Cmo Share Discussion Threads

[beckaroo] 09/5/2003 00:45

Its funny how Constellations first buy of 5.91% last year caused great speculation and a huge price rise. Now they have 17.2% of the company and there is no speculation at all. Looking forward to good results at the end of the month.

[richardjo] 08/5/2003 15:58

Normally 30%, provided you currently hold less than 30%.

Of course, nothing is quite that simple.

If you already hold between 30% and 50% you have to make an offer if you increase your holding.

You don't have to make an offer if you already hold over 50%.

Holdings are combined if "acting in concert". Directors are deemed to be acting in concert in an offer period (or they have reason to believe an offer will be made). Otherwise directors are assumed to be acting individually.

[badabing] 08/5/2003 15:20

I have answered my own question below.

A shareholder who owns 30% or more of a company' shares has to offer to buy all the other shares at the highest price the shares have achieved in the previous 12 months. This is known as a mandatory bid.

Looking at the last 12 months, this hit £1.65 at its height (July 2002) so 30p isn't too much of premium and that might explain the lack of reaction since the Canadian's increased their holding. Since July it has fallen regularly so if a bid came in after July we could be seeing £1.50 ? Of course that assumes no change in the current price, and hopefully that will start moving as we near results and that might be just the nudge the Canadian's need to take up the 13% needed to make that bid (hopefully at £2+).

But then again WDIK - it could be just a pipe dream anyway.

[badabing] 08/5/2003 13:15

Anyone know the level at which you have to make a bid when you acquire x% holding ?

[richardjo] 08/5/2003 09:00

Yes. Williams de Broe acquired 900k on 2 May. There was a 926k trade on that day at 130p (bid). Was that the seller? 926k is about 6.7% of the company, so if a single seller there must be another holdings RNS due. Or was this simply a stock "overhang" being soaked up.

An interesting one worth watching. Perhaps there will be another bid approach shortly.

[badabing] 07/5/2003 13:30

Anyone else noticed the tidy little piece of stake building going on here in recent months? Results are due at the end of this month - should be good bearing in mind previous statements and no news (good or bad) being released in the meantime.

[ronmikeh] 02/2/2003 14:07

purchased 2500 shares in Nov 02 Looking for capital growth with the possable takeover by Constellation Software. This will put a floor on the down side of the share. Nobody is following this company because it is not flavor of the month.This is the type of company I like as it has a good risk/reward and will probably become flavour of the month within the next year

[pauljc] 30/1/2003 13:03

Is no one following this one then ?

[pauljc] 17/1/2003 08:29

Comino Group PLC said it has been informed that Toronto-based Constellation Software Inc raised its holding in the company to 1,286,465 shares, representing 9.26 pct of the issued share capital.

In September, Constellation had raised its stake to 7.35 pct from 6.81.

Constellation's buy in March last year of a 5.91 pct stake in the company had sparked press speculation, and Comino said at the time it had received an unsolicited approach from a UK company, which may or may not lead to an offer.

[a.fewbob] 03/7/2002 23:56

i'd be happy with two quid.

[hot_property] 03/7/2002 11:43

New thread HUSE discussion on house prices and your thoughts

[hiho] 03/7/2002 11:40

A question to all shareholders of Comino....

If a new offer was made to Comino board of directors for a take over bid in excess of £2.00 per share, what would be the shareholders reaction. Would your vote be to accept or reject the bid? Please post your replies on this noticeboard.

[a.fewbob] 21/6/2002 16:19

Any reason for the rise today?

[beckaroo] 14/6/2002 10:02

Really good to see increasing notifiable interests, especially Constellation Software increasing their stake in the company.

[a.fewbob] 30/5/2002 09:51

Does anyone have recent forecasts for these? Citywire were quoting forecasts of 4m (pe of 6) and share cast, 4 million (pe of 6). Who is right?

[beckaroo] 28/5/2002 21:48

Good news today about a contract win but I imagine it will continue going down if results are bad tomorrow although with the last trading statement everyone expects them to be bad. I will be happy with a 1 million loss and positive comments about the future. With this and the prospect of buyers still on bthe horizon this should keep up the price. If it starts falling tomorrow I guess that some heavy buying later on will signal that Constellation or some other company are still interested.

here is the article:-

Comino Secure Second Local Authority Scheme Win
28-May-2002

South Tyneside Metropolitan Borough Council has become the second Local Authority to choose Universal Pensions Management (UPM) Comino’s award winning administration system in a deal worth over £250,000.

The fund, which boasts over 80,000 members decided to implement UPM following an intensive selection process earlier this year. Stephen Moore, Head of Pensions at South Tyneside said “UPM was the only system that offered the flexibility and control we require to provide our members with the highest levels of service and offers us a platform for future development. In these times when service and accountability are paramount, UPM will give us efficiency gains that will enable us to work towards the provision of Best Value.”

Mick Jennings, Product Director at Comino said, “We are delighted that South Tyneside has chosen UPM. Their decision is highly significant for Comino as it reinforces UPM’s position as the real alternative for progressive schemes within Local Government and is the best acknowledgement for all the hard work that has gone into developing the product.”

Comino supplies administration systems, electronic document management and workflow solutions to over 50 pension funds. Last year West Midlands Pension Fund became the first Local Government pension scheme to implement UPM.

[hiho] 22/5/2002 13:44

Date given for published results as 29th May 2002. I expect it to be a poor result hence the recent trend to dump shares prior to the results being made public.

[beckaroo] 20/5/2002 07:56

Comino have just received a contract from a council in Surrey. Not much I admit but they all add up. From :-


£360,000 contracts awarded to Comino
Released on 17/05/2002

Tandridge District Council has awarded contracts worth £360,000 over five years to Comino plc for an electronic document management system.
The system will enable all documents received by the Council to be stored electronically in one place. This will reduce duplication, as all departments will be able to access the information from a central point, rather than storing the same information in a number of different areas.

For residents and businesses it will mean they will only have to tell the Council once about changes in their circumstances and all relevant departments will be notified automatically.

This will also save time and money as staff will no longer have to file and store paper documents and will be able to retrieve documents electronically without leaving their desk. An image of all the documents will be stored on a central computer system which all staff will be able to access.

The system will be implemented in stages, without disruption to the Council's services.

Chairman of the Policy & Resources Committee, Councillor Tony Elias, said: "The contract means we will have a central system which will streamline our processes and help us provide a more efficient service to Tandridge residents. In time the system will also provide cost savings, as we will be able to make savings in the cost of storing paper files, an increasing problem at present. We will also be able to automate processes allowing us to reduce the time taken to answer queries and link information."

[beckaroo] 15/5/2002 19:17

You don't know the the directors rejected the offer - The indications from the RNS suggest the buyer wasn't going to pay over the odds when the share price rose to 180p after the RNS news. If they are still interested they are doing the right thing, wait for the interest to wear thin and then put in a bid. Maybe that is why Comino were so keen to put out an RNS about the Norwich PFI deal, to try and keep the price high so an offer will be high. AS they seem to have failed in this, I would expect either a good outlook in the results or this compnay will be taken over at a bargain price.

[hiho] 13/5/2002 16:44

Does anyone know when Cominos end of year (ie end March 2002) figures will be published. These will undoubtedly affect the share price. If these are very detremental to the overall share value, does anyone else feel that the directors are held accountable if it is true that the acquisitive offer was north of £2 as suggested by Redd on 28th March 2002. Surely rejecting this offer was not in the overall interest of the shareholders.

[njp] 15/4/2002 23:54

Don't forget, there's still the Canucks!