Member Info for Kendall12

Always reassuring when this lot arrive

Mavis - wasn't she in Coronation Street ?

Harwood absolutely loved your idea of an MBO - just one minor issue to resolve, they just realised they are shareholders, not management. I told them to get in touch with a p/E firm.

Thanks for the free entertainment - the belly laughs just get bigger and bigger.

Probably one of the dumbest comments ever on so many grounds - must be a wind up -surely. But a top big belly laugh all teh same. Perhaps I'll email the suggestion to Harwood!

A management buyout (MBO) is a corporate transaction where a company's existing management team acquires a controlling stake, often using a combination of personal funds, debt, and external financing.

You are talking utter nonsense - I have not said that the CEO (Ash) signs off his own compensation awards. Indeed, I have said the exact opposite in that he knows as well as anyone that he does not have a cat in hells chance of this max award being voted through unless he can secure a strong bid.

Cannot be any clearer than that.

I am fully awake thank you. You are both missing my point and at the same time making my point.

Of course the main shareholders would not be happy with the LTIP, unless of course a strong bid is forthcoming. Ash knows this and he knows he does not have a cat in hells chance of the awards being voted through without a strong bid so why put this in place now as it is doomed without a strong bid?

This leads me to believe that the LTIP are all part of the overall bid structure. The new owners will honour the awards - its a bonus payment to Ash and in return he will remain. This is quite a common practice ahead of a bid- its just another relatively minor cost of the acquisition.

Ok - I thought you were referring specifically to their unhappiness with the share awards, rather than company performance.

Exactly so hardly going to allow directors max awards at almost 5 year low share price unless a strong bid up their sleeve. Ash will be fully aware of this.

You are kinda making my point for me - this will only fly with major shareholders if a strong bid emerges tomorrow.

How would you know that lots of holders are not happy with this.

If I were a betting man I would sign up to these being agreed as part of the deal structure to lock in key directors.

Bid - £3.20 - vest - Windfall Ash circa £1 m - not a massive payout in todays world and all will be happy including major shareholders.

One must refer to the details contained within the plan, but in most cases there is a change of ownership clause and it is common for share awards to vest on a change in ownership. The price paid by an acquirer would likely satisfy the performance targets.

If there was no change in ownership it would not be irrelevant as the strike price has been set at £1.85. If there was no change in ownership anticipated I think I would wait and take my chances on the price falling from £1.85.

The Board may not be re-elected but the award scheme remains so how can it be irrelevant?

My money is on them cashing in ahead of a deal and their on-going involvement with Newco is also part of that deal.

Why else grant max performance share rewards for a scheme that runs to 2028? SP performance, investor returns do not support such an award.

Interesting - granting max LTIPs with conditions / targets to be decided later. I wonder if this is to secure their on-going support. Ash is as we know probably tight with Bridgepoint. You dont normally get a maximum grant when underlying SP performance so poor.

Spire Healthcare Group plc (the Company)

18 March 2026

Grant of Long Term Incentive Plan (LTIP) awards

The Company announces that, on 17 March 2026, performance share awards were granted over the Company's ordinary shares in the form of nil cost options to the following Executive Directors of the Company, under the rules of the Company's Long Term Incentive Plan.

Executive Director Maximum number of shares under award

Justin Ash 736,733

Harbant Samra 451,653

Indeed, the most common reasons for an extension of a PUSU period into a second period are 1) extra time needed for due diligence 2) price negogiations due to there being more than one bidder 3) arrival of a new bidder.

I would place a low probability on 1) as the sale of the buisness was muted as long ago as Sept 2025, maybe even earlier, so plenty of time for due diligence. That leaves 2) & 3) which if it is the case could be very positive in terms of a bid higher than most on here seem to be expecting.

My view is that anything under £3 was a non starter from the get go and the major shareholders would have made this prefectly clear to Rothchilds and potential suitors accordingly.

The average share price of SPI over the last 12 months is circa £2.10 - 50% premium on that is £3.15, 60% -£3.36 70% -£3.57.

Absolutely - they have to put that money to work.

Well you seem to be wetting your pants - thats palpable and you dont even have a position - super big belly laughs all round

Thanks for that - interesting.

Following your twisted logic why would would anyone buy shares in a tech company that is going to make losses for 10 years.

Your logic also effectively removes the competitive process from any acquisition as all parties can compute an identical valuation.

In this case, under your methodolgy the valuation is essentally one of bricks and mortar and the rest comes later - well I can tell you P/E won't will many deals nor attract the interest of many sellers adopting your logic. There is always a premium to reflect the future potential of a business aquisition- that is the very essence of the competitve bid process as bidders will form their own views of the future for teh business when the computing their bid and highest (all othet things being equal) will win the deal. You don't need P/E to value a building !

Comparing a car parks operator with the Uk largest private healthcare provider does not reflect well on you. CBA by which I assume you are referring to a cost benefit anlysis, well that would be performed as part of the process on putting a bid together.

Unlike yourself, P/E are fully aware of the transformational change that AI and robotics (in which UK is one of the world leaders) will bring to this sector.

As for an asset strip- SPI can very easily call up a property investor fund and do a S/L all by itself. P/E are fully aware of this. Triton and Bridgepoint are not regarded as being asset strippers, they are growth investors and there are also many good reasons for leaving the property estate as it is.

Likewise enjoy your day and think about a trip to China where robots are routinely performing surgical procedures, policing train stations and I even had my dinner delivered by a robot. Open your mind to the future.

The hostility and child like post simply illuminates teh room brightly with your lack of understanding or perhaps just your laziness in failing to acknowledge the depth and breadth of analysis that P/E preforms to prevail in often what are highly competitive situations.

Stick to you balance sheet/ free cash flow and eyes firmly glued to the the rear view mirror.

Another belly laugh for P/E.