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Taverham
I quite agree, we have been strung along by the BoD with minimum (or even less) information for far too long.
This is going down to a level where almost any bid should be taken seriously because the market is telling the management ' we have no confidence in you'. So bod tell us what value the bids are at and let the shareholders decide.
Well, this tub of lard is now down to levels they last plumbed 4 years ago.
So where are these buyers, or was it just a mate that a director met in his local one evening ?
The BoD have some serious questions to answer as to why they find themselves in this position, I haven't seen any bullish posts recently, unlike those preposterous ones which were looking for bids at £29 or more on this board a few months ago. Reading through them now is better than a good comedy show.
Thank you.
Qd
It is perfectly possible that there are things going on that need only be covered by the Chairmans statement in the accounts, such as systems not integrating properly as you suggest, perhaps a legal but somewhat aggressive form of accounting for revenues has been used which is now coming back to bite them, any number of items like that, but the fact remains that unsolicited bids had been suggested yet none came through to fruition, so that does rather raise the question doesn't it ?
Thanks, Barchid. But, please forgive my ignorance, surely that would be illegal? If there is a problem that any prospective buyer can spot and so sheer away from, wouldn't it by law be something that should be RNS'd as well, for us lot? We're also buyers. And yet I agree that it's very strange the SP falling so far in a company with so much going for it, and yet there hasn't been a single bid. My only guess,completely in the dark, would be that the software integration or whatever it is ain't going so well...
Taverham
You have to be correct in saying that they want to keep their jobs, irrespective of the cost to shareholders, as I have often posted "turkeys don't vote for Christmas".
I hope you are also correct that someone actually wants to make a bid, but that part is, I fear,not very promising. I find it hard to believe that in under a year we have gone from £30 to £6 & not a bid has been made, despite the invitation too. My thoughts still are that there is a very real possibility that there is something wrong which we are unaware of.
Barchid, the reason they are not accepting any offers is they want to keep their jobs at any cost to shareholders imv. That is why they have not disclosed any indicative offers. I am hoping a bidder goes hostile and we get some transparency. The lower sp will help the bidders.
Mick-b
A great post.
I have been posting here that there is something that the BoD appear not to be telling us about , why were they so keen on selling so much below what the shares had been valued at only months earlier ?
That is a big question and something they have never explained.
Why not is what I wonder ? There HAS to be a reason.....
accesso Technology (LON:ACSO)
Share price: 675p (down 15% today, at 08:18)
No. shares: 27.6m
Market cap: £186.3m
Update on the formal sale process
accesso Technology Group plc (AIM: ASCO), the premier technology solutions provider to leisure, entertainment, hospitality, attractions and cultural markets, provides the following update on its announced formal sale process (the "Formal Sale Process") under the City Code on Takeovers and Mergers (the "Code").
It's clear that nobody really knows how to value this company. The share price peaked at almost 3000p in Sep 2018, valuing it then at c. £828m. It's since lost almost 78% in price. The announcement of a formal sale process starting, in Jul 2019, following a number of unsolicited bid approaches, saw the share price spike up 60%, from 690p to 1105p, and we've since seen the bid premium disappear again.
The upshot is that interested parties have not offered enough to tempt management;
The Company and its advisers have now received refreshed indications of interest from a number of the interested parties, none of which are at a level that the Board feels offers sufficient value to shareholders.
The Board and its advisers are continuing to engage in discussions with certain of these parties to determine whether an offer for the Company can be delivered at a value that the Board considers is attractive to shareholders.
The problem with this, is that the announcement today doesn't disclose what level the bid interest is at. I feel this is absolutely key information which shareholders are entitled to be told. It's not right that the Directors alone (plus presumably their advisers) know what the company is worth (i.e. what bidders were prepared to pay) but shareholders are not being told this information.
Since we have not been told what price bidding interest is at, it's virtually impossible to value this share. The fundamentals are difficult to interpret too, because so much is being capitalised into development spend on the balance sheet.
On balance, I feel that, given the length of time that the company has been up for sale, the lack of an acceptable offer feels rather bearish.
On the upside case, you can now buy the same company almost 80% cheaper than at the top of the bull market last year.
Personally, I would want to see more evidence of positive cashflows before taking an interest here.
Rivaldo
Not looking so rosy now, is it ?
What went wrong ?
Greg25
I like your enthusiasm - maybe the Directors are looking to clear the share options at £11.05, (183,450 I think) not that they would get rich on that but it's all extra bunce - Good luck all
Taversham
Pre bid levels were £30, yes they collapsed due to "unexpected figures" but this whole exercise has been a farce.
Posters here some months ago were gaily predicting a bid at close to £30, don't know what they were smoking but it must have been pretty good.
I maintain that there is something we do not know about here, no BoD normally tries a fire sale if there is no fire, simple as that.
It could, of course, be that they are just incompetent, but something tells me it is not as simple as that
Hi Guys,
ACSO have now proven they don't need to sell at any price.
There was potential bids , not as high as the bod would accept and not as low as the bod would finish talking.
Behind the scenes, Brexit could weaken the pound further which would make any increased U.S. offer more likely.
There's more to come here and the shareprice is now back in the buy zone.
Good Luck All Shareholders
Soon back to pre bid levels , a further fll and I will buy more.
Interested parties are not offering enough say the bod and I hope the parties go public and hostile so we can see what offers are being turned down.
Synopsis . Sales Process: Received indications of interest , none of which offers sufficient value.
RNS as predicted , not likely there will be an offer that allows the bod to keep their jobs. I posted on 1 october I was cynical of the bod and that is reinforced today.
Wonderful, we hear you !
Please tell us though, shares down from £30 to just over £8, where is the bid ?
If no bid (and it'salready late), where do the shares go?
Not near £30 I'm sure !
Some large transactions over the last couple of days, if the O/A & Buy/Sell indicators can be trusted the biggest are not automatic, and they are buys.
Another day, another dollar is the saying but despite all the expectation on this site we are still waiting to be told if anyone wants to bid for us !
This time last year we were £30, now we are £8 with a board who put us up for sale and each month the price seems to slip inexorably lower.
The trades were based on London Stock Exchange official deal listing. But are excluded from some other listings.
'
These are probably a form of roller-over. Shares bought on credit which are sold and instantly bought back, (same date time stamp), probably again on credit. Being almost perfect matches the cost is covered elsewhere. Each pair having same price for a particular day is note worthy plus the scale of the dealing.
'
TODAY Mystery of NPFT Trades deepens
Mystery Trades sixteen trades all priced at 866p today but grouped as 8 matching pairs (lot size and value) each pair being having same date time stamp.
NPFT 16 Trades were 182,000 shares value at £1,579,584
6 Other trades were 15,578 shares valued at £135,496
'
Non Price Forming Trades aka NPFT dominated trading today were valued at £1,579,584
'
Hi Guys,
I very much doubt that there's anything hidden in the accounts, as the company would be taking a huge risk with the accounts being under the intense scrutiny of multiple due diligence's.
The bod have used the takeover code as leverage for higher bids for the company. Their reasons for selling could also be multiple and complex.
Exciting Times Ahead Here
Good Luck All Shareholders
My opinion on the potential takeover for what it is worth is that there isn't anything wrong with the company per se but that Tech companies which need investment longer term are not best suited ( at this stage of development) to public listing and are probably better suited to Private equity with less public scrutiny on the accounts/investment etc. I would expect the company and key directors to remain, to build up and grow the proposition and in 3-5 years time see the company relist as part of the exit strategy on to theequity market , maybe on NASDAQ at a considerable multiple to where we are now - Accesso Directors will do exceedingly well as will P/E but I am not holding out for much north of £12 for myself as after all most parties will be incentivised to get this done as cheaply as possible I am afraid to say - but we shall see !