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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Harvard | HAR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 45.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 45.00 |
| Top Posts |
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Posted at 10/10/2011 17:43 by topinfo Get in there.....45p in cash. *DJ Harvard International PLC Statement re. Possible Offer (END) Dow Jones Newswires October 10, 2011 12:36 ET (16:36 GMT) Copyright (c) 2011 Dow Jones & Company, Inc. TIDMHAR RNS Number : 9185P Harvard International PLC 10 October 2011 For immediate release 10 October 2011 Statement re Possible Offer NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION This is an announcement falling under Rule 2.4 of the City Code and does not constitute an announcement of a firm intention to make an offer or to pursue any other transaction under Rule 2.7 of the City Code. Accordingly, Harvard Shareholders are advised that there can be no certainty that a formal offer for Harvard will be forthcoming, even in the event that the pre-conditions set out in paragraph 3 below are satisfied or waived. Possible Cash Offer for Harvard International plc ("Harvard") by Geeya Technology (HongKong) Limited ("Bidco") a wholly owned direct subsidiary of Chengdu Geeya Technology Co., Ltd ("Geeya") 1. Introduction The directors of Bidco, Geeya and Harvard are pleased to announce that agreement in principle has been reached between Harvard, Geeya and Bidco on the terms of a Possible Offer for the entire issued and to be issued share capital of Harvard by Bidco, a wholly owned direct subsidiary of Geeya. Geeya reserves the right to implement any Offer through another of its wholly owned subsidiaries if it so chooses. The pre-conditions set out in paragraph 3 will be required to be satisfied or waived prior to any Offer being made. This Announcement is made under Rule 2.4 of the City Code and does not constitute an announcement of a firm intention to make an offer or to pursue any other transaction under Rule 2.7 of the City Code. Accordingly, Harvard Shareholders are advised that there can be no certainty that a formal offer for Harvard by Geeya or Bidco will be forthcoming, even in the event that the pre-conditions set out in paragraph 3 below are satisfied or waived. 2. The Possible Offer If the Possible Offer proceeds, Harvard Shareholders would receive: for each issued and to be issued Harvard Share 45 pence in cash The Possible Offer would value the entire existing issued share capital of Harvard at approximately GBP23.1 million and would represent a premium of 100 per cent. to the Closing Price of Harvard Shares of 22.5 pence on AIM on 27 September 2011 (being the last Business Day immediately prior to the date on which Harvard announced that it had received an approach from Geeya that might lead to an offer for Harvard) Any offer for Harvard would be subject to terms and conditions customary for a recommended offer subject to the City Code and would also be conditional upon the approval of Geeya shareholders. The Harvard Directors, who have been so advised by Investec, have indicated they are supportive of unanimously recommending the Possible Offer. In providing advice to the Harvard Directors, Investec has taken into account the Harvard Directors' commercial assessment of the Possible Offer. Commenting on the Possible Offer, Mr Zhou, Chairman of Geeya said: "We are delighted to announce the possible acquisition of Harvard, which, if it proceeds, would represent a significant step in the implementation of Geeya's strategy to expand our geographical presence, gain retail exposure for our set-top boxes and benefit from the value of Harvard's brands. We look forward to working with Harvard's management and employees to finalise this possible acquisition." Commenting on the Possible Offer, Ms Bridget Blow, Chairman of Harvard said: "The approach from Geeya represents an attractive opportunity for shareholders to realise a substantial premium to the current share price and recognises the value of the company's brands (such as Goodmans) and its investment in STB technology." 3. Pre-conditions to the Offer Announcement The issue of an Offer Announcement by Geeya or Bidco pursuant to Rule 2.7 of the City Code is subject to satisfaction or waiver of the following pre-conditions: i. the unanimous recommendation of the Harvard Directors of the terms of any such Offer, having been advised by Investec that the terms of such an Offer are fair and reasonable; ii. the receipt of all necessary approvals from regulatory authorities in China relating to the Offer, including the following: o project approval for outbound investment from the Development and Reform Commission of Sichuan Province in China; o approval for outbound investment from the Ministry of Commerce of China at provincial level; o approval for the remittance of foreign exchange out of China from the State Administration of Foreign Exchange of China; and o approval of the Possible Offer by the China Securities Regulatory Commission. iii. the receipt by Geeya of irrevocable commitments from the Directors of Harvard in respect of their entire beneficial holdings of Harvard shares to accept the Offer; and iv. the approvals of the Offer by the board of directors of Geeya and the Geeya shareholders at a general shareholders' meeting of Geeya. Geeya reserves the right to waive any of these pre-conditions, but even if all of these pre-conditions are satisfied or waived, there can be no certainty that a firm offer will be forthcoming. On 28 September 2011 Harvard announced that it had received an approach from Geeya that might lead to a possible offer for Harvard. On 19 September 2011 changes to the City Code took effect relating to the requirement for a potential offeror to "put up or shut up" or obtain a deadline extension following a possible offer announcement. These changes require that by no later than 5.00 p.m. on the 28th day following a possible offer announcement (i.e. 26 October 2011) Geeya must, unless the Panel has consented to an extension of this 28 day deadline, announce either a firm intention to make an offer or that it does not intend to make an offer, in which case the announcement will be treated as an announcement to which Rule 2.8 of the City Code applies. Geeya has informed Harvard that obtaining the regulatory consents referred to above may take 4 months from the date of this announcement, or potentially longer. In light of this, Harvard confirms that it currently intends to approach the Panel for an extension to this deadline in due course. This deadline will only be extended with the consent of the Panel in accordance with Rule 2.6(c) of the City Code. Where the Panel consents to an extension of the deadline, Harvard shall make an announcement setting out the new deadline and commenting on the status of negotiations between Harvard and Geeya as well as the anticipated timetable for satisfying or waiving the pre-conditions to Geeya Bidco announcing a firm intention to make an offer. Every effort is being made by Harvard and Geeya to ensure that the period in which regulatory consents are obtained is as short as possible. 4. Information on Geeya and Bidco Geeya Geeya is a public company admitted to trading on the Shenzhen Stock Exchange in China. Geeya manufactures and supplies digital television network equipment and its products include a full series of digital TV products from head-end to terminal-end, including digital television support systems and consumer digital appliances, including digital set top boxes. Geeya was founded in 1999and is based in Chengdu, China. As at 31 December 2010, Geeya had consolidated total assets of RMB809.9 million (approximately GBP79.4 million) and reported a net profit for the year ended 31 December 2010 of RMB53.8 million (approximately GBP5.1 million). Geeya's current intention is to finance any Offer through a combination of its existing cash resources and bank facilities. Bidco Bidco is a newly incorporated Hong Kong company formed for the purpose of potentially making the Offer and is wholly owned by Geeya. 5. Information on Harvard Harvard is a public company admitted to trading on AIM (trading symbol: HAR). Harvard operates within the global consumer electronics market focusing on added value digital vision products, such as TV set-top boxes and recorders, targeting specific local market opportunities such as the UK's popular, free-to-air TV services. In addition, Harvard markets a range of accessories for Apple's iPod, iPhone and iPad products in the UK under the iLuv brand. It is also a major supplier of digital vision, radio, and other personal consumer electrical products in Australia. Harvard has comprehensive product development, procurement and logistical operations based in the UK, Hong Kong and China. 6. Reasons for the Possible Offer Geeya currently sells its existing products to Chinese based businesses and has very limited experience of product exporting and no previous retail experience. It has, however, recently been seeking to expand its geographical presence and gain retail exposure for its set-top boxes. The Possible Offer presents an opportunity for Geeya to address both of these strategic aims as Harvard has strong business links and significant sales with retailers in both the UK and Australia. 7. Current trading of Harvard In its annual report for the year ended 31 March 2011, Harvard reported a profit before tax of GBP0.9 million on turnover of GBP61.2 million and had net assets of GBP19.6 million as at 31 March 2011. 8. Support for the Possible Offer by the Harvard Directors The Harvard Directors, who have been so advised by Investec, have indicated they are supportive of unanimously recommending the Possible Offer. In providing advice to the Harvard Directors, Investec has taken into account the Harvard Directors' commercial assessment of the Possible Offer. 9. Background to and reason for the Harvard Directors' support for the Possible Offer In May 2011, discussions commenced between Harvard and Geeya. A meeting between the Chief Executive Officer of Harvard and the Chairman of Geeya in July 2011 subsequently lead to proposals from Geeya for the Possible Offer. (MORE TO FOLLOW) Dow Jones Newswires October 10, 2011 12:36 ET (16:36 GMT) Copyright (c) 2011 Dow Jones & Company, Inc. If the Possible Offer proceeds to a formal Offer, it will provide an opportunity for Harvard Shareholders to realise their investment in Harvard at a significant premium to the current market price, payable in cash. |
Posted at 29/9/2011 10:16 by paleje How credible is Chengdu Geeya? They're China listed, STBs and related electricals, annual T/O smaller than us but profitable and growing, no debt, 20% of their products are exported (according to Alibaba) and they want to increase. We must look attractive with NAV ~38p per share mostly in cash. Can they raise the funds? Have to wait but it does highlight how undervalued HAR is in my opinion. For the three months ended 31 March 2011, Chengdu Geeya Technology Co Ltd's revenues increased 40% to RMB59.3M. Net income for the same period rose 12% to RMB7.2M. Revenues reflect a growth in sales due to strong market demand and effective business strategy. Net income was partially offset by higher business taxes and surcharges, increased selling, general and administrative expense, as well as the presence of finance expense. |
Posted at 28/9/2011 17:21 by topinfo HAR HAR HAR At last something to laugh about! |
Posted at 19/8/2010 20:10 by rainmaker Released 12 August 2010Harvard International plc ("Harvard" or the "Company") Special Dividend On 4 May 2010 the Company announced that it intended to return GBP10 million of surplus cash to shareholders. Harvard now announces that it intends to return the surplus cash to shareholders via a 20 pence per share special dividend. A resolution to approve the special dividend will be proposed at the Company's AGM on 23 September 2010. Assuming that the resolution is passed it is intended that the special dividend will be paid on 15th October 2010 to shareholders on the register on 1st October 2010. |
Posted at 26/1/2006 19:30 by spekky No Johndee, you will get 10000 divided by 136 which is 76 new shares.The price will multiply by 136, so at todays midprice you will have 76 shares at £1.77p.In a nutshell, the consolidation should not affect your total value.I am hoping that the whole excercise will be beneficial,its a bit mickey mouse having over 500million shares for such a small company,for example,if they did pay a dividend of say 2% (which is low ) they would currently declare it as 0.026 of a penny,as a new company they'd be able to say 3.5p so you know where you are instantly.I think the numbers will make a lot more sense after consolidation.If you dont need to sell DONT ( just my opinion ). |
Posted at 24/1/2006 09:54 by spekky I think the upcoming number crunch is probably holding it back a bit BUT after the crunch I expect the new company to pay a dividend ( say by the end of the first full year ) |
Posted at 19/1/2006 12:27 by malkie just started to buy HAR again today - last time was 3 years ago!!Good results today - funds are buying! malc |
Posted at 13/1/2006 14:55 by spekky I see that previously they've never issued a "Notice of Results",hope this bodes well, 'cos I usually take it to mean " hey look at us,look what we can do".So lets hope this bit of advance trumpeting is a clue.I know its not that unusual, but it is for HAR. |
Posted at 06/1/2006 14:26 by spekky whatevers going on 60mill shares changing hands so close to results must point to something,BUT as usual HAR say nothing. |
Posted at 07/7/2005 07:31 by chesty1 Results are out....!!!!!RNS Number:6030O Hartford Group PLC 07 July 2005 HARTFORD GROUP PLC ("Hartford" or "the Group") Interim Results for the 28 weeks ended 9 April 2005 Hartford Group PLC ("Hartford" or "the Group"), the London focussed licensed retailer, announces results for the 28 weeks ended 9 April 2005, together with the acquisition of two additional wine bars in Paternoster Square (City of London) and Canary Wharf. HIGHLIGHTS # Turnover up 12.8% to #6.9m (2004: #6.1m) # EBITDA improved to #481k (2004: #469k) # Profit before tax (and amortisation of goodwill) of #118k (2004: #148k) # Like-for-like sales up 3.7% # Gross margin stable at 74.1% # Financial gearing of 28.9% # Trading in the second half remains robust, with like-for-like sales 2.7% ahead of the prior period for the first eight weeks of trading # Completed acquisition of two profitable wine bars, trading as Brodies, in the City of London and Canary Wharf. Stephen Thomas, Chairman of Hartford Group PLC, commented: "In a market that continues to challenge, these results demonstrate that Hartford has a stable and financially robust core business. Our challenge, looking forward, is to grow our number of trading units, with financially attractive acquisitions." 7 July 2005 ENQUIRIES: Hartford Group PLC Tel: 020 7269 6370 Stephen Thomas, Chairman James Kowszun, Chief Executive College Hill Justine Warren Tel: 020 7457 2020 Hartford Group plc Interim Results for the 28 weeks ended 9 April 2005 Chairman's Statement Financial review These results show that, despite challenging trading conditions, the Group has continued to make progress during the first half of the year. We have a well-managed, financially robust core business that can capitalise on financially attractive acquisitions. Turnover in the period has increased by 12.8% to #6.9m, with like-for-like sales up by 3.7% in the period. Gross margin has remained broadly flat at 74.1% (2004: 74.4%). Wage costs have increased marginally, principally as a result of increases to the minimum wage. Total EBITDA has increased to #481k (2004: #469,000). Profit before tax (and amortisation of goodwill) fell to #118,000 (2004: #148,000). During the period there has been increased investment in marketing activity, both in terms of central resource and in-site activity. This has been particularly focused on sites where we have needed to reposition the offer to improve the connection with the local customer base. The infrastructure is in place such that the business can significantly increase the number of trading sites with minimal increase to the central cost base. Hartford spent #365k on capital projects in the first half, compared with #359k in the equivalent period last year. The funds have been used to refurbish Jamies Ludgate Hill together with more minor projects at Common Room in Wimbledon, Jamies Bishopsgate and Willy's Wine Bar. Hartford continues to actively manage its portfolio of sites, ensuring it maximises shareholder value at all times. Gearing remains stable at 28.9% (2004: 28.5%). Interest cover was 2.7 times (2004: 3.3 times). The Group has paid no corporation tax for the period and continues to have substantial tax losses. Current Trading & Prospects In a market which continues to be challenging, trading in the second half has begun well, with comparable sales stable at 3.7% ahead of last year for the first 12 weeks of the trading period. Margins continue to be in line with expectations. Management remains focused on moving Hartford forward to the next stage in its growth and is currently looking at a number of opportunities for securing earnings enhancing acquisitions. To this end, I am delighted to announce completion of the acquisition of Brodie & Knight Limited for #1.4m, funded from current debt facilities. This business operates two profitable wine bars in the City of London and Canary Wharf, complementary to our existing estate. The business has been acquired on a cash free debt free basis and comprises solely of the trading assets of the two wine bars, which between them generate annualised turnover of #1.5m. Goodwill of #400k will arise from the acquisition, which will contribute fully to earnings in the new financial year. This acquisition brings the Group's total estate to 22 bars and 1 restaurant, Canyon in Richmond. Stephen Thomas Chairman 7 July 2005 Consolidated Profit & Loss Account for the 28 weeks ended 9 April 2005 28 Weeks to 9 28 Weeks to 10 52 weeks to 25 April 2005 April 2004 September 2004 unaudited unaudited audited #'000 #'000 #'000 Turnover 6,864 6,100 12,026 Cost of Sales (1,779) (1,568) (3,111) Gross Profit 5,085 4,532 8,915 Administrative expenses excluding exceptional (5,016) (4,437) (8,675) expenses Exceptional reorganisation costs - - - Exceptional provision for impairment in value of - - - tangible fixed assets Total administrative expenses (5,016) (4,437) (8,675) Other Operating Income - - 26 Operating Profit / (Loss) on ordinary activities 69 95 266 Profit/ (Loss) on sale of tangible fixed assets 1 - (73) Interest receivable and similar income - - 6 Interest payable and similar charges (68) (63) (129) Profit on ordinary activities before taxation 2 32 70 Taxation on profit on ordinary activities 0 0 500 Profit for the financial period 2 32 570 Dividends 0 0 0 Amounts transferred to reserves 2 32 570 Profit per share Basic and diluted 0.00 p 0.01 p 0.10 p Consolidated Balance Sheet As at As at As at 9 April 2005 10 April 2004 25 Sept 2004 Unaudited Unaudited Audited #'000 #'000 #'000 Fixed Assets Intangible 3,356 3,572 3,472 Tangible 6,269 5,816 6,364 9,625 9,388 9,836 Current Assets Stocks 195 172 193 Deferred Tax 500 - 500 Debtors & Prepayments 1,724 1,495 1,329 Cash - - 190 2,419 1,667 2,212 Creditors :amounts falling due within one year (2,917) (3,305) (3,770) Net current liabilities (498) (1,638) (1,558) Total assets less current liabilities 9,127 7,750 8,278 Creditors : amounts falling due after more than one year (1,979) (1,142) (1,132) 7,148 6,608 7,146 Capital and reserves Share capital 5,457 5,457 5,457 Share premium 8,104 8,104 8,104 Merger reserve 2,060 2,060 2,060 Capital redemption reserve 5,440 5,440 5,440 Other reserve (54) (54) (54) P&L account (13,859) (14,399) (13,861) Shareholders' funds 7,148 6,608 7,146 Unaudited Consolidated Cash Flow Statement for the 28 weeks ended 9 April 2005 28 weeks ended 28 weeks ended 52 weeks ended 9 April 2005 10 April 2004 25 Sept 2004 Unaudited Unaudited Audited #'000 #'000 #'000 Net cash (outflow) / inflow from operating (240) (3) 1,136 activities Returns on investment & servicing of finance Interest Received - - 18 Interest Paid (68) (63) (204) Net cash outflow from returns on investments and (68) (63) (186) servicing of finance Capital expenditure and financial investment Purchase of tangible fixed assets (365) (359) (627) Sale of tangible fixed assets 160 197 - Net cash outflow from capital investment and (205) (162) (627) financial investment Net cash (outflow) / inflow before management of (513) (228) 323 liquid resoucres Financing Repayment of short term borrowing (169) (225) (540) Loan draw down 408 232 - Net cash inflow / (outflow) from financing 239 7 (540) Decrease in cash (274) (221) (217) Interim Results for the 28 weeks ended 9 April 2005 Notes to the Interim Results 9 April 2005 10 April 2004 25 Sept 2004 Unaudited Unaudited Audited #'000 #'000 #'000 1 Reconciliation of operating profit / (loss) to net cash outflow from operating activities Operating profit / (loss) for the period 69 95 266 Amortisation of goodwill 116 116 216 Depreciation 296 258 516 Impairment of tangible fixed assets - - - (Increase) / Decrease in stock (2) 17 (4) Decrease / (increase) in debtors (395) 609 10 (Decrease) / increase in creditors (324) (1,098) 60 Net cash (outflow) / inflow from (240) (3) 1,064 operating activities #'000 #'000 #'000 2 (Decrease) / Increase in cash in the (274) (221) 39 period Cash (inflow) / outflow from repayment of (239) (7) 70 loan Change in net debt resulting from (513) (228) 109 cashflows Non cash changes in net funds - - - Movement in net debt in the year (513) (228) 109 Net debt at start of period (1,550) (1,659) (1,659) Net debt at end of period (2,063) (1,887) (1,550) 3 Analysis of net funds / (debt) At 25 At 9 September April 2004 Cashflow 2005 #'000 #'000 #'000 Cash at bank and in hand 190 (274) (84) Loans due before one year (608) 608 0 Loans due after one year (1,132) (847) (1,979) Financing excluding share capital (1,740) (239) (1,979) Total (1,550) (513) (2,063) Notes to the Interim Results (cont'd) 4. The interim statements have been prepared under the same accounting policies as the statutory accounts for the period ending 25 September 2004. 5. Based upon the results of the Group there is no tax charge / (credit) for the period. 6. The calculation of basic and diluted earnings per share is based upon a profit after taxation for the period of #2,000 (2004: profit #32,000; 52 weeks ended 25 September 2004: #570,000) and the weighted number of ordinary shares in issue during the period was 545,725,290 (2004: 545,725,290; 52 weeks ended 25 September 2004: 545,725,290). 7. No interim dividend is proposed. 8. The financial information is unaudited and does not amount to full accounts, within the meaning of Section 240 of the Companies Act, 1985. Accounts for Hartford Group plc for the period to 25 September 2004, have been filed with the Registrar of Companies, and received an unqualified audit report. 9. Extract of Profit & Loss account showing margin and EBITDA 28 Weeks to 9 28 Weeks to 10 52 weeks to 25 April 2005 April 2004 September 2004 unaudited unaudited audited #'000 #'000 #'000 Turnover 6,879 6,100 12,026 Cost of Sales (1,779) (1,568) (3,111) Gross Profit 5,100 4,532 8,915 Gross profit percentage 74.1% 74.3% 74.1% Administrative expenses excluding Exceptional expenses, depreciation and amortisation (4,619) (4,063) (7,943) Earnings before interest, tax, depreciation and amortisation 481 469 972 Depreciation (296) (258) (516) Amortisatisation of Goodwill (116) (116) (216) Exceptional reorganisation costs - - 0 Exceptional provision for impairment in value - - 0 of tangible fixed assets Total administrative expenses (5,031) (4,437) (8,675) 69 95 240 Other Operating Income - - 26 Operating Profit / (Loss) on ordinary 69 95 266 activities This information is provided by RNS The company news service from the London Stock Exchange END |
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