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Sizable director purchase today.....thoughts?
In case you missed our webinar with Elementis the recording and stockopedia report can be found here: https://www.sharesoc.org/seminar/sharesoc-yellowstone-webinar-with-elementis-plc-elm-9-june-2021/
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We are hosting a joint webinar with Yellowstone for a presentation with Elementis on the 9th June which may be of interest to current shareholders and potential investors. James Curran, Director of IR, M&A and Strategy gives the latest updates: https://www.sharesoc.org/events/sharesoc-yellowstone-webinar-with-elementis-plc-elm9-june-2021/
The fact that the sp has since risen to 158p, within spitting distance of the rumoured offer price of 160p, suggests the former. If the would-be bidders are really serious, it's time for them to put up or shut up.
Thanks Yellowstone.
Webinar: 9th June at 12pm. James Curran, the Director of Investor Relations, Strategy and M&A at Elementis will present the webinar covering the outline of the company and details from the FY results in March and the TU on May 13th. This is an event for private investors hosted in conjunction with ShareSoc.
Register:
https://us02web.zoom.us/webinar/register/2116209975797/WN_8O-AzQWVSFSmafIzDe4vlQ
Ahead of expectations - perfect!
The board turned down separate offers of 130p from Minerals Technologies in Dec last year and an offer of 160p from Innospec last month.
In both cases they said the offer significantly undervalued the company.
It’s encouraging that 2 separate companies have bid in the last 6 months. Don’t know if a 3rd bid will come, but, if not, we still have the hope that the board are correct when they say (in response to the 160p bid):
“The Board concluded that the Conditional Proposal significantly undervalued Elementis and fell meaningfully short of the value creation potential for Elementis shareholders based on Elementis' existing strategy”
The one thing I’m never certain on with these rejected bids is whether the board genuinely have shareholders best interests at heart, or whether they might be looking after themselves and safeguarding their own positions first?
Offer was £1.60???
Does anyone here believe another bid likely?
Does anyone here believe ELM might attract a better bid than the 136p offered recently from Innospec?
I also topped up at 127, I wonder if we'll see that again in the near future? I won't be too concerned if we do. It's another opportunity to "add". Long term remains on my watch and buy list. Happy to take advantage of any weakness.
Bought some more at 127 , about 20% less than I paid yesterday - don't look back they say!
Only for a trade in at 154? Didn't work out today but still Elementis is an attractive stock
'the board would always engage' ........ unless of course their jobs were threatened!
Andrew Duff, Chairman of Elementis, said:
"The Board firmly believes in the attractive value to be delivered for Elementis shareholders through the execution of our strategy. Against a significantly weaker demand environment in 2020 brought about by the Covid-19 pandemic, management took swift action to reduce costs and position the business for recovery. The business has good momentum and is delivering on its Innovation, Growth and Efficiency strategy with clear medium term objectives that will deliver significant value to Elementis shareholders. This Conditional Proposal does not reflect this value.
The Board of Elementis would always consider the merits of an engagement at a level that offers attractive value to its shareholders and that reflects the nature of its high margin activities with strong underlying growth prospects. However, having reviewed the Conditional Proposal from Innospec carefully, we are confident that the best value for shareholders will be delivered through the independent execution of our strategy and building on the encouraging start to trading in 2021."
My post from 7/12/20:
"Greatly pleased that the Board continue to reject 'low ball' offers. Much prefer that the shareholders enjoy the run up to £2.5/3.0 over the next couple of years, rather than anyone else."
All comes to those who wait.
the board here are clueless, look at the share price used to be over 2 quid, its been decimated thanks to their so called strategy
anyway who cares , only was here for a trade
"The Board concluded that the Conditional Proposal significantly undervalued Elementis and fell meaningfully short of the value creation potential for Elementis shareholders based on Elementis' existing strategy. In addition, the substantial element of the consideration being in Innospec shares made this Conditional Proposal less attractive for Elementis shareholders. The Board's assessment is supported by the strong momentum in the business and by an encouraging start to 2021.
Accordingly, on 9 April 2021 the Board unanimously rejected the Conditional Proposal."
How I look at it: if a company is looking to outright buy the company at 160p, then the company is valued at more than 160p.
136p is a bargain, and this will rightfully re-rate to compare to offer price.
Investigate who leaked it then find out if they or anyone known to them bought shares this week and give them 5 years inside.
Well it certainly looks llike a deliberate leak to enable the suitor to make a statement and the bod to come under pressure - dirty tricks but who fights fare in the M and A field?
But there is a message to the shareholders , particularly the ii's, 'tell the BOD to engage with us and put a deal together and we all win'. Think we are now in play as others will think , better jump in now if we are serious.
Well certainly looks like we are hot property at the moment.
2 offers in 6 months from different companies at vastly different prices.
To be honest I'm not sure how a share offer would have worked given it would be shares in a US company.
I'd rather just have the cash.
But that being said, clearly this is a well thought after company. All my current holdings of this share have been top sliced anyway so I can afford to wait as literally any price is a profit for me.
Will be interesting to see at what level the dividend is reinstated (when it does).
200k buy 15.00