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The management have responded by saying that such an auction would best be conducted in the third quarter of this year. API shares were flat at 11:00 at 57.75p. In the last 12 months the stock has nearly quadrupled in value although the shares are still 85.6% away from their peak in 1999.
The laminates, holographics and foils businesses in the US have all delivered year-on-year growth in profits. At foils Europe, weaker volumes offset the impact of lower raw material costs. The big issue for API is an open letter it received in February from its two largest shareholders, Steel Partners and Wynnefield Capital, suggesting that it began an auction process for a sale of all the company's shares.
Laminate and foil manufacturer API says sales will come in ahead of 2010's full-year numbers as it prepares to put itself up for sale. A trading update released on Friday revealed that full-year results (due May 30th) will be in line with expectations, with sales 14% ahead of last year at approximately £114m. The group's net debt position is predicted to close the year at £8.5m
This has had a great week, with volume this morning greater than ever. 90p on the cards me thinks...
My only concern is that this is not what I would term as a penny share, so not sure how much further it can go up in anticipation of news
go in on your view HFA out of cash but will asap
Sorry let me rephrase - they have been ADVISED sale of company to realise true value.
They are considering sale of company.
Buy BSP instead
Steel Partners Holdings L.P. Sends Letter to API Group Urging it to Commence a Sale Process NEW YORK, Feb. 8, 2012 /PRNewswire/ -- Steel Partners Holdings L.P. (Pink Sheets: SPNHU) ("SPH") announced today that it sent a letter to API Group plc (LSE: API.L) expressing its belief that the market price of API Group does not reflect its intrinsic value and that this value will only be realized through a sale of the company. SPH is the largest stockholder of API Group. The full text of the letter follows: Dear Andrew: It has been a pleasure speaking with you over the last few months regarding API Group plc ("API" or the "Company"). You and your management team have done a wonderful job returning API to solid profitability and growth. As you know we had some very preliminary discussions about the Company and Steel Partners Holdings L.P. ("SPH") and I wanted to state clearly that it is not our current intention to continue those discussions. We continue to believe that the market price of API does not reflect its intrinsic value and that this value will only be realized through a sale of the Company. We feel there is no time like the present to commence an auction that will lead to a sale of the Company to the highest bidder. We therefore suggest that the board of directors direct the investment bank engaged by API to conduct a sale process. We look forward to your prompt reply...
Yes I am in
HEDGEFUNDADVISOR R-U-Invested now-lol
"We continue to believe that the market price of API does not reflect its intrinsic value and that this value will only be realized through a sale of the Company"
42.7p to buy....nothing really moving .....yet>?
The offer has not been made yet but they have been approached and MAY lead to a take over
Steel Partners Holdings L.P. Sends Letter to API Group Urging it to Commence a Sale Process NEW YORK, Feb. 8, 2012 /PRNewswire/ -- Steel Partners Holdings L.P. (Pink Sheets: SPNHU) ("SPH") announced today that it sent a letter to API Group plc (LSE: API.L) expressing its belief that the market price of API Group does not reflect its intrinsic value and that this value will only be realized through a sale of the company. SPH is the largest stockholder of API Group. The full text of the letter follows: Dear Andrew: It has been a pleasure speaking with you over the last few months regarding API Group plc ("API" or the "Company"). You and your management team have done a wonderful job returning API to solid profitability and growth. As you know we had some very preliminary discussions about the Company and Steel Partners Holdings L.P. ("SPH") and I wanted to state clearly that it is not our current intention to continue those discussions. We continue to believe that the market price of API does not reflect its intrinsic value and that this value will only be realized through a sale of the Company. We feel there is no time like the present to commence an auction that will lead to a sale of the Company to the highest bidder. We therefore suggest that the board of directors direct the investment bank engaged by API to conduct a sale process. We look forward to your prompt reply.
he statement from Steel that it is not their current intention to continue those discussions is noted. nothing to see here
steel doesnt want to continue negs?
"However, the Board takes the views of all its shareholders extremely seriously and will give due consideration to the proposal from Steel and keep shareholders informed of any significant developments. "
Give Andrew Turner a call and ask him. lol
the rns earlier HOW MUCH
At What price?
For immediate release 9 February 2012 The Board of API Group plc ("API" or the "Company") confirms that it has received a letter from Steel Partners Holdings L.P. ("Steel"), which owns 32.4% of API's issued share capital and has a representative on the Board, suggesting that the Company is put up for sale. The Board notes the announcement released by Steel this morning via PR Newswire and today's resulting share price movement. Steel indicated to the Board some months ago that it was considering a possible offer for the Company but, despite ongoing discussions, has not subsequently clarified its intentions. The statement from Steel that it is not their current intention to continue those discussions is noted. No other approaches or indicative offers for the Company have been received and the Board is not currently engaged in any sale process. However, the Board takes the views of all its shareholders extremely seriously and will give due consideration to the proposal from Steel and keep shareholders informed of any significant developments.
BRILLIANT NEWS
Numis upgrades API Group from hold to buy, target price raised from 41p to 45p.