Firering Strategic Minerals: From explorer to producer. Watch the video here.
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Wow well there's an update, can't be sure who received the low down but clearly a leak this morning with increased buying activity. We have received an official date then, 1st September is the date at which AVG is expected to have completed it's acquisition of this company, implying a short time-frame of 36-37 days. The vote won't come a week before, they will need time to verify the votes and make the transition if the bid is successful so I would estimate early August perhaps. I couldn't see details in the Annual Report. I expect some who sold thinking this would drift lower will be disappointed, that was a nice buying opp 10% up on very little but expect those 36-37 days to go by quickly, especially when we receive notification of the voting day. GLA Update on banking facilities Further to the announcement of 30 June 2017 Hayward Tyler Group plc, the specialist engineering Company comprising the operating companies of Hayward Tyler and Peter Brotherhood, is pleased to announce that the repayment of £2.4 million of short term banking facilities and the annualised measurement of the financial covenants, have both been extended from 28 July to 1 September 2017, to coincide with the expected completion of the recommended acquisition by Avingtrans plc, as announced on 30 June 2017.
I haven’t read the AR, but we may never know what’s actually gone on with the banking saga. Similarly for the vote, I suspect information will be minimal, and timeframes short. All to gently ease through a yessssssss – trusssssssssssst meeeeeeeeeee. It’s still NO from me though.
Exactly, if you do read it though it will fill you with greater confidence about HAYTs H1 performance. There was a subtle point mentioned about £80m revenue on an annualised basis being achieved in H2 last year and that the out look for this year suggests growth on this. Coupled with that was mention of just were new revenue might come from and how Peter Brotherhood (which cost us £10.1m) is growing quickly and picking up the slack nicely. The gross profit generated is 3x that of HAYTs gross profit as a percentage of revenue. That acquisition and the investment in the Centre of Excellence alone amounts to the paltry value AVG offered. A company that employs more than 500 people globally across multiple sites on different continents with record order book and a long standing reputation. Voting down this offer will show the Boards we as shareholders do not wish to gift this investment away at ridiculous prices and they must seek alternative financing arrangements. Strike a refinancing deal with the banks, conduct another loan note if absolutely necessary. Raise the cash and go about turning round our fortunes. Where do you think the share price will go from here flundra, as we approach the vote?
Great post shareminator. I hope to read the AR shortly. Thanks for these comments, although my blood pressure’s probably gone up a few notches reading them. What a sorry end for a great company on the up. Re the SP, it seems to have come back in the last couple of days from unexpected lows, like you say probably because for example we now have the Sept target date. All other things being equal I’d expect it to sit just below the merger price, like poole said to reflect the “risk” of merger not proceeding, and the market interpreting merger not proceeding as bad news. (We know better of course!). Merger price is of course a moving target being determined by formula referenced to the AVG SP. No-voting Resistance fighters like myself may emerge in sufficient numbers to scupper the merger, a counter bid might still materialise, and there’s always the possibility of dial-moving news. Those scenarios could put the cat amongst the pigeons, but my best guess otherwise would be relative stability around current levels until merger.
There'll be some HAYT/AVG arbitrage going on as well - trader's dream!