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But market cap of the group including Pinewood is only £480m

Why is (new) Pinewood worth 10.6p a share - with £30 from Lithia for new shares it would have amarket cap of about £180m which seems high.

Cash at end of H1 of $3.2m plus $30m raised less $5.5m (costs of raising funds and the investigation paid in H2). In H1 cash burn was $17.6m. Forecast cash at end of year of $16.0 -$16.5m . All these are management figures. Unless significant increase in revenue (H1 - revenue $3.0m) or further cost reductions - there will only be enough cash to last less than 6 months which is why a rights issue, if possible, is likely.

Unless the institutions who have put money in are willing to give them more time and will put more in!

Was 16p in June and my average is 19.5p so should be pleased but have been saying for some time this is very under valued. With 3 hats already in the ring this surely will go higher.

With £271.9m in cash on the balance sheet, a positive cash flow of £64.8m in last half year, net assets of £308m even 40p (£559m) is a steal.

And if Lithia are to succeed a simple offer of xp per share offer will be required - they can then sell or float Pinewood afterwards if they want to. Surely Lithia must have expected that with Hedin in the wings their complicated offer would be bound to fail but would make Hedin (and now Autonation) show their hand. I would expect (hope) that Lithia have a knock out bid between 35p and 40p ready to seal the deal.

"The Company continues to endeavour to share with investors news of new contracts and renewals, including those of smaller sizes, in order to communicate the ongoing progress being made in re-engaging with current and prospective customers and positioning WANdisco for long-term growth and success." RNS 10th July

On 11 September stated: "H2 2023 Bookings are expected to be in the range of $4.3m to $6.0m." When the bookings come they will have to be spectacular as only $600k have been announced to date this half.

"In the event that there is an announcement by a third party of a firm offer for the Company that the Board has indicated it will recommend, shareholders holding approximately 11.5% of the current issued share capital of Pendragon will cease to be bound by the terms of their irrevocable undertaking to vote in favour of the Lithia Transaction."

That has cheered up a damp Friday afternoon! After what happened last time, tempted to take the 30p in the market!

This board has become civilised with reasonable posts discussing the merits of Wandisco. Well done everyone.

Perhaps -but with only 3 deals announced - one for $7,680 (sic) another -a renewal worth $200,000 over 2 years ($25,000 a quarter) and a $400,000 deal with GM over an unspecified period with only a week to go Q3 results are going to be dire.

Surprised at the jump in the share price - the results were well trailed -they were excellent but actually only as good as expected. Welcome 24% increase in the price since the results Is someone interested in Galliford?

Final dividend payment of 7.5p up 29% (2022: 5.8p), together with an interim dividend of 3.0p giving a total dividend for the financial year of 10.5p, up 31%. Plus 12p special dividind!

As Juliet said: "What's in a name? That which we call a rose By any other name would smell as sweet"

Last year (2022) Pinewood had turnover of £25.4 with an Gross Profit of £22.7m and overheads of £11.7m of which £4.2m were amortisation (I presume that is the depreciation - the D in EBITDA). so not sure where earnings of £27m for the current year comes from.

It is possible that a SaS tech company would be valued more highly than a car dealer. The EBITDA of Pinewood is expected to be £27m with no pension liability and (I think) no borrowing) - does anyone know what a tech company would be valued at with the prospect of increased US business and this level of current earnings? Whatever the answer the market doesn't seem to be very impressed.

But other shareholders may want more so 51% may not be possible. If the bid fails presumably the price will drop back - if Hedin make an offer will rise! Decisions, decisions.

Does anyone know what percentage the BOD need to issue new shares? It is usually 75% which as Hedin have more than 25% means that the bid cannot go ahead without their support.