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My view dx should not sell for less than 66p... we get that after Xmas. I vote against
Much obliged Ports.
Clearly I was reading too much into the new appointment.
Having perused the results, and as a number of contributors have already commented, the figures are mighty impressive with a clear belief that HIGs offer is somewhat paltry.
Moving on to the results, and primarily because of you having mentioned this previously Ports, tucked away under "Exceptional Items", I too picked up the £1.6M hammering in respect of the CG debacle with no mention of the Tuffnells settlement figure "without admission of any liability" of course!
Clear evidence of the previous Board's complacency and blatant illegal activities, which whilst it resulted in those responsible getting their deserved comeuppance, came at a considerable cost to shareholders, both financially and mentally.
So what's next!
The formalisation of HIGs 48.5p offer by no later than 9 October or slightly less if a 1p dividend is set to be paid out?
Seems rather pointless to pay a dividend if the amount is going to be reflected in any formal offer from HIG!
Perhaps a bidding war, which would be the icing, although I appreciate you believe that HIGs offer is a fair one, Ports!
Perhaps, although extremely unlikely, DX refuse a formal offer of 48.5p?
Watching this space with baited breath.
All's still very rosy in the garden.
Onwards and GLA.
Bidding war would be nice…
Deep.... I don't attach the slightest significance to the appointment of th new non exec. I remember reading something that
DX were going to appoint another and non execs are not limited to PLC's.. Private companies can have them so really it seems a business need regardless of what may happen to DX.
It won't make any difference regarding the HIG offer. The boards only involvement would be to recommend or not make the recommendation to shareholders. The shareholders decide !
What struck me in the figures ws the £1.6m cost in legal and advisory fees for corporate governace issue. (Exclusive of the settlement to Tuffnells) Confirmation in my view of the staggering ineptitude of the previous board who are set to very well rewarded if the HIG offer goes ahead is accepted. Mind you reward for poor performance and failure is pretty common in this country so I've grown to accept it. !!
48.5p per share is looking rather cheap for a business producing those kinds of numbers...
And they'll probably want to reduce it to 47.5p per share if the divi goes ahead...
I think DX is worth a lot more than that. Hopefully this will trigger a rival offer.
Very very good results, above expectations and seems like strong momentum going into this year
That EPS increase is notable
Lovely set of figures, let’s see how this plays out now
Anyone attach significance to the appointment of a non-executive director, particularly at this juncture?
Does the move strengthen the Board and possibly ensure any buy out proceeds to fruition?
Perhaps a position of strength &/or informing HIG and other potential bidders that business is proceeding as normal, and we are not bothered if no formal offer is forthcoming.
Furthermore, any recruitment drive would've been in the proverbial pipeline months ago rather than a recent development?
The appointment perhaps comes with the blessing of HIG?
Am I reading too much into this?
Thoughts please.
PS
Definitely with you re Murphy's Law, Tep!
I suspect HIG has already at hand all the due diligence needed, as I believe the all sorts of talks have been going on for some time well before their optional proposal. I am pondering now the reason has not been formal proposal as yet, as HIG might be waiting to play with the oncoming results: If results are great they will stick to the original offer: 2) if they're not so great they will lower their offer
Lol this is very true, at least it hasn't been dull!
We should probably adhere to murphys law on most matters relating to this company.
Morning all
Indeed PEng. Quietly excited about the next week or so.
Needless to add, I've never been a part of a sell off, nor have I had the opportunity to observe the nuances/shenanigans of the AIM in such depth.
By far, assuming all goes to plan, this would be my largest profit take, albeit as a result of sheer luck.
However, after what we all have been through over the last few years, I believe we more than deserve it.
Also, according to the trading statement of 18 July, results are "expected in early October 2023".
So, interesting times...
Wishing all of us the best of luck and good fortune.
Onwards ... : )
Morning all, entering what maybe the final week...
I had shares in 2 companies which accepted the takeover terms in the last 4 years. In my experience the time taken from formal offer acceptance to receiving a pay out was around 6-8 weeks depending on whether finance was required. The 48.5p was just an intention to bid and not a foregone conclusion and possibly the reason for the drop in share price. is impatience. Shareholders are required to vote to accept the deal but I foresee the threshold being met if the actual reasonable offer is received. I have my suspicions as to whether 48.5p will be the actual bid, but I believe one will come and we will hear more during October to the nature of the bid. GLA.
Thanks both, did assume there wouldn’t be a specific timing.
Not long now until we find out either way
How long is that piece of string PEng. ?
I was involved in one well over ten years ago and I can't even remember exactly how long it all took but it was months rather than weeks before we received any money. Deep's post summed it up pretty well and it takes as long as it takes.
You've done it again Ports. Many thanks for making perfect sense.
PEng, in terms of the "timeline", this is what Chat GPT spat out.
"The timeline for receiving cash for your shareholding in DX Group Plc after a formal offer is made and accepted by HIG Private Equity can vary.
It typically depends on several factors, including regulatory approvals, shareholder voting processes, and the terms outlined in the offer.
Here is a general outline of the steps involved:
Offer Announcement:
HIG Private Equity would make a formal offer to acquire shares of DX Group Plc.
Shareholder Approval:
Shareholders of DX Group Plc would need to vote on the offer.
This process can take several weeks, and the outcome may influence the timeline.
Regulatory Approvals:
Depending on the jurisdiction and the industry, regulatory authorities may need to review and approve the transaction.
This can add further time to the process.
Settlement Date:
After all necessary approvals and conditions are met, a settlement date is determined. This is when shareholders who accepted the offer can expect to receive payment for their shares.
Payment Processing:
The actual payment process can take several days to weeks, depending on the volume of shareholders and the payment methods used (e.g., electronic funds transfer or checks).
Payment Receipt:
Shareholders should receive their cash payment shortly after the settlement date. The exact timing may vary based on individual circumstances and the terms of the offer."
Not a single word can I take credit for, so please don't shoot the messenger. : )
Onwards and most definitely upwards!
Ports, if a bid was made and accepted, do you have any experience of timeline following this?
In my view Deep it's because it is still a "possible offer". You always get the excitement and inflated SP when you hear those words. It's just settled down... if the offer is confirmed I'm sure it will rise closer to the final offer price.
It's quite obvious HIG want the business hence the rejected previous proposals. I think I would be suprised if HIG pulled out now as something substantial would have to have changed recently. The offer price if it comes could still be anywhere north of 45P
Quick update to advise that this morning I am able to sell my entire holding! I give up. : )
Any views on the widening gap between the proposed offer and the current SP and the reason for the SP dropping 2.5p since the announcement?
I have a trading account with the Halifax Share Dealing Service.
Clutching at straws, but could this be the reason?
Then around 15:45 I was finally allowed to sell, but only in tranches of 10,000.
I'm aware that trades were taking place but cannot explain why I wasn't allowed despite being beyond squeaky clean!
I even phoned up the Halifax and perhaps unsurprisingly they were as useful as a chocolate teapot.
As I wrote recently, long way before I lose those "L" plates.
Appreciate your post "email". Thank you.
Trades are being done - Deep... there must be some other reason for not allowing you
Very insightful comments.
Attempted to 'pseudo sell' (cant think of how else to describe it) my holding but was unable to do so by any other means than a negotiated order.
In a nutshell would be stuck even if wanted to sell.
So fingers crossed that DD comes up trumps and the proposed figure of 48.5p is offered.
GLA
Yes, Ports, I do agree with you. With HIG Is all about details now and I do feel very confident their offer will go ahead. They would have already sorted out the basic essentials they are after by now - likely even from BEFORE their DD started... HIG's proposed sp offer likely was meant to stave off competition... so it very much depends now about whether and if the competition is still sniffing around for their offer price to vary up or down
Yes of course e-mail. As there have been a number of rejected proposals they should be pretty famliar with the financials and I'm sure they will have had the proposed finals before they are officially published. I'm not sure they get to know more.. they just have the opportunity to get earlier access, ask questions and drill down when we don't really.
I can't imagine HIG and their advisers are sat in a boardroom at DX HQ doing their DD while the hustle and bustle of running a logistics operation is going on around them.
In my opinion I think HIG probably know if they are going to go ahead with offer. If they are they are probably negotiating with DX about the detail and amount of the proposed offer and the effect of a dividend. It's just the timing of the announcement of that or when the markets are informed if they have decided not to proceed with the offer.