Appreciate Share Discussion Threads

[topvest] 23/1/2023 14:25

Yes, all effectively over on the APP bid. I've taken 42p a share for my Appreciate shares in the market today, along with the 0.8p dividend as its xd. The 44p bid value assumes a 580p Paypoint price so the bid is worth about 43p at the moment given Paypoint is 10% lower. There remains some market risk on the 43p value on offer. I think that there may be some further selling of Paypoint shares when APP shareholders get a small allocated holding. I do think that Paypoint looks interesting, so I have that on my watch list if it goes below £5 or so. A disappointing end to APP really caused by poor management under the previous CEO and Chair. Well done to the new Chairman and Harwood for at least creating some return to weary holders over the last 6 months! Any thoughts from other holders?

[boonkoh] 23/1/2023 11:10

Huh, was expecting the discount to offer price to narrow substantially today. Price has firmed up but not as much as I expected.

[petrencf] 20/1/2023 18:18

PAY is massively undervalued right now, especially after the recent TU and this "cheap" acquisition. If APP can deliver 7-8m profit every year, their extra debt will be covered by their profit in circa 5-6 years, unless Asteriscos will make a move for them much sooner.

[topvest] 20/1/2023 17:34

Samson Rock were just arbitraging the takeover then for a couple of pence upside.

[topvest] 20/1/2023 17:31

Always an opportunity to take a position in PAY which is also undervalued. They have a bit of work to do to tidy up APPs eclectic collection of brands.

[powerp2] 20/1/2023 17:27

The previous CEO was clearly full of bs and out of his depth even on a brief analysis. So what was the Chairwoman and NED doing? Useless too I'm afraid in my view taking money under false pretences. The story of UK Plcs too often I'm afraid

[topvest] 20/1/2023 17:20

Yes, unfortunately the previous CEO broke APP. Still a reasonable return from where we were so well done the Chairman and Harwood.

[topvest] 20/1/2023 16:58

RNS out and it’s been voted through.

[topvest] 20/1/2023 13:08

Meeting time approaching?

[topvest] 19/1/2023 16:38

Well tomorrow's the day. It will be interesting to see what happens. I'm still holding.

[boonkoh] 19/1/2023 12:41

Paypoint shares moving up today quite a bit.

[boonkoh] 18/1/2023 10:41

Mahbe Paypoint were waiting for this FCA approval, before upping any bids. Would make sense. But I had assumed 99% probability of FCA approval anyways and that it was more of a formality.Yeah, just surprised we haven't seen Samson push for a higher price. But maybe that's all happening in the background out of public...

[topvest] 17/1/2023 19:17

It's interesting.

They are adding at c41.5p price versus 42.5p on the table plus the 0.8p dividend. The Paypoint shares are worth less than 11p. 5/5.80 x 11p = 9.5p, so 42.5p with the 33p.

Alternatively, given the very slim pickings from an arbitrage opportunity, after financing for up to 6 months, maybe they are voting "no" and pushing for a better bid price. We all know its worth 50p or so in cash.

We will find out at the end of the week. Interesting Paypoint FCA approval announcement today. Just has the look and feel of this not being all over.

[boonkoh] 17/1/2023 14:21

Looks like Samson Rock are very confident that the vote will be a >75% yes in GM. Still adding on Monday.

[dangersimpson2] 16/1/2023 17:28

Samson Rock have hedged about 25% of their position by shorting PAY:

Given the hedge, I suspect they want this to close as much as anyone and will vote in favour.

[topvest] 15/1/2023 08:06

Yes, Sansom Rock are up to something, that's for sure. It could be an interesting week.

[boonkoh] 13/1/2023 22:03

Maybe just business as usual. They also announced Q3 update at the same time last year.The update didn't blow me out of the water. Offer price is still attractive. Votes are due in by Monday. So maybe that's why they issued a TU, convince more shareholders to vote yes.Still wonder what Samson Rock are up to. 20% shareholding, means they are close to a blocking vote, and can exert some power on Paypoint to up their offer. But time is running out. Votes in on Monday, GM on Thursday to confirm takeover.

[topvest] 13/1/2023 09:49

Yes, not bad results. Earning interest on the cash pile is a tailwind. Guy Parsons seems a very switched on Chairman. It will be interesting to see what happens next week.

[sidam] 13/1/2023 09:30

It is not a done deal until it has been approved by the court, but companies still have to report their results. It looks to me that Paypoint may be making a very good and earnings enhancing acquisition and they could be a very good purchase in their own right.

[cfro] 13/1/2023 09:13

I don't get all this continued reporting by the company when in the process of being taken-over. One has to wonder if this really is a done deal?

Pity this is being taken-over at all (certainly at this price anyhow) as today's statement shows where progress is being made.

[cfro] 05/1/2023 09:07

Not sure i understand the reasoning why the interim CFO has been officially appointed to the board when the company is in the process of being taken over.

[cfro] 07/12/2022 12:02

I see PAY continues to sink in price. The deal to APP shareholders is supposed to be 580p a share but now its gone down to 512p..

I believe Samson Rock are short of PAY so it looks like they are playing the arbitrage between the two. Very clever.

As time goes by it looks increasingly unlikely a counter offer will come in but this deal as it now stands doesnt look quite as attractive as it first did.

[boonkoh] 05/12/2022 22:51

Samson Rock continue to accumulate.. Now 15.1%