The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
FWIW Example Wkend you had 90 shares at 4175p value 3,757.50
Say Today
A __Your original 90 shares at say 3263p value £2936.70
B__You have your Rights NIL paid to 70 shares valued at 1022p say £715.40
So you have both nvestmenst A plus B to give value £3,825.10
OK I haven’t fixed the numbers to be equal for numbers to be but point is
that you only paid for original A , your rights are currently nil paid B so far cost zero, so you are roughly even.
Prices for all three EPIC prices will move in the market so you can play with the numbers and decide what to do
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Convert your Nil paid to share, Sell Your nil paid for cash, or wait and see if you get anything out of the end auction
Circular gives al possible theoretical ex-rights price (TERP) of £33.28 per Existing Ordinary Share
FWIW____EPIC for Aveva shares
Code_____Instrument name_________________Price
AVV______ORD 3 5/9P______________________3,263.00__Normal shres GBX -20.72%
AVVN_____NEW ORD 3 5/9P (NP-09/12/20)____1,022.00__Right Issue Nil Paid
AVVF_____NEW ORD 3 5/9P (FP-09/12/20)______________Rights Issue Fully Paid
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Ordinary shares have declined in Value by some 21% price
Rights Issue Nil Paid shares are being traded today
Rights Issue Fully Paid shares are NOT yet being traded today
Potential fun trading options for the Lucky ones, who are qualified for Rights issue, will soon be available. Rights Issue rarely occur and my understanding is:-
Between 8.00 a.m. on 25 November 2020 and 11.00 a.m. on 9 December 2020, you can either trade Ordinary Shares (which will not carry any entitlement to participate in the Rights Issue) or you can, subject to demand and market conditions, trade in the Nil Paid Rights these are Priced under a different EPIC
Other fun tricks are “Cashless Take-up” or “tail-swallowing” is if sell some rights and use the proceeds to take up remaining rights. Contact your stockbroker or financial adviser who may be able to help if you wish to do this.
If you don’t wish to take up your rights do nothing. You may, or may not, get some cash later when those not taken up are sold in an auction. Other tricks are listed in the Circular and Prospectus DYOR
Normally Ex date is date before the Record Date... extract of details from circular
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Latest time and date for receipt of Forms of Proxy 9.30 a.m. on 20 November 2020
Rights Issue Record Date _______________close of business on 20 November 2020
General Meeting _____________________________9.30 a.m. on 24 November 2020
Announcement of the results of the General Meeting__________ 24 November 2020
Despatch of Provisional Allotment Letters (to Qualifying _______ 24 November 2020 Non-CREST Shareholders only)
Existing Ordinary Shares marked “ex-rights” by the_ 8.00 a.m. on 25 November 2020
Latest time and date for acceptance, payment in full 11.00 a.m. on 9 December 2020
DYOR
Trading volumes have been averaging 3 times the pre merger based on stats (merger 12 trading days ago). The are several negotiated deals which appear on Stock Exchange listing but not on other lists… including two equally big £3.5million within seconds… another 8 above £100K…which may suggest big boys playing swaps.
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Normal trading yesterday had points to watch for PI’s is in the huge proportion of ALGO trades. In the trading band below 500 lot size there were 743 ALGO trades average deal £1,172 against 41 off-book trades average size £1,334. (All trade sizes 785 v 85). The ALGO trades were being made throughout the day at a rate of around three every two minutes. (some at 3 per second). Which to me indicates we had Fast Trading (Flash Guys)
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Another oddity was many trades with lot size under 10 or value £50 . That was 28 trades out of 909 (and 84 under 35 or £200). What is that ??? Signals between dealers ??? ALGO dealers doing a trial run ???
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Just my observations on an fascinating days trading. May we live in interesting times
War-chest spending announced eight trading days ago
share price up roughly 10% since then
Interims due in another eight trading days (26th Nov)
May we live in Interesting times
Revenue Growth has been impressive
Year End 31st Mar 2015_/_2016_/_2017_/__2018_/_2019_/_2020
Aveva Revenue £m 209__/__201_/__433_/__486__/_767__/_834____CAGR 32%
OSIsoft $m ___________/_ 422.7_/_ 439.1_/_ 470_/
Current P/E is 36.3 for AVV
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Proforma for Enlarged Group
£m Revenue £1,202___ PBT £123.1____Net Profit___£85.6
Press____ Rights at 2255p
(Reuters) - British industrial software provider Aveva Group said on Friday it intends to raise 2.84 billion pounds ($3.73 billion) through a rights issue to partly fund the acquisition of SoftBank-backed peer OSIsoft. Aveva, which is buying the company for an enterprise value of $5 billion, said the rights issue will offer 125.7 million shares at a price of 22.55 pounds per share.
War Chest from sale of Romania has been spent on duo of SME merchant card leasing firms in £70m acquisitiont to acquire Handepay and Merchant Rentals from a consortium of private investors.
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Operating in the UK since 2006, Handepay provides card payment services to SMEs, as well as establishing leasing agreements with SME merchants for card payment terminals through Merchant Rentals.
' SEE BNS for details
Interims synopsis
Creditable performance in a Covid-disrupted trading and a strong H2 pipeline
Revenue______________________GBP332.6m__v____ GBP391.9m____(15.1)%
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Dividend per share ______________15.5p__v____15.5p
payable 5 February 2021__________XDiv on 8 January 2021
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OSIsoft's strong trading has continued.
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Merger Expected to complete between December 2020 and February 2021
Rights Issue to be launched very shortly
RWS and SDL... Scheme was sanctioned by the Court 2 Nov 2020. Scheme will become effective on 4 November 2020SDL.
FOR scale only
Market Cap is £7.44b__________rights issue needs to raise £3.5 billion
Shares in Issue are 161,665,453
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Wild guess
at rate say 1 for 2 gives 80,832,726 shares at £40.00 which would raise £3.2 billion
Not enough___change discounted price or change the rate to 1 for ???
DYOR _______these numbers are above my pay grade
The Combined Circular and Prospectus is expected to be published in October or early November 2020 with the proposed Rights Issue to follow soon thereafter.
The proceeds of the Rights Issue of $3.5 billion to fund the Acquisition excludes amounts payable for transaction related fees and expenses..
Pivot deal
____Deal cost is CAD 105.8 million on a fully diluted basis of 40,688,650 shares, options, and Restricted Stock Units, payable upon completion of the acquisition. By my calculation this equals £61.75 Million
____Computacenter held cash and cash equivalents of £222.1 million at 30 June 2020
About Pivot
___Pivot is an industry-leading information technology services and solutions provider to many of the world's most successful companies, including members of the Fortune 1000, as well as governments and educational institutions. By leveraging its extensive original equipment manufacturer (OEM) partnerships and its own fulfilment, professional, deployment, workforce and managed services, Pivot supports the IT infrastructure needs of its clients. For more information, visit www.pivotts.com
After the Bell RNS... extracts which may explain yesterdays share price action ???
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Computacenter ... confirms that, with the shareholder approval, ....acquisition of the entire issued share capital of Pivot, with an all cash offer of CAD 2.60 per share, will occur on Monday 2 November 2020.
Disposing of Romanian Company for £47 million reported today
Last time I looked "Cash and Assets" were £96 million... so not short of cash
A rumour-mill must be starting with question are they building a War-Chest for Mergers and Acquisitions ???
Of interest published Today
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https://uk.finance.yahoo.com/news/quick-analysis-caspian-sunrises-lon-060528333.html
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Make of it what you will
Today’s Trading Update Synopsis
______Full year update revenue expected to be not less than GBP355 million,
______Adjusted profit before tax also expected to be in line with market expectations.
______Acquisitions earlier in the year of Iconic Machine Translations, Ltd (Iconic) and Webdunia.com (India) Private Limited (Webdunia), have been integrated and are performing well.
______Recommended all-share combination of RWS and SDL remains subject to the Court sanctioning the Scheme at the Court Hearing.
______Announcement of full year results on 10 December 2020.
For scale______Downside is that Company is now responsible for monthly costs while not in use these are estimated to be $60,000 v current monthly costs $900,000
______Nominal Enterprise Value goes from £29.55m to say £31.5 million
______Upside is the Annual Revenue stream which is currently £9.89 m to which a one season contract for $24 million adds £18.5 m. But with Shares in issue now 2,088,219,494 that is under a penny per share.
______IMHO There are risks and rewards with Caspian Explorer. Not the least of which is to land a Contract. The benefit would be in doubling the annual cash flow and how that can progress the Oil Field business
Not sure this is relevant but an RNS re a dispute with British Gas ???
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28 June 2019
confirm today that after extensive negotiations with British Gas, it has been unable to agree appropriate renewal terms for its multi-year contract and will cease working with British Gas and its customers after 31 December 2019.
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The impact on net revenue and contribution in the financial year to 31 March 2020 is expected to be around GBP1.4 million and in the financial year to 31 March 2021 is forecast to be approximately GBP3.5 million.