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People should have the MTON rights in their online accounts today, so if they think the price will fall (which it may well do) they could sell their MTO and MTON now.
As I type MTO are about 49.6p to sell and MTON 24.2p. Given you have 11 MTON for every 5 MTO held at close yesterday that's a total of 102.84p for every share held yesterday. Not bad eh!
Sandyman, I wasn't meaning that MTO will trade at (or below) 25p. I was saying that MTON (the nil paid rights) will obviously track about 25p below MTO.
Taking into account the value of the nil paid MTON shares(11 for 5), buyers of MTO in recent days should be happy.
I have my doubts MTO will trade at 25p near term. 25p was a low ball price for the rights, determined by underwriters who want fat fees for low risk. For a given fund raise, it doesn't really make a difference to holders what price the rights is set at.
Good afternoon All,
Whats the general overview on these share, 25p SP realistic ??
Question is how much beliw 25p? I think that depends on whether they are in the wrong place at the wrong time. If the Dow suffers a big correction, which is due and these are already 25p ish, they will be given " a dam good hiding."
It would have been a lot cheaper to buy yesterday rather than today. Just add in the value of the 11/5 nil paid rights (MTON) you've missed out on. They'll track 25p below MTO.
If you didn't buy in recent days you rather missed out, short term at least. If you'd bought at, say, 82p you'd be well in today.
Look what happened to WTB to see the opportunty in the confusion.
If you post on this BB did you not see my post? If you bought at 80p yesterday or before, don't worry about the drop so much, long term. You are now entiteled to buy some more at 25p.
I did not buy before today because I feel these will be available soon on the open market below 25p.
selling it not an issue - can sell 25k in one go. buying is more problematic
Not sure. The share is incredibly volatile, difficult to buy in any volume and sell.
Bought a few and sold them for a small profit.
Thank you does that mean it will go much lower then
The share has gone ex-rights, with issue of nil paid rights shares today.
Why such a drop in price new to this share I bought in at 80 drastic drop
A lot of buys here, but very quiet... taken a nibble, was quite tough to buy
Agree with you, however when these go ex rights we will see them drop. At some point they will go below 25p and surely that will be to reflect the excessive price paid for the interserve facility.
However, at some point these will recover strongly above 25p.
At present the market capitalisation of Mitie is C£300m and the Rights Issue is for c£270m so dilution is obvious as £120m is for the deal with 23.4% in shares of Mitie., c£150m is to bolster the balance sheet. The profitable part of Interserve Construction and RMD Kwikform stays with Interserve and only Interserve Support Services is being sold. Turnover last year was £2.2b with profits of c2.5% or c£90m Net Profit.
Not a good deal for me. I'm out.
Hopefully this will move on the announcement of
more cash for Hospital new work variations.
Mitie in exactly the right place to benefit.
Get ready there is going to be a rash of facilities FM companies mergers.
Dead cert
14th July is the forthcoming day to worry about. To qualify you need to be holding at close on Monday 13th. If you buy shares on or before 13th you'll qualify. If you sell them on or before 13th you won't.
You'll then have about 10 days (depends on broker) in which to decide if you want to take up the rights and cough up the money (you certainly don't need the funds on 9th).
Rights issues are a bit of a con trick IMO and not always worth taking up. The rights discount is all a blag. Any benefit you get is offset by the fall in the share price when they go ex-rights (which in this case could be 50%). Remember that, unlike open offers, rights have value and can be sold nil paid and usually have value if lapsed. Holders don't really get a special deal over anyone else in the market. A lot of PIs don't seem to get that, which is probably how companies continue to get away with them.
When I gave up with the AA i moved those funds here. I think it will come good , mainly because I have worked with the Mitie guys on a couple of Hospital high voltage jobs and I liked what I saw.
However, I cannot say the same with Interserve !
Yet another rights issue ! ( going through one with shi/sig also )
Yes you will be given the option to take up your full or part allocation electronically by end of play on the
9th of July or by post by 11am on the 9th .
Your trading platform will send all the details.
Just have funds available ( 9th ) if you are taking any shares up .
Although it’s going to be a fiasco with Barclays having a clash of interests !?
Your clearly not a holder of many shares if any with that sort of attitude.
Haha! It’s a dull day for many MTI shareholders myself included especially down 11% on our holding.
*thebhoys . Haha , never a dull one !
Another good day ahead Sippit! I’d hate to see a bad day.