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http://investegate.co.uk/Article.aspx?id=201107180700085287K
Lavendon Group is reiterated as a hold by Panmure Gordon, target price increased from 97.00p to 105.00p.
Has Chief exec gone to clear way for a deal to be done ?? it might get back to 115 soon !
What Thursday??? That is very old news!
On Thursday, the pair said they submitted an offer of 115p a share for Lavendon. The joint bid comes after Lavendon's board rejected TVH's 111p offer in December. Under the terms of the joint approach, London-listed Ashtead would acquire the British operations of Lavendon, while TVH, owned by parent company Thermote & Vanhalst, would take most of Lavendon's operations in Europe and the Middle East. Ashtead and TVH pointed out in their joint statement that the approach is at a 45.6pc premium since December 2, the last business day prior to Lavendon entering into an offer period. The bidders also made it clear they do not intend to make a higher offer unless the financial performance of Lavendon improves significantly. Lavendon w"Given the group's strong market positions and free cash flows, the board is confident that Lavendon is well placed to deliver significant value to shareholders over the medium term," said Lavendon. People familiar with the situation claimed that Lavendon's shareholders were supportive of the decision to reject the approach. Philip Sparks, an analyst at Evolution, said: "It will be interesting to see if this [latest offer] flushes out any interest from private equity." He added: "If private equity does not make a counter-bid, Lavendon's management will have to make a very strong case for remaining independent." Shares in Ashtead, which carries out a large proportion of its business in the US, fell 3.7 to 166.3p, while Lavendon slipped 4 to 111¼p.as quick to reject the latest approach, saying it was "opportunistic and significantly undervalues the company".
Lavendon in need of a lift Date: Tuesday 01 Mar 2011 LONDON (ShareCast) - The key numbers at powered access equipment rental firm Lavendon were all down in 2010 but the company said underlying market conditions progressively stabilised during the year across most of its areas of operation in Europe. "Trading in 2010 remained challenging with the continuation of the cyclical market slowdown. We did however see an improvement across the majority of the group's operations in the second half which enabled the group to deliver results in line with market expectations,” said chief executive Kevin Appleton. Revenues were more or less flat at £225.4m in 2010 compared with 2009’s £226.9m, while earnings before interest, tax, depreciation and amortisation fell to £70.2m from £80.4m the year before. Underlying profit before tax dipped to £13.1m from £13.9m in 2009 while adjusted earnings per share plunged to 5.94p from 19.16p. Despite the dive in earnings, the final dividend has been hiked to 0.67p from 2009’s 0.60p. Net debt at the end of the year had fallen to £140.3m from £182.1m at the end of 2009. Since the year end, trading has been in line with the board’s expectations, and the debt pile has been whittled down further. “In the last few weeks, we conducted operational and business plan reviews with some external support, and these have confirmed opportunities for the group to improve efficiency and drive top-line growth going forward. Following these high-level reviews, we are working to produce detailed implementation plans. The board is confident of the group's ability to deliver increased shareholder value through the cycle,” Appleton said.
TIDMAHT TIDMLVD RNS Number : 6212Z Ashtead Group PLC 18 January 2011 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 SUCH JURISDICTION. This announcement is being made in accordance with Rule 2.8 of the Takeover Code. 18 January 2011 Ashtead Group plc ("Ashtead") and TVH Services N.V. ("TVH") statement of intention not to make a firm offer for the entire share capital of Lavendon Group plc ("Lavendon") On 13 January 2011, Ashtead and TVH (together, the "Joint Acquirers"), announced that on 12 January 2011 they had made a joint approach to the Board of Lavendon with a view to making a recommended cash offer for the entire issued and to be issued share capital of Lavendon at 115 pence per share (the "Approach"). The Approach represented a 79.5 per cent premium to Lavendon's average share price over the three months prior to Lavendon entering into an offer period on 3 December 2010. The Approach followed the 12 January 2011 announcement by the Takeover Panel that TVH was required to either announce a firm intention to make an offer for Lavendon under Rule 2.5 of the Code by 5.00p.m. on 8 February 2011 or announce that it did not intend to make an offer for Lavendon. On 13 January 2011, the day after the Approach, the Board of Lavendon announced that it believed that the Approach was opportunistic and significantly undervalued Lavendon and that, accordingly, the Lavendon Board had no hesitation in unanimously rejecting the proposal. In their 13 January 2011 announcement the Joint Acquirers stated that the Approach was subject to the following non-waivable pre-conditions; (a) access to and satisfactory completion of confirmatory due diligence; and (b) the recommendation of the Board of Lavendon. Lavendon's rejection means these pre-conditions cannot be fulfilled and as result the Joint Acquirers will not proceed with an offer and will be bound by Rule 2.8 of the Takeover Code. As a consequence of the memorandum of understanding between Ashtead and TVH dated 12 January 2011, any future joint or sole approach by Ashtead and or TVH, made prior to 18 October 2011, must be mutually consented to by Ashtead and TVH. Enquiries: Ashtead Group plc Tel: +44 (0)20 7726 9700 Geoff Drabble (Chief Executive) Ian Robson (Finance Director) UBS (Financial Adviser and Joint Broker to Ashtead) Tel: +44 (0)20 7568 4731 Peter Luck Liam Beere RBS Hoare Govett (Joint Broker to Ashtead) Tel: +44 (0)20 7678 5000 Neil Collingridge Sara Hale Maitland (Financial PR to Ashtead) Tel: +44 (0)20 7379 5151 Brian Hudspith Peel Hunt LLP (Financial Adviser and Broker to TVH) Tel: +44 (0)20 7418 8900 Julian Blunt Simon Brown MHP Communications (Financial PR to TVH) Tel: +44 (0)20 3128 8100 Andrew Jaques Barnaby Fry James White UBS Limited is acting exclusively as Financial Adviser and Joint Broker for Ashtead and for n
LONDON (Dow Jones)--U.K. equipment rental company Ashtead Group PLC (AHT.LN) Thursday said it has teamed up with motor vehicle parts company TVH Services NV to make a joint offer approach to Lavendon Group PLC (LVD.LN) worth roughly GBP190 million. Lavendon rents out powered access equipment like booms and scissor lifts to provide temporary aerial access for workers in industries like telecommunications and highway maintenance. The suitors approached Lavendon's board Wednesday with an offer proposal pitched at 115 pence a share, Ashtead said. The proposal represents a 45.6% premium to Lavendon's closing price Dec. 2, the day before it entered the offer period. Ashtead said it reached a preliminary agreement with TVH Wednesday, under which it would take Lavendon's U.K. operations and TVH would take its European and Middle Eastern businesses. If the bid is successful, Ashtead would provide 47.5% of the cash for Lavendon and TVH the remainder. The two suitors don't expect to increase their 115 pence a share offer unless due diligence reveals a material improvement in Lavendon's prospects compared to market expectations, Ashtead said. Wednesday, the U.K. Takeover Panel ordered TVH to announce whether or not it intended to make an offer for Lavendon by Feb. 8. -By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; jason.douglas@dowjones.com (END) Dow Jones Newswires January 13, 2011 02:45 ET (07:45 GMT)
Sorry for late reply. Only checked board for old times sake !!!! Sold out @ 105 !!!! GL
Are you holding or taken profits. I am still holding, but thinking of top slicing. Hoppy Xmas.
@ 111p. NICE !!
now 70p buy !!!! GL
64.- 64.5p. The steady climb continues !!! GL
is really stocking up here !!! Now 62 - 63p !! GL
at all today ...lets hope the buyer returns tommorrow !!! Whoever they may be !!! GL
60 - 62p . Pinged up !!! Nice
could be the buys being made by gartmore and co as per recent rns. things must be ok as they paid a dividend recently and then there were the director buys earlier this year at 70p
buying today .. somethin is brewin here !!!!! BUT what ???????
Cheers for the level 2 update !!! Was briefly out of GKP and hated every second of being out .. not anymore .. staying put there now like you !!! Now want £5 + before being out again !!! LOL. GL !!!!
Thanks for reply. Like you I am in GKP (well who's not!) Have been in since last Oct. Level 2 still looking OK, although the 85K sitting on the bid @ the bottom on 50p does distort things. GL
Hello there !!! I like you got in yesterday @ 55p just because of the buying activity .. no more no less !!!! Know nowt about these just thought i'd thrown in a couple of K and follow the money !!! Sometimes it works, sometimes it dont but they were big buys !!!!!!! Now 58 - 58.5p. Lets see wot occurs !!! GL
See you are alone here at the moment, so thought I'd say hello. Bought into this share yesterday for the first time at 55.44. The trade did not show up on my times and sales L2 but I find that quite often happens with Barx. Like you I would like to know who and why the big buys. Noticed some showing as sells when they look like buys re price at time of deal.
100k @ 58.25 !!!. Nice
58 -58.5p.
56.5 - 58p. Ticking up again