Harvey Nash Grp Share Discussion Threads

[deeppockets] 09/8/2018 07:09

Unbelievable that an appalling management team reward themselves even more!

[jon123] 09/8/2018 07:08

lol the gravy train just keeps on rolling

[dangersimpson2] 08/8/2018 18:44

If DBAY buys above their offer price in the market they would have to up their offer to the highest price paid. Another suitor could buy in the market but if they make an offer it would have to be at least as high as they'd bought in the market in the last year. Of course any offer would need to be a a reasonable premium to today's price anyway so academic really.

anyone holding above 1% have to report now they are on the takeover panel list so we'll see pretty soon if anyone of note has a stake. Realistically a trade buyer probably won't be able to get much in the market so they will just come out with a higher offer if they are interested.

[dekle] 08/8/2018 16:41

Is the suitor permitted to buy more in the market place while the offer exists?

[cwa1] 08/8/2018 13:52

Interesting to see the current market bid is a whisker above the offer price. Possibly the fat lady hasn't sung yet? Perhaps I have my rose tinteds on?

[dangersimpson2] 07/8/2018 13:16

I think if we do get a counter-offer from an industry player then you are right a lot of other smaller listed recruiters look vulnerable to being taken over, removing the board costs and delivering earning enhancement to the more highly rated larger recruitment companies.

However if we don't see a counter offer for Harvey Nash then the likelihood of other sector consolidation could be overstated. I see GATC has already gone up 9% this morning which is more than half of the premium that DBAY are paying for HVN.

Having already lost Creston to DBAY takeover a few years ago and now HVN I will certainly be keeping an eye out for their name appearing in RNS in the future.

[davidosh] 07/8/2018 10:36

I think this is a lowball offer but it probably needs another trade buyer to come in and shake it up or I fear DBay will have done all the necessary work and incentives to management to get enough votes in a weak market especially with the Brexit woes clouding over investors. It is the Summer so a perfect time to catch things whilst the larger investors are sunning themselves on extended hols !

I will be amazed if this does not get others casting their net on the sector at GATC has been a sitting duck with a ship that appears rudderless and RTC Group where I have a large holding is on a P/E of 5.5 and yields a whopping 7% with directors paid as much as HVN so if the admin costs and central overhead can be slashed or absorbed then it makes a great albeit smaller catch...

Just my view but I suspect this will kick off more action in the sector.

[jon123] 07/8/2018 10:14

no i couldn't find a date either mongrels3 but i lost interest trying to wade through all that waffle lol

[mongrels3] 07/8/2018 09:12

Did anyone spot the completion date? I saw multiple references to a long stop date, but didn't see an actual date. Thanks in advance.

[dangersimpson2] 07/8/2018 09:05

DBAY are value investors so they were never going to pay a high price, and while the offer doesn't look generous at all part of the rise in share price of the last year has been them buying & putting pressure on management to stop taking all the returns of the growing business in salaries.

Being investors though means that if a reasonable counteroffer comes through I'm sure DBAY would accept. HVN should make a nice, earnings enhancing bolt-on for one of the larger recruiters, just hope one comes through with an acceptable offer in time.

[sammu] 07/8/2018 08:26

Dbay buying up shares and found enough willing sellers at 130 (and below) last month, it makes sense to see if they can push that through. May be no competition.

[thorpematt] 07/8/2018 08:16

jon123, my thought precicesly, I love the negotiation comment in the RNS especially. On what basis did you argue that 130p is OK! All a little to cosy for me.

A valuation on trailing EBITDA is in no way apropriate for a company which has been investing in changing its business model and is moving toward making those changes pay.

Any forward looking valuation cannot justify 130p. I can't imagine any other holders voting yes on this one.

[spooky] 07/8/2018 08:11

Definitely a low ball offer. Think GATC could be next.

[shauney2] 07/8/2018 08:10

I know recruiters trade on thin margins and are generally valued cheaply but that is really taking the pz.Forward PER of 8 and PEG of 0.70.
"Significant progress was being made"Too right it was.

[sophia1982] 07/8/2018 08:07

Ridiculous offer.

However DBAY + directors control 28% of shares. There is still a long way to get to 75%...

[edmundshaw] 07/8/2018 08:06

Counter offers anyone? Please??

[jon123] 07/8/2018 07:45

i feel the same way as you thorpematt but with them holding just under 30% i can't see it being knocked back you do have to wonder how much of a golden handshake the board are getting

[shauney2] 07/8/2018 07:25

Thats far too cheap at 130p.