Scapa Share Discussion Threads

[yertiz] 15/4/2021 09:51

I know, wishful thinking on my part.

[cockerhoop] 15/4/2021 09:22

Neither!

All part of the timetable, listing canx tomorrow.

[yertiz] 15/4/2021 08:37

RNS suspending share pending announcement. Either the deal is off or another interested party joining the show? 215p is too cheap.

[techno20] 08/3/2021 18:47

On the basis that they state no other discussions are occurring it looks like this is it. Bit underwhelming, but having bought at 104p, not complaining. Will sell in the next couple of days and re-invest elsewhere. GLA

[robow] 08/3/2021 16:09

so is it game over here?

[investor119] 22/2/2021 17:19

In response to the publication and posting of Scapa Group PLC’s Scheme Document in relation to the recommended cash offer of Scapa Group PLC (“Scapa”) by AMS HoldCo 2 Limited, a wholly-owned indirect subsidiary of Schweitzer-Mauduit International, Inc., a spokesman for Blackmoor Investment Partners, an independent investment firm, said:

“Blackmoor Investment Partners invested in Scapa Group PLC in 2019 as an interesting transformation opportunity with strong intrinsic value. As a significant long-term shareholder, we continue to view Scapa as a valuable business that is in the early stages of a highly promising strategy. As a result, we believe this opportunistic bid from Schweitzer-Mauduit International wholly undervalues the business and we are implacably opposed to it. While this offer represents a low 18.6% premium to the pre-bid price, it only represents a 12.3% premium to the highest share price during the month before the bid, and a ca.22% discount to the price pre-COVID and pre-Industrial (now fixed) problems. At a fundamental level, the bid values the business at as little as nine times prospective EBITDA earnings while similar companies trade on multiples above 14 and up to 18 times.

“We believe a number of other Scapa shareholders feel as we do, and we call on the Board to reconsider its support for this Offer and redouble their efforts to deliver better long-term value for shareholders and other stakeholders.”

[techno20] 20/2/2021 10:45

SCM announced their 3rd qtr earnings earlier in the week. Didn’t give anything away on Scapa, but clearly still very much front of their minds;

Dr. Kramer concluded, "As we enter 2021, we are encouraged by the underlying fundamentals of our business and in our end-markets. While we would typically provide Adjusted EPS guidance at this juncture, our offer to acquire Scapa Group Plc, a UK public company, is subject to the jurisdiction of the UK Takeover Code, under which we are restricted in our ability to disclose any material new information relating to SWM or Scapa, or the offer for Scapa that has not previously been announced to the market. We plan to issue specific financial guidance for 2021 upon closing of the Scapa transaction. However, excluding the pending acquisition, we fully expect to grow adjusted EPS this year. Directionally, we would expect some normalization in EP profits, after a particularly strong 2020, more towards our recent multiyear trend line, good top and bottom line organic growth in AMS, and another year of robust free cash flow. In summary, SWM is well-positioned for another strong year. Further, as stated in our Scapa offer announcement, we believe the acquisition would significantly expand our capabilities, complement our existing end-markets, and propel SWM toward $1.5 billion of annualized sales with an enhanced growth profile. We look forward to executing on our strategic priorities in 2021, investing for growth, and creating value for our employees, customers, and shareholders."

Given the share price is still holding well above the offer price and they are clearly still committed, looks like they’ll need to increase. Suspect it won’t be too much longer before we get an announcement.

[planetgong] 15/2/2021 10:51

Rather oddly Parmian notified a new short position of 0.58% last week.

[robow] 04/2/2021 14:51

well the price is going up

[scepticalinvestor] 27/1/2021 15:58

No, still holding - I believe there will be a higher offer

[marmar80] 27/1/2021 14:18

I sold Scapa earlier for 180 so of course regret my decision today, but want to share with you this what I posted on JLP board today.Not relevant to platinum (JLP) but need to share as a relevant to any takeover. Today saw an offer for entire Scapa for GBP400m+. That's a low offer, but Scapa's revenue is similar to Jubilee's. Scapa's profit is way way lower and there is a debt to pay. This way I can see Jubilee takeover for around GBP around 1b. Definitely not less than 400m and for sure not at mcap 250m as is now.Feel free to join Jubilee later as they are a very profitable company now and carry no debt.

[pugugly] 27/1/2021 12:01

pg - Depends partly if you are in profit or not - Gut feel suggests maybe sell part to lock in some profit/cut losses as over the current recommended bid price and gamble with the rest for a higher offer -v- a 5% odd lower cash pay without dealing costs further down the line (but DYOR no recommendation either way)

[planetgong] 27/1/2021 11:35

Good point Dean but that would only account for ~4m shares and already the volume is 14m.
The only possibility I can think of is that a hostile bid is being prepared and they are picking up as many as possible in advance. Surely no one is going to buy just on the off chance of a new bidder? Any thoughts? ... I'm unsure what to do with my stake.

[deanowls] 27/1/2021 11:09

Maybe that explains the over offer price today?

[planetgong] 27/1/2021 10:44

We should maybe feel a bit sorry for Merian Investors who went short 1.8% about a week ago...?

[techno20] 27/1/2021 08:14

Looks like the market agrees with everyone’s sentiments this morning. Given it was £4 before the pandemic, this looks light. Will be holding tight to mine!

[pugugly] 27/1/2021 07:49

Kick in the teeth for long time holders but nice bagger+ for those who bought near the lows.

However removes the chance of a potential gain if they won the legal claims. However message received is that the directors are not very confident of winning.
Thoughts?

[deanowls] 27/1/2021 07:41

Recommended. So who else may come in?

[scepticalinvestor] 27/1/2021 07:24

210p?! Are they mad? Worth at least 300p. Will not be selling any for less than that

[manc10] 26/1/2021 15:53

so tell me about the chairman i want to know be very careful what you say

[w t tutte] 26/1/2021 14:22

Keep a close eye on the Chairman. Not really up to the mark in my view.

[marmar80] 18/12/2020 20:54

Some big trades today

[deanowls] 18/12/2020 08:48

Massive sales though yesterday. Guessing a large seller has cleared.

[ouiey1000] 17/12/2020 20:37

Usually a good sign