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Baldy,
Sick Brit humor works for me. Note proper spelling of "humor", Tricky.
Coathanger,
How did you explain away those suspicious stains on those important documents?
"....I did over the desk with my bosses secretary,in his office."
========================================================
The secretary was a good looking chap, no doubt?!
Boys will be boys!!
Hi Gdog.....I did over the desk with my bosses secretary,in his office.All the more pleasurable i didn't like him.....P.S he wasn't there at the time though ,ha ha....hope you had good christmas and New Year.
Tricky,
When I was younger, I would screw anything cute with two legs.
Not a top priority these days...because I am grandpa to those I find attractive enough for righty-tighty. The only ones that will have me are lefty-loosey, and that doesn't work for me.
doggy,
For electrical work our screws work as follows:
'Righty- tighty' / lefty-loosey'.
Do you screw otherwise?
BTW, Rusty,
I was wrong about cancelled shares. I conflated cancelled with dormant. That's what I get for posting before I looked it up.
I imagine you guys know what the word "assume" means...when one "assumes", one makes an "ass out of u and me".
Hey Rusty,
It appears my "caveat" below may be irrelevant. I poked around a bit, back to June of 2019, and could find no instances of shares being cancelled.
Of course shares can be used as well as cash to transact a deal. I am now more ambivalent than opposed to buying back a few to use at a later date...not that anyone but me gives a rat's rear how I feel about the matter.
Hey Rusty,
Thanks.
After reading your post I had to look for myself. According to UK law, you are correct, with a caveat: As long as the shares are not cancelled. I don't know about Israeli law, and don't care enough to try to find out. Here's what I found with a couple minutes' (max) time taken:
"Advantages of holding treasury shares
There are several advantages of holding treasury shares, including:
being able to sell treasury shares to new investors without having to incur the costs or carryout the necessary procedures of a formal share allotment;
having the potential to restore the company’s distributable profits when the treasury shares are sold as the proceeds up to the original purchase cost are treated as distributable profits;
not needing the expense of running an employee benefit trust to meet employee share options where the company has sufficient treasury shares.
In addition the company does not have to complete all the formalities of cancelling the shares.
Selling treasury shares
Shares held in treasury can be sold or transferred at any time. Consideration must be received by the company for shares sold or transferred unless the transfer is in connection with an employee share scheme.
Where shares are sold or transferred out of treasury stamp duty is normally not payable on the sale. However, stamp duty would have been paid by the company when the shares were first bought back by it on the same basis as any other purchase of shares by a third party.
When treasury shares are sold or transferred the company must file form SH04 – Notify a sale or transfer of treasury shares – with Companies House within 28 days of the sale or transfer.
Cancelling treasury shares
The company can at anytime decide to cancel some or all of the treasury shares. This will reduce the company’s share capital by the nominal value of the shares cancelled.
When treasury shares are cancelled the company must file form SH05 – Notify a cancellation of treasury shares – with Companies House within 28 days of the cancellation. Where the company is a public limited company [link to plc blog] and section 663 of the Companies Act 2006 applies form SH07 should instead be filed at Companies House. As the company’s capital is changing as a result of the cancellation the forms SH05 and SH07 include a statement of capital showing the capital position after the share cancellation.
Confirmation, This was the buyback after we merged with Taptica.
The Buyback Programme will be independently managed by finnCap Ltd, the Company's broker, which will make trading decisions independently and without the influence of the Company. The Buyback Programme is in accordance with the terms of the Company's authority to make market purchases of its own Ordinary Shares (the "Authority") and will be conducted within certain parameters.
The Buyback Programme will be effected in accordance with the Authority in that the maximum price paid per Ordinary Share is to be no more than 105 per cent. of the average middle market closing price of an Ordinary Share for the five business days preceding the date of purchase. The Buyback Programme will commence today and will continue until 30 September 2019.
Any Ordinary Shares acquired as a result of the Buyback Programme will be reclassified as dormant shares under the Israeli Companies Law (without any rights attached thereon) and will be held in treasury. Any Ordinary Shares acquired as a result of the Buyback Programme will be announced to the market without delay.
Hi Gdog, as far as I was aware we hold them in Treasury. I am 99% sure they are not cancelled.
How you doing ?
Yes, Tricky, I see where I was "inefficient" in my use of words in my below post to Rusty.
It is am American thing...still, I prefer our "improper" spelling of many words. Also an American thing.
Hey Rusty,
Nice to hear from you.
Seems to me, every time we buy back shares, they're cancelled. Of course this helps us due to concentration (opposite of dilution). Even if they don't cancel them, I'd rather they pay attention to running the biz, rather than speculating in the stock market.
I imagine we all realize this is an academic discussion. it' doesn't really matter what any of us wants, they're going to do what they're going to do. We're simply along for the ride.
Buying back shares cheaper than what you sold them for, is a very good idea, especially if you then use them to help you get another deal done at a higher price.
Deals are often done as a cash and shares deal.
You can be sure Tremor are actively eying up potential acquisitions/partners all the time.
They have done pretty well so far and have the cash to prove it.
I’m going with Gdog on this. Not a fan of issuing shares only to buy them back later, what’s the point of that (even if they’re bought back cheaper). Jeff Green has spoken extensively about the land grab that’s underway in the adtech space and that won’t last forever. TTD is obviously the gold standard here and TRMR/PUBM/PERI etc are never going to be TTD but like Gdog’s saying, that doesn’t mean they can’t be a significant player. Getting there totally organically ain’t gonna happen. Gerstal at PERI was asked about what kind of acquisitions they’re looking for and one of the criteria he said was it has to be synergistic. A buzz term to be sure but it really means something. Acquiring companies that fill holes in product offerings can and should be a lot more accretive than simply bolting on their current revs/profits/margins. This is where they should be looking and like has been said, getting something on sale with the current downturn is even better.
It's what smart, opportunistic companies in a highly competitive sector do to grab market share. This is a monster space, there are a lot of really smart people chasing the same Dollars, and I want to be sure we get a lion's share.
it's often a lot cheaper, better and faster to buy rather than build. First mover advantage is huge, and we're still in early innings.
Buying back our stock, which we paid a fortune to issue only 7 months ago, is nothing more than financial engineering. If we put up the numbers, the share price will take care of itself.
According to Finncap, Tremor is trading on an EV/EBITDA of around 4x and Its forecast sales growth is 14%.Not imaginary
Tremor are cash-rich, so a buyback alone would mean there are no better opportunities out there.
That seems very unlikely, and quoting imaginary ebitda or sales growth figures as an obstacle when
there are companies looking for cash seems rather contrary.
A bolt on at 4x EBITDA and >20% sales growth... I doubt it
A better use of cash very well may be picking up an accretive bolt on or two (to which Ofer alluded during the Needham Conference) at a discounted price.
Tremor market cap now less than $1billion...$333m in cash at September (probably closer to $400m now)...EBITDA $150m p.a.... valuation is implying a recession leading to advertising spend and consumer demand falling off a cliff. If I believe those forecasts this is the cheapest stock I own but close to the fastest growth
Algo liquidation, stop losses falling and a lot of capitulation as we enter margin call territory is creating a disconnect between value and price here. That capital raise at over 50% higher than the current price is looking pretty shrewd. Cant see them buying anything but their own shares, there is no better way to use the cash than to buy back shares at this depressed price
It's painful looking at where we are against the high we reached a few months ago but schroedar (advfm) has it for me. Tremor's sp has entered serious buying territory. If you don't believe this, best you sell all right now and leave the stage.
Some sort of gudance cant come soon enough as the selling pressure is a constant drip.