Member Info for SGD27

2 days on and still no holdings RNS for the 5.6% buy. Surprising...

OK, so Griffiths sold 1,792,038, and the big buy was 10,092,038. Five matching digits can't be a coincidence!

Someone just bought 5.6% of the shares! The holdings RNS will be interesting...

KWS are presenting at ShareSoc on 5th July : http://www.sharesoc.org/richmond-july.html

Investors Chronicle recommendation : http://www.investorschronicle.co.uk/2016/05/19/tips-and-ideas/share-tips/log-in-to-keywords-studios-for-growth-C23aCnVnuVeXWlyFBHGxIK/article.html "Log in to Keywords Studios for growth Video game developers have balked at the challenge of launching titles in dozens of languages on multiple platforms, leading them to outsource tasks such as localisation, testing and customer support to Keywords Studios (KWS). Strong demand, supplemented by acquisitions that have broadened the group's service range and global footprint, has resulted in rapid earnings growth. Given the group's widening margins and potential for further acquisitions, we think Keywords' shares undervalue its outsized prospects." - the rest is subscriber-only.

Just a couple of relevant articles from last week. 1. Jaime Gine "Keywords Studios appointed Jaime Gine to the newly created role of Chief Customer Officer effective April 18, 2016. ... He will also guide the integration of Synthesis into the Keywords Group." https://slator.com/people-moves/who-went-where-the-week-in-language-industry-hires-10/ 2. Microsoft-authorized Xbox tester "A Keywords article that’s NOT about an acquisition? What’s going on?" - and describes Keywords as a "Growing services empire" !! http://www.develop-online.net/news/keywords-now-a-microsoft-authorized-xbox-tester/0220209

Directors selling a third of their shares would sometimes be seen as a red flag, but I don't think that's the case here. They've done a great job building up this company, and I don't blame them one bit for crystallising some of the gains. It's made a few million for them and a few thousand for me - but unlike them I haven't had to work for it :) I'll continue holding all mine though, as IMO there's still plenty of upside to come. Well done guys!

BofAML 2016 Conference Presentation is here : http://www.fresnilloplc.com/media/208720/160506-fresnillo-bofaml-miami-presentationfinal.pdf

Agreed, it certainly seems like something is going on. Henderson declared 52,173,987 = 29.16% in the RNS of 6th April. So they could still add another 1.5m without going over the critical 30%, and today's big buys could be part of that. Intriguing...

Hi CarpeDiem1, Just working through your calcs, 1,581,546 at 66p isn't £1,438,000? I'm wondering, if RG believes he can eventually get 30p, why he would sell a load at half that price? I suppose it may be just that he couldn't turn down the opportunity to add as many as possible at 10p, then having to sell some to get back to his intended longer-term holding. Who knows?! Anyway, I agree with the general conclusion that this is now undervalued (based more on following RG & Henderson than any valuation of my own), which is why I'm continuing to hold here. ATB

Griffiths selling, now down to 7.71%. That explains the sudden SP drop then. So it looks like it's all down to Henderson now, and I wonder what their plan is. With 29% they must have a plan, surely? Hi rjmahan, interesting analysis, any thoughts on this further development?

Yes, good news. I wonder where the next acquisition(s) will be? One possibility that crossed my mind is South Korea, where 'e-sports' is a national pastime - and in some cases a disease : http://uk.businessinsider.com/south-korea-online-gaming-addiction-rehab-centers-2015-3 It looks like there may some exposure to Korea via Synthesis, acquired in April, but probably scope for much more.

Re today's RNS, the Annual Report etc are a bit tricky to find. You need to go here : http://www.keywordsstudios.com/en/rns-and-documents then, under "KEYWORDS STUDIOS - DOCUMENT ARCHIVES", select ANNOUNCEMENTS > ANNUAL REPORTS > 2015 to get to the PDFs. The "Annual Report" is actually an 80-page document, which may take me some time to digest...

Not the easiest name to google, but this is clearly the company : http://www.synthesis.co/ I can't immediately find the number of employees, but they're obviously large. I certainly wasn't expecting yet another acquisition on this scale so soon. Fantastic news - I expect they'll be VERY busy with the integration process over the next few months!

And now Henderson Group have reached 29.16%. As I understand it, that's just about as high as they can go without hitting the "mandatory bid rule" at 30%. Anyone care to speculate on what's going to happen next?!

Henderson now have 27.45%. Wow.

http://www.proactiveinvestors.co.uk/companies/stocktube/4850/keywords-studios-plc-delighted-with-2015-eyeing-chinese-market-after-mindwalk-deal-4850.html

Hi RomanPope, I had 6000 qualifying shares, so the basic entitlement was 4800. I requested a total of 16500, which I calculated was close to the maximum 6000 x (130m / 47.12m). What I appear to have got is a total of 7876, i.e. 3076 excess, which is ~26% of the 11700 excess I applied for. What I was expecting, based on the figures given in Thursday's RNS (see below), was 8317069 / 53660621, which is ~15.5%. But I may have misunderstood. Here's the relevant bit of the RNS : "Applications were received under the Open Offer for 29,379,217 New Ordinary Shares by way of Basic Entitlements and for 53,660,621 New Ordinary Shares under the Excess Entitlements Facility. Pursuant to the terms of the Open Offer, all shares applied for under the Basic Entitlements will be issued to the relevant Qualifying Shareholders and 8,317,069 New Ordinary Shares will be issued pursuant to the Excess Application Facility. Applications under the Excess Application Facility will be scaled back pro rata to the number of shares applied for by each Qualifying Shareholder under the facility."

Well, they arrived in the end, with rather more of the Excess Entitlements than I was expecting :-) I expect there'll be quite a few Holdings RNS's heading our way early next week.

Phoned up HL, and they say they're still waiting for them. Once they arrive, it takes about half an hour to process them & pass them on.