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Started: Aphrodite, 15 Apr 2020 09:00
Last post: Aphrodite, 15 Apr 2020 14:42
Especially them that bought in first thing! Could have sold ages ago and done better, but having said that I have sold some ( not enough ) towards the top and gone back in towards the bottom twice. So that helped - not too shabby. A reasonable enough run over the years. To be honest, though I was optimistic, I'm tending towards relief - the blurb doesn't look exactly rosy for the foreseeable.
Anyway, that appears to be that. Over and out.
Taking everything into account, I consider we have come out of this very well.
Good news as far as I can see. Hopefully it will be swiftly effected.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION
FOR IMMEDIATE RELEASE
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
15 April 2020
RECOMMENDED CASH ACQUISITION
of
CASTLETON TECHNOLOGY PLC
by
MRI SOFTWARE LIMITED
a wholly-owned subsidiary of
MRI SOFTWARE LLC
to be effected by means of a Scheme of Arrangement
under Part 26 of the Companies Act 2006
Summary
· The boards of MRI Software LLC ("MRI") and MRI Software Limited ("Bidco") and the board of directors of Castleton Technology plc ("Castleton") (the "Castleton Board" or the "Castleton Directors") 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 Castleton (the "Acquisition"). The Acquisition will be implemented by way of a scheme of arrangement.
· Under the terms of the Acquisition, each Castleton Shareholder will be entitled to receive:
for each Castleton Share: 95 pence in cash
· The Acquisition price represents a premium of approximately:
· 42.9 per cent. to the undisturbed Closing Price of 66.5 pence per Castleton Share on 14 April 2020 (being the last Business Day prior to the date of this announcement);
· 35.2 per cent. to the three month volume weighted average price of 70.3 pence per Castleton Share to 14 April 2020 (being the last Business Day before the date of this announcement); and
· 42.1 per cent. to the six month volume weighted average price of 66.9 pence per Castleton Share to 14 April 2020 (being the last Business Day before the date of this announcement).
· The Acquisition values the entire issued and to be issued ordinary share capital of Castleton at approximately £82.8 million on a fully diluted basis.
· If, on or after the date of this announcement, any dividend and/or other distribution and/or other return of capital is declared, made or paid or becomes payable in respect of the Castleton Shares, Bidco reserves the right to reduce the consideration payable under the terms of the Acquisition for the Castleton Shares by an amount up to the amount of such dividend and/or distribution and/or return of capital, in which case any reference in this announcement to the consideration payable under the terms of the Acquisition will be deemed to be a reference to the consideration as so reduced.
Recommendation
· The Castleton Directors, who have been so advised by finnCap as to the financial terms of the Acquisition, consider the terms of the Acquisition to be fair and reasonable. In providing its advice to the Castleton Directors, finnCap has taken into account the commercial assessments of the Castleton Directors.
·
Started: Aphrodite, 5 Apr 2020 13:00
Last post: Aphrodite, 7 Apr 2020 15:04
Yes, that's recognised ".......the group remains well placed once the customer base assesses and commits to the inevitable future in cloud or hybrid software delivery. With 48% of revenue and 44% of EBITDA delivered in the first half (1H19: 49% and 47%), we look to the benefits of execution to deliver a solid 2H and a return to cloud-derived growth in visibility and quality of earnings into FY21. Target 130p reiterated."
So it's still a matter of when, but I don't know how the second half been affected by last 3 months. And when is when?
I have just been reading that consumers aspirations have changed and that whereas fully managed cloud only was seen as the ultimate goal, it is now hybrid IT - a choice foreseen by Castleton. https://www.housing-technology.com/a-private-journey-to-the-cloud/
I think there'll be business for the sector when Covid desists, time to move to the cloud, mobile and at home working, all the things to automate and future-proof working practices. But just for now Castleton probably as ' stuffed' in the sector as their competitors, though working hard to be helpful with future prospects in mind. Once the ' firefighting ' is done, the bigger and more costly and profitable things will fall to be considered and implemented. And I don't know of any reason why Castleton won't be competitive - been preparing for cloud, managed transition for ages, with customers in 'deep consideration' mode and not buying much at all.
We know they gave up buying one offs a while back, hence the drop, whilst they looked at the bigger picture and what they wanted to commit to. No idea when they'll start spending again. But they have a need for effective tech, and recent events have very likely reinforced that.
Started: Aphrodite, 1 Apr 2020 12:41
Last post: Raleigh, 2 Apr 2020 12:43
There is more than one way of looking at it, and MRI see value, but on balance and taking Castleton's large customer base and established position as an innovative and responsive market leader into account, housing associations may see merit in an accessible UK incorporated 'housing only' business, rather than a cog in the wheel of a larger diversified American entity.
Smaller ( turnover £17m ) competitor Orchard has been bought by MRI software, an American company. TechmarketView comments "As part of MRI, Orchard will be able to accelerate the expansion of its offering. The risk is that it will become less visible as a specialist provider."
Started: Aphrodite, 31 Mar 2020 09:47
Last post: Aphrodite, 31 Mar 2020 09:47
I thought Kestrel were likely leaving us slowly, but they've gone up a percent. Long termers will know they trade CTP a little. But they may intend to raise their stake again over time.
Last post: Raleigh, 29 Mar 2020 13:16
I agree. I note that Castleton appears to have been busy in assisting customers with SMS staff communication, having created a same-day 'shortened' solution. Though more major decisions may be delayed due to business upheaval and more pressing immediate human need, when it comes to the wash-up it is not hard to see that tech will play an even more important part in underpinning future proofing of housing associations' evolving business needs.
As was said when the business was formed, housing associations have a need for technology to administer housing, and tenants and therefore that need are going nowhere. The benefits of mobile working, and automated responses requiring fewer staff, should be becoming increasingly evident.
We are waiting on updates. The share price has so far shown remarkable resilience within the context of global markets.
Last post: Aphrodite, 26 Jan 2020 11:31
Interims – mapping out a steady second half
Interims reveal performance in line with unchanged expectations, bar IFRS16 amendments and minor tweaks since the October update. The merging of the two former divisions to create ‘One Castleton’ is expected to deliver benefits, along with rightsizing of the Professional Services team and a focus away from competing for low-margin Hardware revenue. New contract wins such as three Managed Services deals in the period show the continuing opportunity, as well as gaining preferred supplier status to the National Housing Federation (the Housing Association industry body). The Housing Association customer base has increased to 595 (FY19: 591), of whom 52% (FY19: 50%) take more than one product; the contracted order backlog has increased 5% since 1H19; recurring revenues constitute 66% of revenue into 2H20, giving confidence in forecasts; and the group remains well placed once the customer base assesses and commits to the inevitable future in cloud or hybrid software delivery. With 48% of revenue and 44% of EBITDA delivered in the first half (1H19: 49% and 47%), we look to the benefits of execution to deliver a solid 2H and a return to cloud-derived growth in visibility and quality of earnings into FY21. Target 130p reiterated.
Last post: Aphrodite, 26 Jan 2020 11:26
Yes. And Castleton Community is the prime example of a cloud-based 'lite' product with enough of the basic modules for a smaller association to buy as a comprehensive package. One off, and scaleable. But associations have been slow to commit to an encompassing cloud strategy. And the larger ones, with existing products and contracts with several providers, possibly more so. And in the meantime spend has been limited. Ponderous stuff for them.
Given Castleton's strong market position and cloud preparedness, and NHF recommended and all that, I would reasonably expect a decent measure of contract success when they choose to commit - but the market has to move before anybody can take advantage of the new opportunities.
Hopefully it'll be a bit like they used to say about buses.
Actually, FinnCap put all this in a nutshell on 5th. November, so I'll post their heading summary and leave it there.
In the absence of anything else from the company, and whatever the reason for selling, these ongoing trades and the Long Path holdings at least indicate that those better placed to make enquiries see value at this price and higher. Let us hope their judgment is sound, and that the suggested material improvement materialises at year end. My take on that is, with its established position in the social housing market, Castleton will make quite considerable ground when the providers start making decisions on the larger public/private cloud solution contracts. ie not so much if, as when. And in the meantime, there are the lesser though important stand alone products, such as Castleton Community.
And similarly another 250,000, yet to show on here.
And another 50.000 anyway. Possibly same buyer/seller, inter party through FinnCap.
At least 200,000 shares changed hands at sp.
Started: Aphrodite, 17 Jan 2020 14:31
Last post: Aphrodite, 17 Jan 2020 14:31
In Housing Tech Mag out today.
Castleton’s Splink instant payment platform
Castleton Technology has partnered with payment specialists Splink to deliver an instant payment platform for tenants to pay their rent, chargeable repairs and set up payment plans.
Castleton Collect is a simple, frictionless and instant payment management solution which removes much of the hassle associated with making one-o and recurring payments and can be integrated into housing providers’ existing omni-channel strategies. The payment links can be embedded into various tenant ‘touch-points’ such as traditional back-o ce systems, apps used by mobile workers and self-service portals and apps used by tenants themselves.
Ian Niblock, director of development and product strategy, Castleton Technology, said, “Whether you’re engaging with your tenants directly in their homes, receiving or making telephone calls regarding payments or encouraging your tenants to move towards digital self-service options, this payment platform can be used by both housing providers and their tenants to make payments quickly and easily.
“Our partnership with Splink is basedon the ability of its payment platform to integrate with so many of our existing solutions. At every single resident interaction, be that by phone, face-to- face, text message or portal, you can now encourage positive payment behaviours by going beyond just a payment reminder and providing a secure link to make payments instantly possible.”
John Quinn, chairman, Splink, said, “There is no denying that universal credit is causing major revenue de cits in housing. We can help combat rent arrears – Splink’s platform is already being used widely across di erent sectors where 92 per cent of our customers get paid on the same day that they send a payment request.”
Started: Aphrodite, 14 Jan 2020 15:09
Last post: Aphrodite, 16 Jan 2020 10:19
Heavy promotion of this product now,
https://www.castletonplc.com/news/switch-to-digital-sms-communication-see-how-much-you-can-save-6-month-commitment-free-trial/,
which was sold into 90 associations when acquired, leaving 600 or so Castleton customers as potential. The product is popular, with those it has reached, and has excellent customer retention over many years, producing 80% recurring revenue.
Castleton's greater penetration of the market with other solutions should carry this on a cross-sell basis.
New case study for prospective customers.
https://www.castletonplc.com/news/case-study-lewisham-homes-improves-resident-communication-rent-collection-times-with-sms-messaging/
And a general follow-up to that
https://www.castletonplc.com/news/improving-tenant-engagement-do-you-want-to-spend-8-per-letter-or-8-pence-per-text/
Arises from acquisition of Deeplake Digital - expected to be earnings enhancing during this financial year.
https://www.lse.co.uk/rns/CTP/castleton-technology-acquisition-of-deeplake-digital-uyzaxxptmhq7xky.html
It may be helping us towards what they said in November. "The Company is confident that revenue, EBITDA and cash generation will show a material improvement in the second half of the year."
Started: Aphrodite, 7 Jan 2020 12:50
Last post: Aphrodite, 7 Jan 2020 12:50
Brand new over 3% shareholder notified yesterday. Long Path in at 5%
Last post: Aphrodite, 2 Dec 2019 15:32
Large exchanges continuing. At least £253k changed hands there.
Bit of a late RNS out to cover Chelverton, as per. 6th., without damage to share price, becausethey were bought up intr-party, probably through FinnCap. May see something to cover the buyer if gone through 3%.
Or whatever amount now. Doesn't really matter. They're taken up and starting again.
£1.8m plus changed hands at 75.5p. Report to market by a party concerned.
Started: Aphrodite, 21 Nov 2019 11:10
Last post: Aphrodite, 21 Nov 2019 11:10
Trade magazine Housing Technology out today, featuring Castleton CRM and the Scottish Borders App amongst all the rest. Still banging on about IOT in housing, but that is thought to be realistically 5 - 10 years off for real adoption, and dependent upon standardisation of fittings, boilers and the like at new-build. 'I believe we will see the mass adoption of IoT in the housing sector within a decade, largely driven by refurbishment programmes and new builds, which will increase the number of properties that are ‘IoT ready’. Castleton's Agile mobile is IOT ready, and in the meantime it's offerings are competitive, and progressive, as evidenced by the NHF appointment as preferred supplier.
Started: Aphrodite, 13 Nov 2019 10:30
Last post: Aphrodite, 13 Nov 2019 10:45
It's part of their offering through the associations trade body, the national housing federation.
https://www.housing.org.uk/offers-and-benefits/services-and-benefits/castleton-technology-plc/
We're waiting for news on the larger cloud based contract awards.
But there is another side to things. Tony Smith is blogging lately about the need for suppliers to provide cost effective technology for smaller housing associations, who don't want/can't spend like larger associations but still need the basic functional, scaleable technology. Apparently some suppliers won't even consider them.
Castleton Community seems to fit the bill.
https://www.castletonplc.com/business-essentials/community/
Last post: Majorboy, 6 Nov 2019 15:29
NT to buy at 55p.
Some very large trades continuing with no change in sp. This is not new here - they have been occurring over the last year or so plus with no change in sp. In the 90p + range. We have taken them to be inter party trades, probably through FinnCap, without the mm system, and notified to the market. ie a sell and a buy.
Started: Aphrodite, 6 Nov 2019 10:31
Last post: Aphrodite, 6 Nov 2019 10:31
Director/PDMR Shareholding
Castleton Technology plc (AIM: CTP), the software and managed services provider to the public and not-for-profit sectors, was notified today that Paul Gibson, Non-Executive Director of the Company, purchased 10,000 ordinary shares of 2 pence each in the Company ("Ordinary Shares") at a price of 66.0 pence per Ordinary Share.
Following the purchase, Mr Gibson is beneficially interested in 10,000 Ordinary Shares, representing approximately 0.01% of the Company's issued share capital.
Started: Aphrodite, 6 Nov 2019 09:14
Last post: Aphrodite, 6 Nov 2019 09:14
gone live with a new self service App. This goes alongside the Alexa chatbot ( Housing Solutions association have been installing wifi in tenants' homes ) as a means of customer control to administer accounts, repairs, etc., and shifting that work from association call centres, saving money.
https://www.castletonplc.com/news/mysbha-customer-app-goes-live/
Last post: Aphrodite, 5 Nov 2019 11:22
Wish away, but I won't wish you luck! It'll likely drop back from wherever it gets to though, unless one or more of those tenders makes their way into RNS'd contracts.
Well thats the resistance broken with the help of the bod buy. I doubt very much I'll see 54p again but one can always wish!
No retraces for me, thanks! If Castleton can achieve the £5m PBT forecast for this year today, then that will put this change of market conditions to bed, and set up to take advantage as now. We're still waiting on the tenders, which is a drawn out process. We weren't told about one of them, so I hope they will RNS them as contracts are signed.
Interims – mapping out a steady second half
Interims reveal performance in line with unchanged expectations, bar IFRS16 amendments and minor tweaks since the October update. The merging of the two former divisions to create ‘One Castleton’ is expected to deliver benefits, along
with rightsizing of the Professional Services team and a focus away from competing for low-margin Hardware revenue. New contract wins such as three Managed Services deals in the period show the continuing opportunity, as well as gaining preferred supplier status to the National Housing Federation (the Housing Association industry body). The Housing Association customer base has increased to 595 (FY19: 591), of whom 52% (FY19: 50%) take more than one product; the
contracted order backlog has increased 5% since 1H19; recurring revenues constitute 66% of revenue into 2H20, giving confidence in forecasts; and the group remains well placed once the customer base assesses and commits to the inevitable future in cloud or hybrid software delivery. With 48% of revenue and 44% of EBITDA delivered in the first half (1H19: 49% and 47%), we look to the benefits of execution to deliver a solid 2H and a return to cloud-derived growth in visibility and
quality of earnings into FY21. Target 130p reiterated.
Interims for the period to September 2019 delivered EBITDA of £2.9m (pre IFRS16 £2.7m vs 1H19: £3.0m) from revenue of £11.6m (£12.9m), -13% organic. Postponement or cancellation of expected contract wins affected 1H and FY expectations (adjusted accordingly in October), even as 1H20 vs 1H19 recurring revenue grew from £7.0m to £7.6m and order backlog grew 5%. Net debt of £4.1m (March 2019: £4.9m; September 2018: £4.9m) highlights continuing positive cash flow, comfortably funding the maiden dividend and an increase in capex to drive future growth.
Customer cloud transition led to reduced one-off revenue (particularly Hardware and Professional Services) and accelerated transition to recurring revenue. Movement in the order backlog included decline in one-off orders (£15.5m to £14.9m), even as the recurring revenue backlog grew from £13.1m to £15.2m. New contract wins included Grand Union (£1m over 4 years); Suffolk Housing (£0.5m over 3 years) and Colne House (£0.4m, over 2 years). 73% of sales in the period were to new customers, highlighting opportunities within the group as well as through the National Housing Federation, to target smaller HAs. 1H challenges were met with a robust response to cost management, and we look forward to further proof of execution as the balance sheet strengthens to net cash during FY21. Target 130p reiterated.
Started: Aphrodite, 5 Nov 2019 10:52
Last post: Aphrodite, 5 Nov 2019 10:52
Castleton has invested in several areas of the business over the past few years. And much of that investment is having the desired results: Deeplake (see Castleton Technology acquires Deeplake Digital) has now been integrated into Castleton’s solution and is “working well”; its Indian development capabilities are contributing as expected; and its Castleton Community Solution, designed to be used by smaller housing associations, has been successful in winning a place on a National Housing Federation framework agreement as preferred supplier (available to more than 800 housing associations).
Castleton has now accounted for a reduction in hardware revenues in its outlook. And is confident that it can achieve its target for professional services for the year. The total contracted backlog is up 5% year-on-year compared to September 2018 (to £30.1m) and is expected to build. The consolidation of its software and managed services business under a ‘one Castleton’ structure (from 1st June), streamlining sales and delivery, is expected to start having more of a positive impact on cross-selling and upselling. There are still some risks to future performance - and we will be keeping a keen eye on the client retention rate which seems to have suffered - but Castleton has been working to mitigate against them. And the fundamentals of the business remain strong.
Started: Aphrodite, 5 Nov 2019 10:50
Last post: Aphrodite, 5 Nov 2019 10:50
Castleton H1: highs and lows
Georgina O'Toole, 09:29, 05 November 2019
Castleton Technology logoThe highlights and lowlights of Castleton Technology’s H1 were previewed in the company’s trading update last month – see Castleton H1 behind expectations. Having spoke to management this morning, we have a clearer understanding of what’s gone on behind the numbers.
As expected, revenues decreased by 10% to £11.6m, with organic revenues declining by 13%. But within that, recurring revenues increased from £7.0m to £7.6m, comprising 66% of total revenues (vs. 55% in the comparable quarter a year ago). Reported revenues represented a significant reduction on previous expectations: £2.6m lower on hardware, and £1.6m lower on professional services. Profitability and cash conversion were also negatively impacted.
During the period, hardware revenues were impacted by a handful of clients abandoning their hardware refresh and to, instead, opt for cloud technology. In one example, Castleton had previously earnt £500-600K in hardware sales in a year and, though it won the replacement cloud delivery contract, that new-look contract is worth £1m over four years… in other words, a c50% decline in in-year revenues. Of course, this is also the reason for the welcome increase in recurring revenues.
Meanwhile, in professional services, Castleton started the year with a strong backlog of project work and good visibility. However, as it entered Q2, several clients decided to spend some time embedding their already-purchased solutions before embarking on new project work; it seems that the older generation of tenants utilising Castleton’s digital repairs system have needed a little more hand-holding to get to grips with the technology than had been expected. The result for Castleton was too many consultants on the bench; the company as now restructured to reduce the number of billable consultants.
Started: Aphrodite, 5 Nov 2019 07:53
Last post: Aphrodite, 5 Nov 2019 10:28
And Mr. Dickinson's buy today puts some insider personal cash behind the RNS and FinnCap positive forecasts.
I have also yet to watch the video. I agree there is nothing very new in the results RNS, but it is pleasing to see that Dean Dickinson has his eye on costs and immediately addressed the right-sizing issue resulting from the change in market conditions. I think today's rise reflects investors acceptance that the drop was well overdone, and faith that the robust company is well placed to take advantage of the future contract prospects now presenting, and anticipated to flow through during the remainder of this financial year.
I haven't watched the video yet. The printed results add little to what was already known to us, That one off revenue decreased due to changes in market conditions as associations mull over their direction of travel, and the aim is to replace it from longer term cloud based recurring revenue. It looks as though customers are moving towards that now, with 3 such contracts in the period and tendering for several more - which will presumably give rise to the material increase in revenue and so on during this current second half, alongside continued cross selling.
Started: 42trader, 5 Nov 2019 08:25
Last post: 42trader, 5 Nov 2019 08:25
I was lucky and sold out before the drop just keeping my profits running. I'm gutted I have not been able to rebuy due to funds tied up.
Looking good this morning but it is hitting resistance now. If i'm lucky it will retrace back to 54p and i'll be able to buy. It can be a bit of a slow burner, so proof of turn around may be needed in the next results to see this go to the broker rating of 130p and shoe the profits warning as a one off and a buying opp.
Last post: Aphrodite, 1 Nov 2019 19:29
Whatever that £54k deferred publication trade amounts to, it's effects were limited to retaining a bit of blue on the ask since midday. It's been absorbed into the works.
Last post: Raleigh, 24 Oct 2019 17:59
I hesitate to speak too soon, but the share price is very slowly trying to head upwards. I suspect that things will move a lot more quickly once at least some of the contracts they are bidding on come to fruition. From what we know about Castleton, it seems inevitable. The company has some early movers, and the recent referenceability that goes with them.
That goes along with FinnCap's positive outlook and £1.30 "in the near term the contemplation of moving to the cloud has changed customer buying habits and slowed decision making – meaning the long-term growth opportunities from recurring revenue growth are stronger than ever, but the instant fillip of one-off revenue, which boosted prior years, is not yet offset. "
The strategy, of preparing for cloud migration, cross-selling and working towards larger multi year contracts ( primarily from the existing 600 customer base) has not changed. One-offs having waned, the trading update appears to indicate that the promised material improvement is likely to relate to additional contracted recurring revenue, fulfilling management's aspiration of gaining greater visibility of forward earnings. The trading update and 40% loss came as a complete surprise. But the strength of the company in the social housing market remains unchanged. A loss for holders, but still a very positive outlook.
All 3 "material" mind. They must have sight on that.
Haha. It's one of those things they call a no brainer on these boards when you /FinnCap put it like that.
And, anyway, although insufficient to meet previous expectations, "the Company is confident that revenue, EBITDA and cash generation will show a material improvement in the second half of the year."
Started: 42trader, 18 Oct 2019 12:36
Last post: 42trader, 18 Oct 2019 12:36
Castleton Technology (CTP): Corp
Interim trading update
Castleton has released an interim trading update to September detailing a challenging 1H20 for one-off revenue and continuing strength in recurring revenue, which grew in absolute terms. While 2H20 is expected to deliver a material improvement in group performance, we review FY20 forecasts to accommodate the pressure on product and professional services revenue, moving revenue and EBITDA (pre IFRS16) -15% in FY20, and -13% in FY21. Even as recurring revenue demonstrates its strengths and opportunities, in the near term the contemplation of moving to the cloud has changed customer buying habits and slowed decision making – meaning the long-term growth opportunities from recurring revenue growth are stronger than ever, but the instant fillip of one-off revenue, which boosted prior years, is not yet offset. As a growing and focused one stop shop for public sector Housing, and having reorganised to drive greater focus, Castleton’s main risk is now being acquired in moments of share price performance weakness. Target 130p (140p) a 5% free cash flow yield target for FY21.
Started: Aphrodite, 16 Oct 2019 10:23
Last post: Aphrodite, 16 Oct 2019 10:23
Mr.Dickinson felt the need to address the troops yesterday, who are no doubt realising their incentives have just gone up the Swanee for this year. Stick together girls - we're well set up! And all in the same boat.
Castleton Technology
@CastletonTech
·
22h
Hearing from our CEO
?@deanrdhpool1?
today, kicking off H2 for Castleton, driving our strategy and sharing our latest developments and internal enhancements with our staff ?#workingtogether? ?#ukhousing? ?#tech?