Member Info for faz147

thanks for your thoughts mate, would be happy with steady rises to 70p by Christmas/new year, my uncle asked me for a few tips so want them to be the best possible tips. Already showed him PXS and all that they are doing, also C21, PMK, MONI, BSST, NPH, UGY, SYNC, STF, and a few others, so will wait and see what he decides! Think the NAV will prevent IERE from having too much of a retrace on the way to 70p, and VERO should be taken over for between 24p and 45p! And who knows where PXS could go

Just had a little punt with IERE this morning, been watching them and a few other property/real estate plays and they seem to be the most undervalued around! IYO when do you expect 70p to be breached, saw someone say 1 month but that seems a little unrealistic to me. Not got any specific targets or timescales with that one, but would like to hear your thoughts, cheers

sorry guys a bit long-winded! But the point is, SAP bought 63.12% of SAF's shares (3,496,251) for 11.5 Euros each, paying a total of 40.204 million Euros, which valued the total company at 63.69 million Euros. Although it was only 9.5 percent premium according to the XETRA closing price (EUR 10.50) for the SAF share on July 17, 2009, and a 33.9 percent premium to the volume-weighted average price of the SAF shares in XETRA trading on the Frankfurt Stock Exchange over the past three months, the value payed for the company was equal to a multiple of 4.7533 times annual sales revenue, and a multiple of 30.33 times the consolidated profit for 2008! If it were to be a European Company such as Dessault Systems looking at a takeover, this deal will be the most recent takeover of a software company in Europe for them to refer to! Dont think we will see that kind of multiple of profit, or even of earnings, but it does make me optimistic that we could see more than 25p on the table! DYOR GL

About SAF SAF Simulation, Analysis and Forecasting AG specializes in the development of automated ordering and forecasting software for retailers and industrial manufacturers. SAF deploys the demand chain management approach, which controls replenishment planning based on consumer demand patterns. SAF software assists users to realize substantial cost savings and optimizes general logistics conditions through its simulation capabilities. As a result, significant competitive advantages are achieved along the entire value chain: lower inventories, improved product availability, and last, but not least, a higher level of customer satisfaction. SAF AG was established in 1996 by Dr. Andreas von Beringe and Prof. Dr. Gerhard Arminger. SAF shares are listed at the official market (Prime Standard) at the Frankfurt Stock Exchange (FWB). Today, the company employs approx. 100 people. Consolidated sales revenues for fiscal year 2008, were approx. €13.4 million with consolidated profit of €2.1 million according to IFRS statements. SAF’s products are distributed in many European countries as well as in the United States. The company is headquartered in Tägerwilen, Switzerland. SAF also has a subsidiary in the United States: SAF Simulation, Analysis and Forecasting U.S.A., Inc., Grapevine, Texas and in Slovakia, Bratislava: SAF Simulation, Analysis and Forecasting Slovakia s.r.o. with the focus on Nearshore-Development.

WALLDORF, Germany - September 04, 2009 - SAP AG (NYSE: SAP) today announced that the company acquired the majority shareholding in SAF Simulation, Analysis and Forecasting AG (SAF), one of the global forecasting and replenishment software leaders in the retail and wholesale industries. By the end of the acceptance period on August 28, 2009, SAP’s offer was accepted for 3,168,205 shares in SAF. In addition, SAP acquired 328,046 SAF shares on the stock exchange since the beginning of the acceptance period and now holds 3,496,251 SAF shares in total. This corresponds to approximately 63.12 percent of the share capital and the voting rights of SAF. With clearance of the offer by the German Federal Cartel Office on August 4, 2009, and by obtaining the minimum acceptance level of 50 percent of the share capital plus one share, all conditions specified for this offer have been met so that the further execution can occur as scheduled. SAF shareholders who have not yet accepted the offer of EUR 11.50 per share can do so during the extended acceptance period from September 4-18, 2009, concluding at 24:00 hours CET. The offer document and all related announcements of SAP are available online at www.sap.de/investor (German binding original version) and www.sap.com/investor (non-binding English translation).

Global Software Leader SAP to Broaden Scope of Offerings in Forecasting and Replenishment for Retail and Wholesaling WALLDORF, Germany and TÄGERWILEN, Switzerland - July 20, 2009 - SAP AG (NYSE: SAP), the world's leading provider of business software, today announced its intent to make a public tender offer to purchase all shares in SAF Simulation, Analysis and Forecasting AG, one of the global forecasting and replenishment software leaders in the retail and wholesale industries. Through the intended acquisition, SAP plans to further extend and complement its current planning, forecasting and replenishment solution portfolio for retail and wholesale companies. The companies have a long history of successful cooperation based on an original equipment manufacturer (OEM) partnership. At present, SAP does not hold any shares in SAF AG. SAP intends to offer SAF shareholders an amount of EUR 11.50 per share, which represents a 9.5 percent premium according to the XETRA closing price (EUR 10.50) for the SAF share on July 17, 2009, and a 33.9 percent premium to the volume-weighted average price of the SAF shares in XETRA trading on the Frankfurt Stock Exchange over the past three months. The offer will be made subject to a minimum acceptance threshold of 50 percent plus one share and the approval of the responsible anti-trust authorities. Both major SAF shareholders, who together hold approximately 38 percent of the shares in SAF, have agreed to accept the SAP offer.

EVENTS AFTER THE END OF THE QUARTER In July we announced our intent to make a public tender offer to purchase all shares in SAF Simulation, Analysis and Forecasting AG, one of the global forecasting and replenishment software leaders in the retail and wholesale industries. Through the intended acquisition, we plan to further extend and complement our current planning, forecasting, and replenishment solution portfolio for retail and wholesale companies. If the offer were to be accepted for all the SAF Shares currently in issue of which we are aware, i.e. 5.5 million SAF Shares in total, our payment obligation to the accepting SAF Shareholders would total approximately €63.7 million (representing an offer price of €11.50 per SAF Share multiplied by 5.5 million (issued) SAF Shares). In addition, we will incur transaction costs in connection with the offer and its completion which are not expected to exceed €2 million in total. Our total costs for the takeover of SAF are therefore expected to amount to a maximum of €65.7 million (Total Transaction Amount). After taking into consideration the cash acquired, the approximate purchase price will be €40 million.

morning all, hope you are well! Anyone had any further thoughts on who it could be that is in talks with VERO over a takeover? After reading through fjp's predictions for a takeover price based on EBIDTA I set about trying to find some examples in recent history. One example I found was SAP's majority takeover of SAF Simulation, Analysis and Forecasting AG, who specialised in the development of forecasting software. SAP announced their intent to purchase SAF in July, and the deal to purchase approximately 63.12% was agreed in September.

hi mate hows tricks? Apologise in advance for spelling, just back from pub watching Arsenal. Been watching here for a while.......not managed to get in although like the prospects still long-term. You think 150p will take some time, as a guess/IYO how long do you think until that target is realised? Also do you care to share your other potential multi-baggers or your e-mail at this late hour? Cheers

Still looking for some clues as to the value of the property from the Camtek purchase, have you got a link to anything regarding the property? So far this http://www.vero-software.com/group-news-detail.php?id=11 is the most detail I have found about the purchase of Camtek! Also found this below, further evidence of the strength of VERO's products http://www.vero-software.com/case-studies-detail.php?id=8 Also, from the 2008 full year results announced in April 2009: Operating Expenses The near dramatic fall in sterling during 2008 served to increase both revenues and overseas operating costs in our foreign offices. The significant movements in exchange rates in the second half of the year also had the effect of increasing costs relating to overseas subsidiaries. The growth in selling expenses before restructuring costs (11%) and administrative expenses before restructuring costs (3%) are as a result of the exchange rate movements but also reflects the extent of our overseas sales efforts while unfortunately hiding the effect of substantive 2008 cost cutting which will become effective in 2009.

"The tax charge showed a significant reduction to £75k (2007: £420k), largely due to a new taxation regime in Italy where Research and Development credits are now available. Exceptional costs of £445,000 were incurred during the year as a result of restructuring in our Italian and Chinese subsidiaries and the move of our two UK offices to a single location in Cheltenham, Gloucestershire. The Italian and UK office rationalisations have made significant cost savings as well as providing more efficient and focused product development and sales effort." Do you think that they will still benefit from the reduced tax charge, saving them £345,000 last year? They certainly should not have exceptional costs anywhere near last years, where the costs of restructuring the Italian and Chinese subsidiaries were included, as well as the 2 becomes 1 office in the U.K. If the restructuring last year has enabled VERO to keep their costs lower in the first half of this year, then earnings could be a few hundred thousand pounds higher than anticipated, and although it does not sound like much, with so few shares around every 100k counts!! :)

http://www.investegate.co.uk/Article.aspx?id=200808190700065771B The Company announced on 3 April 2008 that the Board had decided to initiate a capital re-structuring to allow the payment of future dividends. Following the requisite approval of shareholders at the AGM on 12 June 2008, the Company sought, and on 13 August 2008 obtained, Court approval for a reduction of its Share Premium Account by £4,000,000 from £5,860,176 to £1,860,176. Following registration of the Court Order the reduction of Share Premium Account became effective yesterday. So even if there is a takeover, you don't think they will be obliged to return atleast some of this money to shareholders in the form of a one-off dividend?

good work mate, do you not think the share premium account money would be taken into consideration? It is quite a substantial amount of money, £5.8 million pounds before £4million was taken out, supposedly for dividends........even if the debt at around £2m was paid off, there would still be £3.8m which would be equal to 10.1886p per share!

You thinking of having a punt here?

that was my first guess at takeover price, 30-35p, but still getting the full picture and now think 25-40p, quite vague I know but we will see!

http://miranda.hemscott.com/servlet/HsPublic?context=ir.access&ir_option=RNS_NEWS&item=66179006259075&ir_client_id=676&leftnav=ir seems that the money can be used for strengthening the balance sheet, "enabling the payment of future dividends out of distributable profits and provide the flexibility for the Company to purchase its own shares, should circumstances and opportunity allow." Dont know if this is still how it works, but any of these developments would be positive for VERO

thanks, found that link yesterday, but was looking for confirmation that the money has to go to shareholders, no luck as yet! If so it would be more than 10p per share! Original plan was to try and make some quick profit from results here to increase holding in PXS, but I'm not so sure what the plan is now! So if there is a takeover, does the entirety of what remains in the Share Premium Account as well as the £4milion taken out go to shareholders, or could it be used to pay off debts? That is what we need to know!

http://www.investegate.co.uk/Article.aspx?id=200808190700065771B The Company announced on 3 April 2008 that the Board had decided to initiate a capital re-structuring to allow the payment of future dividends. Following the requisite approval of shareholders at the AGM on 12 June 2008, the Company sought, and on 13 August 2008 obtained, Court approval for a reduction of its Share Premium Account by £4,000,000 from £5,860,176 to £1,860,176. Following registration of the Court Order the reduction of Share Premium Account became effective yesterday.

the frogs?

I spoke to soon 18.5p dummy sell, but was having serious trouble getting a quote for more than 1000 shares a minute ago, now get same price for 3000 and probably more. They want shares again??