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You never know for sure but I doubt it would be as long as Feb. My guess would be that we will hear something well before the 28th and if there is a recommended bid (which we still don't know is going to happen!) the plan would be a vote around mid September, and if it goes through delisting about a month later. Of-course a protracted bidding war could put it back, but if 200p really is as cheap as some seem to think there will be a desire to get the deal done as quickly as possible.
It will depend on whether there is a counter bid. In theory it could go on for many weeks. However in a case like this where we already know of the bid situation before any bid has actually materialised, I would say that if anyone else is interested they are already watching closely and evaluating the situation. So if Stonegate do make a definite offer, the other party would be likely to reveal their hand pretty quickly and any bidding war could be concluded within a week or two. However there is no hard and fast rule and it could in theory go much slower. Once it is decided who is the highest bidder there will be a vote and if it's formally approved payments probably made within a month or so and the shares delisted - once again it can take longer but the buyer will probably want to get on and take control as soon as possible, In all honesty, once a deal like this is settled it can be a bit of a frustrating wait and many shareholders prefer to sell in the market so they can get their money out and move on.
There are certainly shares changing hands - check the RNS's re. IPC Concept who now hold over 6% and appear to be buying up shares at above the price the management are prepared to pay. As someone has commented on another board, if they think the shares are really only worth 42p, why don't the managers sell to the buyer willing to pay more than this in the market?
Hardly anyone is accepting. It is looking likely that they will either have to abandon their attempt or increase the offer significantly. Do not sell at this price.
And a quick response from the independent directors rejecting the proposal http://www.investegate.co.uk/interquest-group-plc--itq-/rns/response-to-chisbridge-announcement/201705161620113362F/
Interesting development. Management want to take the company private at 42p. I hope they don't get away with this. It surely has to be worth more. http://www.investegate.co.uk/chisbridge-limited/rns/statement-re-recent-share-price-movement/201705161551053313F/
or I might have meant DMGT!!
Trading on a p/e of around 7. Debt now only a small fraction of the market cap and being repaid comfortably from revenue. Dividends about to recommence and this should be a good solid income stock in the years to come. Rapid growth being seen in the digital side of the business. No reason why these shouldn't be around 10 - 12 times earnings which would still be significantly less than DGMT.
Ah well, that'll be it then! Thanks for the info. I am a very satisfied holder as I bought most of mine at around 75p in Spring 2009.
Quite a flurry of activity over the past two days - usually there are only a handful of trades each session. HYC has long been spoken of as a bid target, and every time this happens you can't help wondering if some news is imminent.
Worth putting on record here that having recently initiated coverage with a 200p target, following the upbeat IMS Liberum Capital have now raised it to 260p.
I really don't think this will 'massively disrupt' the share price which is already very low, and the hacking scandal is almost certainly one of the reasons for that. If anything, yesterday's RNS made clear that compared to News International who are in it up to their necks, TNI's alleged misdemeanours are modest by comparison. It still may all come to nothing, but even if the company has to pay substantial penalties this is a business which is generating huge amounts of cash and will in the fairly near future be debt free and able to return significant value to shareholders. Unless there's a huge amount we don't know anything about at the moment, all the bad news is likely to be already in the price and there might be much good news to come about the company's future prospects - starting perhaps as early as next week with the IMS. Liberum Capital recently initiated coverage with a 200p price target.
Some big director purchases today, showing that they have confidence in the company's future and believe the shares have further to go.
It was priced as if it was going bust . It's now pretty clear it isn't, and the rise since last summer has reflected this. The debt is being paid off very comfortably out of normal cashflow, and once that is done there is scope to pay a very decent dividend. Newspapers are still read in large numbers, despite the obvious decline from the pre-internet era and there is still money to be made from them. TNI also owns a lot of property in attractive locations which hasn't been revalued for years. A p/e of 3 really isn't doing justice to what is there, and that's before you look at what might be achievable from newer digital businesess going forward which they were admittedly slow to get to grips with, but the new management seem to be heading in the right direction now.
Completely unjustified fall and now ludicrously cheap. On the divi, I agree it would have been nice to get something, but it's an awkward situation as they have an agreement to match any dividend payment with a similar contribution to the pension scheme, so whatever they paid to shareholders would have cost them double. The sooner they can get the debt cleared the sooner this company can become a real cash cow, with the potential to be a very attractive income stock. The pension deficit should reduce over time anyway as markets improve generally. It's all a question of priorities. TNI is a stock which can go down very rapidly (as we have seen!) but the reverse is also the case and a few positive comments about the value here could send this flying back up.
Indeed - absolutely ridiculous to knock £65m off the value of the company, especially when the results this morning were upbeat and showed that the new management team are getting to grips with the task of realising the company's potential. With regard to the arrests today, it is still possible that no one will be found guilty of anything, but even if they are the company is generating loads of cash and if it has to pay a financial penalty it'll just mean a delay in clearing the debt - unfortunate but hardly a justification for knocking a fifth off the company's already very cheap valuation.
It must surely be just a matter of time before the company is sold, hopefully for a much higher price than today's.
You need to be sure what the ex-dividend date and record dates are - they will usually be two days apart. I'm not sure the announcement last week is entirely clear but in all honest I haven't had a chance to go through it all so the detail might be there. However, in theory, yes you can buy just before the share goes XD and then sell immediately after and get the dividend, but all other things being equal the share should drop by the amount of the dividend. It doesn't always happen excatly like that with thinly traded shares like this, and don't ignore the bid/offer spread which can be very wide at times.
Sorry I should really have said the prospect of a special dividend, not promise - nothing is definite until it is announced! In the trading statement they gave a figure of 'not less than £15million' and £15m equates to roughly 34p per share. I assume there would be a normal final dividend as well.
It takes so little to move this share so difficult to say for sure - might just be the coincidence of a handful of small buys on the same morning! However, results must be pretty imminent (16 Feb last year) and there's the promise of a huge special dividend, so maybe it's anticipation of that.