||EPS - Basic
||Market Cap (m)
|Electronic & Electrical Equipment
Real-Time news about CSR (London Stock Exchange): 0 recent articles
|tolga1: Thx JMF69
i have been following the daily buying and noticed large buys,and despite that the share price remained static. In fact share price going south. Accumulation comes to mind.
Now as a large hedge funds you can buy millions of shares for 8.40 and that gives immediate 7% profit till official take over of 9.00, which is easy money but i expect them to aim for higher.
So a new excitement gathering, fingers xxx'd|
|alphahunter: This is mind game.
Issue a profit warning ahead of a week-end, have all STMicros and Infineons of this world take a hit on their share price, get back to CSR and say, ah ah you've got loose hands and bring a 5%+ revised offer.
My bet is 8 GPB offer or no deal.
I'm positionned with the equivalent of a reversed/long fly high butterly.|
|alphahunter: Looking at the trades, volume picks-up in the afternoon, possibly due to some arbitrage with CSR ADR or Microchip Technology, and it seems to me that the pressure on the share price seen in the mornings is more to do to with PIs than big money. I use this as an opportunity to adjust the guaranteed stop-loss.|
|tolga1: Thank you for sharing that info JMF69, you seem to eat and drink CSR.
Interesting times ahead indeed.
Was it for this reason that the share price went to 800+ In March ? at the time the share price went ahead of it self for no obvious reason.
Hoping the price will go back to 800+, obviously.
Holland-Mexico this afternoon by the way, enjoy:-)|
|tolga1: Thank you Ken_Uk
With regard to volumes, I remember that the share price went from 600 to 800 on relatively low volume as well. As long as there are no big sellers, the share buy back clearly has significance.
Was the share price less than 600, when volume was more than 1million? This could explain the higher volume
Anyway, Vamos CSR|
|tolga1: Hi JMF69
firstly many thanks for your great enthusiasm and hard work finding articles around CSR, keep the spirit.
I am a great believer in wireless tech and see a great potential in IoT. I hope CSR will play an important role in here as ARM albeit in a different field.
From the share price action point of view I feel that the market has decided not to expect great revenue.
The price rising to 820 suggested to me that CSR may be a target for bigger fish, admittingly my inexperienced view. See WLF
Trying to learn the markets.... dont we all
Hoping on a good day obviously|
|aishah: 17 December 2013
The Company announces that on 16 December 2013, 103,993 ordinary shares, par value GBP0.001 per share, were allotted to Dr. Steve Gray, at a price per share of GBP0.001, pursuant to the vesting of a share award granted under the rules of the CSR Share Award Plan. Dr Gray immediately sold all of the shares at a price per ordinary share of GBP5.870.
Dr Gray does not have a holding of shares in the Company.
19 December 2013
The Company announces that on 18 December 2013, Dr Levy Gerzberg, a non-executive director of the Company, exercised 7,200 options to acquire CSR American Depository Shares ("ADSs") at an exercise price of $14.87 per ADS. Each ADS represents 4 ordinary shares in CSR. Dr Gerzberg immediately sold at an average price of $40.749319 per ADS, all of the ADSs acquired on exercise of the options. The options were granted under the Zoran Corporation 2005 Equity Incentive Plan and remained outstanding following the merger between CSR and Zoran Corporation which completed in August 2011.
Separately on 18 December 2013, Dr Gerzberg sold 5,550 CSR ADSs at an average price of $40.984414 per ADS.
Following these transactions, Dr Gerzberg's shareholding in the Company is 7,960 ADSs.|
|mcsean2164: I haven't been here for a while, so I was struck by the following news flow:
02/04/2012 11:04 UKREG Analyst & Investor Visit to CSR Cambridge Office LSE:CSR [Order a free annual report for L^CSR] Csr
02/04/2012 10:11 UKREG Voting Rights and Capital LSE:CSR
30/03/2012 17:38 UKREG Purchase of own shares LSE:CSR
29/03/2012 17:51 UKREG Purchase of own shares LSE:CSR
28/03/2012 18:27 UKREG Purchase of own shares LSE:CSR
26/03/2012 18:16 UKREG Purchase of own shares LSE:CSR
23/03/2012 17:49 UKREG Purchase of own shares LSE:CSR
22/03/2012 18:09 UKREG Purchase of own shares
So, in this period CSR treasury holding has increased from 16,152,990 to 17,197,990.
Average purchase price 240p
Why would they do this? Remember back in February 20 they had less than 15 million shares. It's getting closer to 10% of the company now and they stated they would commence a share buy back of up to $50million or £31 million.
Still a huge amount to buy back. Why would they do this and why haven't they bought more already?
Is someone holding the share price low so that buy back can continue?
Remember this, "The company is cash generative with Treasury deposits, cash and cash equivalents of $277.8m at 30 December 2011".
That's a pretty big cash pile to be sitting on.
Ok, so here's my guesses.
1. By buying back, the share price can be supported and this takes pressure off the managers.
But hold on
free stock charts from uk.advfn.com
the share price at the start of February was about where it is now. Is this really the reason?
2. Incentivise employees. Give away lots of shares to directors & managers. I don't think they would have the cheek to do this....
3. Corporate buyout. This is the only thing I can envisage at the moment. A suitor approaches CSR and it is much easier to put an offer in as the company 10% can agree a price.
4. Don't know what to do with their money. This is also possible but really stupid. Are they that stupid?
|katylied: Well... the CSR share price was arguably undervalued in late 2010 when the current share buyback program was inititiated (well before the merger was announced) and company trading prospects for 2011 were looking better than in 2010, so IMO the buyback was a reasonable strategy to add value, at that time and share price As the chart records, the share price then began to recover in 2011, until the merger was announced. A couple of points...
(1) Why the current short interest? I assume it is because of the scenario described in 8594. Currently, there are ~177,000,000 shares in issue, but post merger when the shorts close, there will be ~274,000,000 shares in issue and a good few new shares may be quite loosely held, since CSR is not a US listed company.
(2) Then there is the new, post merger $240m buyback (over 12 months). An all paper merger deal, followed by (in effect) a drawn out conversion of a sizeable % of the new paper to cash. The RNS quotes a ~35% buyback of new paper, but the % will depend on the average share price paid over the period. So what threshold will trigger buybacks? Post merger, it will suit CSR to buy cheap shares. In which case, a post merger low share price (also cheap new BoD options?) may have been in the strategy, from the outset.
As stevedd notes (8590), in the longer term this could all work out quite well for CSR investors. However near term, investor prospects don't look so good. Investors who decide to hold on, may have to grit their teeth for some months and perhaps for even longer, if Zoran proves difficult to integrate and turn around. One thing seems certain, post merger, it is unlikely a buyer for CSR will appear. The 'new CSR' will have acquired just too much diverse baggage...|
|katylied: This may have been posted already, but it contains some observations which may well make further CSR buybacks necessary, less so to enhance shareholder value, rather more just to support the 'merger' share price How low I wonder, does the CSR share price need to fall, before Zoran's dodgy directors find themselves caught between a rock (Ramius) and a very hard place?...
"...In this acquisition, CSR will issue 1.85 new shares for each Zoran share. The ratio here is a fixed one. If CSR's shares decline between now and the closing, Zoran shareholders bear the risk. CSR's closing price on the London Stock Exchange just before the deal was announced was 434 pence. CSR's shares are now trading at about 380 pence. This means that from an original implied price of $13.03 a share, Zoran shareholders are now to receive about $11 a share. Zoran's closing price was $9.32 a share before the deal was announced. Part of the decline in CSR's stock price was a result of the turmoil in the Mideast and the market sell-off it spurred, but this price will continue to fluctuate until the deal closes.
It is a bit odd, but a review of the acquisition agreement reveals that Zoran did not negotiate protection from fluctuations in CSR's stock price. This could have taken the form of a collar - a minimum price that Zoran would receive - or a right to terminate the agreement if CSR's stock fell below a certain price. In fairness, Zoran has not agreed to pay a termination fee to CSR if its shareholders vote down this deal, a nicely negotiated feature of the deal that does preserve some optionality to reject the deal if price declines.
CSR is not listed in the United States and so it will need to register its American depository shares here and list them on Nasdaq. There is likely to be significant flow of money back to Britain once the deal is done, perhaps further depressing the CSR share price. The reason why is that many institutional investors who previously held Zoran stock may not be permitted to hold shares of foreign companies..."|
Csr share price data is direct from the London Stock Exchange