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Exactly, if you do read it though it will fill you with greater confidence about HAYTs H1 performance. There was a subtle point mentioned about £80m revenue on an annualised basis being achieved in H2 last year and that the out look for this year suggests growth on this. Coupled with that was mention of just were new revenue might come from and how Peter Brotherhood (which cost us £10.1m) is growing quickly and picking up the slack nicely. The gross profit generated is 3x that of HAYTs gross profit as a percentage of revenue. That acquisition and the investment in the Centre of Excellence alone amounts to the paltry value AVG offered. A company that employs more than 500 people globally across multiple sites on different continents with record order book and a long standing reputation. Voting down this offer will show the Boards we as shareholders do not wish to gift this investment away at ridiculous prices and they must seek alternative financing arrangements. Strike a refinancing deal with the banks, conduct another loan note if absolutely necessary. Raise the cash and go about turning round our fortunes. Where do you think the share price will go from here flundra, as we approach the vote?

Typos are a bigger lol! #buggerit!

Visitor agree with each of your points you made and they illustrate nicely just why SLP will continue to do well. The issue we have as shareholders is the absence of news during periods between quarterly results. Sometimes this is not such an issue like late last year when SLP made substantial gains rising from current levels to around 14p. But with platinum's performance so far this year this just feels unloved. A quarterly dividend would change that but a cheaper might be a grassroots exploration project in our backyard. There will be no end of potential projects and we do after all have a sizeable sum of cash. Can we not utilise that better? Seems our management are still content to sit on their laurels and oversee Project Echo. Let's pick up a license or buy into a distressed miner for example SHG a gold producer struggling to transition into underground production because of financial issues among others. Companies like this if they survive will be worth multiples of their current market value in a couple of years time. Shareholders there might suffer the consequences of dilution short term but they have a vision and are taking reasonable steps to achieve it. I just wonder what our vision is with all this spare cash. Maybe the vision will be revealed as pgm prices move higher in the next few years. We do need to see more mine closures like the one you highlighted. Atlatsa was a decent size operation and was heavily laden in debt. It will take a few years but gradually high cost output will reduce and physical supply reach a tipping point. Once investment demand grabs a hold of this sector and spins the well known long term deficut of future mine production then we will see PGM prices surge, similar to 2009-2011 I would expect. On another point if you were to buy platinum or palladium and have it deceived to your door it would be at a huge 20-25% premium. Even to store it with an investment bank (to avoid VAT) is still poor as a short term investment unless you're mega rich and don't mind paying £120-150 year storage

Wow well there's an update, can't be sure who received the low down but clearly a leak this morning with increased buying activity. We have received an official date then, 1st September is the date at which AVG is expected to have completed it's acquisition of this company, implying a short time-frame of 36-37 days. The vote won't come a week before, they will need time to verify the votes and make the transition if the bid is successful so I would estimate early August perhaps. I couldn't see details in the Annual Report. I expect some who sold thinking this would drift lower will be disappointed, that was a nice buying opp 10% up on very little but expect those 36-37 days to go by quickly, especially when we receive notification of the voting day. GLA Update on banking facilities Further to the announcement of 30 June 2017 Hayward Tyler Group plc, the specialist engineering Company comprising the operating companies of Hayward Tyler and Peter Brotherhood, is pleased to announce that the repayment of £2.4 million of short term banking facilities and the annualised measurement of the financial covenants, have both been extended from 28 July to 1 September 2017, to coincide with the expected completion of the recommended acquisition by Avingtrans plc, as announced on 30 June 2017.

Buys coming in now, ASK up to 48p

Wish I had bought more but can't complain about my top up this afternoon, there seems to be momentum behind us now but why are the mm's so slow to take us up? A possible chunky sell order being filled or maybe... Agree with what the poster below quoted about Trader_007's comments and to add to that platinum is moving up. What is encouraging is out cash costs will fall each year now as we ramp up Project Echo. This is not so important if you're already one of the lower cost PGM processors which we are but it feeds into greater profits especially as we rely on wider margins rather than greater output for growth. I expect buying will continue in anticipation of results due out later this month and if the sector is enjoying an uplift that won't hurt us here. Good luck all :)

PAYS up nicely on its proposed offer this morning and same sector SCH has benefited nicely. Quality investments, the like of which we all hoped HAYT would flourish into. Instead we are suffering from a low ball bid. Just my opinion flundra but I think recent selling into low liquidity is just a sign of no forthcoming counter offer and the fact the bid was not for a set amount of cash but rather a ratio of AVG. The type of deal presented is advantageous to the AVG board (and those seated there post merger) as shareholders may exit prior to the completion of deal given risks involved here with financing. We have not heard any news regarding a counter offer or better looking results but equally rumours of worse than expected results is just a speculative. Lack of new orders does not mean order conversion is down and costs will be back in line with previous H1 norms I should think. To add to that the market seems subdued as a result of the current offer period and liklihood it will succeed in the absence of any shareholder activism or MC inspired counter offer. Maybe when a date for the vote and further details are provided we will see an uptick. Likely those in favour of the merger are collecting undertakings or assurances with the bigger players. I for one have made my peace with the merger now, despite my intention to vote against, such a merger will add stability here which is much needed. We expected the BoD to secure that for us but instead this is what we have. Such is the messy world of finance and corporate greed. Hopefully will pick up a few of these on the cheap in the next month or two

Flundra - I don't know if prior to the vote the company will be obligated to state its trading position, I would hope so for transparency but I fear we won't hear anything until the next trading statement. You make an important point regarding deferred revenue and this should boost figures for the current trading period. We haven't heard much about new orders recently, but like you I suspect we are well on course to meeting targets and improving the company's financial position Let us not forget even if the deal succeeds we will later benefit when the improved trading position is eventually released to the market. Now is the time to accumulate and vote against, but if resistance is not enough then hold and reap the rewards of a combined AVG HTG entity

If HAYT fall to 37p and AVG remain at this level it will be a bargain for anyone buying in here assuming the vote succeeds. What is more likely to happen is AVG will track this lower and vice versa or rise in tandem up until the shareholder vote because the ratios have been declared. I don't see any reason why there would be a discount to AVG shares accounting for the proposed takeover ratio. The question is are people buying at this price looking to vote in favour or reject? If MC and associates are planning on declaring his hand with a counter offer that would be hugely beneficial for holders. Although I am disappointed HAYT board members have sat on their hands all this time, having not effectively pursued a refinancing deal with the bank, I do still believe value of my share holding will rise post merger. The risk element attached to this stock is largely a result of mounting debt due over the short term, our continued delay in repaying the due £2.4m and a stubbornly low cash-flow position. As part of the enlarged group the value of HTG must surely rise. There will be an immediate boost in shareholder value if this reasoning is sound. £15m spent on the centre of excellence! Now an extra £9m will see AVG take control of all assets, recurring revenues and customers and future profitable cash-flow. I may buy more. Certainly won't be selling on fear.

dannatt - We won't ever know about the alternatives if the bid succeeds. Like flundra I agree refinancing would still be on the table, we began delaying the repayment of loans before we received an official offer so presumably the bank were comfortable extending discussions with HAYT. It was only later that AVG began their due diligence in the offer period although it may have begun earlier, it's difficult to know. I would point out there is no chance of AVG "wiping out the debt". They have other pies in the oven which will require heavy investment in the coming months and years. I would expect if the deal is successful, they will repay the £2.4m and potentially secure a refinancing of debt, but will opt to retain the vast majority of its cash. I agree being a part of a larger entity we could have a more secure future but by no means will shareholders here be richly rewarded for supporting this company over the years. We are being bought out on the cheap. The future combined value may act as a ceiling especially given the uncertain trading performance AVG reported. HAYT had a much stronger second half in terms of operations by contrast. Flundra - I'm still here but I'm not at my trading platform until 19th so I can't comment in too much detail. But I'm largely in agreement with your posts. I would add this deal if successful will save the disgraced ELB (in terms of sentiment) by projecting him into a position on an enlarged board of AVG directors, enlarging the HAYT group under new leadership and dealing with the outstanding loans. Ofcourse this would all come at the expense of shareholders but when has that ever stopped unscrupulous directors? The best thing we can hope for is a counter offer but failing that, this deal needs to fall through. Shareholders should not be cowed into thinking plan A put forward is our best option when it only suits certain individuals and persons with an interest in AVG. Keep up the posts, enjoy reading here :)

From what I gather the Board have not proposed a rights issue because they would be significantly diluted unless they could cough up a lot of the cash themselves. With the exception of MC I don't think the Board or their relatives are in a position to pledge that kind of money to retain their current positions. Instead ELB will continue on with AVG as a non-exec I believe if the deal succeeds. How to gather enough votes and engage enough people invested here that this deal is bad for them? Without knowing address or telephone numbers of smaller pi's we only have the chat sites and social media. Possibly a share magazine could sponsor an article on such a move but we would likely need to pay a fee for that and hope the writers are not AVG shareholders. The cash on hand was less than I expected but the results have a few glimmers of hope. We had £1.2m cash end of March and net assets improved since the half year point. We are more than 3 months into the new year and it might be useful for all if we had an update soon rather than leaving it until October when they will announce an Interim trading update. I do expect the cash position to have risen but we are in the dark until the company inform us. Or if the deal fails and a refinancing takes place, HAYT may then inform holders that they have paid a sum of cash to the bank - this would suggest cash on hand has increased substantially as they would not otherwise be in a position to reduce their cash (vital for the companies day to day business). All those trade receivables mounting up, expect some of those are being dealt with in the first half. Also the fact the order book is at a record £49m suggests we are in a good position to turn much of that into cash short term. A refinancing of debt would have solved this and still can if the company can prove they are actually turning a net profit now. If things are tight and despite cash on hand rising it doesn't enable the company to repay the short term borrowings, I would favour a rights issue to reduce the debt and provide the company enough room to trade it's way out of danger. We still need favourable refinancing terms though. GL

With AVG falling, HAYT offer looks even worse for holders. I expect there will be many who vote against, myself included. It is frankly speaking. A ludicrous offer for a company who had a worse than normal first half last year which impacted cash-flow at the end of high capital spend period. Future is very much bright and if they remain separate companies it won't be long before HAYT is worth more than AVG again.

flundra - I completely agree with your sentiments in your previous two posts. "I think it is perhaps the BoD preserving the status quo in the hope the merger proceeds and the issue can be buried." With the offer hanging over us I don't think a refinancing will happen, there is little incentive except by MC who is alone in this regard it would seem, to come to new terms with our lending partner. If the offer is rejected, you would expect a refinancing to follow shortly after maybe with higher yield terms but pushing the repayment dates further out. Might that depress near term annual results? Yes in comparison to a takeout and AVG paying down a substantial sum of debt with it's cash (assuming that happens). But shareholder value could recover post successful refinancing if the company demonstrate an ability to organise it's finances efficiently and pay down loans when they becomes due.

poole - There are only two Board members with sizable holdings and one has intentionally decided not to recommended the offer. Why do you think that is? This offer is not the only option, there are other viable alternatives not least a proper refinancing that has been in the making these past 5-6 months. I can see your point of view that HAYT are somehow backed into a corner but why can't this company deal with the banks alone? They should be able to negotiate a longer term financing deal. I would even back a placing at this level to cover short term cash-flow and help repay the outstanding sum. We do not need to sell up for 48p. You only need to read through the latest results to know we are not in a weak negotiating position. Look at the order book and outlook. AVG do not deserve to mop this up on the cheap. The Board should instead focus on cash-flow issues and come to an agreement with regards the refinancing. I keep hearing about combined operations being a good thing for HAYT but point to me where AVG have any expertise in this area. Perhaps certain board members need replacing rather than a hostile takeover bid succeeding, I think we all know who...

Interim results for the six months ended 30 November 2016 - capitals highlighted to illustrate my belief this company has very little organic growth potential and is trying to seize HAYT for a ridiculous offer. · Revenue from continuing operations of just £9.6m (2016 H1: £8.6m) · Adjusted group EBITDA at breakeven (loss 2016 H1: £0.7m) · Adjusted LOSS before tax of £0.2m (loss 2016 H1: £1.2m) · Cash OUTFLOW from operating activities £3.5m (2016 H1: £0.5m) · Net cash reduced to £27.8m (31 May 2016: Net cash £51.0m), following successful tender offer which returned £19.4m to shareholders They are at breakeven EBIT with their Energy and Medical and their order book is tiny in comparison to HAYT's. Mention of a a £9m contract with Wuhan, China for NMR cryostats is over 10 years and the £47m contract with Sellafield is again over 10 years. So £0.9m and £4.7m per annum respectively if averaged across the period. Smallfry. Post period end they bought Scientific Magnetics Ltd, Abingdon, for £0.35m and cleared the £0.45m loan. That is making £2m per annum and £40k profit before tax. Tiddly. Just recently they announced the Sellafield contract extension which relates to the contract signed in May for a period of 10 years. No new significant customers since then... Cash down to £26.2m which suggests a loss even accounting for the acquisition of SM Ltd Does this strike investors as the kind of parent company that should be taking control of HAYT? Take a quick look at HAYT's previous results, the organic growth likely to come from our increasing order book and newly completed Centre of Excellence.

Howard you are not getting AVG shares at a discount if the deal goes ahead. AVG are getting YOUR shares at a discount! Think on that seriously. HAYT division under AVG may grow no doubt, but again any growth will be heavily diluted among the HAYT and AVG shareholding combined. AVG doesn't appear particularly exciting, it's just cash rich

In fact look at the revised announcement! There is a new clause concerning a competing bid and a revised irrevocable undertaking to vote in favour of 16.2% down from 22.9%. Come on, this is already a clear enough sign, vote against. If we receive a competing bid in the meantime I expect that percentage to decline further. Feel better going into the weekend. Have a good weekend boys and girls Further re: Irrevocable Undertaking for the Recommended Acquisition of Hayward Tyler Group plc Further to its announcement at 7:30 am this morning, 30 June 2017, on the terms of a recommended acquisition pursuant to which Avingtrans will acquire the entire issued and to be issued ordinary share capital of Hayward Tyler Group plc (the "Announcement"), the Avingtrans Board provides the following update in respect of the irrevocable undertaking provided by Harwood Capital in favour of the Scheme at the Court Meeting and the Resolutions at the HTG General Meeting. A revised irrevocable undertaking has been obtained from Harwood Capital amounting to 9,000,000 HTG Shares, representing 16.2 per cent. of the existing issued share capital of HTG. The updated irrevocable undertaking follows substantially the same form as that detailed in the Announcement, save for one of the terms, under which the previous irrevocable undertaking would lapse. Under the revised irrevocable undertaking Harwood Capital may no longer opt for its obligations to cease in the event of a competing bid on terms which are at least 10 per cent. higher than the Offer (with this previous provision being detailed at clause (ii)(d) of Appendix 3 to the Announcement). The aggregate percentage of the issued share capital of HTG represented by those irrevocable undertakings and letters of intent provided by HTG Shareholders, as detailed in Appendix 3 of the Announcement, remains unchanged at 31.3 per cent. and 11.7 per cent. of the HTG issued share capital, respectively. The revised irrevocable undertaking will be available, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on Avingtrans' and HTG's websites at www.avingtrans.plc.uk and http://htg.global/investor-relations/takeover-code-requirements by no later than 12:00 noon on 3 July 2017 until the end of the Offer Period.

"During the past year the great future potential of our existing business was badly compromised by all of poor financial management, vastly over optimistic revenue & profit projects from our BOD, followed by major failure to convert heralded order pipeline in a timely manner, and compounded by very dilatory reporting of changed circumstances." I'm with you there poole, it's just such an insult to shareholders who have held or added throughout. Will you vote against the offer? I expect shareholders of AVG to vote in favour as they are getting the bargain of the decade! We should be sitting much higher on a better offer than the one proposed however it's not over yet. Quick breakdown of declared holders here 9,130,766 ___ (16.48%) - Directors of HAYT and relatives of ELB 9,000,000 ___ (16.25%) - HARWOOD CAPITAL LLP 3,680,000 ___ (6.6%) - Richard Edgar Sneller 3,609,538 ___ (6.51%) - Henderson 1,356,798 ___ (2.45%) - Unicorn Asset Management Limited 900,000 ___ (1.62%) - Dion Greville Stewart 738,000 ___ (1.33%) - STOCKINVEST LIMITED 668,248 ___ (1.21%) - Chris Hazell 650,000 ___ (1.17%) - NVM Private Equity LLP 641,360 ___ (1.16%) - Killik & Co LLP 600,000 ___ (1.08%) - Neil John Murphy 8,925 ___ (0.0161%) - HARGREAVE HALE LIMITED for "Discretionary Clients" Together the holdings declared comprise more than 55.8% of the shares in issue. We know of the Directors Maurice Critchley has neither agreed to support or declared an intention to support the merger. So even if all declared holders were moving in favour (which is not by any means guaranteed there is still a majority unknown at this point. The question of why MC has abstained support at this stage should give us hope that he is considering launching a counter offer. Last point, the large holders sitting on losses will know their AVG share replacements at 51p equivalent will be less likely to regain the value we've seen recently once this is trading as an enlarged entity. Although the risk decreases, so too does the growth given AVG's static trading (remember HAYT growth is stronger if you strip out the first half). If someone here can convince me to vote in favour please do, I would like to hear this argument as I've just about had it with ELB. By supporting this merger he has already thrown his lot in, a total waste of space. Breakdown of the Directors and relatives Ewan Lloyd-Baker - 4,233,959 (7.64%) Nicholas Flanagan - 384,333 (0.69%) John May - 41,963 (0.08%) Maurice Critchley - 4,168,131 (7.53%) Tristan and Sarah Lloyd-Baker - 167,290 (0.30%) Royston and Maureen Lloyd-Baker - 135,090 (0.24%) TOTAL: 9,130,766 16.48%

http://www.mining.com/web/tanzania-laws-allow-govt-tear-mining-energy-deals/

New platinum play in South America. Company have enough to advance certain studies and permits, timing may be longer than they anticipate. Issue of how profitable a 30koz per annum PGM producer can be. SLP at the 60koz level are doing well but have very low costs it being a tailing operation. JAN suggest further costs necessary to get to this stage and ofcourse risks abound as companies enter the production phase. How long before cash-flow neutral? One to watch with a 2-3 year timescale. Shares in issue likely to rise significantly. But market value looks okay