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Another thing.
The price in NY appears to have settled ($7.05) pretty close to the mooted offer ($ 7.21), which on the face of it suggests that punters (a) think the approach is serious and (b) that it's worth buying despite the (so far) skewed risk/reward ratio , making me think that they must be expecting/hoping for a bidding war , where the end reward will have made the risk worth while......
ATB
Hi Dinoken,
The price will go up a bit tomorrow.
Some of the shorters may deem it prudent to reduce their positions.
EchoStar may come back with another approach and we might (even) get a bidding war.....
All good stuff.
ATB
ISAT attacked by vultures and pensioners, but unlike other astronaut suitors, at least they have hard cash ! Anyone dare speculate what might happen next ?
Me again.
Up 26% in NY, to US$ 7.05 = £ 5.34.
The approach seems to have been fairly contained, only rising from around 375 from mid-Feb.
These are the material (over 0.5%) short positions disclosed per short-tracker :
Fund % short change Date changed
Merian Global Investors (UK) Limited 0.90% 0.10% 1 Mar 2019
Millennium International Management LP 0.50% 0.50% 14 Mar 2019
Portsea Asset Management LLP 0.90% 0.12% 8 Mar 2019
Thunderbird Partners LLP 0.69% 0.15% 7 Feb 2019
Total 2.99%
About 14 million shares to find.
ATB
Hi all,
RNS after hours : "The Board of Inmarsat confirms that on 31 January 2019 it received a non-binding proposal from Apax Partners LLP ("Apax"), Warburg Pincus International LLC ("Warburg Pincus"), and Canada Pension Plan Investment Board ("CPPIB") regarding A POSSIBLE CASH OFFER OF US$7.21 PER Inmarsat SHARE for the entire issued, and to be issued, share capital of Inmarsat. The proposal assumed no further dividends would be paid by Inmarsat following the date of the proposal. Apax, Warburg Pincus and CPPIB subsequently confirmed that Ontario Teachers' Pension Plan Board ("OTPP" and together with Apax, Warburg Pincus and CPPIB, the "Consortium") would also be supporting the proposal as part of the Consortium.
The proposal remains UNDER DISCUSSION between the Company and the Consortium. As such, there can be no certainty as to the terms on which any offer would be made. Nor is it certain that the discussions will lead to any firm offer for the Company. A further announcement will be made in due course.
In accordance with Rule 2.6(a) of the Code, the Consortium is required, by not later than 5.00 p.m. (London time) on 16 April 2019, being 28 days after today's date, to EITHER ANNOUNCE A FIRM INTENTION TO MAKE AN OFFER for the Company in accordance with Rule 2.7 of the Code OR announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Takeover Panel (the "Panel") in accordance with Rule 2.6(c) of the Code.
This statement is being made by Inmarsat without the prior agreement or approval of the Consortium."
US$ 7.21 = £ 5.43 at today's rate.
ATB
Hi OWLS,
Still more than we normally see matched up at day end (the 4.6M). And what about the 1801 amount, not UT, surely?
ATB
UT trade - means nothing.
Hi all,
Hat tip to harleymaxwell elsewhere - some late trades on Friday :
Looks like 2 , in fact : 4.6m @ 1635, but then another 1.97m @.....1801 (?)
About £ 30M in 'real money', let's see what happens over the course of next week.
ATB
EAN live, here's an article on pricing: https://paxex.aero/2019/03/short-haul-wifi-pricing-emerges-for-british-airways-ean-service/
Rise seems to be continuing.
I'm sure I read at least in one analyst report from the last couple of years state that single digit growth was seen as disappointing. I think that the share price is so low that any bad news is priced in. Aviation growth and also US government growth was good. Hence today's move.
Profit was down but hopefully is at it's lowest as a lot of cost is going into installing equipment. At least some planes are up and running. That number should grow a lot with the full roll out of EAN starting pretty much now :-)
It's a big year for Ligado.
Costs to start reducing from next year by roughly $100M and then further from 2021. Think this is the first I've read about the new low cost infrastructure that will come into play from then.
Overall it looks like a steady rise for the next few years with slow but sustainable growth combined with reducing costs. Ligado is a potential downside surprise as payments could stop this year. Then there is a larger than expected uptake in aviation as a possible upside surprise. I'm optimistic about that last one.
Good day, I like they hope for mid single fig growth for the next 5 years. Did think about taking some profit today but with my luck, a takeover bid would come in the next day! I'll review tomorrow.
I'm glad of the positive reaction in the SP. I wasn't sure what to make of the results. Very much a mixed bag.
Excellent - much better than expected, good to see the promised Aviation growth materialising and progress with IOT.
Good to see final dividend of 12 US cents per share, in line with the 2017 final payout.
HL today at 14:14 showing a big buy of 1.1m shares for 404.20 per share. Some big sells in the morning, but at least there volume trading today. Lets see what tomorrow brings, maybe another buying opportunity!
An interesting presentation by someone at Stanford Uni about a company not named (Lxxxxxxxx). Well in some places they do name it "Ligado". Looking at the date line it must have been prepared before last Nov but no actual date on the presentation. Alot is over my head but it gives an insight in to proposals and issues from their point of view. IMO is worth a read, if not from (Lxxxx point of view) but 5g info. Sorry if it's been posted before.
http://web.stanford.edu/group/scpnt/pnt/PNT18/presentation_files/I03-Parkinson-GNSS_Opportunities-Accolades.pdf
So it's Trump's, "I want 5G now!" vs. GPS infrastructure, military and competing commercial interests.
The article I linked to is 6 months old. Ligado could have been making progress against objections by making changes to their proposal and committing a large amount of resources to replace existing equipment. They'd have to do a lot more than the, "Don't use your tests use ours," Approach they seemed to have been going for.
They've demonstrated plenty of commitment thus far so it's within the realms of possibility they will get the go ahead. If they do it's an instant couple of quid on ISAT's SP I reckon.
Article I found a couple of days ago. https://www.prnewswire.com/news-releases/ligado-networks-board-of-directors-reaffirms-commitment-to-investment-in-americas-5g-infrastructure-300800117.html
I'm with Basscadet, alot of US authorities are against them using the L-band, but if it can be proved that their proposals do not interfere with GPS it seems from this article It could be a fast rollout of 5G.
Where does your positivity over Ligado come from please gammybaby? The latest report here suggests it's extremely unlikely they'll get the go ahead...
https://insidegnss.com/ligado-fight-comes-down-to-choice-of-interference-standard/
Ligado is completely discounted from the ISAT share price at the moment. It will be a great boost if they can overcome opposition from the US Air Force; Department of Transport; and the National Space-Based Positioning, Navigation, and Timing Advisory Board; as well as all the non-governmental operators who's equipment will be rendered useless.
If Ligado's arguments are accepted it will be a big bonus for ISAT but as this bid speculation is based on that it's just factoring something in that's very unlikely IMO.
If he doesn't bid soon - he risks missing the boat...IF ligado get the go ahead - which they more than likely will - the share price on that alone is worth around £3.50p - so the share price will be north of £7 quite quickly if ligado gets the go ahead - and i doubt hell be able to fund it because hell have to pay at least 10pound a share then! GLA
for steady gains now and this will be in the 5's in no time on sentiment alone.surely if echostar are going to announce another bid its got to be well north of 6 pound.will we see similar patterns on the sp to that of the last failed bid?if so it's due a rocket underneath it soon.GLA.
It wasn't much of a rise. Just staying within the current trading range.
If Echostar comes in again I hope it's for significantly more than last time and that they don't think we're distressed enough to take the mickey. I'm a bit skeptical myself as they want the Ligado bandwidth and really looks like that is going to stay closed off for GPS. Hopefully not but it doesn't look good.
Thanks djframboise, I was trying to get to the article source. https://ctfn.news/ticker-symbol/isatln/#, but needed to register, hopefully with this news and broker targets maybe we will see a rise over the coming months. Anyway results out next week, lets see what they bring!
Good find!
Took a while to find out what was causing the spike today but potentially another approach from Echostar https://www.reuters.com/article/us-inmarsat-echostar-m-a/inmarsat-jumps-on-report-echostar-plans-new-approach-idUSKCN1QH25G?il=0 Can't see even that getting me back to break-even but report suggests we may get movement in the coming 6 months. GLA