Tt Electronics Share Chat (TTG)

This company has been the target of multiple takeover attempts so they must have something that everyone wants , not sure it will be be around for much longer .

Thanks Mr P

I attended the AGM this morning. Sad affair. I had the temerity to ask who was responsible for the decline in the company's value. Not the share price but the statutory asset value which has more than halved in the last five years. The Chairman was gracious enough to say that the Board were responsible. DBAY were there and I got the impression that they are happy to wait until the profits improve and they can get out much higher up. High risk for individual shareholders, it is cheap but any value will only come out when DBAY say so and meanwhile you ae not getting a divided.

I wonder how long DBAY are going to just sit and look at their shareholding. It must be a very significant proportion of their assets.

Theres a trading update due tomorrow?

This is a long term hold for me and hopefully the business will reward my patience with a satisfactory trading update tomorrow!%

.wealthoracle.co.uk/company-results

TT Electronics, the global engineer and manufacturer of electronic solutions, reported a mixed AGM trading update for the four months to 30 April 2026. Group revenue was 4.8% lower organically, reflecting the expected softer EMS end-market demand flagged at FY25 results. Excluding the EMS customer transfer from TT Suzhou to TT Kuantan (£10m revenue impact from prior-year safety stock build) and the Plano site closure, Group revenue grew organically by 2.9%. Book-to-bill was 107%, underpinned by structural tailwinds in Aerospace and Defence. The targeted cost reduction programme is on track to deliver around £3m net benefit in 2026, with the medium-term annualised run rate expected to reach double that. The Board continues to evaluate options for the Components business. Full-year guidance is unchanged, with adjusted operating profit expected in line with consensus. Vs consensus: The Group reaffirms full-year adjusted operating profit will be in line with company-compiled consensus of £32.6-38.5m — a wide range, with the headline organic revenue decline largely a function of disclosed customer transfer and Plano closure effects rather than underlying weakness. Verdict: IN-LINE

.wealthoracle.co.uk/company-results

The problem is, AceofClubs, that the company can not attract quality executive directors these days. Remember Mr French, that proved a disaster. When French left Eric Larkin moved from CFO to CEO and if you research his personal career its hardly glittering. Ian Ashton has been CFO as SIG slid down a slippery slope. Hardly encouraging. The best we can hope for is that the board can put in an improved 2026 which enables DBAY Advisors get out at a profit in 2027. This is now a high risk investment for individual shareholders........and therefore possibly high reward.

"Ian Ashton, currently CFO at SIG Plc, to be appointed CFO at TT Electronics."

When IA (not to be confused with AI) was appointed 1 July 2020 at SIG the share price was 53p – today it is trading at 8.6p. That is 84% destruction of value in under 5 years. This is a CFO currently described on the SIG website as “responsible for implementing the Group’s strategy and policies, day-to-day management of the business and monitoring performance.”

What was the BoD of TT thinking when they made this appointment? Were all the other candidates even worse? Due diligence anybody?

Reward for failure.

AceofClubs

.wealthoracle.co.uk/companies/TTG

TT Electronics’ FY25 results point to a business in operational transition, with early evidence that self-help measures are beginning to improve underlying profitability and cash generation despite weaker revenues. Organic revenue declined 2.7% to £481.4m, reflecting softer EMS demand, customer transfer activity in Asia, and the broader effect of cautious industrial demand. However, adjusted operating profit increased 2.2% on an organic basis to £37.2m, with margin improving 30bps to 7.7%, suggesting that management’s operational interventions are starting to gain traction.A key positive was the divergent regional performance. Europe remained the strongest area, supported by continued momentum in Aerospace & Defence, which provides structural demand support and generally stronger margins. In North America, where performance had previously been a material drag, management actions appear to have had a meaningful effect. The closure of the Plano site was completed as planned, while the Cleveland facility improved sufficiently to break even on an adjusted basis in Q4. The balance sheet strengthened with a material reduction in net debt to £50.3m from £80.1m, bringing leverage down to 1.1x from 1.8x. The strengthened balance sheet gives TT greater financial flexibility and reduces a key risk factor that had weighed on the equity story. Extension of the revolving credit facility to June 2028 further supports liquidity and balance sheet stability...

.wealthoracle.co.uk/companies/TTG

With the board shuffle and appointment of P.S. believe TT must still be a target for DBAY and/or other party for a takeover at some stage. Adding a few more as funds become available.

GLA

Mr P.

Thanks your comments. I will hold for a while longer rather than take a loss.

As you say schwee "Could have been worse"

I logged into the live presentation (available now on the TTG website) and there are many moving parts. There would have been no increase in adjusted operating profit were it not for last-time-buy orders linked to Plano site closure. ("Plano revenue of £13m and contribution to adjusted profit of £1.2m

falls away for FY26") Aerospace is going great guns and is expected to continue. The problem lay in Electrical Manufacturing Services (EMS) where sales were soft and not expected to pick up in the short term. The Statutory profits are horrible, again and, of course, no dividend. There were a couple of surprises in the small print. First, costs associated with scheme of arrangement with Cicor £3.5m and secondly, executive management changes £1.1m (was that the cost of getting rid of Peter France?). Neither of these will recur this year.

Their guidance for 2026 is to go along with analysts and say "revenue in a range of £477.1m and £487.1m, and for adjusted operating profit in a range £31.9 million to £37.6million". Cash conversion will be 70-80% (following 150% in FY25) and interest costs should be lower following the reduction in debt. Gearing at year end down to 1.1x. They have reviewed the strategic importance of components business (a possible sale?) and they are even thinking of bolt on acquisitions. My guess is that last year were the "kitchen sink" results and that actual results for 2026 will be better but there can be, and with TT usually are, unexpected slip-ups during the year. They are not expecting the high tax rate to come down so no boost to eps from that front. I rate them a "hold" and that is discounting any takeover approaches.

Could have been worse. Cash flow was encouraging. Their outlook was rather muted I thought. Volex could have a go using their expensive paper but would Debay want that?

As predicted SP fallen back somewhat but still firmly believe this company is still a takeover target and probably this year especially with DBAY the major shareholder. At this price believe a BUY again and will be looking to invest as funds become available

Suspect a few stop losses actioned today around 124p and whilst may still drift lower must be considered a long term buy still IMO.

As indicated on 10th February believe the resistance level is in the 130’s without sign of another bidder. Whilst still believe this is a hold can see it drifting down over the next few weeks but longer term still believe another bidder will come back in before year end.

Dbay bought another 1.4% upto 26.6%

Looks like resistance level in the 130’s will probably need a bidder in the background to go significantly higher or DBAY further stock building

What makes you suggest this?

As a supplier to Collins next year is going to be a huge one for TT it makes sense that they decline any offers as this company has the potential to double its turnover in the coming years .

At anything under £2 it's an absolute bargain ! Look at what's going to be needed for the new weapon technology.

WarrenB, You are right, Volex are free to come back with another offer for TT. But they were free to do so in the run up to Christmas when TT was in play and they chose not to. Perhaps they have decided to take Volex in a slightly different direction or they have asked DBay for a indication of the price thy want for their holding and it is more than Volex want to pay. And Cicor isn't going to try again in my view. My guess is that Dbay want an all cash offer---no paper so we are looking for a new bidder. I don't know who but I hope a consortium of companies bid for them with a view to splitting out the parts of the TT Group that are attractive to the individual constituents in the consortium. I suspect that TT's break-up value is more than 165p perhaps as much as 180p. However, if I was a prospective buyer I would wait till the 2025 results were out to get a better feel for the trading in the constituent parts and then go in and ask to do due diligence. Warren Tucker will be gone after the AGM, ideal time. (Incidentally, he has no shares now.) It may all come quicker but I'm not adding to my holding in the short term.

Based on their previous offer of shares and cash it would now be worth £1.62 and the company is now in a much better state .

Volex shares are racing ahead makes sense for them to make an all share offer for the company , the combination of the two would have so many positives !!

Looks like something is cooking makes sense for Volex to come back with another offer !!

DBAY just increased its stake. I still think CICOR is the most likely buyer given the strength of the Swissie. 165p should do it.

Whilst further bids for control of TT maybe several months away I suspect one will come in before the end of this year and with the CICOR price of 150p being rejected I would anticipate it would have to be 10% to 20% higher to likely be successful. Gradually increasing my holding here as current SP very attractive.

Has just increased its stake to 14%. Pourquoi?

@BadNewInvestor and more is yet to come. DBAY aren't allowed to submit another offer for the next 6 months, and Cicor for another 12months.

However, any other party could become a suitor. Volex was the same, had to wait 12 months since end of Dec 2024. Cicor came to the table just before that, and Volex avoided a direct negotiation confrontation as this would potentially push up the price even more. Patience is key here.. Nat Rothchild has deep ties into DBAY. They will aquire just a bit above 30% of the shares and just then Volex will come to the table, rest assured that they have guaranteed 30% of the votes Pro their offer.

Anyway, the value is there and anything below 110p is a bargain, now we know that TT value has been officially recognised at 150p+. Difficult times ahead on Geopolitics, which may instigate the investors (not DBAY) to sell get out of this with as much profit as possible. During those times, Volex (or someone else) will pop with a 145p offer which will pass through voting like a knife through a cake.

These thoughts are just speculations with a grain of potential in reality.

Good luck.

Since 14 August 2025 someone called GSEI has made several comments here on London & South East's chat board for TTG suggesting that Volex ["VLX"} will end up taking TTG over with the backing of DBAY via their holding of about 24.5% of TTG.

At yesterday's Court Meeting , TTG's shareholders failed to approve the proposed scheme of arrangement for Cicor's takeover because only 51.77% voted in favour. To go ahead, it had to be approved by at least 75% of TTG's shareholders who chose to vote.

Yesterday's announcement from TTG said that Cicor's proposed acquisition had lapsed and TTG was no longer in an "offer period" for the purposes of the Takeover Code so clearly Cicor have not opted to try to acquire TTG by way of standard takeover offer which would have needed the approval of the holders of more than 50% of TTG's shares.

We'll have to wait and see whether VLX or anyone else will make another takeover offer for TTG, which is what GSEI believes will happen.

Well done to everyone who bought in the months leading up to the announcement of Cicor's approach and who got out at 110p or more. I've never hekd TTG but I must admit that I'd been watching it since before VLX made their approach in November 2024 so I feel that I missed out on a good opportunity for a decent profit over a relatively short period of time.

See Tucker has sold his holding, so not expecting any positive action soon.

Volex share price has risen 30% since their last offer makes sense to resubmit an offer very soon !

Have just taken a punt on this company as it appears everyone wants to try and buy it !!!!

Badn=News, you sound and comment like a bot, except you are far more boring and who's comments add up to very little of interest!

A news article at 16:32 yesterday on London & South East's page for TT Electronics reported on what DBAY had to say after Cicor's bid for TTG failed. I quote from the article:

"DBAY Advisors, which owns 24.5% of TT, welcomed the outcome of the failed buyout bid: "DBAY believes TT Electronics is a great business and is well positioned to benefit from its exposure to structurally attractive growing markets, including favourable tailwinds in the defence sector. Since acquiring shares in TT Electronics, DBAY has been pleased with the improvements the company has been making as regards operational efficiency, productivity and financial performance. As a core shareholder, DBAY will take a long-term view on its investment in TT Electronics and will support the company's continued investment in its business and employees."

DBAY Managing Director Daniel Aharoni said: "We believe this is a positive outcome for shareholders and all the company's stakeholders. Management can now focus fully on executing its strategy, delivering sustainable long-term growth and profitability and unlocking greater shareholder value, while continuing to invest in its highly talented people and deliver for customers and other stakeholders."

Share Price: 114.00...Bid: 114.00...Ask: 117.00....Change: -6.00 (-5.00%) ....Spread: 3.00 (2.63%)

Take over not going ahead .

Chairman leaving .

"Earlier today, TT held the Court Meeting and General Meeting in relation to the Scheme. The percentages of votes in favour of the resolutions at the Court Meeting and General Meeting were, in each case, below the minimum thresholds required to approve the Scheme.

As a result, Conditions 2(a)(i) and 2(b)(i) to the Scheme have not been satisfied and the Scheme and the Acquisition have lapsed.

Commenting on the results of the Meetings, Warren Tucker, Chairman of TT, said:

"The TT Board is committed to representing the interests of all of TT's shareholders and wider stakeholders and has fulfilled its duty to present the Acquisition to TT shareholders for their consideration, given its value.

As only 51.77% of shareholders by value voted in favour of the Scheme, the TT Board notes that the Acquisition will not now proceed. The result is clear and the TT Board will continue to focus on existing business delivery.

Against this background, the TT Board intends to consult with its principal shareholders on its proposed strategy to take the business forward. TT is clearly at an inflection point and accordingly, after two three-year terms as Chairman, I have informed the TT Board that I intend to step down. The TT Board has asked me to remain until the AGM in May in order to allow for an orderly transition. The TT Board will now commence the process for identifying my successor."

Share Price: 111.60..Bid: 110.20...Ask: 111.80....Change: -20.80 (-15.71%) ...Spread: 1.60 (1.43%)

The 155p offer now looks good against todays share price .

Shares in TT Electronics tanked on Monday after major shareholder DBAY Advisors walked away from a possible takeover and reiterated plans to vote against a planned £287m approach by rival Cicor Technologies.

The stock soared in October after the Woking-based electronic components manufacturer received a 155p-a-share bid by Swiss outfit Cicor, only for DBAY to voice its disapproval.

DBAY then announced last week that it was considering its own approach, but revealed on Monday before its 1700 GMT deadline that it has no intention to make an offer.

The share price, which rose to a 14-month high of 154.8p in October, was down around 18% at 109.18p by 0833 GMT.

"In line with its announcement of 9 December 2025, DBAY continues to believe that the terms of Cicor's offer as set out in the scheme document are unattractive, and therefore intends to vote against the scheme of arrangement," TT Electronics said.

Under UK takeover panel rules, DBAY now has a six-month restriction from making an offer, but reserves the right to set those restrictions aside if the Cicor offer is withdrawn or lapses, if another third party shows firm interest, or if there is a "material change of circumstances".

Debay haven't said they would vote against the resoutions. They are being entirely rational in keeping their options open as the bid is not a knockout blow, more especially as a third is in bits of paper.

151.00...Bid: 150.20...Ask: 151.00....Change: -0.80 (-0.53%) ....Spread: 0.80 (0.533%)

My Break-Even Price....199.00

TT Electronics said on Friday that in the last three months it has received and rejected three highly conditional unsolicited all-cash takeover proposals from DBAY Advisors.

The company announced on Thursday that it has agreed to be taken over by Swiss rival Cicor Technologies in a £287m cash and shares deal.

Under the terms of the acquisition, Cicor will pay 100p per share in cash and 0.0028 new Cicor shares. The price, which values TT Electronics - a manufacturer of electronic components - at 155p per share, is a premium of about 64% to the closing share price on Wednesday.

Late on Thursday, however, DBAY - which has a 16.5% stake in TT Electronics - said it was "happy with the progress the business is currently making, and is therefore not supportive of the acquisition".

"Accordingly, DBAY does not intend to vote in favour of the scheme of arrangement at the court meeting, nor the resolutions to be proposed at TT Electronics' general meeting, as further described in the announcement," it added.

TT said on Friday that DBAY's first offer was at 122p a share, while the second and third were at 127p and 130p respectively.

"Each of these proposals was unanimously rejected by the TT board after careful consideration together with TT's financial advisers Gleacher Shacklock and Rothschild & Co," it said.

TT said the proposals received from DBAY were each subject to a number of assumptions and conditions, including undertaking due diligence which DBAY expected to take eight to ten weeks, and securing financing.

It noted that the offer from Cicor is 19% higher than DBAY's latest proposal of 130p per TT share, based on the closing price on 29 October.

"Against this background, the board of TT believes that DBAY may in some respects have a different agenda to other TT shareholders," it said. "The board of TT remains focused on delivering maximum value for all shareholders and believes the Cicor offer is the best route to achieving this objective."

Share Price: 151.80..Bid: 151.20...Ask: 151.80...Change: 57.00 (60.13%) ...Spread: 0.60 (0.397%)

Cicor..... CHF213.00...+4.00...(+1.91%) Year high.

Rns..Offer worth 155p ( 100p cash )

TT Electronics PLC on Thursday backed a GBP287 million takeover approach from Cicor Technologies Ltd.

Bronschhofen, Switzerland-based Cicor develops, and manufactures electronic components, devices, and systems.

Woking, England-based TT, which also manufactures electronic components, said the cash and shares offer values each share at 155 pence.

In response, shares in TT Electronics shot up 60% to 151.40 pence each in London on Thursday.

Under the agreed terms, shareholders in TT will receive 100p cash and 0.0028 in new Cicor shares.

On completion, it is expected that TT shareholders will own 10% of Cicor.

Accepting the offer, TT Chair Warren Tucker explained that TT directors consider TT's "insufficient scale has affected its growth and profitability, and has constrained its ability to optimise its portfolio."

"In addition, the uncertain macroeconomic and geopolitical outlook represent elevated risks given TT's scale," he said.

Tucker called Cicor's offer "compelling", delivering accelerated value for shareholders and representing an "attractive premium" to recent trading levels.

"TT directors believe that the combination of Cicor and TT represents an exciting opportunity for future growth and is in the best interests of all stakeholders, including our customers and employees," he added.

Cicor has received irrevocable undertakings and a non-binding letter of intent in respect of around 10% of TT shares.

Confirmed:

"Earlier today, TT held the Court Meeting and General Meeting in relation to the Scheme. The percentages of votes in favour of the resolutions at the Court Meeting and General Meeting were, in each case, below the minimum thresholds required to approve the Scheme.

As a result, Conditions 2(a)(i) and 2(b)(i) to the Scheme have not been satisfied and the Scheme and the Acquisition have lapsed.

Commenting on the results of the Meetings, Warren Tucker, Chairman of TT, said:

"The TT Board is committed to representing the interests of all of TT's shareholders and wider stakeholders and has fulfilled its duty to present the Acquisition to TT shareholders for their consideration, given its value.

As only 51.77% of shareholders by value voted in favour of the Scheme, the TT Board notes that the Acquisition will not now proceed. The result is clear and the TT Board will continue to focus on existing business delivery.

Against this background, the TT Board intends to consult with its principal shareholders on its proposed strategy to take the business forward. TT is clearly at an inflection point and accordingly, after two three-year terms as Chairman, I have informed the TT Board that I intend to step down. The TT Board has asked me to remain until the AGM in May in order to allow for an orderly transition. The TT Board will now commence the process for identifying my successor."

He won't be missed

Well I did attend the Court and General Meetings this morning and although the Poll will not be published until it is fully verified I got the impression that DBay had used their blocking vote and that the deal will not go through. As I said, this is what I expected and not what I hoped. Management's eye will have been on the deal for the last three month and not so much on the company...seldom a good thing. How far the shares will fall is anybody's guess. No industry buyers want it at 150p, the dividend will be cut this year, profits down, gearing ? so I can't see institutional buyers wanting to buy at much over 100p a share. One of the trickiest takeovers I have been involved in and an unsatisfactory outcome......I think

121 v 122p +5.50p

I wonder if Cicor is buying ( the bidder )

Keeps moving higher ahead of tomorrow's GM about the bid at 150p

119.80 v 121p +4.60p

Buying volume mainly has reach 304K pretty high lately

118.40 v 120p + 3p

Has been on the move up for some days now ahead of tomorrow GM

The Court Meeting will now take place on 7 January 2026 at 11.30 a.m. and the General Meeting will take place on 7 January 2026 at 11.45 a.m.

Plenty of volume today, maybe on expectations of something good at tomorrow's meeting

chart with volume ..http://uk.advfn.com/p.php?pid=staticchart&s=L%5ETTG&width=600&height=205&p=1&t=1&dm=2&vol=1&cb=

They may get to 70p again with ease!!

Thanks for the update Mr. P.

From what you suggest it could be a longer wait for an upturn or new offer being made than I hoped.

I am tending towards hold, as that was my original plan. May even buy a few more if they drop below 100p.

Petere, have you been following events!!??

So DBay not happy with the progress ! Well if you are unhappy put your own bid in. This company is worth well over £2 per share so this is a bargian not to be missed.

And the reason for the adjournment is? Answers on a postcard.

Good question. There must be a reason, surely. If nothing pops up early next week, I suspect that they are waiting to get the voting out of the way. Which will be a 👎 and then will make the offer (maybe of the same amount 150 - becoming the single bidder now Cicor deal is off)

Time will tell. But something's clear as day.. anything below 100p is a bargain.

So why don’t Volex make an offer now at 155p rather than wait.

Gsei

Thanks yours . Do you think Webster will get in the way of npvjr wishes ? Frankly I hope you are correct as am well under water at present. rgds

I've said this before, numerous time here. DBAY is the puppet, Volex is the puppeteer that pulls the strings from the shadows. DBAY will vote against. After this Volex will make an offer(155p), and DBAY will back that offer. Because TT Electronics must go to Nat's portfolio.

TT will remain a UK business, under Volex umbrella.

Mark my words.

Simples.

TAn extract from the Osborne article:

"DBay started this bid with a 16.5 per cent holding, topping up to a blocking stake last month at prices between 140.3p and 149p. So, even if it bought much of its initial slug at below £1, it’s well down on its recent purchases. And, though it may want to drive down TT’s shares before returning with its own bid, it can’t come back for six months (except in circumstances out of its control). For up to 12 months, too, its recent share buying could set a minimum price of 149p for any bid. The result? It faces a long wait to make a low-ball offer for a group that has just warned trading is “challenging”.

Hence, one theory that was knocking around. That DBay’s real intention with last Tuesday’s bid considerations update was “bumpitrage” — an attempt to force a bit extra out of Cicor by releasing its offer from its “final” status. What DBay didn’t know, though, was that only hours later Cicor would have a profits warning, taking 28 per cent off its shares, so leaving both the Swiss group and its shareholders loath to bump the price.

In short, did DBay’s M&A tactics backfire? Neither it nor Paiusco are saying anything. But TT’s banking advisers and other big investors — Fidelity, Aberforth, Artemis and Slater, together with a third of the group — could yet try to persuade DBay to change its mind, accept Cicor’s bid by the vote on December 22 and bank a nice profit. They could even throw in a few threats never to work with DBay.

Still, even then, would the Takeover Panel let DBay go back on a statement it has made three times about not accepting Cicor’s bid? Well, possibly. Having ditched its plans for its own offer, DBay is now just a shareholder. And the rules over market statements are less strict for them than bidders. All the same, the panel would have to weigh up the competing interests of shareholders holding TT against those who sold on the strength of DBay’s statements. So, a fine call.

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Besides, it’s all probably academic. To judge by TT’s share price, the market has already got DBay’s Paiusco down as a right Christmas grinch."