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DL. Dealogic

335.00
0.00 (0.00%)
Last Updated: 01:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Dealogic LSE:DL. London Ordinary Share GB00B00P3M73 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 335.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 335.00 GBX

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Date Time Title Posts
15/11/201400:39Dealogic44

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Posted at 15/11/2014 00:39 by insipiens
Not sure if anyone holds these delisted shares now but Dealogic has been approached for acquisition by Diamond Topco Limited for $12 per share.

Bingo for me!
Posted at 02/5/2012 22:20 by boros10
Anyone planning to to the AGM on May14th?

The 2011 results were better than I was expecting given the harsh economic environment in H2. EPS up 6%, an increase in the dividend and a small increase in the annual share valuation.
Posted at 06/10/2011 09:58 by boros10
I think in the short-term earnings will be under some pressure because the volatility in financial markets will have reduced transaction flow. Nonetheless the continued growth in SE Asia is very impressive and the fundamentals of the business are sound.

The repurchase of 25% of the share capital will have a positive impact on EPS. as the funding costs are relatively low.

I am writing to the Board to seek clairification on the points of concern I raised above.

As you suggest there will be no further opportunity to add to our holdings or buyback shares sold through the tender offer at a later stage. This means accepting a possible pull back in the share price when the shares are revalued next March (based on current market conditions DL. would probably be trading at sub £3.00 if still listed)in anticipation of securing a higher valuation in the future.

Accepting the tender offer means exiting on a p/e of around 10. Having just exited autonomy on a p/e of 32x earnings I feel justified in believing DL. instrinsic value is a tad higher.

As my DL. holding is large I will have to balance this view with my liquidity concerns.

Do you plan to go to the General Meeting on 26th Oct. It would be good to keep in touch with other private investors planning to remain on board.
Posted at 05/10/2011 18:06 by boros10
The tender offer has been launched. Full documentation is available at



I am rather disappointed the Company has not explained the valuation methodology in a little more detail, how it proposes to finance the Employee Benefit Trust going forward and the impact on earnings per share of including the shares held by the EBT shares in the denominator (as a quoted company these shares could be ignored when calculating EPS so long as the trustees waived any entltlements to dividends).

I had intended to hold the shares but liquidity considerations and a lack of transparency may yet persuade me to sell.
Posted at 19/8/2011 03:50 by insipiens
anyone still holding these off market?

I do , would be useful to share any company info going forwards....
Posted at 12/7/2011 14:17 by boros10
A good meeting full of lawyers, investment bankers and employee shareholders. I was the lone external investor present!

Rick McHattie, CFO, was very open and answered many of my questions.

My reading of the situation is that the founder investors are in no rush to exit at the current share price and this explains why they chose not to place some of their shares with institutional investors to resolve the problem of the small free float and associated liquidity issues.

The good news is that the Company plans to offer those remaining as shareholders a bi-annual opportunity to buy or sell shares through a broker on a matched bargain basis at a valuation to be determined by an independent valuer. More details will be available when the Company launches the tender offer before the end of September 2011.

Also, the Company is currently evaluating how much equity it can afford to buy-back under the tender. Some third party investors will have to sell because they cannot hold unquoted company shares. Also, some employee shareholders will want to sell shares to realise gains under various share option plans. I estimate we could be looking at a buyback of between 10% to 15% of the equity, possibly higher.

This is good news for those remaining as shareholders as the cost of financing the loan the Company needs to pay for the share buyback will be relatively cheap. Earnings per share will rise significantly, all other things being equal. In the short term I imagine dividends will be constrained until the loan is repaid. Given Dealogic's remarkable cash generative qualities I do not belive it will take too long.

The main worry for private investors is whether the matched bargain dealing arrangements will offer very much in the way of liquidity. Rick said the Employee Share Trust may be able to able to pick up some of the slack if sellers out number buyers. This is double edged for investors, as the main way the Trust will get its money is from the Company itself (e.g. using shareholders cash!). I need to check whether the trustees will be able to waive their entitlement to dividends and capital, so that the shares they hold can be excluded from the calculation of EPS.

The Company has approximately 5.2m unexercised share options in the money, with just over half of these already exerciseable. I imagine this number will come down dramatically as employees seek to cash out in tender offer.

In a people based business like Dealogic it is inevitable that share incentives will be a feature of total employee cost. Our only safeguard as external investors is that the significant founder and executive shareholders will not want to see excessive dilution going forward.

My experience of employee share ownership is that it creates an irresistible force which eventually results in an exit. I reckon we will see a trade sale or listing on NASDAQ in a few years time at a valuation significantly higher than the £3.30 being offered in the tender.

Having met some of the executive team I am happy to remain on board as I believe they have integrity and will not seek to unfairly "exploit" their power.
Posted at 06/7/2011 07:21 by boros10
I am glad to say the Company has now clarified the situation regarding Crest. An early cancelation would have created problems for those holding the shares through a Nominee and who either wished to sell through the proposed Share Buyback facility or continue to remain as shareholders. See the letter below and today's RNS.

Dear Mr Boros
 
Thank you for your note below and my apologies for the delay in replying. However, it appeared that your query regarding CREST was urgent and needed a clear response and so I have been discussing with our advisers how best this should be dealt with. We will be making an RNS announcement to this effect, but I can confirm that the Company's shares will remain on CREST after the de-listing and until the Company has completed the tender offer for the shares of those shareholders who do not want, or are not able, to hold shares in an unlisted company. Thereafter the CREST facility will terminate.
 
We would be very happy to discuss the de-listing with you at the general meeting on Thursday. It will be held at our London offices at Thanet House, 231-232 Strand, which is opposite the Royal Courts of Justice if you are familiar with the area. The tender offer can only be made once we have established the intentions of large shareholders and hence the funding required to execute the buy-back. We will then need to arrange the necessary finance before a circular can be issued. This circular will explain the arrangements regarding share trading going forward and details of any changes to the Articles of Association. We cannot provide further details until then as we will need to inform all shareholders at the same time.
 
I look forward to meeting you on Thursday.
 
Yours sincerely,
Rick McHattie
______________________________
 
Rick McHattie
Chief Financial Officer | Dealogic (Holdings) plc
Posted at 29/6/2011 16:10 by insipiens
Had this from my SIPP broker

"If you wish to sell your holding before the proposed listing cancellation you must do so before 4.30pm on 18th July 2011. The trade will be placed in accordance with our terms and conditions and subject to the standard Stockbrokers commission rates. To sell these shares please telephone us on 0117 980 9800 or alternatively forward us a written letter of instruction 'FAO Dealing Department'. Please note that if the cash consideration of a sale does not exceed the commission payable then the sale will not be executed.

If you wish to maintain your holding you need take no action. You should note that following the cancellation you may have difficulty selling this investment at a reasonable price and, in some circumstances, it may be impossible to sell it at any price. The Board of Dealogic Holdings has announced that it intends to make a 'Buyback facility' available to shareholders following the delisting. The proposals indicated in the notice to shareholders on the 21st June are that the buyback offer will be at 330 pence per share, a premium to the current share price, although there are no guarantees that this will occur, or on these terms. Further details will be sent to you as and when they are announced.

The Board has additionally stated that it intends to facilitate a dealing arrangement following the delisting to allow investors to attempt to trade the shares. Further details concerning this will be given as and when they are announced."
Posted at 18/3/2011 13:31 by boros10
Operating margins of over 36%, fantastic returns on capital (37% and 64% if you ignore purchased goodwill), excellent cashflows, good dividend yield, strong EPS growth, a robust business model - all to be had on a forward p/e of just over 10x (taking 2010's profit and the full year benefit of the reduced share capital; a p/e of less than 10 if you assume profit growth in 2011). To good to be true!

The only problem is the shares are tightly held with a wide bid/offer spread.

A classic growth stock for the patient investor. Certainly not one for traders.


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Posted at 15/3/2011 23:36 by deadly
Can't believe how ignored this share is. Can there be a better chart?

Results today show long history of good performance:

-- Revenue growth of 11.6% to US$103.6 million (2009: US$92.8 million) supported by stronger global market activity

-- Significant further investment in the technology platform, people and global footprint

-- Operating margin of 36.0% (2009: 37.8%); with profit before tax of US$38.6 million; and diluted earnings per share of 38.1 cents per share

-- Tender offer on 21 June 2010 reduced shares in issue by 26.4% at a cost of US$68.8 million, funded by existing resources and new bank debt of US$34.1 million

-- Free cash flow (1) of US$26.6 million for the period, with a net cash surplus of US$0.1 million at the end of the year

-- Final dividend of 10.7 pence (equivalent to 17.3 cents at $1.61) will be payable on 11 May 2011, bringing total dividends in respect of 2010 to 12.7 pence (2009: 9.4 pence)
Dealogic share price data is direct from the London Stock Exchange

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