Ashoka India Equity Inve... Share Discussion Threads

[irenekent] 01/7/2015 17:33

I have also sent a message. The cancellation of the dividend was the final straw. Outrageous.

[muscletrade] 01/7/2015 17:02

Anite does have an investor Relations section on their web site where you can send a message to them. I have done so and would urge others to do the same. They could care less about a private investor of course and we need one of the institutions to stand up and make a fuss (fat chance), but at least I have said my piece....

"I would like to congratulate the company for the excellent results published this morning.The results however only highlight that the Board have been premature in agreeing to a bid of 126p from keysight that is well short of the true value of OUR company. I would like to voice my serious concern in the way this bid approach has been handled as from my perspective it seems a long way short of being in the best interest of all shareholders, in fact there are many that are arguing that it is primarily in the best interest of senior management of the company. This is a shame and I hope that a proper and respectable rival bid will emerge in due course. Needless to say I will not be voting in favour of the current bid".

[picobird] 01/7/2015 15:14

IC View.........No premium has been paid for Anite.



Mill buys went through at lunchtime.
Half mill at close yesterday.

With Keysight being so cost conscious the CEO can expect to be replaced by the the Group Finance guy.
He would have been voted out with the Chairman by the shareholders should anything have gone wrong with the bid/offer from Keysight IMHO.

[werty5] 01/7/2015 12:04

Well at least the update today could bring on further bids. I have done alright out of the deal but I understand the angst of long term holders. If a further bid does materialise a bidding war might start good news for all PI's. Keeping my fingers firmly crossed.

[jadeticl3] 01/7/2015 10:23

The only justification for accepting such a poor offer was the possibility of skeleton in the cupboard, not previously declared.
The results show nothing of that kind, so the acceptance of such a low offer should be condemned.

However, I agree with the above few posts, viz that too many folk with too much delegated power have too much to lose by highlighting self-interested actions, which clearly is the case with this BOD.

Shocking decision. Bring on the next bid.

[rathlindri] 01/7/2015 09:43

So much for shareholder interests being looked after. Snouts in the trough!

[irenekent] 01/7/2015 07:57

Absolutely outrageous. Not even a final dividend. When Catlin were taken over recently there was a substantial final dividend, a substantial return of cash and a substantial number of shares in the taken-over company. With this bunch of shysters there is nothing. I urge all shareholders to vote against the board. The institutions presumably will take the money and run as usual.

[picobird] 30/6/2015 17:43

I appreciate that the individual investor has been replaced by the institutional investor.
Sometimes they 'higher the bar' when they believe LTIP's are too easily achievable, as indeed they did once with Anite.
I also appreciate that they normally ask superficial questions relating to the short term prospects of a company at these meetings.
It would be refreshing if they asked some pertinent questions as to valuations but I rather fancy that they will end the meeting patting each other on the back & probably take the afternoon off in order to enjoy the Wimbledon sunshine.
Our only hope remains in another bidder entering the fracas & there is plenty of time left for that.

[gerdmuller] 30/6/2015 16:20

Pico, many years ago the balance of power swung from owners of capital to favour managers of capital.
So the risk reward ratio totally changed in their favour. They take practically no risk and yet get huge rewards. That’s why they won’t have a go at management about what ridiculous riches they might get out of this deal because to most normal people city types also get ridiculous rewards as well. They will never press the destruct button because they know if they did it could destroy them too.
They may make some noises to make it look like they are doing their job but from what I saw from their initial reaction to this deal was that they will take the money and run.

There's always a chance of another bid but without it I would be very surprised if institutions rejected it and help ruin their year end bonus.

[picobird] 30/6/2015 14:33

Notice that Goldman Sachs are the institution buying on behalf of Keysight.

Hopefully tomorrow there will be some pertinent questions at the analyst meeting from the institututional investors regarding the Anite share (sp) valuation. They will be in possession of the figures & also have the opportunity to ask why the bid price (sp) accepted by Anite is so low.

I would imagine that if the results are as good as we have been led to believe then the institutions would expect a significant increase in the bid offer. Around the 200p area.

[mrsting] 28/6/2015 13:13

I think CH has a lot of explaining to do at the analysts meeting next Wednesday. A reasonable share offer price to shareholders would be in the region of 180p - 190 per share.

[mbmiah] 27/6/2015 13:38

It's quite clear what has happened here - keysight have taken advantage of the low share price prior to "bumper results ". The board have failed the shareholders - simple.

[picobird] 27/6/2015 12:57

Had a quick look back over the history of Anite as I once held a Cray Electronics paper share certificate.
Interesting to see that 10 years ago the CEO held 1,1 mill options (Chris Humphrey was then the Group Finance Director),
Ten years later & looking at the holdings last year CH was holding 7,7 mill options.

In 2002 Amey was all set to acquire Anite for £400 mill. That was at a time when Anite was making losses & not issuing dividends. In fact it was the post technology bubble burst era.

So now we have a company making profits & declaring dividends but the takeover offer is less than that in 2002.

Well, perhaps the company is run solely for the benefit of the directors. They cannot turn the Keysight offer down because they would lose their jobs & then there is the question of options becoming available immediately.

Perhaps the analysts need to ask CH at the analyst meeting next Wednesday why the directors did not hold out for 200p. The present company valuation including a modest 20% premium. Perhaps they should also ask why the options have increased so dramatically over 10 years.

[mbmiah] 26/6/2015 16:39

I think even the mm's are tiring of this one

[butmac] 26/6/2015 09:04

Brando done a dummy of 10000 shares got quoted 128.1 approx 0900hrs
Mind you also done a dummy sale of 10 shares and got same quote. But like you say its slightly higher than yesterday.

[brando69] 26/6/2015 08:59

could be acting for keysight?

[technocat] 26/6/2015 08:59

Did anyone notice the declaration last night at 17.35 by Majedie Asset Management marked 'Initial position disclosure'

They declared a holding of 10,755,473 shares (3.57%), no purchase price given. Don't recall seeing them before

[brando69] 26/6/2015 08:54

that said they are nudging up the bid and ask on very little... try a big dummy buy and a big dummy sale and you'll soon find out whether it's more than smoke/mirrors

[butmac] 26/6/2015 08:51

Thanks Brando (another lesson learnt) Thats another reason why Im sticking to Fundamentals and long term investing!

[brando69] 26/6/2015 08:42

try putting in a dummy purchase and see what you are offered...

[werty5] 26/6/2015 08:36

Well Brando if that is the case and I don't know because just looking at price via my mobile phone whilst walking the dog that is a disappointment.

[brando69] 26/6/2015 08:33

are you guys joking?

the only reason it is showing at 129 is that this is the buy price of an UT of 29 shares (twenty nine shares). Sell price remains the same at 127.50

[butmac] 26/6/2015 08:19

6 Million sells yesterday hoovered up to reflect in this mornings opening price of 129. Is it "game on"?