||EPS - Basic
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600 Group Share Discussion Threads
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|Last months article but nevertheless interesting
|Simon seems to agree
|The most likely sticking point was the price to be paid. This was the reason negotiations fell through with the Chinese buyer a few years back. That these are undervalued seems clear to me; but Haddeo would have wanted a Price in excess of 20p.
It's worth mentioning that the value of SIXH's stake in Prophotonix (PPIX) continues to rise, after strong results.|
|This news is disappointing.
I wonder if we will ever learn the price that Disruptive was going to pay and why the agreement has been terminated.
It was "conditional upon, amongst other things, certain regulatory approvals and the approval of the company".
Whilst "certain other things" may well have provided an escape route for the purchasers, it seems as likely as not that the sellers as owners of a large part of the capital decided for reasons of their own that the company should withhold its approval.
PPIX produced good figures recently. This is only a small part of SIXH's business but it may be that the laser-marking business is doing well too. So I am hopeful.|
|I am now in for the first time today looks interesting !!|
|In free fall - Termination of Conditional Agreement
So haow much further could it have to drop ?|
|and again.....recent entrants at lows being rewarded|
|ticking up again|
|Hi Simon, The bid would certainly have to be over 20p. A lot of convertibles at that price.
Blockage? I think the management think the shares are worth significantly more than 20p, despite the debt. There were protracted negotitations a few years ago with a Chinese company for a buy out at around 30p. (I got out during the negotitations which didn't seem to be going anywhere. I've recently bought back in.)|
|Pension liability I think plus prefs from memory.|
|Hi riddlerone, yes, I mean PPIX! Sorry.|
My bet is that DCI will bid for SIXH and over at least 20p. But there is clearly some blockage within SIXH to stop a bid being tabled right now. Does anybody here know what this blockage is?
|Hi CJohn,I assume you mean PPIX not TYKMA
" In August 2014, the company acquired 26.3% of the issued share capital of ProPhotonix Limited ("ProPhotonix"), a manufacturer and distributor of LED and laser diode arrays for industrial, medical and security applications. ProPhotonix is an AIM listed company registered in Delaware, USA and accordingly is not subject to the Takeover Code. Shareholders may be aware that ProPhotonix has subsequently announced the adoption of a rights agreement designed to discourage the purchase of further shares in the company without the approval of its board of directors."|
|Yes, Varies you're right, it's not clear that there are very close synergies between machine tools and laser marking. ((Having said that the sorts of capital goods company that need machine tools often need laser marking too.)) One or the other could be sold off to eliminate debt. However, the rump company would be very small-scale and central costs would weigh heavily. A sale of the machine tools business would have to be followed by an acquistion in laser marking. TYKMA management, as you're probably aware, have taken pre-emptive action agaisnt a SIXH takeover.
The machine tools business is back into the blue, but always requires a heavy load of working capital. One of the main aims of the restructuring has been to simplify supply chains and hence reduce inventory. This should allow cash to be released and debt to be brought down.|
|Could it be that TYKMA and PPIX are the prize,would certainly make sense looking at the strong sales performance of both.|
I am glad to hear that you take a positive view and hope this share comes right soon at last.
I had a modest holding for years bought at over 50p but, like you, have bought a fair number at or below 10p recently. I have added more this week at about 12.80p.
I also have shares in PPIX.
The machine tool distribution business never seems to make much money. Perhaps the new management (if there is one) might sell this off and concentrate on laser marking. If so, PPIX would fit in better.|
The main problem with SIXH is that they have built up high debt levels during re-structuring that has continued for several years (with at least two false starts.) It looks to me like they should be able to bring the debt down in the next half with a reduction in working capital and likely profitability. They could also sell off their stake in PPIX at some point, though PPIX shares are still undervalued in my view.
The reason I've bought (back) in heavily below 10p is that a close reading of the balance sheet and recent results suggests that they have actually added real equity over the last year and a half. This is in spite of restructuring costs and quite unfavourable market conditions.
There is obvious potential in view of the improved performance of particularly the laser división and hopeful signs in the machine tools división as well.
Disruptive's participation merely supports the above.|
|Looks like we are not alone
Yes I think they have lots of options and by the looks of it deep pockets.|
The same thought occurs to me and it will be very interesting to learn what Disruptive's plans for SIXH are.
We can at least now deal in the shares after Friday's virtual suspension and I have bought a few more at 12.7p.
Curiously enough I spent an hour on Friday morning trying to convince myself that the shares were worth buying at 10.25p and deciding that they were not ! Luckily I had bought a fair number at about 10p in the week before.
The arrival of Disruptive does change the picture. This share has been very sleepy with a 10% spread for some 12 months but I now see the company in a rosier light.|
|So when this all shakes out you would think that Paul Dupee who is a Managing Partner at Haddeo will resign and Disruptive Capital will then have a seat on the board giving them representation.|
|It's also worth noting that Prophotonix have recently put out a very impressive trading update.
It's surprising that both SIXH's recent acquistions (28% in the case of PPIX) have actually proved a plus.|
|The tangible net asset value _ not including the pension surplus - is about 4 million sterling from memory.
Recent results have seen an increase in tangible equity - ie a real profit - but also debt. (About a million and a half of the equity is the value of the PPIX stake.)
The debt increase in the last results can be put down to working capital timings and exchange rate effects - ie drop in sterling contra dollar leading to an increase in the sterling value of dollar-denominated debt.
Wynmnck refers to the appraoch from PTG in 2007 - which was before present management took over. There were also extensive negotiations with a Chinese company some three years ago with the current management, which didn't lead to a bid.
I've been very happy to pick up shares in single figures here. The debt is a clear risk. It's worth noting that more than half is convertible at around 20p.|
|Re the nav figure above, is there not a dilutive convertible traded on the Bahamas or Cayman Islands Exchange ?|