||EPS - Basic
||Market Cap (m)
|Software & Computer Services
|zoolook: Update from Symphony:
|boadicea: Indeed, and as one would expect, we now have confirmation that AXA have withdrawn their (conditionally) irrevocable undertaking to accept the Constellation offer as the conditions for withdrawal have been met.
This should more or less seal the fate of BDI unless .....|
|asagi: Excellent points, dangersimpson2. Bond must produce results before the end of June. Constellation must make a formal offer or withdraw by 5pm July 1st.
The 'shrewd' bit therefore is that Constellation gets to see Bond's results before deciding. If they had announced any sooner, they could have been forced to offer or withdraw without having seen results.
Has Bond spent all this time talking to Constellation alone? That's hard to accept. And have they really not been given access to management accounts in this time?
Look at the share price graph and how long Bond shares have traded over 105p in recent years. Add in the growth of Strictly Education and the acquisition of Eurowage. Surely 105p is unacceptable to many shareholders.
Asagi (long BDI)|
|battlebus2: A few buyers this morning modform, helping the share price a little.|
|glasshalfull: LOL Pawdaw ... thinking the same this morning.
I've been steadily adding here. My simple rationale being that the company must be close to a deal/sale or they'd have come back with result of the strategic review by now. I saw the December extension as a positive in this regard as they'd initiated this process in March 2015 and the fact they required to extend by a month suggested to me that they were well down the road with any sale or divestiture.
Again, no news as we expected indicates that they must be close to crossing the line...or that's what I'd like to think ;-)
Still believe that the current share price has absolutely no froth in it & still see +30% upside if any deal concluded.
|apatel21: Steg,Their selling I believe must b them wanting to send a signal to somebody - maybe the BOD ? it's such a piddly amount ! Is it also done with the intention to inform everybody with the rns being issued ?I speculate - have they made an offer to the BOD which has been knocked back ?Is this a way to warn the BOD as to what the share price will do if no takeover ?|
|roofer2: Mms are happy to take all sells with out dropping the share price, normally BDI
Would be down 10% over the last few days, I'm holding for a much higher take out price, always a good dividend if I'm wrong
|bakunin: If any offer is in the region of 140, I would agree.
It would seem that nobody seems to hold shares for more than a few months nowadays, so presumably there won't be any holders from 2007.
It is typical in this country, however, that once all the hard work of building a company up (profitability forgone in favour of investment in new products), it gets sold off once established before the fruit of that investment is reaped.
20% margins for established software companies are the norm.
On £40m turnover, there really should be £8m op. profit and at a typical 2 x sales, the company ought to have a valuation in the order of £80m.
My guess is that there will be an offer from Constellation around about today's market cap of £45m, trumpetting the offer at 20% above the share price pre-announcement. They will merely combine BDI's assets with some of their other software investees and make a killing.
The MMs will either be furious or jumping for joy at the contents of the surprise 10am RNS today.|
|battlebus2: I don't see how this can be anything like a stitch up, compared to the recent share price this can only be good for shareholders.|
|asagi: don't let the share price decline since interims fool you, Liontrust have INCREASED their stake in the company.
Now stands at 12.04%.
So, that's (by my calculations) 81% of shares in the company are in the hands of six people/organisations.
However, that falls to 71% of the VOTING shares.
Whatever, its one hell of a compressed register. Clearly if anything were to 'happen' it would be quick. Just as it was last October.
Asagi (long BDI)|
Bond International share price data is direct from the London Stock Exchange