Bond International Share Discussion Threads

[cockerhoop] 23/7/2016 16:17

Asagi,

Dillistone is profitable and very cash generative, BDI's recruitment division isn't.

How much do you think the division is worth?

[cockerhoop] 22/7/2016 11:56

My guess is a final payout of £1.15 to £1.25 but the recruitment division is really difficult to value £17-18m rev but loss making. You'd imagine the Constellation offer bearing in mind they own 30% would have been finely judged so I'd be surprised to see over £1.25.

[battlebus2] 22/7/2016 10:58

Meaningful in my book should be 10%+

[zoolook] 22/7/2016 10:49

Is a "meaningful premium" 20%+? or 10%+?

Is it higher or lower than, for example, a "significant premium" or a "substantial premium" ??

Better than paltry or derisory I spose

[apfindley] 22/7/2016 09:06

Heads up GWMO drilling now get in early on a multibagger..

[flyfisher] 22/7/2016 08:49

Isn't the remaining recruitment software division the bit that constellation helped them with at the time of the original acquisition. Perhaps constellation would be a willing bidder for that part on its own.

[battlebus2] 22/7/2016 08:09

I stand corrected :)) Good to see we have moved higher than the 105 offer price. May still get somewhere near my 125p target.

[cockerhoop] 22/7/2016 08:02

'Advanced Talks' :-)

[battlebus2] 22/7/2016 07:56

Proposed sale of payroll subsidiary announced this morning alongside the view the total sum of divestment will have meaningful premium to the constellation offer of 105. In talks to sell other parts.

[mkmmkm1] 14/7/2016 12:10

I wonder when the Bond Board will nail their colours to the mast re: the offer. Two weeks since the formal offer and no response other than the holding message immediately after the offer.

[onjohn] 30/6/2016 13:22

unexpected downturn in recruitment

[cockerhoop] 30/6/2016 13:21

It puts a floor under the eventual outcome IMO, either the board are able to sell the component parts for more than £1.05 or they're not. If they are able to get a better price then they should be able to communicate that to shareholders.

[dlku] 30/6/2016 13:10

Load of garbage, not worth waiting 2 years for constellation to give shareholders a hand shandy like this

[aishah] 30/6/2016 12:50

Cash offer at 105p. Undervalued imo.

[swiss paul] 28/6/2016 19:41

so now results are here they will review and counter offer - any bids please?

[onjohn] 27/6/2016 21:37

unexpected downturn in recruitment will mean risk constellation will chop the price imho

[mkmmkm1] 27/6/2016 20:50

Confirmation of an offer (or otherwise) from constellation due by Friday. Fingers crossed £1.20 +

[aishah] 10/6/2016 10:57

Techmarketview:
Bond International: spurns potential Constellation offer

Whether in pieces or as a whole, Bond International Software is in demand by potential buyers but that just makes for a testing time.

Following a strategic review which determined the best course forward was to sell off some of its assets, it got this rolling last month with the sale of Strictly Education for £11.3m.

Management says it has also received “multiple offers” for other parts of the company, has entered into exclusivity agreements and is in advanced negotiations for the sale of the Recruitment Software and the HR & Payroll Software and Services divisions.

However, in early June, Constellation Software popped up with a possible offer of 105p per share for the company. Today the Bond board declared this level of offer would not reflect the value of the business and stated that if a firm offer was made it would not recommend it.

Canadian Constellation Software is essentially a buy-and-build aggregator, with a wide ranging portfolio, which includes a stake in Bond International (at least it did in 2011) along with several other UK companies (see Constellation Software – PE without the flip. It has a strategy of buying and keeping hold of the companies it buys. It was making a determined effort to increase its UK footprint but appears to have eased up over recent years. The move on Bond could be a sign of renewed interest. It will have to offer up a bigger cheque though, given Bond’s stance and its own assertion that it will not engage in unfriendly acquisitions.

[rubberbullets] 10/6/2016 10:34

been on the block for eons, 2 years. nobody wants it. face the hard truth.

Turnover on Sales team has led to inconsistent new sales.

[aishah] 10/6/2016 10:29

Offer needs to be north of 125p imo.

[asagi] 10/6/2016 10:18

so, the board think that they will get a better offer from elsewhere. The announcement yesterday confirms that the board's 16% will be acting as one i.e. 'no' to 105p. Thus only another 9% needs to decline and Constellation's offer will fail.

I would vote 'no' to 105p.

Anyhow, today's statement is a strong hint that the board is in talks for an offer that values Bond at a higher price.

Asagi (long BDI)

[eezymunny] 10/6/2016 09:22

Gambled a tiny few for the EEZY3 portfolio FWIW



Looks like a fun gamble to me. Gambles always look fun :)

[boadicea] 10/6/2016 08:45

The company is clearly sitting on the latest accounts until the last possible moment but must legally issue them within the next three weeks or risk suspension ....

From LSE AIM rules, Jan 2016 -
"Annual accounts
19. An AIM company must publish annual audited accounts which must be sent to its shareholders without delay and in any event not later than six months after the end of the financial year to which they relate."