From 6 July 18 "Earlier on Friday, EchoStar said that it had made a second, improved 3.2 billion pound ($4.2 billion) proposal to buy Inmarsat, which was rebuffed by the London-based company as being too low". Share price at the time of the initial offer (8 June 18) was circa 417 so Echostar final offer valued ISAT at approx 35% premium. That offer was rejected. In the meantime ISAT biz dynamics have improved. Based on last nights closing 35% would be around 590p Come on EchoStar £7.50
Shares fall as much as 4% in London, heading to the lowest closing level since Oct. 2018, after saying it expects equity free cash flow to be lower in 2019 than in 2018. View is based on the guidance of operating profit being similar in 2019 vs 2018 and on an increase in net capex from EU2.2b in 2018 to EU2.6b-2.7b in 2019
A certain insider sold shares worth £110,000,000 in September & October 2018. February results announced accounting errors from previous years (not sure what the effects of that are yet) plus weakening income because of new emsa rules restricting CFD limits to private investors. Together a bomb.
Vodafone upgraded to Buy at Bank of America. There are currently no overnight shorts on the FCA report, so shorters will have had to be day shorter's. I wish the market would extend this luxury to private investors, we could play to then.
If Brexit deal gets agreed £ will rally 5-10%+ Coming into the Brexit vote, the 2 year average gbp/yen was 177 and gbp/dollar 1.54 Based on the current share price/exchange rates, the price deal is worth £48.82 or 5.8% discount. Any SP positive reaction is capped because the deal mechanics are already agreed and so it would come down to where £ trades against the dollar & yen. £46 could be a good exit point if you think Brexit deal gets agreed in view what would happen to £.
At £1.72 the price to book ratio is 0.67. Unfortunately i am already In Like Flynn so need to wait this one out, maybe average down small but medium to long term this has to be cheap. Might give Buffet a call. With NHS cuts operations must be stacking up and at some point there will surely be pressure to clear those and with fewer medical staff arriving because of Brexit, just hope this manifests itself in a higher share price or takeover.
https://assets.kpmg.com/content/dam/kpmg/uk/pdf/2017/06/2017_SmallCap_Survey.pdf I am hoping KH is still watching (though silent). The management of Premier would do well to take a look at this report and see where they fit in. Only then could they begin to understand the frustration felt by private investors who have lost money (the 90% premium cash offer from McCormick was a chance to recoup some of their pain) Instead the management seem happy for the share price to flat line as it gives them chance to load up with nil paid options, bonuses and out of class salaries.. Take a look its quite interesting. KH you should be ashamed to come on this website, antagonise and then disappear. Shame on you. Par for the course really.
Well look on the bright side, with GD long around 5.6mio shares, he is hardly going to let the share price stay low for ever. He will want a profit and tax free no doubt. I am sure at some point these shares will trade a lot higher.
Now you don’t have to be an expert of takeovers in order to ask some obvious questions.
Premier twice rejected offers from McCormick. Those offers must have been of firm enough intention that the board had cause to reject them, and therefore there should have been an obligatory disclosure as required by the takeover code soon after the first offer in February. On the 24th March 2016 (the very day after Premier made the first announcement), Premier was quick to announce Nissin purchased 17.27% of the shares from Warburg Pincus. Securing a 17.27% shareholding doesn’t happen overnight (well in this case it did), but at the very least it raises questions who handled those discussions and when those discussions started. Principally what happened between 12 February and the 23 March press release? I have read it emerged Premier informed Nissin of the looming threat of McCormick’s takeover. If this is true then did Premier make the obligatory disclosures as required by the code? Personally i cannot see they did. If 3 is true then it certainly sounds likely that Premier brokered the deal, either directly or by pointing a third party in the direction of the parties, who persuaded Warburg Pincus to sell their holding to Nissan at 63p? (only 3p above the latest rejected offer of 60p - and 2p less than the offer McCormick subsequently made of 65p … .. how do you feel now Pincus?) It goes without saying had shareholders been in possession of information as required by the takeover code, they would have been able to decide the merits of the offer. Remember the Code is designed principally to ensure that shareholders in an offeree company are treated fairly and are not denied an opportunity to decide on the merits of a takeover and that shareholders in the offeree company of the same class are afforded equivalent treatment by an offeror. It doesn’t look like that happened here. I believe shareholders and McCormick were disadvantaged by the newly acquired poison pill of Nissins shareholding and consequently the true price McCormick were prepared to pay was never discovered. Certainly some of your biggest shareholders seemed to think so. There will be a chain of emails & phone records between Premier, Warburg Pincus, Nissin, lawyers and others that will record the timeline of events. It won’t be difficult to discover the truth. One has to believe that McCormick, a company specialising in spices and with a big presence in the UK would have easily been able to understand and integrate the much smaller Premier foods brand.