on my sale this am- a change from HUR and Sirius. Roll on the British Stocks ISA, I can't wait to further boost my investments in UK Co through the LSE!
Also, genuine q. - I sold all my 23000 shares @ 38p, and I see the Ask is 39p. Can someone explain why a Buyer will pay 38p plus dealing charges for a share that will reward them with precisely 38p in a few weeks/months time? Or are they taking a punt that the Offer won't go through. OR will be increased (!!!???). Thanks for any observations on this.
Absolute joke and an unfunny one at that. You've got to imagine the ii's are in with this and it can't be voted down.
When Accrol came to the market in 2016, the IPO price was 100p. Another fine advert for the AIM market.
Sold some Accrol shares on the 3rd January for what I thought was the depressed price of 38.14p. Little did I know, that's as good as it's gonna get with this company. Should've sold the lot.
38p cash offer, a derisory 11% premium to yesterday's price, and Accrol's pathetically weak management appear to have accepted it.
Many loyal investors will lose money here. Utter joke!
Accrol Group Chief Executive Officer, Gareth Jenkins and Chief Finance Officer, Chris Welsh present Half Year Results for the six months ended 31 October 2023, followed by Q&A.
Watch the video here: https://www.piworld.co.uk/company-videos/accrol-group-acrl-interim-results-presentation-febuary-24/
Or listen to the podcast here: https://piworld.podbean.com/e/accrol-group-acrl-interim-results-presentation-febuary-24/
Friday, 2 February, 1:30pm
Accrol Group CEO, Gareth Jenkins and CFO, Chris Welsh will host an online investor presentation of the company’s results, followed by by Q&A.
To attend, register here: https://bit.ly/ACRL_H124_results_webinar
Accrol Group CEO, Gareth Jenkins and CFO, Chris Welsh present final for the year ended 30 April 2023, followed by Q&A. A strong growth in both revenue and profit, driven by increasing market share and volumes. FY24 EBITDA now expected to be ahead of previous Board expectations, driven by accelerating margin recovery.
Watch the video here: https://www.piworld.co.uk/company-videos/accrol-group-acrl-full-year-2023-results-presentation-october-23/
Or listen to the podcast here: https://piworld.podbean.com/e/accrol-group-acrl-full-year-2023-results-presentation-october-23/
Monday, 2 October, 1:00pm
Accrol, the UK’s leading independent tissue converter,will host an online investor presentation and Q&A session, following the release its Final Results for the year ended 30 April 2023 on Tuesday, 26 September 2023.
Register here: https://bit.ly/ACRL_FY23_webinar
It may come good but a £6 million loss for the year doesn't look that good , glad I sold out some time ago because I think this will go back to the 20's
Crap investment thanks to daily telegraph
Monday, 2 October, 1:00pm
Accrol, the UK’s leading independent tissue converter,will host an online investor presentation and Q&A session, following the release its Final Results for the year ended 30 April 2023 on Tuesday, 26 September 2023.
Register here: https://bit.ly/ACRL_FY23_webinar
Is the sp all over the place because of this tissue paper factory being build in yorkshire ?.I am thinking this is a good for Accrol Gp as the factory will be only down the M62
Profit is king, until they can turn a suitable profit ACRL may not be a sell but it certainly is not a buying opportunity at 32p.