F&c Asset Management Share Discussion Threads

[ianio5691] 22/4/2014 16:14

Anyone know the outcome of the vote, or if the offer was accepted.

[rabain] 02/3/2014 20:09

Its a strange one, if there's another bid coming they're leaving it late, but there must be some hope of one to keep the price at 3-4p premium over the offer. Keep thinking I should sell, so far glad I haven't but who knows...as PIs we're always spitting in the wind.

[topvest] 02/3/2014 17:11

Well, it's interesting that these are at a premium to the offer price. Results 13 March and scheme voting on 21 March. Makes you wonder whether a more attractive bid is on the way. Any thoughts?

[a1samu] 29/1/2014 21:30

yea topvest they are unprofitable, which could be fixed by a proper group of managers, which even Bramson did not manage to do, so he walked away after making serious money out of them anyhow, and this is why they are a steal at current prices.

[topvest] 29/1/2014 19:38

FCAM are barely profitable is the reason along with the fact that their institutional AUM has been in decline for some time. No growth or negative growth.

[fangorn2] 29/1/2014 17:17

Interesting.

Jupiter AUM £29bn, Mkt Cap C £1.6bn apparently.

Aberdeen AUM £194bn, Mkt Cap £4.8bn
FCAM AUM £82bn, Mkt Cap £0.76bn

Haven't checked profitability but on pure AUM grounds it would seem that FCAM is pretty poorly rated. Haven't really followed holding entity performance but don't Jupiter have a racy reputation?? Aberdeen have been doing fairly well too if I recollect correctly.

I'd agree FCAM is undervalued however. Was until fairly recently a long term holder myself but missed the latest M&A led bounce.(Income play for me having bought in high 40's in 2009) Sad to see it go.

[a1samu] 29/1/2014 17:03

...................AUM.........MC
Aberdeen..........194BN.......4.8BN
FCAM...............82BN.......0.76BN
Compared FCAM should be valued @ over £2BN

[fangorn2] 29/1/2014 11:57

HL is a different beast to FCAM surely? One's a discount broker, offering SIPP,ISA and Trading facilities to buy stock/funds, the other is an actual Institutional Fund Manager that runs various funds, employs FM's,and takes positions in various stocks.

Chalk n cheese. Far better to compare FCAM to Aberdeen, Jupiter and Co surely?

[joe say] 29/1/2014 08:09

Despite the valuation gap am very surprised at the price reaction here - will watch and learn on this one as I'm now on the sidelines but good luck to those that stay on the ride.

[dashton42] 29/1/2014 07:26

A couple of possible bidders speculatively named here...?

[a1samu] 29/1/2014 07:25

HL has 40BN under management and is valued @ 7BN, whereas FCAM has 82BN under management and it is valued @ 0.76BN.

So how good is that?

[topvest] 28/1/2014 20:56

Yes, odd that we are well above 120p - seems to suggest some other party might fancy a go. I'd be surprised, but you never know!

[dashton42] 28/1/2014 12:26

According to some analysis in Markets Live, not high:

[joe say] 28/1/2014 12:09

The market seems to be pricing in a better offer - but what are the chances ?

[topvest] 28/1/2014 07:41

Recommended offer announced today then - 120p cash + a 2p final dividend in the Spring. Not sure we are going to get much better than that. Hopefully, the gain will go into the next tax year, but haven't seen the scheme of arrangement timetable yet.

[dashton42] 28/1/2014 07:23

"...Numis' David McCann said the 120p a share offer was low given F&C's earnings potential this year and that a counter bid was "not impossible".


Indeed - let's hope so.

[topvest] 27/1/2014 21:13

Yes, good news I suppose as they haven't really made much progress on growing the business themselves. Seems an acceptable, if not toppy, price.

[chrisgail] 27/1/2014 13:30

It's taken a long time to arrive, if 120p is it, so be it, thought it might be more.

[skyship] 27/1/2014 13:21

A rather obvious leak here - even FT alphaville picked up on the approaching offer - Stewards Enquiry on the cards...

[a1samu] 27/1/2014 12:39

Bargain of the century!

Come on HL take them out @ £2.50+.

[abcd1234] 27/1/2014 12:36

that was a very very nice start to the week ...thank u very much, Paul Murphy , ed, over at the FT ;O)

[dashton42] 27/1/2014 12:31

Excellent. Anyone else likely to throw their hat in the ring?

[fangorn2] 27/1/2014 12:23

The Board of F&C Asset Management plc ("F&C" or the "Company") notes the recent press speculation and confirms that it has received an indicative offer from BMO Financial Group ("BMO") of 120 pence in cash per ordinary share (the "Offer Price") for the entire issued and to be issued ordinary share capital of F&C (the "Possible Offer"). In addition, F&C shareholders will be entitled to receive and retain an ordinary course dividend of 2 pence per F&C share for the financial year ended 31 December 2013.

[abcd1234] 27/1/2014 11:41

ft alphaville just mentioned at 1130am rumours of takeover interest / tabled tentative offer from one of the big Canada banks

[a1samu] 21/1/2014 15:46

Come on Vidacos Nominees a subsidiary of Citicorp announcing in an RNS @10.40 today, that they have 10+% of the shares, which at todays price equates to a £50M+ investment in the company.

Put this dog out of its misery!