Dtz Share Discussion Threads

[duncandisorderly] 08/11/2011 10:43

Pona,get back to Zenergy,you naughty boy.Did you manage to pick up any more as I think you said you were after a couple of hundred thousand?

[cliveas] 08/11/2011 10:41

UGL is not the only interested party and remember you cannot accept an offer without shareholder approval.

[p o n a] 08/11/2011 10:39

Shareholders will have no say. Creditors will be controlling everything.

[p o n a] 08/11/2011 10:37

They've already had a proposal from UGL - that is why DTZ have reiterated that the equity has little if any value at all.



DTZ shares fell 87 percent in London yesterday after it said that indicative bids for the company put a "minimal" value on the shares. The company today said that, given DTZ's debt level, the UGL proposal means that the shares have little, if any, value.







So here's the thing. Shares in property consultancy DTZ slumped 90% on Monday after it said was in takeover talks but any deal would leave its shares virtually worthless.

Arguably, if that is the case, the market reaction should have been even more severe. Worthless means worthless, after all.

Now however the shares have rebounded, rising 0.95p to 3.8p. This is on the back of news that DTZ has selected a preferred bidder, Australian group UGL, which now has until 6 December to make a firm offer. According to the statement a combination of the two would "create one of the world's largest real estate services operations" with 24,000 employees and 225 offices in 45 countries.

But wait:

The valuation of DTZ derived from the UGL proposal, however, means that, given the level of debt within DTZ, there is minimal value, if any, that may be attributed to the ordinary shares of DTZ.


Is that a reason for a 33% jump in DTZ shares? Worthless still means worthless. Some people are going to get burned on this.

[cliveas] 08/11/2011 10:29

No it says the offers so far offer no value to shareholders, one of them owning 54%.Would you accept that or do something about it.The first RNS softened up the 46% to take much less than 60p.What that figure will be is what we are trading on!

[papaduke] 08/11/2011 10:25

have i gone mad??, two RNS stating no vlaue to shares given the debt and the stock rises on that news??


now the markets really have gone bonkers!!.

very very odd

[duncandisorderly] 08/11/2011 10:11

I missed out on Raymarine and am still bloody regretting it.

[welshwiz] 08/11/2011 10:10

...Raymarine was another i bought that was "worthless"
Stagecoach and corus were "no-hopers" as well

[duncandisorderly] 08/11/2011 10:09

10p is my price as well,if you had no interest in the movement of this stock why bother coming here to slate it.Although some peoples motives are blatantly obvious you pay your money and take your choice.

[welshwiz] 08/11/2011 10:04

The folly of some of the comments on here is laughable.
I bought Dtz yesterday for 3p as i could see far more in value than its current worth.Many more twists and turns to come before this is settled one way or another but i am confident that i will see a return for my money closer to 10p than 0p.

[duncandisorderly] 08/11/2011 09:59

So here's the thing. Shares in property consultancy DTZ slumped 90% on Monday after it said was in takeover talks but any deal would leave its shares virtually worthless.

Arguably, if that is the case, the market reaction should have been even more severe. Worthless means worthless, after all.

Now however the shares have rebounded, rising 0.95p to 3.8p. This is on the back of news that DTZ has selected a preferred bidder, Australian group UGL, which now has until 6 December to make a firm offer. According to the statement a combination of the two would "create one of the world's largest real estate services operations" with 24,000 employees and 225 offices in 45 countries

[bozzy_s] 08/11/2011 09:51

If you were the bidding party, why would you overpay by millions to placate some DTZ shareholders (i.e 'a decent offer')? You'd have your own shareholders banging on your door shouting at you to leave if you overpaid for a company on the verge of administration/receivership.

[pre] 08/11/2011 09:45

what's clear as water is the rns issued yesterday and today...minimal value for shareholders....now it'd been a different case if one of the parties had put out a decent offer...absolute disgrace...i'm staggered that its trading at such a premium atm...but hey ho gla:-)

[p o n a] 08/11/2011 09:43

Anyone who remembers how the Jessops t/o went will not see the current share price activity of DTZ as any surprise. Jessops management issued a similar RNS. Shareholders were going to get a fraction of a penny for each share. Yet that didnt stop the share trading at multiples of that for months..prior to the share eventually being suspended.

The debt is the killer is here. DTZ has no net tangible assets. A loss making outfit makes the intangibles worthless. With DTZ's debts coming up for repayment in the new year - creditors will force DTZ to accept the offer of the named company in the RNS. Creditors will want their loans back and if the potential acquirer will be paying back the loans then that is all the creditors will care for. Shareholders dont come into the equation. Otherwise the creditors can force the company into administration and do the deal that way. In either event shareholders will get as good as nothing.

Creditors effectively own this company. Management will do exactly what is dictated to them. Creditors come first.

[duncandisorderly] 08/11/2011 09:38

Rpt,sorry should of been 15p missed out a 1.I think it did go down to 10p at one stage.Completely different circumstances...

[ukmassy] 08/11/2011 09:35

Which company was that Duncan?

[duncandisorderly] 08/11/2011 09:33

Well the market and I seem to disagree with you but hey,everyone is entitled to their opinion.A takeover offer will come.If we have a few interested parties all the better.The current management are a disgrace with their statements and deserve to be removed from their positions.I had this type of thing with an oil stock and the management saying that it was worthless.It went from 5p to 36p in a takeover battles and surprise,surprise they still work for the new company.Nothing sinister there is there.

[typo56] 08/11/2011 09:30

Is SGP precluded from coming in here?

17 October 2011

"However, SGP reserves its rights to make an offer in the circumstances set out in note 2 of Rule 2.8 of the Code, including with the consent of DTZ."

Takeover Code rule 2.8 includes a section which allows the statement to be set aside if:

"the board of the offeree company agrees to the statement being set aside."

[pre] 08/11/2011 09:24

clearly spelt out in the rns...minimal value for shareholders.....they won't even get 1p by my reckoning for each share...absolute shocker!!

[duncandisorderly] 08/11/2011 09:07

I suspect UGL picked them up which hopefully will mean that they can pay a premium for the remaining stock to get to 30%

[p o n a] 08/11/2011 08:56

someone sold 12m @ 2p yesterday morning.

[falia] 08/11/2011 08:47

heading north now

[double6] 08/11/2011 08:23

...dependent on the preferred bidder not having someone else put a hostile bid in against it ??

[the big fella] 08/11/2011 08:22

D6 - the company have said that the equity is more or likely to be worthless. Only bounce here will be a few shorts closing.