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Avingtrans Share Discussion Threads
Showing 2526 to 2549 of 2550 messages
|You're missing that the cash to pay for shares tendered comes from the companies bank Acct and their for precisely reduces the value of the co. by the amount paid for any shares tendered!|
|I'm a little confused by the tender document in that I can't understand why anyone would opt in....If I understand correctly, we have the option to sell half our shares for roughly the current share price. Am I correct in thinking that The net result if his happens is that the number of shares in circulation will drop by 50% and therefore the share price should increase??If so, why on earth would one choose to take up the offer? If the majority reach the same verdict then there won't be enough interest for the tender to take effect and the company don't pay out the money....... If I'm missing something obvious, please enlighten me!!D|
|From the tender doucument on website-
"The Board is making no recommendation to Shareholders in relation to participation in the
Tender Offer. However, Shareholders should note that the Directors who hold Shares intend to tender such
amount that will ensure that their percentage holding in the Company’s issued share capital is to a material
extent maintained following the Tender Offer. The Board is unanimously recommending Shareholders to vote in
favour of the Resolution to be proposed at the General Meeting, as the Directors intend to do in respect of their
own beneficial holdings of Shares.
Further, Nigel Wray has expressed his intention to tender, as a minimum, such number of Shares that will ensure
that his percentage holding in the Company’s issued share capital is to a material extent maintained following the
|Yes, that info should be in the tender document.|
|Does anyone know if we will get any indication before the tender offer whether management are going to tender their shares?|
|ST has plugged again in his online column: "I still see decent upside as the company is trading profitably, picking up numerous contracts, and has a large war chest to deploy on earnings accretive acquisitions. On a cash-adjusted basis the shares are priced on 10 times EPS estimates of 7.6p for the 12 months to May 2018 post the tender offer, with the earnings risk skewed to the upside as these forecasts only factor in contracts already in place. I maintain my target price of 230p. Buy"|
|As long as it's not retained for bonuses/incentives as has happened elsewhere, then that's fine by me. I agree with DGWinterbottom above. We are entering a risky period with Brexit. I know that a lot of AVG may not be affected by this, but I would rather have a profitable company with strong cash reserves.|
|I mentioned the concern that there might be insufficient uptake at the meeting, and that's clearly a risk in relation to returning sufficient funds. With Wray and McDowell now saying that they will only reduce in line with others, that increases the risk that the tender quantity might be too small. If so, then they should probably considering some form of balanced distribution via special dividend or similar.|
|I'm assuming it's to provide an exit for any shareholders who were invested here as an aeronautical play and thus may have created a long term overhang as they exited over time. There may well be some institutions that AVG know fall into that category and this a very slick way of taking them out and whilst so doing significantly increasing returns to other holders in the future.
Either that or an insider wants a yacht...|
|Agree DGW - else they would have set the tender price higher.|
|I cannot help wondering if this is a gesture with good intention but not expected to be taken up by the majority. In which case it would enable the Company to keep more of the cash to spend on acquisitions and growing the business in the future. Would be grateful for any thoughts !|
|Hi DGW, Unfortunately I won't be able to attend as will be out of the country - typically the one that's geographically easier is when I'm not here!
But the news was good this morning with the tender at 200p, however I've no plans to tender any. Indeed with the market cap getting smaller post-tender, any good contract news etc is bound to have more of an impact on the share price. All bodes well for the future and I'll be adding on any weakness.
If you don't know them, check out Melrose. I really think this is what the guys are modelling themselves on, and a great strategy in their business area I think.
Just curious: what happens if not enough people tender their shares to achieve the buyback target?|
|200p tender offer for 50% of your holding. Who is tempted? Personally I'm not as these are going much higher imo, but each to their own.|
|(Sorry about previous post, written in a rush and I didn't read it over: embarrassing error corrected )
On the matter of the the tender,it will depend on the price and the decision by the management whither to take it up or not.
My personal view is that I will probably take up the offer as I'm not heavily involved here and have only very recently bought in.
The prospects for the company look very good but I have a fairly large holding in another specialist engineer with a similar profile (on the up, cash, large and growing order book) so this plays an obvious part in my decision making.
I will certainly keep any part of my holding that is not taken in the tender.|
|I too will probably pass on the tender offer and stick with my holding on hopes for an interesting future. Will you be going to the AGM Cisk, please note its now in Birmingham!!|
|Agree with rhom, I have no plans to tender any (indeed bought a few more after the results). I've yet to meet the BOD but it strikes me that they have the aim of becoming a Melrose-type company, building up a business in an industry, turning it around , investing in it and then selling out.
Have to confess that initially I was sceptical with the aerospace sale, but now it makes perfect sense and the metalwork/ nuclear area clearly has massive scope for growth. I don't think this is really recognised much as focus is on the tender offer at the moment - but over time it will change and if they keep winning business I hope that it becomes as big, if not bigger, than the aerospace arm.|
Most of their holdings are in Sipps iirc so tax is simpler! My guess is they'll not tender any unless they have a yacht or holiday home in mind.
I'm not tendering any either as I'm keen on the nuclear opportunity going forward.|
|Strange situation developing here regarding the tender offer.
With the price where it is I don't see it being pitched at 200p and 210p would seem more likely but I expect the exact details will be shaped by the tax position of the management and institutional holders.
I wonder if management would take up their entitlement at these levels ?
Do they see it as a good chance to cash in half their holdings or do they want to increase their share ?|
|Avg keeps pulling these out of the bag, I imagine more coming their way when Hinckley deal is signed. What a great tip yesterday!|
|ST has a target price of 230p:
'I have no hesitation repeating my buy advice. My target price of 230p is bang in line with Avingtrans’ net asset value per share. Buy.'|
|Tip of death :)|
|Just tipped in the IC -
Underlying FY results were broadly as expected, with the continuing operations comprised of the Energy and Medical (E&M) division post the £65.0m disposal of its aerospace business. The group is expected to return £28m to shareholders shortly. Outlook prospects are encouraging having recently had some strong new contract wins (e.g. EDF, Bruker and Rapiscan). The Sellafield contract will start to kick in through 2018. The underlying oil and gas market remains in the doldrums but will likely provide a recovery story in due course. We still see upside to the shares, and our price target of 215p indicates a post-tender-offer EV/EBITDA of 10x for 2018. Our rating remains a Buy.|