||EPS - Basic
||Market Cap (m)
|Software & Computer Services
Real-Time news about Accumuli (London Stock Exchange): 0 recent articles
|boadicea: Having checked the terms of the offer, it is clear that it is intended to be implemented by way of a 'special resolution'. Shareholders should note that this requires a 75% majority, not 50%, and therefore the undertakings by 57% of shareholders is not conclusive. See-
The Offer Document merely refers to 'requisite majority', which is a clue that it is not a simple (i.e. 50%) majority.
To quote from the offer -
"The irrevocable undertakings given by those Accumuli Shareholders will cease to be binding if the Scheme or the Special Resolution to be proposed at the General Meeting is not approved by the requisite majority of Accumuli Shareholders at the Court Meeting or at the General Meeting respectively.....
Additionally, the irrevocable undertakings become non-binding in the event of a qualifying counter offer -
"Those irrevocable undertakings will also cease to be binding if a third party announces, before the Court Meeting and the General Meeting, a firm intention to make an offer for the whole of the issued share capital of Accumuli under which the value of the consideration offered for each Accumuli Share is more than 10 per cent. greater than the value per Accumuli Share offered pursuant to the Acquisition."
At the current NCC share price of ~196p, the counter offer would need to be anything above 32.85p, i.e almost the same value initially quoted in the offer but which has since fallen with the NCC share price to 29.86p
Readers may wish to note that culprits in the proposed sell-out, with the number and percentage of their holdings (in addition to the Directors) are:
Downing LLP ____________15,642,057 9.8%
Hargreave Hale Limited _10,328,150 6.5%
Harwood Capital LLP ____ 9,900,000 6.2%
Jarrod Potter __________10,001,357 6.3%
Livingbridge VC LLP ____36,712,129 23.0%
Unicorn AIM VCT ________ 6,154,346 3.9%|
|aylingd: Agree, a very miserable end to a promising story.
The decision to announce the t/o on the same day as stonking results looks bizarre, a cynical person might say it was designed to keep the ACM share price in check.
Difficult to understand how 57% shareholders & directors believe this is the best deal they could get, of course we are not privy to what deal the ACM directors have been offered. Looking at the slide in the NCC share price since they don't rate the deal either.
Unfortunately, as mentioned above, it appears to be a done deal.
Message to self 'be careful investing in companies where directors have little or no shareholdings'.
|rivaldo: Well, this must be the most miserable takeover bid I've ever been a shareholder in.
ACM is now on a P/E for the year starting tomorrow of just 12.9. And the share price is only just above where it was almost a year ago.
I do agree that having looked more closely at NCC they're more attractive than they have been for a while. But I'd love to know if any of ACM's major shareholders are expressing displeasure to management.|
|gargleblaster: IC's take on it!
NCC snaps up Accumuli
Aim-traded Accumuli (ACM:30.5p), a leading independent specialist in IT security and risk management, has received a recommended cash and shares bid from cyber security rival NCC (NCC:205p). Shareholders are being offered 5.97p a share in cash and 0.1218 new NCC shares for each Accumuli share held, valuing the equity at 31p a share using NCC’s latest market price. That’s in the middle of my target price range 30p to 33p and around the level when I last updated the investment case (‘Small cap tech wonders’, 19 January 2015). It also represents a solid increase on the 23p recommended buy in price when I initiated coverage ('Profit from cyber warfare', 23 April 2014).
Moreover, the bid is likely to succeed because shareholders accounting for 57.7 per cent of Accumuli’s issued share capital have already indicated that they will vote in favour of the scheme of arrangement. The acquisition certainly makes commercial sense for NCC as it will help the group to expand its development teams, bid for projects where it needs to partner with an organisation such as Accumuli in a sole capacity, provides an opportunity to develop its core consulting business across a wider customer base, and engage with this enlarged client base on a regular rather than project by project basis.
There is commercial logic for Accumuli to be part of a much larger enterprise too given that the cyber security market is becoming increasingly competitive as it develops. As a consequence, customers are now looking for the type of round the clock operational security support and incident management offered by Accumuli in addition to NCC’s consulting capabilities. Consequently, Accumuli’s client base should reap the benefits from the extra services and broader geographic coverage that it will be able to offer as part of larger enterprise, giving it greater ability to grow its business than would otherwise be possible if it were to remain an independent company.
Importantly, the exit price seems fair at around 19 times Accumuli’s likely earnings for the fiscal year to end March 2015 based on NCC’s share price of 205p post the announcement. True, NCC shares are higher rated at 22 times earnings for the fiscal year to end May 2015, falling to around 17 times consensus for the following fiscal year, a valuation that is hardly cheap, but neither is the rating of Accumuli. The prospective dividend yields of 2 per cent on both shares are similar.
The bottom line is that with shares in Accumuli being priced on a bid-offer spread of 29p to 30.5p, it makes sense to take-up the NCC offer worth 31p a share given the unlikely possibility of a higher counter bid emerging.|
|boadicea: Don't they need 75% to delist and 90% to compulsorily acquire all the shares?
With NCC now at about 200p there is virtually no premium to the ACM price of a couple of weeks ago. The slight dip since then has probably been engineered for the benefit of the t/o offer. It stinks!|
|adamb1978: Still not showing on the Investegate website but found it on the LSE site. In short, looks like another AIM stich-up. Amazin trading update should have taken the share price well into the 30s so we're being asked to swap our ACM paper for more highly rated NCC paper at more or less nil premium|
|rivaldo: Taken over at the equivalent of 32.8p by NCC.....
Hmmm. Today's trading statement might have led to a small fall as margins are slightly below the usual, but I was looking forward to holding ACM for some years. And NCC is too highly rated/priced for me - their share price could fall as it has done before.
Given the forecasts of 2.2p EPS etc, 32.8p is somewhat disappointing, if not bad as more than a two-bagger. I'd have hoped for say 35p+ at this stage.|
|gargleblaster: V11SLR - Generally imho there tends to be a sell off in smaller cap shares(sometimes considerable) when the share price has been rising preceding the results, however good the results are. The ACM share price has not done that - it has been weak. Hopefully that means that expectations are not that great and an in line set of results will not cause any down trend in the share price That's the theory - but of course I could be 100% wrong!!|
|rivaldo: Interesting to see BA. (British Aerospace) acquire SilverSky, a commercial cyber service provider, this morning:
BA. paid just over 3 times current year sales. In ACM's case, based on almost £21m forecast sales, that would equate to roughly £63m, or 50% above the current ACM share price.
I haven't particularly looked into SilverSky's business, but with an "established sales force, a complementary suite of scalable products and a large installed customer base" there are similarities.
I'd certainly rather see ACM continuing to grow organically and with further acquisitions - I have hopes of ACM being a number of times bigger than they are now in the coming years.|
|igoe104: Lots more in the upside for acm share price, any company that says the words rapidly growing in their last RNS are a strong buy.
(Accumuli is a leading, rapidly growing,)|
Accumuli share price data is direct from the London Stock Exchange