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Thanks very much to the BOD who got the share suspended for a month, preventing anyone selling before the market crash last week. Lost a further 10% from the last closing price thanks to their ineptitude. Thanks for nothing INCE.
As an Arden shareholder, I considered taking my profits when the Ince takeover was announced and accepting that I wouldn't see the further gains I had anticipated back in Sept. But the fiasco with the Ince suspension prevented that and today I have re-assessed the potential within the Ince group. Accepting that the Senior Partner Adrian Biles must be a bit of a buffoon for getting his firm suspended for not understanding terms of Nomad for AIM listing - my research suggests that Ince is undervalued by reasonable profession services standards. The group has 350(ish) fee earner to 350 other support staff which is an excellent ratio ... and I feel has potential to grow total revenue to somewhere between £130-200m over the next few years organically. I also feel that a market cap of 0.75-1x revenue is appropriate for such a firm ... so think that my new Ince shares could easily revert towards the £1 level I have a sneaking suspicion that a degree of 'kitchen sinking' is going to be put through the interim accounts on 8th Dec and maybe a bundle of share options be granted to partners based off a very low sp (maybe as low as 38p !) ... but then I think 2022 performance will greatly improve
@Knockout: The share was suspended for a month. He informed the market at the closing time on the last day possible. What he said at the AGM and what he did were the exact opposite. He received £500k for 'improving' the share price. What exactly should we apologize to the CEO for?
I am intending to continue holding the shares as I believe they're undervalued. I need to wait and digest the update before deciding the next step: (a) are dividends being reinstated and (b) are they profitable again.
On the contrary - He Owes us one. A legal firm getting suspended from AIM because they want to buy their own NOMAD - even I not a lawyer I would have suspicions of conflict of interest and double check. This leads me to believe that their aim was to stem the potential downfall of the share price once they announced an acquisition using shares something they said they wouldn't do as they had said they were going to fund via Cash flow.
Welcome back to action....trading slightly up and overall in line with forecast, good enough to start with,and can only get better in time, (soon enough...) fully agree, the current valuation is way too low, will try and make the most of it when I can. GLA.
Like to say I was confident it would be all right but good anyway that this has now happened. A few here prob owe Adrian Biles an apology? Opened down a bit but I think will track back up later as RNS ok re Interims and fundamentally this is undervalued IMO DYOR.
CT your efforts are admirable but look at the text below which I copied from your post earlier in the week. If ever there was an award for lawyer speak and subtle caveating this one takes top spot. His words are meaningless if one is looking for re-assurance. I believe, I am able to say, there is no current intention. I believe that this will be honoured. Carefully constructed statement to avoid any possible action.
"I believe that I am able to say that there is no current intention to take the company private and that every effort is being made to ensure that we meet the deadline for the appointment of a new nominated adviser.
I believe that this will be honoured. I will react with Great Vengeance and Fury if not."
In ordinary circumstances, I would not have posted a CEO email reply to a public group like this, but I think it is essential to get it on the record, given the seriousness of the current situation and the complete disregard for my investment. I am not a big fan of losing large amounts of money or being forced to have my money tied up in a private company.
That email response has been filed with the FCA and with Aim Regulation. If INCE is taken private, it will become a serious matter.
salmon; i too thank canetoad for his observations; i like the positivity in your comment, but i don't agree with it - and i say that as someone that has felt Ince has long been undervalued.
As for suggesting they wouldn't have agreed to take over Arden if they were struggling, whilst i think Arden itself is a good (also undervalued) company, i think INCE wanted to not for the growth, but for the cash on their balance, to pump up their own lack of progress. And INCE has history having previously 'merged/tookover' because the books weren't good.
As for being a legal firm that will well know how to navigate these technicalities, i would suggest, that if they were so good on the legal front, they would have foreseen/avoided this farce earlier.
I have been a strong and long believer that this was undervalued, but when the last progress report came out, i posted here that i felt this was an old style 'partners' club dressed up in the probity of a stock listing, syphoning out profits as fees so profits shareholders never see.. Subsequent events have only reinforced this view.
I hope your right and i'm wrong. but frankly i've written my investment here off, as they will take it private, devalue, and phoenix again, to keep taking their fees, shareholders funds, and the ****.
Let us also not forget that INCE is a legal firm and as these matters are highly ‘legal’ I would suggest that no one is better equipped to navigate through the relevant legalities than INCE themselves. What I am uncertain of is why they are doing this - only idea I have is that the acquisition of ARDEN will drive a significant additional revenue stream - and they need them to be a NOMAD.
Cane Toad, thank you for today's posts. They are informative. I agree with your conclusion. At times like this, caution makes us question what is going on, especially when we know so little detail of what is going on and why it is taking so long to appoint a nomad. However, we know Ince advised that the first quarter year produced good results and they forecast a similar outcome for the second quarter. They said they expect to start paying a dividend soon out of profits, and there is no doubt that they see the Arden possible take over as positive for Ince. If there were big issued going wrong behind they scenes, they surely wouldn't have embarked on taking over Arden. The CEO is clearly very dynamic and determined to grow Ince, and so I really doubt that he will drop the ball at this moment and see Ince delisted. It would be such a big mistake that it isn't at all likely that this would happen. I think more will be revealed in due course and things will settle in a positive way, but I agree that the current situation feels very uncomfortable indeed.