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I am no teacher but this example may give you a guide
Shares___________Price___Value_______Cost_______Profit
90___Invest 5 Nov_40.54___£3,648.60___£3,648.00
‘
90___26-Nov_____32.63____£2,936.70
70___Nil Paid_____10.22_____£715.40 Cash or Value
========================================================
Total in Nil Paid_____________£3,652.10___£3,648.00_____0.1%
‘
End___08-Dec-20___TERP_____Value_______Cost______ Profit
90___Original_____33.28_____£2,995.20___£3,618.00
70___Fully Paid___33.28______£2,329.60___£1,578.50
=================================================
End of Rights______________£5,324.80___£5,196.50_____2%
Example only
Very clear and thanks.
Much appreciated.
FWIW Example Wkend you had 90 shares at 4175p value 3,757.50
Say Today
A __Your original 90 shares at say 3263p value £2936.70
B__You have your Rights NIL paid to 70 shares valued at 1022p say £715.40
So you have both nvestmenst A plus B to give value £3,825.10
OK I haven’t fixed the numbers to be equal for numbers to be but point is
that you only paid for original A , your rights are currently nil paid B so far cost zero, so you are roughly even.
Prices for all three EPIC prices will move in the market so you can play with the numbers and decide what to do
'
Convert your Nil paid to share, Sell Your nil paid for cash, or wait and see if you get anything out of the end auction
Circular gives al possible theoretical ex-rights price (TERP) of £33.28 per Existing Ordinary Share
Update to last incorrect post! Spreadsheet deducted right issue ratio from original holding!
So example (corrected):
Holding 90 shares pre rights
Nil paid rights shares available today (70) (AVVN)
Select to exercise rights:
Nil paid rights shares (70) can be traded as of today
Post 10th Dec 70 new shares (at 22.55) added to existing
Total holding post 10 Dec - 160 shares
Apologies for last post confusion.
Hi SB,
Could you confirm the basic mechanics of the share allocation/rights?
Simple example:
Holding 90 shares pre rights
Existing holding becomes 70 shares today (AVV)
Select to exercise rights option
Then:
New Rights issued Nil paid shares (70) able to traded today (AVVN)
New rights issued for 70 'new shares' at 22.55 (AVVN) added to existing holding 10 Dec.
Total holding post 10 Dec - 140 shares traded under AVV
Apologies if blindingly obvious but just checking.
FWIW____EPIC for Aveva shares
Code_____Instrument name_________________Price
AVV______ORD 3 5/9P______________________3,263.00__Normal shres GBX -20.72%
AVVN_____NEW ORD 3 5/9P (NP-09/12/20)____1,022.00__Right Issue Nil Paid
AVVF_____NEW ORD 3 5/9P (FP-09/12/20)______________Rights Issue Fully Paid
'
Ordinary shares have declined in Value by some 21% price
Rights Issue Nil Paid shares are being traded today
Rights Issue Fully Paid shares are NOT yet being traded today
Potential fun trading options for the Lucky ones, who are qualified for Rights issue, will soon be available. Rights Issue rarely occur and my understanding is:-
Between 8.00 a.m. on 25 November 2020 and 11.00 a.m. on 9 December 2020, you can either trade Ordinary Shares (which will not carry any entitlement to participate in the Rights Issue) or you can, subject to demand and market conditions, trade in the Nil Paid Rights these are Priced under a different EPIC
Other fun tricks are “Cashless Take-up” or “tail-swallowing” is if sell some rights and use the proceeds to take up remaining rights. Contact your stockbroker or financial adviser who may be able to help if you wish to do this.
If you don’t wish to take up your rights do nothing. You may, or may not, get some cash later when those not taken up are sold in an auction. Other tricks are listed in the Circular and Prospectus DYOR
Normally Ex date is date before the Record Date... extract of details from circular
'
Latest time and date for receipt of Forms of Proxy 9.30 a.m. on 20 November 2020
Rights Issue Record Date _______________close of business on 20 November 2020
General Meeting _____________________________9.30 a.m. on 24 November 2020
Announcement of the results of the General Meeting__________ 24 November 2020
Despatch of Provisional Allotment Letters (to Qualifying _______ 24 November 2020 Non-CREST Shareholders only)
Existing Ordinary Shares marked “ex-rights” by the_ 8.00 a.m. on 25 November 2020
Latest time and date for acceptance, payment in full 11.00 a.m. on 9 December 2020
DYOR
If they meet their expected revenue of £1.2b that's an EPS of £4.17 and at £32.88 per share it's a P/E ratio of 7.88?
Hi, im considering an investment in AVV, is tomorrow that last day you can buy and qualify for the RI.
Cheers.
Revenue Growth has been impressive
Year End 31st Mar 2015_/_2016_/_2017_/__2018_/_2019_/_2020
Aveva Revenue £m 209__/__201_/__433_/__486__/_767__/_834____CAGR 32%
OSIsoft $m ___________/_ 422.7_/_ 439.1_/_ 470_/
Current P/E is 36.3 for AVV
'
Proforma for Enlarged Group
£m Revenue £1,202___ PBT £123.1____Net Profit___£85.6
Adding 125M shares on top of the existing 166M will increase shares outstanding to 291M. The new price after issue would equilibrate to around 33 based on current price of 41. At P/E over 100 already it all seems far too expensive.
2255p seems very low and yet the RNS says it's only 35% below the close of business price. I thought it closed around 4160p!
Press____ Rights at 2255p
(Reuters) - British industrial software provider Aveva Group said on Friday it intends to raise 2.84 billion pounds ($3.73 billion) through a rights issue to partly fund the acquisition of SoftBank-backed peer OSIsoft. Aveva, which is buying the company for an enterprise value of $5 billion, said the rights issue will offer 125.7 million shares at a price of 22.55 pounds per share.
Don't you think that the upcoming Rights Issue will automatically cause a share price fall? I want to invest in Aveva but only at a potentially profitable price.
Interims synopsis
Creditable performance in a Covid-disrupted trading and a strong H2 pipeline
Revenue______________________GBP332.6m__v____ GBP391.9m____(15.1)%
'
Dividend per share ______________15.5p__v____15.5p
payable 5 February 2021__________XDiv on 8 January 2021
‘
OSIsoft's strong trading has continued.
'
Merger Expected to complete between December 2020 and February 2021
Rights Issue to be launched very shortly
Take it up you think then IYO?
AV good company in good field.
FOR scale only
Market Cap is £7.44b__________rights issue needs to raise £3.5 billion
Shares in Issue are 161,665,453
'
Wild guess
at rate say 1 for 2 gives 80,832,726 shares at £40.00 which would raise £3.2 billion
Not enough___change discounted price or change the rate to 1 for ???
DYOR _______these numbers are above my pay grade
The Combined Circular and Prospectus is expected to be published in October or early November 2020 with the proposed Rights Issue to follow soon thereafter.
The proceeds of the Rights Issue of $3.5 billion to fund the Acquisition excludes amounts payable for transaction related fees and expenses..
Thanks- so they going to want money out of investors- any details on that?
Yet price stable and forecasts say HOLD?
From the RNS, 12th October, re Debt Financing: "The timetable for the proposed acquisition of OSIsoft remains on track. Publication of the Circular and Prospectus to approve the transaction and launch the proposed rights issue is expected in early November 2020."
Will there be one here- current holder
AVEVA Group plc
Director/PDMR Shareholding
AVEVA Group plc (the "Company") announces that on 28 September 2020 it was notified of the following share option exercise and sales of shares which took place:
Craig Hayman, Chief Executive Officer
On 25 September 2020 Mr Hayman exercised options over 132,000 shares under the AVEVA Group Long Term Incentive Plan, with the intention to participate in the Company's upcoming rights issue. He sold 62,168 of the resulting shares at a price of £47.50 per share to cover tax obligations, retaining the remaining 69,832 shares.
RNS published for ACQUISITION OF OSISOFT, LLC ("OSISOFT") $5.0 billion
'
Expected Timetable to Completion
Combined Circular and Prospectus, the terms of the Rights Issue, notice of the General Meeting, expected to be sent in October or early November 2020.
Completion is expected to occur around the end of the year.
'
For Scale
AVV market Capital c £7.0b ___ ISISOFT c £3.8b
Proposed Rights Issue c.$3.5 billion say c £2.7b
Very good results today. Also impressive reaction to COVID-19. Let's see what the next year brings.