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608p
John Menzies plc (“Menzies”)
Final* Proposal by National Aviation Services (“NAS”)
and Agility Public Warehousing Co. K.S.C. (“Agility”)
The Board of Menzies (the “Board”) announces that it has received a further revised proposal from NAS, a
subsidiary of Agility, regarding a possible all cash offer for Menzies of 608 pence per share (the “Final
Proposal”). The Final Proposal is conditional on, amongst other things, confirmatory due diligence and the
recommendation of the Board of Menzies (such conditions being capable of waiver by NAS).
The Final Proposal follows earlier approaches from NAS to the Board regarding possible all cash offers for
Menzies at 460 pence, 510 pence and 605 pence per Menzies share.
The Board has considered the Final Proposal and indicated to NAS that it would be willing unanimously to
recommend an offer at the financial terms of the Final Proposal to Menzies shareholders subject to the
satisfactory resolution of all the other terms of the offer, including the approach to the customary regulatory
approvals required to complete any transaction. Accordingly, the Board is in discussions with NAS in
relation to these terms and will be providing NAS with access to management and due diligence information.
*NAS has confirmed to the Board that the financial terms of the Final Proposal are final and will not be
increased, except that NAS reserves the right to increase the amount of the offer price if there is an
announcement on or after the date of this announcement of a firm offer for Menzies by a third party offeror.
There can be no certainty that any offer will be made. This statement is being made by Menzies with the
consent of NAS.
I went all in. Bet the house on it.
convb, how much are you in for?
They cant pull out. They bought 19% at 605p...almost £100m
They are operators not investors...they are buying 100%...RNS will drop next week, likely on 31st before open
convb - I admire your confidence.
It certainly hasn't been easy holding out, NAS could have pulled out or offered a reduced bid but fingers crossed they pay the full amount and pay up quickly.
deal is going through at 605p...well done all holders!!!!!!!!!!!!!!! what journey ...formally announced in a few days by RNS
Thoughts on what the 7am transaction was ?
Menzies Aviation secures significant air cargo and ground services contracts across Australia and New Zealand
14/03/22 Cargo Ground Handling
Menzies Aviation, the global aviation logistics specialist, has renewed and won several key contracts with airlines across Australia and New Zealand including China Airlines, Fiji Airways, Virgin Australia, Thai Airways and Air Calin.
Menzies has renewed its ground services contract with China Airlines at Sydney, Melbourne and Brisbane airports, marking 10 years since it started working with the airline at Sydney. Since then, the partnership has expanded with Menzies now providing above and below the wing services to China Airlines at Australia’s three busiest airports.
At Sydney and Melbourne airports, Menzies has also renewed a contract with Thai Airways, which will see it continue to provide passenger and ramp services for the airline.
In New Zealand, Menzies has locked in a further term with Fiji Airways to provide air cargo handling services at Auckland, Christchurch and Wellington airports. This partnership began in 2011.
At these three airports, Menzies has established itself as a premium Cargo Terminal Operator (CTO), with its state-of-the-art warehouses at Auckland and Christchurch, and brand-new facility at Wellington. Reflecting this, Virgin Australia has selected Menzies as its new CTO across all three stations.
Menzies will continue to be Air Calin’s CTO at both Auckland and Sydney airports, building on a 15-year partnership with New Caledonia’s national carrier.
Alistair Reid, Executive Vice President – Oceania & South East Asia, Menzies Aviation, said: “It is fantastic to see the momentum we have achieved across Australia and New Zealand with this series of key contract wins and renewals. These wins demonstrate Menzies’ consistent standards of excellence across both ground services and cargo, and the value of long-term co-operation with our airline customers. We’re looking forward to further deepening these relationships and to continued growth in the Oceania region.”
What does that mean ?
Just a broker buying and selling for a client, and making a small profit.
Hopefully large buys around lunchtime which started the steady rise yesterday. Should be backed by rns .
RNS out today at 11:11am
Wonder what the last trade was about ?
When was this put out, and by whom?
All, still learning here, so was after some advice.
There are a number of RNS's coming out.
I am a little confused with the following information and was hoping someone could clarify:
Class of relevant security
Purchases/ sales
Total number of securities
25p ordinary
Purchases
16,678
5.1500 GBP
4.9200 GBP
25p ordinary
Sales
16,678
5.1500 GBP
4.9300 GBP
Is this a buy and sell of exactly the same number of shares or is this a purchase of shares and the sell is showing that someone else sold them?
Thanks for the help
It will be a done deal (perhaps) when the due diligence is completed.
I've heard Spec Savers has sold out of rose coloured glasses.
''While it does not expect to return to pre-pandemic levels until 2024, the group forecasts steady growth in passenger air travel this year and beyond, helping bolster revenue for its fuelling and ground services business.
John Menzies now targets net new revenues of $100million this year and around $200million to $275million over the short-to-medium term.
The group, which operates at more than 200 airports globally, added that it is monitoring the wider impact of Russia's invasion of Ukraine on air travel but it was difficult to assess at this time. It does not operate in either countries.''
Menzies returns to FY profit in 2021, updates on possible all-cash offer
Tue, 8th Mar 2022 08:38
(Sharecast News) - Aviation firm Menzies said on Tuesday that it had returned to profit in 2021 after seeing revenues grow more than a quarter year-on-year and also issued an update on a possible all-cash offer for the group.
Menzies stated full-year revenues were up 27% at $1.35bn, helping the group post an annual underlying profit of $76.0m, reversing the prior year's $24.0m loss.
The London-listed firm said its "substantial profit turnaround" reflected air cargo robustness, returning flight volumes, continued management actions to control costs and reshape the business, and governmental support schemes
Menzies also said a strong cash flow performance had resulted in substantial cash and undrawn banking facilities, with available liquidity of $225.0m,
Chairman and chief executive Philipp Joeinig said: "The rebalancing of our business as a major aviation logistics player continues at pace. We have seen significant growth in our air cargo business by winning contracts and widening the global reach of our network, while our fuel and ground services businesses go from strength to strength.
The reshaped business is emerging strongly from Covid and our opportunity for growth is significant. Our future growth will be driven by continued recovery in volumes, growth in the global aviation market, further commercial gains and the successful conversion of our exciting business development pipeline. As a result of significant management action to reduce costs, we expect that this growth will be achieved while delivering structurally higher margins."
Separately, Menzies announced that it was in discussions with NAS, a subsidiary of Agility, regarding its final proposal for a possible all-cash offer for the group of 608.0p per share.
Following the start of an offer period on 9 February, NAS was required to either announce a firm intention to make an offer for Menzies or state it did not intend to make one by 9 March.
However, as discussions were ongoing between Menzies, Agility and NAS and, to allow further time for these discussions to take place, Menzies has requested that the Panel on Takeovers and Mergers extend the PUSU Deadline until 30 March.
MNZS have only relased annula accounts, this is the first time NAS will have seen them also. Therefore NAS has time to now do due diligence. The accoutns will marry with what the board was projecting.
NAS will reply soon to confirm agrrement of extrension and offer at 608p
No deal is ever done till it’s on the table they may now be thinking there gone in to high companies to well over pay plenty of times. They could still pull out and take a hit and in this investment environment could well drop back below £3.I have no holdings any more here but if it keeps dropping may take a punt.
I have just added a bit now. An easy 20% in 3-4 weeks .
Becasue there is lot of work involved in formalising it. Takeover's are never so simple, they are time consuming.
Share price is because - Some can't wait that long and think they can better use money elsewhere in the market only to lose it perhaphs.
If it's a done deal then why the need for the extension ?
.
Share price says no...