|Can anyone tell me when we are likely to receive the proceeds of our Comino shares? Would it be 14 days after the new closing date?|
Comino Group PLC
07 December 2005
COMINO GROUP PLC ("COMINO" OR "COMPANY")
The Board of Comino announces that it is in advanced discussions with Civica plc
("Civica") with regards to a possible cash offer to be made by Civica for the
issued and to be issued share capital of Comino at 335p per share. The due
diligence process has been substantially completed and the possible offer is
subject, inter alia, to funding, final documentation and board approvals.
Shareholders will be updated in due course. This announcement is made with the
approval of Civica.
The Board of Comino is being advised by Close Brothers Corporate Finance
This announcement does not constitute a firm intention to make an offer and
there can be no certainty that an offer will be made even if the conditions, as
set out above, are satisfied or waived.
Comino Group plc Tel: 01628 525 433
Garth Selvey, Chief Executive
Paul Clifford, Finance Director
Close Brothers Corporate Finance Limited Tel: 020 7655 3100
Peter Alcaraz, Director
James Davies, Assistant Director
The directors of Comino Group plc accept responsibility for the information
contained in this announcement. To the best of the knowledge and belief of the
directors of Comino Group plc (who have taken all reasonable care to ensure that
such is the case), the information contained in this announcement is in
accordance with the facts and does not omit anything likely to affect the import
of such information.
Close Brothers Corporate Finance Limited which is regulated by the Financial
Services Authority in the United Kingdom, is acting for Comino Group plc and no
one else in connection with the matters described in this announcement and will
not be responsible to anyone other than Comino Group plc for providing the
protections afforded to customers of Close Brothers Corporate Finance Limited
nor for providing advice in relation to the matters referred to herein.
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the
"Code"), if any person is, or becomes, "interested" (directly or indirectly) in
1 per cent. or more of any class of "relevant securities" of Comino, all
"dealings" in any "relevant securities" of that company (including by means of
an option in respect of, or a derivative referenced to, any such "relevant
securities") must be publicly disclosed by no later than 3.30 pm (London time)
on the London business day following the date of the relevant transaction. This
requirement will continue until the date on which the offer becomes, or is
declared, unconditional as to acceptances, lapses or is otherwise withdrawn or
on which the "offer period" otherwise ends. If two or more persons act together
pursuant to an agreement or understanding, whether formal or informal, to
acquire an "interest" in "relevant securities" of Comino, they will be deemed to
be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant
securities" of Comino by Civica or Comino or by any of their respective
"associates", must be disclosed by no later than 12.00 noon (London time) on the
London business day following the date of the relevant transaction. A disclosure
table, giving details of the companies in whose "relevant securities" "dealings"
should be disclosed, and the number of such securities in issue, can be found on
the Takeover Panel's website at www.thetakeoverpanel.org.uk .
"Interests in securities" arise, in summary, when a person has long economic
exposure, whether conditional or absolute, to changes in the price of
securities. In particular, a person will be treated as having an "interest" by
virtue of the ownership or control of securities, or by virtue of any option in
respect of, or derivative referenced to, securities. Terms in quotation marks
are defined in the Code, which can also be found on the Panel's website. If you
are in any doubt as to whether or not you are required to disclose a "dealing"
under Rule 8, you should consult the Panel.
Rule 2.10 Requirement
In accordance with Rule 2.10 of the City Code on Takeovers and Mergers, Comino
confirms that it currently has in 14,016,390 issue ordinary shares of 5 pence
each. The International Securities Identification Number for the ordinary shares
This information is provided by RNS
The company news service from the London Stock Exchange
|i think these have been taken out cheaply and its not sour grapes as i have made a good profit but does anyone think another bidder may enter?|
|I have a few and will make a modest profit - but did anyone notice the upsurge in buys this morning in advance of the RNS? someone had insider info. Wouldn't mind so much if I was on the inside!|
|I noticed - I've held these since March 2000 and this is the first time I've been in profit!!!!|
|Don't worry we've noticed but it's better to have a quiet thread and go unnoticed.I hope they get another bid from someone else.|
|No one else noticed sudden jump of 10% and advanced bid talks with offer of 335p?|
|thanks for that lanzorote very informative,you have confirmed that this company is definately going places,still well worth buying in my view.|
|The Business had a positive write up last Sunday, pointing out new contract wins with Manchester council (first phase £2m), interim dividend up 20%, turnover 7% ahead and net cash £8.2m. House broker KBC Peel Hunt forecasts a rise in full year profits from £2.7m to £3.6m. Prospective pe 16. If Comino can achieve £4.2m for following year that falls to 13.
The article states "would be an attractive acquisition for a software company with back office systems which wanted software for delivery ... Comino looks set to prosper over the coming years"
RNS on Friday shows that Liontrust increased its stake to 10.25%
|seems to be breaking out i expect this to start motoring soon ,any other views?|
|Well I'm out. Got in at 220p in Feb. Got out at 277p today. With the divi payout earlier this year that makes a 25%-plus return in 9 months.
I reckon there could be a bit more upside, but I felt the rise today was a good a time as any to take profits.|
|two massive 80,000 buys today.|
|Comino returns solid H1 figures, confident in outlook
LONDON (AFX) - Comino Group PLC, a provider of service delivery solutions
for local government, social housing and occupational pensions, returned solid
first half figures, on the back of contract wins in Manchester and Liverpool.
The strong performance is expected to continue as the group said its current
order books are healthy, with "significant opportunities for further growth."
Pretax profit in the six months to Sept 30 came in at 1.4 mln stg, up from
849,000 while the turnover was 13.1 mln stg, up from 12.2. The interim dividend
is three pence compared to 2.5 pence a year earlier while the earning per share
is 6.8 pence.|
|Yeah, but not much movement. Probably because the cash flow doesn't appear to back up the profits.|
|Interims out today -look good.|
|Opened up today, once the price starts moving people will buy on the breakout.|
|Looking at the 4 Year chart, if this breaks through 270p could see £3 quite quickly.|
|Extracted from today's Guardian Online
'Comino bid talk
There was a sharp rise in shares of IT services company Comino Group yesterday as traders scented a fresh bid for the business.
Shares in the company, which provides IT solutions for local government, social housing and occupational pensions administration, rose 12.5p to 262.5p.
Traders said the share price rise was due to comments made by the management of rival Anite Group, up 0.25p at 64.75p, during a series of recent post-results meetings.
Anite, which is about six times larger than Comino, works across the IT services sector but has a significant unit dealing with the public sector.
Anite's management have apparently been talking to investors and analysts about making deals to bolster the business, leading traders to speculate about a bid for Comino.
Comino is no stranger to predators. Last November the company said that talks with a potential bidder had ended after two months of talking.'|
|Thanks to cinbom who replied to this breakout on the FAR4 thread.
'cimbom - 15 Jul'05 - 09:04 - 8983 of 8986
This could be the reason for the rise.If true CMO could get very interesting.
COMINO (traders scent a fresh bid for the business)'|
|Opened up today 12.5p :-)|
|Are Techinvest still recommending Comino, anyone ?|
|Looking like a breakout!|
|From May's 'Company Refs':-
a/ Prospective PE ratio of 13.0 (based on one broker forecast, recommending 'Buy').
b/ Forecast growth in eps of 45.0%.
c/ Prospective dividend yield of 3.86%.
d/ Price to sales ratio of 1.28.
e/ Price to research expenditure ratio of 10.6.
f/ Net cash per share of 77.3p.
g/ Cash flow of 27.4p per share.|
|Last post was article from the Daily Mail.|