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CSD Clearspeed Tech

3.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Clearspeed Tech LSE:CSD London Ordinary Share GB00B01TNC84 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 3.50 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Clearspeed Technology Share Discussion Threads

Showing 601 to 624 of 675 messages
Chat Pages: 27  26  25  24  23  22  21  20  19  18  17  16  Older
DateSubjectAuthorDiscuss
16/10/2008
11:38
theband - it is not inevitable that Farleigh will get 30% - it's his choice. If he does, he will have to make an offer (HP - I persist in this view - the Takeover code is explicit and I can see no reason why csd would get a dispensation from Rule 9). Whether he then gets enough to exercise a squeeze-out is another matter again.

HP is right that there is a bull case, particularly given the level of cash. It's perfectly possible that Farleigh simply thinks it's cheap and so he'll buy as much as he can before he enters a close period leading up to a fantastic set of results. Let's face it, he knows a lot more about the company than anyone here, and he's spending big chunks of cash to buy a large part of it.

The risk is that he's wrong, and the company will drift on for another two or three years trembling on the brink of profit with the price in the doldrums until finally there's a very cheap takeout of some kind.

supernumerary
16/10/2008
10:52
What if Farleigh gets his 30% (inevitable) then lets the share price drift and then takes the co. private giving shareholders a couple of p for their trouble ?
theband
16/10/2008
09:48
theband

I think CSD is a pretty good medium term investment at this price.
The company will have around £11M net cash at end Dec 2008 after the latest cost cutting implemented (at cost £0.5M). This will reduce running costs to "under £3M". Current market cap is £6.9M. And cash burn will be modest ie assuming

revenues = £1M
gross profit = £0.65M
running costs = £2.75M
Interest income = £0.6M
tax credit = £0.15M
Loss = £1.35M

That gives you several years of losses factored into the price. In addition CSD has £45M of tax losses. That means the first £45M profits they make are tax free. OK maybe jumping the gun a bit there(!) but you get my drift. Also the extensive patent portfolio is to be licensed out next year. Not sure how much this is worth theyve mentioned this a few times now. The last Celoxica results may be a clue to the future of CSD. Celoxica also spent a fortune on R&D and had huge losses but they have now slashed running costs to only £1.5M and arent that far away from being profitable now.

hugepants
16/10/2008
07:11
Thanks for the tip last week Super, glad i stayed out right now . As to theband, true to form they played on.
theband
15/10/2008
11:10
What was theband playing?
supernumerary
15/10/2008
11:10
I vaguely remember Jock Stein dying on the bench during a match.
theband
14/10/2008
10:32
supernumerary
I wouldn't describe it as "fun" per se. It could be interesting though. Im still not sure Farleigh will need to make a bid even if he gets 30%. I vaguely recall the Celtic chairman going over 30% and not having to make a bid.

hugepants
13/10/2008
19:59
more like £430k over 10 days or cant i do the maff.
theband
13/10/2008
19:33
Farleigh's buying cheaper, not dearer. If he wants more shares I can't see him competing in the open market for them, can you?

It's an interesting situation though, it will be fun to see how it turns out.

supernumerary
13/10/2008
18:21
Is this rise due to only £30,000 worth of shares purchased? I was expecting to see another big buy from Farleigh.
hugepants
13/10/2008
17:30
yes, i did wonder about the liquidity. how easy would it have been to buy say £10k worth, and sell mores the point ? thanks for the advice anyhow, its scary out there at mo, need all the help thats going.
theband
13/10/2008
17:02
theband - one to be very wary of. Farleigh's bought millions, cheaper every time. The spread and lack of liquidity are killers - a bit of profit-taking and the bid will be back to 9 or 10 in the blink of an eye, which will leave most of today's buyers nursing losses.
supernumerary
13/10/2008
16:56
Looked at this last week when i saw director buying note from digital express and thought nah. Doh.
theband
13/10/2008
16:44
more like a stairway up from hell...

Interesting what a few words from the ft will do.

supernumerary
13/10/2008
15:55
todays chart like a stairway to heaven
theband
11/10/2008
11:17
I suspect for Imate they're just lumping a lot of costs together without bothering to apportion them to their real cause. I read the last statement - brutally honest and quite a remarkable specimen of its type - and they obviously have a ton of legal costs. Three spurious IP claims a month - what must the lawyer's bills be like? Maybe the company thinks they'd be less if they weren't quoted? Anyway, there is a big hole that I would say they haven't really explained adequately.

I think small companies that do everything on the cheap can cut their listing costs back quite a lot, but I get the impression that Imate was suffering a bad case of hubris - Cazenove! - and have been brought back to earth with a bump.

VDI - from their Rule 26 pages: 'Shareholder Rights. Please note that Visual Defence is incorporated in Canada; therefore the rights of shareholders may be different than in a company incorporated in the United Kingdom.' Sorry, but I know nothing about Canadian corporate law.

supernumerary
11/10/2008
09:35
It does seem a heck of a lot. I googled and its seems approx £125,000 is about standard for small AIM companies. Which is still a hell of a lot when you think about it. The non-executive directors can also probably be kicked out so possibly another saving there.

As regards the 30% rule there must be exceptions. The CEO of Visual Defence (VDI) went over the 30% mark last year and he's kept buying and owns over 50% now. And he's never had to make an offer to the other shareholders.

hugepants
10/10/2008
13:06
Imate have had a pretty torrid time and maybe that contributed to exceptional costs, but they say they're looking at Nomad costs of £50K, plus they've got to pay a house broker (same again?) and a few more legal/accountancy/listing fees (same again?) so I hope the shareholders are asking what happens to the other £850K...
supernumerary
10/10/2008
11:55
Some more large trades going through at 9p. Farleigh only needs another 750,000 to get to 30% so may happen very shortly.

supern, Imate are AIM listed (prob not for long though) and they claim $2M costs.

hugepants
09/10/2008
23:07
HP - I don't think that's realistic - £50-100K is more like it on AIM I'd have thought. I don't know your examples, but main LSE market and Nasdaq for instance are a lot more more expensive.

The problem is that if someone makes an offer you either sell or run the risk of getting screwed by a winning buyer if you continue to hold.

supernumerary
09/10/2008
22:58
Well at a quick glance it looks like 12p is the highest he's paid.
Id be OK with delisting especially if the cost savings are significant. Imate said recently delisiting would save them around £1M per annum which I didnt believe. But another company (cant remember the name) recently came up with a similar figure. I think they can get rid of non-execs for a start. Still not sure how they can save £1M but if they can save even 20% of that its prob worth doing.

hugepants
09/10/2008
15:44
HP - price is in the takeover code rule 9.5 - not less than highest price paid by the offeror within the last 12 months. Don't know what that is for Farleigh but easy to look up.

I think lots of companies are looking at how they can delist - if they don't need to raise cash, there's not a lot of point in being listed for a small company. The shares are often too illiquid to make a decent market, so it doesn't even offer the major shareholders an exit route.

supernumerary
09/10/2008
14:46
Does anyone know the rules regarding a bid price if Farleigh does buy up 30%?

The company had approx 25p net cash at end June so I think anything less than 20p would be ridiculous.Ongoing losses drastically reduced and the technology is cutting edge (even though they cant sell it). Also the patent portfolio to be unlocked next year.

I suspect Farleigh is wondering whats the point in being listed just now. The company can probably save a few hundred grand per year by going private.

hugepants
08/10/2008
18:54
Mas - 30% is compulsory bid level...
supernumerary
Chat Pages: 27  26  25  24  23  22  21  20  19  18  17  16  Older

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