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Morbox....the company have tried to sell themselves coz Pembar want out. I think that's pretty clear to read between the lines. Equals has taken 4yrs to get back above £1 and they want out. Let's hope someone wants to pay 160p
ShareNicelyNow....u have read the statement right?
ShareNicelyNow.....Stop saying people have approached them. No one has approached them. Equals have gone to them and within 24hrs one has already said "no thanks"
Morbox. Know how you feel about Justin. Not great delivery, stuttering about all over the place. I have sort of got used to him now. He is pretty shrewd too. They all absolutely love talking shares and get genuinely excited. Makes for better listening than some of the quieter dead pan commentators.
Paul knows this company better than anyone. Although he admits not to have had any conversation with board, and these are strictly his own views, sounds like interested parties have been circling for a few months and therefore forced their hand to RNS. I’ve no doubt in my mind who the top fx company is withe the most desired technology. My money is that they will stay independent. The share structure suggests ownership is pretty wide spread, so unless the bid goes hostile it will be hard to get agreement for anything but top dollar. Dollar being the operative word. Paul mentions companies such as Paypal possibly getting interested. Their shares have been on a long slide, so can see this would be a great fit towards helping restore their fortunes . I see naked trader added recently although not massively yet. I re listened to the results interview early September and sounds like they have good projection into 2028 and no doubt. That will improve from there. Just amazed this has been dawdling around pound land for so long, as are many institutions across the pond. Gl
Cheers SNN, add a quick flip through, Paul is great but can’t listen to Justin. As Paul stated he trusts the management to do the right thing, I also do. As I’ve said on any occasions this company is one that your happy to hold and look forward to updates, you can’t say that about many.
Have a good weekend.
Https://www.youtube.com/watch?v=ROFKJg6vc6I&t=32s
Equals discussed at various points throughout. PH's opinion almost exactly as mine - more than two suiters had approached them first over the preceding few months. They want the platform, therefore, will have to pay for the platform, over and above the current earnings. The board is simply doing its job in safeguarding the interests of all stakeholders.
Sorry hadn't finished. As stated before, personally I would probably prefer for the company to stay as is at the moment and grow (unless a big premium is paid but I doubt it, if any is offered). This review has come out of the blue and my question is where has it come from, major shareholders? SNN has summed it up well. Happy if it drops I'll just add. Nearly on free ride anyway!
I can read.
Just an opinion Morbox, not wisdom. As the statement says "the company contacted a limited number of counterparties" no one came to them.
"In the current market, we will be doing well with 20 times PER. I do not therefore expect the sp to go over 120p in the near term. The medium term though is very clear, and the leverage in margins very transparent (for any one who can do the maths)." From my post of 20.09.23.
My view (and it is a point of view, therefore may be wrong) - we are correctly valued based on current year earnings, and in line with current market conditions, a severe bear market on AIM. The company is adding 30-40m revenue a year, without Europe. I am not doing the maths for you for 2024 earnings. Current s/hs do not want out, in fact haven't they been adding recently. Not sure that the company has put itself up for sale, or that the company made the first move in approaching the suiters. Best guess is, that this a 'put up or shut up' response to the vultures. I don't expect a bid to materialise. So yes, if the market shares this opinion, the sp will drift back downwards. Traders who share this opinion will sell immediately.
''We would prefer to remain independent'' but we're up for sale. This company has been doing well and was up for a re-rating. My guess now is that if no-one comes in with an offer, the SP , as someone has already said, will drift downwards.
I think a lot of people seem to fave missed the fact that the main reason for their under performance in the past was that they were competing against free services. This is no longer the case. They are attracting good clients who know they get the service they want and are prepared to pay for it, and they look after their staff as motivation. While other companies no names mentioned have to fire the founders, spend a load of money building up a sales force which they are now rapidly offloading. The other key point in the RNS is ‘THEY WOULD PREFER TO REMAIN INDEPENDENT.’
Zak, Thank you for your wisdom. Much appreciated, sarcasm, intended.
If two firms look at them and both decide they aren't interested then these are 85p long before u see 120p again
Zero chance there will be a 200p bid. Big difference between someone going to potential buyers and buyers coming to them. Major shareholders want out coz its been underperforming for so long. IF they get a bid it will be around 160-165p at best. If YOU go to the buyers they aren't paying up for it
Someone must be hoovering up all these sells, MM's aren't sticking them under the bed.
As they have often said on earnings calls, their platform is worth much, much more than the current Mcap, based on their current earnings. Any bid will reflect this, so the premium will be very significant. Also, 2024 profits should be well up on 2023 - premium should also reflect this. I think any offer will have to be over the 200p mark. Much rather see them remain independent and to continue to follow their story.
Once again an SP moves in advance of the RNS.
Folks were in the know.....
I was aware things were going well, but unaware of any speculation.
Naturally happy about the SP today. The p/e now is really toppy. I think any initial offer would be lower than those speculated on here today. No-one is going to overpay in this environmemt.
Personally I was slightly disappointed by the announcement. The team there seem to have the formula right and are going from strength to strength. Why sell out now? Are they sensible to invite offers? To me it gives the wrong impression.
Djtramboise, yep RTN I bought at near lows and here I've been in since Feb 2020. With both companies happy to sit and wait.
Morbox, like RTN, may get interesting if multiple parties seek to buy. Have added significantly in RTN on that possibility. Locked and loaded here though. This has always been a long-term winner imo.
Personally, I read it as, the strategy review is, lets see if someone to buy us for a premium, if not we will just carry on. But maybe large shareholders have ask this to happen and as you say the board would prefer the status quo, who knows.
The Board have declared they would prefer to remain independent but have given two companies until end of month to come up with a substantial offer if interested. Trading in line and see a great future. Gone have to be a big offer!
“but generally falling short of potential value”, tell me about it I’m in RTN, that’s being sold imo undervalue, yes a lot of debt but still! That’s the problem with the uk market any quality you find gets bought up on the cheap so you never see a company mature. I knew that Ian wants an exit strategy from previous interviews (seem to remember when they announced employee's share incentives he hinted at it). Anyway what happens, happens, us IP’s don’t really have a say, one that matters anyway.