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They have already got undertakings for 42.2% of the shares, so they are almost certain to get the number they need to get this through. Seems to me a well arranged rip-off. Remember the name Gary Ashworth for future reference.
At 42p, Net Assets are still 1.5x the Market Capitalisation of Interquest. Given the cyclical nature of the recruitment industry I would have anticipated Interquest recovering to the 60-80p range over the medium to long haul as the fundamentals and professionalism of the company look pretty solid. I can therefore quite understand the attraction for the Directors to buy all shareholders out at a mere 42p. It will be interesting to see whether there are other suitors over the coming weeks that push the share price to a more realistic and reasonable level, if not, the inherent value in the Company will go to the Directors, not the shareholders.
And a quick response from the independent directors rejecting the proposal http://www.investegate.co.uk/interquest-group-plc--itq-/rns/response-to-chisbridge-announcement/201705161620113362F/
Interesting development. Management want to take the company private at 42p. I hope they don't get away with this. It surely has to be worth more. http://www.investegate.co.uk/chisbridge-limited/rns/statement-re-recent-share-price-movement/201705161551053313F/
ITQ issued an RNS on 1 March 2017 saying results now due 14 March 2017.
Due on 7th March 2017
The Company issued a Trading Statement around this time last year. I cannot find any notice that one is due.Have missed anything relevant?
As expected she's drifting lower again..
Taken this opportunity to close my trade, didn't think it would be back in profit so quickly after the last update so what a blessing :) Now to surge the PGM wave into 2017! LMI and SLP look poised to make 20% each but which will get there first!
Nice movement here today up from 34.5 to 38 on the ask
Nice summary of the recent acquisition, which only strengthens the groups position and international aims. InterQuest Group acquires Rees Draper Wright Technology specialist InterQuest Group plc has acquired boutique professional services firm Rees Draper Wright Ltd, as part of its international growth strategy. Established in 2003, Rees Draper Wright focuses on placing senior talent into the consulting and advisory sectors. The company delivers its services globally, from offices in London and Manhattan, New York. Working with Rees Draper Wright’s existing management team and co-founder Richard Draper, who are all being retained following the acquisition, InterQuest will help Rees Draper Wright establish a new interim division within the business. The acquisition is expected to provide a more comprehensive range of services and opportunities for both companies’ existing client bases. Gary Ashworth, executive chairman of InterQuest Group, said, “This acquisition will support our international growth strategy by maximising on Rees Draper Wright’s established presence in vibrant and technology-led markets on the East Coast of America. Our expertise in supporting professional industries with skilled, technology focused candidates will add value to the firm’s New York operation and the services it offers clients in the UK.” London-based InterQuest Group (2015 turnover: £158.6m) places talent into the information security, analytics, digital, technology and telecoms sectors across a range of industries, including financial, retail, not-for-profit, public sector and professional services. Richard Draper, managing director of Rees Draper Wright, said, “We are a long-established international professional services search firm, which has enjoyed substantial growth in recent years. As a result of the acquisition we can take the business forward expanding opportunities for our existing clients and opening up new markets for InterQuest Group plc.” Advising on the transaction on behalf of InterQuest Group plc was Tom Ivings of Optima, with legal advice provided by Mackrell Turner Garrett. Rees Draper Wright’s advisors were Carl Swansbury, Alex Simpson and Charlie Burton from Newcastle-based Ryecroft Glenton Corporate Finance. Legal advice to Rees Draper Wright was provided by Andrew Hoad from ASB Law. Carl Swansbury, partner at Ryecroft Glenton Corporate Finance, said, “Bringing together two complementary and dynamic businesses will create significant new opportunities for their current and future client bases. Richard and his team will be valuable assets to InterQuest Group plc, which, in turn, will enable Rees Draper Wright to strengthen its existing position in the market.” https://www.recruitment-international.co.uk/blog/2016/08/interquest-group-acquires-rees-draper-wright
Date Time Buy/Sell Amount Price Value 19/10/16 04:26pm Sell 10000 36.95 3695.00 19/10/16 04:22pm Sell 8678 36.95 3206.52 19/10/16 04:21pm Buy 10018 38.00 3806.84 19/10/16 04:08pm Buy 10000 37.00 3700.00
The timing! Nailed it :)
In. Low shares, low market cap, good recovery due here.
Looks good for ITQ - now buying up the remaining shares in Rees Draper Wright - so that will successfully complete the acquisition and bring in some knowledge members to the ITQ management team.
Worth a look at this low price then?
pivot turning
Interim statement as expected below par.. "impacted by uncertainty in the UK market leading up to the EU referendum" Assuming that is not just an excuse, there should be a second half revival to look forward to now given the sector performance post Brexit. In for another bite
Not sure about it being over-bought at the moment. Seems to me that it may have been over-sold after the Brexit vote. I only wish I'd topped up when it was down around 40p.
Well it's been an exhilarating two month ride but I am out for now. This looks to be in overbought territory since bottoming. In any case, 30%+ overall gain in less than two months aint half bad :) gla
we are, on gas.
Crikey, what's cooking?
I always looked at this company as being a fairly defensive stock, targeting industries that will continue growing whatever the macro conditions are. I think this has well overshot as well. I have managed to build up quite a good stake at these low prices but its hard to get any sizeable amount of shares without moving the share price. Roll on September and the interims.
Well, Tom Winnifrith has been ramping it for a while now if that helps?
I think this drop is pretty crazy considering the wording of the last RNS but I am not buying more until we see some big buys come in. Let's not forget they turned over £158m last year and generated £5.8m cash and a profit before tax of £4.1m. The market cap has collapsed from £35-36m down to less than £15m today. The company have made a cautious assessment of the coming year. I believe the market is discounting far too much. Trading update InterQuest Group plc (AIM: ITQ.L), the specialist recruiter in the technology, analytics and digital market today announces the following trading update ahead of its interim results for the six months to 30 June 2016 which will be announced on 6 September 2016. In light of the uncertainty in the run up to the EU referendum, the Company has experienced variable trading with clients delaying hiring decisions. The result of the referendum is now expected to prolong this period of uncertainty and, whilst it is too early to predict the longer term impact, the Company expects trading conditions in the wider recruitment sector to remain challenging for at least the remainder of the current financial year. The Company is somewhat protected from wider recruitment trends due to its focus on hard to find niche candidates in rapidly growing sectors in the new digital economy, but as a result of the wider market conditions, the Company now expects that Group net fee income and EBIT for the current financial year will be materially below market expectations. Gary Ashworth, Non-Executive Chairman commented: "Whilst I am delighted with the initiatives put in place by the new management team, and subsequent client wins, the months leading up to the EU referendum have been challenging and market uncertainty is now expected to continue following the outcome of the referendum. Operationally the Company is in good shape but at this current time forecasting the impact of political and market developments is challenging and the management team have made a cautious assessment of the circumstances."