Cybit Share Discussion Threads

[howun42nut] 20/12/2009 18:10

Having had a few days now to digest this offer, on the surface it looks fantastic a 100 percent premium , but had this offer not happened the price I feel sure would of been back in the 50-60p range quite soon in the new year, as the market recovery continues.


As CM says above ""How can you judge whether to accept the offer unless you see the most up to date position of the company?""

Couldn't agree more CM. The only indication we have is in the circular that went out recently which said,

""Cybit performed inline with the Cybit's directors expectations in the period ended 30th September 2009 and ,accordingly, the Cybit directors are confident in the long term prospects of the company.""

Well I for one am not a mind reader and don't know what the directors expectations are or were, so after giving it a lot of thought have decided to vote NO to this offer, if Cybit posted the results that are due then that decision could change ,but as things stand I can not be sure if this is a fair deal or not, therefore I do nothing which in effect is a NO vote.

[red imp] 20/12/2009 17:53

No for me too. I've only got a relatively small 68,000 shares so it probably won't make much difference however if Francisco Partners are that interested they will be back with a higher offer should the no's prevail.

[cheshiremoggie] 20/12/2009 15:26

Despite some rantings on here, one thing I am rather upset about is the lack of results for the last accounting period.

This is very poor/suspicious.

How can you judge whether to accept the offer unless you see the most up to date position of the company?

The results should be immediately published.

I have changed my mind on this one and I now intend to vote no.

I am reminded of the QXL offer, a few years ago at £7 a share. It was rejected and the company went on to £200+ a share.

Without proper figures I feel the only option is to vote no.

Where are the results?

CM.

[cheshiremoggie] 19/12/2009 16:49

85% of the stock accounted for?

Where on earth did that come from?

CM

[singinsmythe] 18/12/2009 22:45

As I understand it any new offer has to be 10% above the current offer so 82.5p but I think a round pound would secure most PI's vote and more fairly and accurately value the company regardless of current market conditions. Management always talked about building solid foundations for a world class company, we had RH banging on about Cybit becoming the Vodafone of telematics and it seems as if all that has completely been forgotten. I've been 'in' Cybit for many years as have others, we endured four or five years of a falling share price and some of us were forced to sell up just to ensure a very small profit, I got back in a couple of years later at 50p only to again see the price continue to erode. A 75p offer after all this time just as they began to talk about a maiden dividend seems like a bit of a kick in the teeth to me. I thought this company was actually being run by individuals with genuine intentions, I know the PI was never their friend but I did believe that they wanted to build something special but as soon as an offer has come along they've rolled over, no doubt on the promise of greater financial rewards, or thats at least how it seems to me. I hope there is a hostile bid but the way the price has been driven down and the careful timing over the festive period, it's an outside bet imho. It's not quite a fait accompli but it's close. If a rival bid were to appear my money would be on early in the new year. This is the first time I've been in this position so can someone please tell me whether I actually need paper certs to be able to vote against this takeover or will my online broker send me a voting form ?

[sanity] 18/12/2009 22:00

sing,

I live in hope.

[sanity] 18/12/2009 22:00

mm's sucking up the shares.

[sanity] 18/12/2009 21:53

If I was going to launch a hostile bid I would wait until christmas eve.

[sanity] 18/12/2009 21:51

I would say so, never deal in cfd, but this is the other side of the earlier 8.3 announcement on the 16th for 1,000,000 shares looks like somebody is betting on it.

[singinsmythe] 18/12/2009 18:37

What do other long term holders think is the realistic chance of a rival bid turning up ?

[buenos aires] 18/12/2009 14:42

CheshireMoggie

All in good time !!

[cheshiremoggie] 18/12/2009 13:26

The answer seems to be then BA is - get out of the stock market - sell all of your shares.

Why waste your time here?

CM.

[bonio10000] 18/12/2009 09:55

No idea why - AIM companies have shafted so many PIs over the years it is ridiculous.

[buenos aires] 18/12/2009 08:38

Still a few sells going through , (although Advfn is showing them as buys for last 3 days ...........theres a surprise ,they cant even manipulate the figures properly ) .
I am reasonably optimistic that enough shareholders will vote no and force a much better offer .
With 75p per share on the table ,we might as well play this out .

MANIPULATION IS RIFE IN THE STOCK MARKET . IF I KNEW THIS IN THE FIRST PLACE ,THERES NO WAY I WOULD HAVE GOT INVOLVED IN SHARE DEALING.

AND WHAT DOES THE FSA DO ? Answer: DRAW A SALARY !!!!

[buenos aires] 17/12/2009 20:26

Sanity

What annoys me is just how FIXED ,like the lottery , Ernie , the government,etc , the market really is . (In other words as straight as they ever likely to get without proper rules and regulations .)
The government depts try to protect their jobs , and the financial market looks after its own . End of story.
My analogy of Cybit is that of the husband /wife ,not having any further use of their spouse,then tries to get rid of them as cheaply as possible. ( I never thought I would experience how a rejected person felt by investing in the stock market ,this is my first time being up on an investment ).
We should demand an independent valuation at the agm.
I am compiling a dossier to present in court if necessary to demand an independent valuation. Pointless going to any government depts as I have no faith in them.
In case any of you people are looking in ,please make sure that ALL cos have to be audited at least once a year ,and in every case of a takeover in the future . You should have done this years ago .
Incidentally ,you may have avoided the "credit crunch " ,whatever that is if you monitored cos more closely. Talking of monitoring ............ brings us back to Cybit.

[sanity] 17/12/2009 19:51

BA,

I understand your frustrations, it's a bit like finding out your mrs has been cheating on you. There is nothing you can do but move on.

Actually I am not sure if it was Dexter or not but I believe he did warn that was the intentions of the directors to drive the price down and buy the company back on the cheap.

The issue here is whether Cybit Directors were looking for a buyer rather than a buyer coming to them. In the first instance they should have announced this was there intentions without doing so would land them in deep ....

[buenos aires] 17/12/2009 17:57

Image you are a spy in Cybits boardroom a few months ago .The conversation would probably go like this.

" Well gentlemen ,as you know ,the co is doing well,very well indeed ,but the problem of the small share holders is still with us . They have been exceptionally resilient to the market's attempt to dislodge them ."
" Can we not increase the price slowly and buy them out that way ?"
" No, despite the best efforts of the market to rid them ,they now have more shares than before. In fact if they all worked together as one ,they actually have a controlling interest in Cybit "
" It all worked well for Cybit to have a low share price in the past,it enabled us to buy other cos on the cheap, but with the small shareholders in control ,approx 55% ,we are in danger of being prey to the likes of predatory hedge funds etc."
" So what do you suggest is the best way forward ?"
"Well ,we cannot give anyone the true picture at Cybit ,especially with an audit looming in the interims . So the only effective action is a management buyout ,but it has to be disguised as a take-over . "
"Our advisors have suggested that we pitch at 75p per share ,and they have assured me that at least 15% will sell . In case they prove to be stubborn ,we reserve to make a full blown bid at a slightly higher offer ."
" Is there a risk of an unsolicited bid ?"
" Yes , a slight one, but only in the first 2 weeks ,after that we should have close to 50% or more in the bag. There should be enough fast buck merchants out there for us to achieve our goals. "
" Ok then , we are all in agreement ,lets do it !!"


If you think you have a more plausible reason for the management's buy out, please post here.

[buenos aires] 17/12/2009 15:04

It would seem the "dodgy" posters have disappeared from Cybit bb board .
They are instructed to avoid posting in case this MANAGEMENT BUYOUT exercise ,( effectively , is on the cheap ) ,might alert HEDGE FUNDS ,to come in with a better offer ,and usurp the co from under their feet.

NO AUDITED 2010 INTERIMS ,SITTING ON A HUGE CASH PILE ,AND A MAJOR CONTRACT IN THE OFFING.

Hold on to your shares and vote NO . SEND THE VOTING FORM BY SPECIAL DELIVERY . It costs £4.95 ,but at least it will get there . Provided that your posted form doesnt get shredded , accidentally of course ,your vote will count .
BETTER STILL TURN UP IN PERSON ,I WILL.!!

[sanity] 15/12/2009 18:27

Interesting number of shares transacted today, this requires disclosure under 8.1 rules. Well have to wait and see.