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Autoclenz Share Discussion Threads
Showing 201 to 225 of 225 messages
|Sorry guys, the ticker for this has now changed to ASAP so I've had to create yet another thread. Please use that one instead of this. Here's the link ...
|Well we have about 29p/share in cash and about 9.5p/share in a loan to the MBO. Hopefully interest will cover running costs. Cost 32.5p. With the bid offer spread there's little reason to buy, little reason to sell.|
|Now that the sale has completed and we have notification this morning that the name change has also happened I've created a new thread. Perhaps anyone who retains an interest in these shares would like to post over there ....
|Name change announced this morning over to AimShell Acquisitions plc hence the new thread.|
|A new thread for the former Autoclenz Holdings plc now that it is a cash shell.
As far as I can tell the share register looks like ...
IS Partners Inv Solutions AG (Helium Special Sits Fund) = 2523000 (24.26%)
James Leek (Chairman) = 1065600 (10.25%)
Octopus Investment Nominees = 846675 (8.14%)
Bob Morton (held by Investec) = 798757 (7.68%)
F&C Asset Managers = 755992 (7.27%)
Rathbone Brothers plc = 514630 (4.95%)
Charles Stanley Group plc = 490462 (4.72%)
Singer & Friedlander Inv Management ltd = 432850 (4.16%)
Bestinvest plc = 388225 (3.73%)
ISIS EP LLP = 320000 (3.08%)
Anthony P Cohen = 316600 (3.04%)
Michael Stone (Director) = 89598 (0.86%)
Non-disclosed holdings = 1857631 (17.86%)
Total shares in issue and voting rights = 10400020 (100%)|
|Notification that both James Leek and Michael Stone have bought shares.|
|Confirmation that Mrs Knott has sold out to Bob Morton who now owns 7.68%.|
At PUR we are waiting to see an RNS (due) regarding his holding in Pure Wafer,and potentially an appointment to the Board.Is some corporate activity possible here ?|
|Only £3m of it being paid immediately, so I guess they'll need to sell the loan at a discount to return funds in 12 months if nothing can be found.|
|Thanks but I know Mr Leek (and indeed the guys at Zeus) pretty well already ...............
Fair enough. Keep making unsubstantiated comments then without actually getting some info from the horse's mouth.
But I do agree about Zeus and I shall be speaking with him about the relationship to ensure that he is VERY careful when considering any suggestions they may have. Perhaps other shareholders might wish to do the same...
After what James Leek did at Torday&Carlisle/EWood I would be willing to give him some benefit of the doubt. It would be interesting to know more about the VCT holders. But he has a VCT background himself of course, so I imagine this is a concerted move by a few seasoned allies.
He mentioned the Swiss fund IS (largest shreholder), Octopus and ISIS I think. They sounded pretty tight-knit and sophisticated. As long as they make their own minds up and don't rely on Zeus (hopefully unlikely) then I'm optimistic they'll make a good decision.|
|After what James Leek did at Torday&Carlisle/EWood I would be willing to give him some benefit of the doubt. It would be interesting to know more about the VCT holders. But he has a VCT background himself of course, so I imagine this is a concerted move by a few seasoned allies.|
|It sounds like the same long-distance conspiracy theory that thought they would delist, which turned out to be wrong as I said it would.
Yes but I doubt you expected a sale of subidiaries at a price of 38.5p either (you were actually talking about a takeout price at more like 60p).
I suggest people actually pick up the phone and talk to the guy instead of random speculation.
Thanks but I know Mr Leek (and indeed the guys at Zeus) pretty well already ...............|
|Why would he place his shares at 30p when he told me last night that they would return all funds to shareholders if they can't enhance value through the shell within 12 months ?
It sounds like the same long-distance conspiracy theory that thought they would delist, which turned out to be wrong as I said it would.
I suggest people actually pick up the phone and talk to the guy instead of random speculation. As far as I can tell I'm the only one actually doing this.
No doubt the price is on the low side which is disappointing. The reasons behind this were explained to me by Mr Leek as touched upon in my earlier post. More details can be obtained from him directly.
The large shareholders who support the strategy clearly think that there is an opportunity to enhance value above 38.5p else they would have all just asked for the cash back themselves. I guess the decision is whether to hold on and see if they are right or take 34p now.|
|To be honest, if I could get 38.5p I'd sell my shares. However currently the price quoted is 34p and not in any volume. I have great suspicion of anything that Zeus Capital are involved with
I'd be concerned this is another vehicle being set up to benefit the advisors and their mates. £3-4m is not much on which to base an acquisition strategy, so a low priced placing could well accompany any acquisition. Maybe Leek would place his shares as part of that. Remember he only paid about 15p for his shares so even 30p would be a result for him.|
|I have spoken to James Leek, the Chairman and 9% shareholder. A few notes ...
The low EV / (EBITDA - capex) ratio reflects various aspects of the business (lower margins, working capital, employment law). Mr Leek didn't claim it was a great deal but said it was fair.
There's no tax to pay and minimal expenses. Indeed the shell will have substantial tax losses which unfortunately will probably not be available in future. Costs will be kept to a very low level while they search for new opportunities.
The shareholders supporting the strategy are largely VCTs and are very experienced in the private to public arena. They say that this will be one of the cleanest shells around and hence should be attractive.
I have been assured by Mr Leek that none of him or the VCTs have any intention of blowing the cash and if they don't find a suitable candidate inside 12 months then they will return it to shareholders.
The EGM will be held in London. I won't be there but it would be great if anybody could go and report back to this thread.
Not the outcome I had hoped for but the takeout price is 25% higher than my breakeven. I shall hold and trust the judgement of the large shareholders with the assurance that they will return the funds in 12 months if they can't find anything of sufficient value.
|Only £3m of it being paid immediately as the rest will be paid over three years. A competing outright bid would have been better and a far cleaner exit.|
|Shareholders stiffed again...|
|Disappointing outcome here|
|why not just an outright bid? rather have the liquidity option than be stuck with far too many of these! grrrr|
|Not exactly what I wanted............
Price is little more than 2.5 x ebitda. What are they going to do with £4m? Better to give it back to the shareholders than buy some little 'growth' company that the market won't value properly!|
|All of a sudden the market has firmed up substantially without any trades disclosed. Only 2.5k available online at just under the Offer price. Fingers crossed there's something behind it.|
I hope it goes well for you. Its one i'll watch from the sidelines|
I agree the two statements are not compatible and I remain confused. However, Mr Leek said what he did at the AGM and he strikes me as an extremely genuine guy and far too wise and long-in-the-tooth for any corporate silly business.
It also needs to be remembered that unlike most delisting situations the Board own 10% in total (virtually all held be Mr Leek) and the other holders, especially the largest holder which is a Swiss investment fund, are much less likely to support a delisting.
At the next AGM I shall be pushing for a sale of the entire business to a larger support services company or private equity fund for at least double the current price. They have never tried to structure such a sale and I see no reason why they would fail to attract a number of bidders. Even double the current price would be a very good EBITDA / EV ratio for the acquirer especially with all the extra overheads stripped out.
I urge all shareholders to try and make it to Derbyshire next May. I've been twice now and I seem to recall that they've never seen anybody else since the IPO. I think they would genuinely appreciate some external shareholder input.