|Settlement of the consideration due under the Offer will be dispatched (or, in
respect of DX Shares held in uncertificated form, credited through CREST)
on or before 6 September 2006
in respect of DX Shares for which valid acceptances of the Offer were received by 1.00 p.m. on 23 August 2006 or, in respect of DX Shares held in certificated form, for which Electronic Acceptances had been made by that time.
Settlement of the consideration in respect of valid acceptances received or made after 23 August 2006 will be dispatched (or, in respect of DX Shares held in uncertificated form, credited through CREST) within 14 days of the receipt of
|DX and Secure Mail Services to merge
by Alex Donohue
10 Jul 2006
LONDON - Mail operators DX Services and Secure Mail Secures (SMS) are to merge to create a rival to Royal Mail, in a deal being engineered by private equity firm Candover Partners.
Last week both companies agreed to takeovers by Candover's acquisition vehicle Mail Acquisitions Limited. The DX Services deal valued the company at £349m but the value of the SMS deal was not disclosed.
Candover intends to merge DX Services with Secure Mail Services once the deals are completed, creating a business and residential mail group that could bring in an annual turnover in excess of £175m and a delivery service capable of handling more than 270m items a year.
By comparison, Royal Mail's Parcelforce delivers around 547.5m items a year.
The UK mail market was deregulated on January 1, inviting competition for the state-owned former monopoly from a host of companies.
Marek Gumienny, managing director of Candover, described the merger as a way of creating a competitive force in the UK mail market.
It is expected that James Greenbury, chief executive officer of SMS, will become group CEO, with Paul Kehoe continuing as head of DX Services.
A statement from MAL read: "The combination will enable further improvement to the range and quality of services offered to customers, provide more extensive coverage through an expanded delivery network, generate increased volumes for key business partners and suppliers and create new opportunities for employees."
DX Services specialises in mailing documents between solicitors, while SMS delivers passports, chequebooks and other sensitive documents.
The merger is expected to create a combined workforce of around 1,840.|
|6/7/06 Mail Acquisitions Limited (a new company ultimately controlled by Candover Partners) offer 415p cash for each DX Share.
The DX Directors intend unanimously to recommend the Offer.|
|I would like to announce that I might make a Bid at 416p that may or may not lead to a firm offer perhaps.I shall keep my name a secret just in case I decide not to go through with it and to buy a new bicycle instead...|
|Who's the bidder ?|
We will be advising the City of a trading update
shortly and will be releasing our final results in Sept.
I am looking forward to an exciting 2006-7!
Make of it what you will... :o)|
|Well, DX start the "new year" on Monday..
New management structure in place.. will have to see where it goes from there!!
Having met Paul Kehoe not too long ago, he seems pretty dynamic I have to say..just hope he can do what the others before him have failed at!|
|One step forward and two steps back...and even some big leaps
both ways seems to be way of it lately. So when I found this I was
so impressed I'm passing it along! http://motorman.kiausiniai.be|
|HM Royal Mail strike around the corner.|
|Management thus far give the impression of not being in control of the business and not having a good focus. That's always worrying. For instance, the downturn in legal completion work for solicitors was to be expected last year when the housing market quietened down and company seemed to be surprised by this. Theoretically the opening up of the postal system should present opportunities. That's why I bought some shares a while back. I sold them at breakeven after the first warning, but continue to monitor.|
|networker,paul kehoe is a top guy and if anyone can turn this around,he can.did a fantastic job for tbi at belfast international airport and at luton.watch this space.|
|I still see good future prospects for this share, but clearly they will take some time to come through. Not sure how good the management is, and that's always a concern. As the price falls the risk/reward profile becomes more attractive. Likely to remain volatile in the short term. I'll continue to monitor.|
|cos its a heap of sh*t which I'd baled out of back in Aug at par. Just visiting today to see what happened. perhaps worth tracking for recovery? Dyor!!|
|why both of networker and shavian had stopped talking about this share any more|
|Target price of 410p looks wishful thinking currently. At the moment no respite from small selling and the shares may yet go lower than today's 315p. At some stage likely to attract support again, but will remain volatile.
I guess a bid might come at any stage from a major player such as Deutche Post, but this is never a good basis for buying shares as one can end up waiting for ever for a non-existent offer to emerge. Industry prospects still seem ok on a medium term view and sentiment can sometimes turn quite rapidly.|
|Talking to myself as usual - what happened to the rest of you on this thread? I can see from today's activity that I'm not the only one interested in DXS!
The woes of Royal Mail vs Offpost or whatever they call the regulator this week is clearly good news for RM's rivals, of which DXS is a front-runner, even if it lacks the firepower of Deutche Post etc. I should have used my stop-loss at 350p this week but am glad I didn't. We now need to get back into the channel I referred to earlier, where the next taget looks like about 410p. That'd be nice.|
|Hmm. Interesting series of buys just at Friday's close. See what I meant about it bouncing off the bottom of the channel at 360? Somebody's interested.|
|Ouch. Time to test my "upward channel" theory as DXS plummets towards the bottom of the channel at 360p. Top up?? Sell out?? No, go to pub till it either bounces off 360 or breaks out downwards.|
Thanks for your good post which I concur. I was mainly referring to the lack of activity on the thread. DXS has perked up a bit since then so I'll stop whingeing. Have you noticed the neat upward channel now developing on the chart, with a nice series of higher lows? Going purely by TA the next "higher high" target should be 400p or so in May|
Given that the Ints were in March, you shouldn't be expecting any trading statement/prelims for some considerable time. There is always the possibility of some kind of corporate activity but that is always tricky to predict. At the moment quite a number of mid-caps, including DXS, are feeling rather unloved, but that's the Stock Market for you.|
|This is the only thread on this share and it has died. Share price dribbling south with the market. Anyone got any news or info on AGMs etc?? I'm close to my stoploss and will use it if I have to.|
|Looks like the presentation to US brokers went well Thursday. Glad I ignored my s/l at 350p!|
|Panmure Gordon rated DXS a buy yesterday with 460 price target. Will be interesting to see if they revise that downwards following results.
08.03.05 :an article in the Times reports: the shares rose 9p to 365p as Panmure Gordon raised its price target from 390p to 460p, citing its belief that the group will announce increased charges in line with Royal Mail next week.
Date: 08 March 2005
LONDON (ShareCast) - DX Services saw a decline in profit over the first half, as the group invested cash in its business and incurred demerger costs.
The mail delivery firm, which demerged from Hays in November, reported an operating profit of £15.4m for the six months to December from £17.3m a year earlier.
DX reported near flat turnover at £66.8m, up just 0.6% on last year, while net debt fell to £68.4m from £85.0m six months earlier.
The UK postal market should be deregulated early next year providing a new platform for rival mail delivery operators in the UK, though DX said it expects major new entrants to focus on business to customer and Second Class services.
In fact DX is hoping that new entrants into the industry will raise public awareness of competition in mail generally and lead customers to consider using alternative providers.
DX is also hoping to clinch more business from smaller customers and those with variable volumes of mail, by trialing its first pre-pay stamp service.|
|Maiden interims in line; Numis/UBS negative - afx
LONDON (AFX) - DX Services PLC maiden first-half to Dec 31 2004 results
since LSE listing Nov 2004
Sales - 66.8 mln - vs 66.4 mln
Opg profit - 11.1 mln stg vs 17.3 mln
Pretax profit - 8.7 mln stg, no comparison given
Basic EPS - 6.1 pence, no comparison given
Interim div - 4 pence per share
|Haven't heard about it if they did,
I think before they can compete realistically DX need to get their automation side sorted out.
We have had sorting machines only a few short years and the infrastructure is not fully reliable, though in fairness the company are working hard to this end.
Now the resource and training are being put in place we should see some progress on that front, this is essential if we are to seriously compete with the likes of RM etc.
Here's hoping.. :o)|