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Havealot, therein lies the likely reason for this woeful offering, imo.
Still not dropping back to 220- surprised like you say- doesn鈥檛 look like this is final
Comparing the offer price with market price before Nov 2020 sucks. All prices last year were depressed because of Covid hence unfair comparison. What's in this for the Directors I wonder.
looks like the market is expecting something better to come along!
It's infuriating.
Dbay are sat there with a stranglehold on the situation, trying to pick up a World class asset on the cheap, whilst telling Shareholders that they're doing us all a favour!!
I don't need Dbay to cash in my chips, I simply press sell on my laptop.
Dbay want this Gem of a company, because in a year's time it'll be worth double what it's valued at now!
Bandits!
agreed henry.i will be doing the same.normally i would sell out now, as i did in PHD, but here i think it's worth waiting to see what happens.difficult to see how this price can really be justified.in view of the previous interest.we shall see.
Woeful.
I'll be sitting tight.
This may draw out an industry Buyer.
25 May 2021
RECOMMENDED CASH OFFER
for
TELIT COMMUNICATIONS PLC
by
TRIESTE ACQUISITIONS HOLDING LIMITED
to be effectedby way of a scheme of arrangementunder Part 26 of the Companies Act 2006
Summary
路 The boards of Trieste Acquisitions Holding Limited ("Bidco") and Telit Communications plc ("Telit") are pleased to announce that they have reached agreement on the terms of a recommended cash offer to be made by Bidco for the entire issued and to be issued ordinary share capital of Telit other than the Telit Shares held by funds managed by DBAY (the "Acquisition").
路 Under the terms of the Acquisition, each Scheme Shareholder will be entitled to receive:
220 pence in cash per Scheme Share (the "Cash Offer")
路 Based on the Cash Offer, the Acquisition values the entire issued and to be issued ordinary share capital of Telit at approximately 拢306.9 million, on the basis of a fully diluted share capital of 139,479,677 Telit Shares.
路 The Cash Offer represents a premium of approximately:
路 58.5 per cent. to the Closing Price of 138.8 pence per Telit Share on 2 November 2020 (being the last Business Day before the Previous Offer Period began);
Keep up the research, but don't be too concerned that it's all gone quiet, just sit back and watch the SP creep higher and higher over the coming months on trading performance, if a takeover happens it should really start in the 3's, but the SP will probably get there before that happens anyway imho. ADYOR!
https://www.wfmz.com/news/pr_newswire/pr_newswire_business/telit-iot-connectivity-solutions-help-withmydoc-expand-telehealth-to-more-patients-and-physicians/article_9a3a7f7c-d674-56e9-a25e-bc5773f5eac4.html just to take one's mind of the T/O shenanigans and as a reminder that the company actually does things .apologies if this has already been referenced,but i haven't seen it before.
last year's was published on 9th july.
as time is marching on, i have been looking at the timescales for the current situation. Dbay have until 16th june to announce either a firm intention to make an offer or that they do not intend to make an offer. if by that time that have not said anything but are still in discussions with telit, then tellt have to announce that dbay must make an announcement by the 14th july. telit can terminate discussions at any time up to the 16th june. i hope this is an accurate statement of the position and if so we are moving into the endgame of this particular scenario.,although a few weeks of uncertainty may still remain.
Interesting to see what will be said about all the current takeover news at the Agm next week. Special dividend maybe?
interesting comments moneyman.im afraid I'm a recent opportunistic newbie here,as i was in proactis and spotted that dbay had a large position here.so its interesting to hear some of the background.not suggesting any real parallels, but proactis had a large fall from grace which was seemingly overdone and then went through a FSP,which didn't produce anything(also suffered a complete covid collapse back in feb2020(?),before going on to plateau for several months.then bang t/o.as i say not suggesting any parallels but perhaps a similar journey here?
Yes Italian I agree, there is only one way the is going and that's up imho.. My own research tells me Telit are significantly undervalued on a number of counts. The company has thrown off all of the Ooozi Cats baggage and other legal issues from a few years, and it has divested itself of the automotive division a couple of years back for a sizeable lump of cash at the top valuation. The Covid 19 pandemic was really just a small bump in the road for Telit and it has become a more lean and cash generative operation as a result and is reflected in the recent results. The current SP is still only 50% of its value from about 4 year ago yet it is a much more resilient and well run company, this is why so many suiters appear to be hovering in the back ground. It's a shame Dbay managed to get their hands on so many shares when the price got knocked back by the wider Covid market falls, but if the management play their cards right we could either see a re-rate towards 300p without a takeover or close to 300p takeover in the coming months. IOT is definitely the place to be in at the moment and for the foreseeable years ahead, this company has as lot of growth ahead of it and with over 拢60million in the bank and no debt exciting times are ahead for shareholders with a little patience. AIMHO ADYOR!!!
and the DD period marches on and on moniman. i suppose each situation is sui generis and it will take as long as it takes, but if it is true that there are more interested parties, you would expect that to add a spur to the proceedings. anyway personally very happy to continue waiting for outcome.
I assume there is still something brewing in the background having come across this article from a couple of weeks back, I wonder who the new suitor could be if at all?
https://www.thisismoney.co.uk/money/markets/article-9482545/STOCKS-WATCH-1bn-bid-winning-formula-Elementis.html
All gone quiet on here at the moment. I assume this is the lull before we here another takeover approach by Dbay or another yet to be disclosed party. I can't believe were still sat at 200p when without the third-party interest we should be closer to 300p just on Telit's current trading positions and the 拢65 million in the bank (one assumes we have more cash by now). The way I see it playing out is, we will be taken over for somewhere near 300p within the next 12 months (as several months ago offers were in the region of 250p, albeit in shares) or Telit BOD will give shareholders a special dividend to reduce the cash pile. IOT is the place to be, even more so since Covid 19 came along, the only direction for Telit is up in my humble opinion unless someone can come up with a good reason to the contrary. ADYOR!!!!!
of mild tangential interest only, but Proactis looks to have escaped Dbay's grasp. just had recommended offer from 3rd party at approx 75% premium. dbay held 17.2%. just also echoing other posters' thoughts ,confirmatory DD been going on now for what, 10 weeks?
It would appear the rumour hasn't been taken that seriously yet
Good work Guys.
A much better day, price and Volume wise - just nice to see some action.
Sierra have been mentioned a few times now.
Interesting indeed.
Good spot, no smoke without fire? Any bidder will have to put something substantial on the table as I can see Telit being at least 300p under their own steam by the end of 2021 imho....
Betaville rare alert on Sierra wireless
Could be a leaky ship and insiders have heard something positive on the cards? Maybe a special dividend from the cash pile or new takeover approach coming. who knows what going on behind the scenes, but strange sudden rise today going into the close?
well it looks like we slipped the cuffs off for a short while and then someone clamped them on again, although not quite as tightly as before.