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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Inmarsat Plc | ISAT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 544.40 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 544.40 |
| Top Posts |
|---|
Posted at 09/12/2019 10:38 by shaker44 Now ISAT is delisted anyone got proceeds yet? Iweb tend to be very slow and like to sit on the cash. |
Posted at 30/8/2019 09:36 by wad collector USD/Sterling now 0.82 so $7.09 now equates to 581.4pSo there is still a 20p premium as share price 602p now. There was not planned to be another dividend , so the 20p a mystery to me. |
Posted at 04/8/2019 09:37 by steeplejack I see that Cobham makes the Sundays with the family objecting to the opportunistic bid by private capital outfit Advent.Hopefully,thiAs Bloomberg commented back in March,”Private equity offers can be appealing to managers of target companies as they can include financial incentives and give executives the opportunity to keep running the company”. Apax treated an undeserving ISAT management to windfalls when it floated the company in 2005 and has probably promised further treats after the planned delisting which will occur 15 years later.ISATs 15 year operational performance during the listing period has been mediocre at best but management have been handsomely rewarded from the outset.Beggars belief. 16 July FT ... “Competition watchdog to probe $6bn Inmarsat private buyout” Bit late methinks but who knows. |
Posted at 07/6/2019 09:33 by wad collector Last month there was an announcement , and these tend to get buried in the hundreds of RNSs related to holdings. This seems to make it clear that there is no going back, as majority approval has been gained and the $7.09 will be paid some time in Q4. There have been cases of takeovers failing after this , from Government intervention (Inmarsat was originally a public funded company created by the UN ) , or from financial collapse of the buyer.However the chances of this happening are probably not the reason for the share price fluctuation of a few pence ; more likely it is just the Forex variability and the interest lost on the delayed payment. The original $7.21 offer included the 12 cent dividend paid last month, so we are left with 7.09 which at 0.79 USD/GBP current value is 560p. Current share price 541p so we are looking at a 3.3% loss for selling now (and broker fees) rather than waiting for the closure. I have just decided to sell most of my holding rather than sit on that small gain. That puts me down 23% on my average buying price and ,like most small holders, I look at the management with contempt as they trouser their rewards over this deal for their previously more valuable company. The majority of Inmarsat’s shareholders voted May 10 in favor of a $3.3 billion acquisition offer by a consortium of buyers. Some 77 percent of London-based Inmarsat’s shareholders voted in favor of the takeover proposed by private equity firms Apax and Warburg Pincus and Canadian pension firms CPPIB and OTPP. Those shareholders held 79 percent of Inmarsat’s shares, meeting what Inmarsat called the “requisite majorities.” Inmarsat expects the deal to close in the fourth quarter of 2019. |
Posted at 20/4/2019 10:18 by nocton Yes and no. The dividend is included in the offer price:"Under the terms of the Acquisition, Inmarsat Shareholders who are entitled to receive the Final Dividend (as defined below) will receive: $7.21 in cash per Inmarsat Share (the “Cash Value”), comprising a cash consideration of $7.09 (the “Cash Consideration” Inmarsat Share plus the previously announced final dividend of $0.12 per Inmarsat Share to be paid on 30 May 2019 to Inmarsat Shareholders on the register as at the close of business on 23 April 2019 (the “Final Dividend”). Inmarsat Shareholders who are not entitled to receive the Final Dividend shall receive the Cash Consideration under the Acquisition in respect of their Inmarsat Shares." It may be worth selling the shares now as the offer is priced in US$. At the current exchange rate of around $1.30 the price equates to 555p, but if a Brexit agreement is reached in the next few weeks the exchange rate could easily rise to $1.40, when the offer is worth only 515p. as the offer document says: "On the basis of the Announcement Exchange Rate, the Cash Consideration implies an equivalent value of 537 pence per Inmarsat Share. For any Inmarsat Shareholder electing to be paid their Cash Consideration in Sterling, the amount per Inmarsat Share received may, depending on the prevailing exchange rate, result in a payment below or above 537 pence per Inmarsat Share." |
Posted at 18/4/2019 08:41 by wad collector Xd today - the adfn financial info at the bottom wrongly says next Tuesday.Well I guess that is the last of the ISAT dividends. |
Posted at 20/3/2019 19:37 by extrader Hi steeplejack,Thanks for the Alphaville detail. When you comment at the end re timing of disclosure, this may have been dictated by the 'no dividend' element of the proposal clashing with the timetable for dividends announced by ISAT : ..."The dividend is to be paid on 30 May 2019 to ordinary shareholders on the share register at the close of business on 23 April 2019. Shareholders will be ASKED TO APPROVE the final dividend payment at the Annual General Meeting on 1 May 2019. …" With a record date of 23 April for the dividend, management may have wanted to orchestrate a gentle 'put up or shut up' date - 16 April in this case - that would help focus everyone's minds. Just a thought ! ATB |
Posted at 20/3/2019 18:52 by steeplejack Below are extracts from FT Alphaville today.I’ve tried to make the blog as readable as possible.Lengthy but worth scanning.Inmarsat PLC (ISAT:LSE): Last: 516.60, up 78.8 (+18.00%), High: 516.80, Low: 500.76, Volume: 11.77m Seems this was the UK takeover that's been muttered about for a while now, so everyone can stand down. Course, if Inmarsat had told us about it six weeks ago when the approach arrived, there wouldn't have been quite so much gossip around ...... And there was speculation around in the press -- -- just that it was pointed towards trade rather than PE. Anyway. Let's recap where we are. I'll let Goldman do it ..... Following press reports (FT) about a potential PE offer, Inmarsat has confirmed it received a non-binding proposal from a PE consortium on 31 January regarding a possible cash offer at $7.21 (equates to 542p at 1.33 FX), a c24% premium to March 19 closing share price (438p). We note the PE consortium now has until 16 April to make a firm offer. ISAT notes the proposal remains under discussion between ISAT and the PE consortium. Among the bid consortium, Apax is the most interesting name. Firstly because Apax used to own Inmarsat. Secondly, because its owns Marlink, which sells Inmarsat satphones for boats. It's one of the key distributors. Which makes this look relatively friendly, potentially. Which is a point Exane makes...... We think Inmarsat's management is likely to favour a takeprivate bid (vs. a take-over scenario) especially if it comes with the strategic benefit of closer integration with Marlink. Course, against that we have to spin back to the robust rejection Echostar was given just eight months ago. Its bid being 532p, of which 265p was cash, so basically no different in terms of headline valuation to the PE one. Roidster One just raised 1.5bln.....softbank may come in ...thoughts? "If you engage at a level that's way below what you think is the right level, all you're doing is signaling weakness and a willingness to trade value below fair value"; "And after all, we're not for sale. We don't feel weak about our future and we don't feel the need to engage in a merger even with somebody in our industry at this point in time. We don't think that will drive exceptional value for shareholders beyond the value they've paid on the way into that kind of environment. So, that's why we did not engage". That was Inmarsat's CEO in August. Next, we have to examine the conspiracy theory angle. Here's Jefferies: The decision to unilaterally disclose the Consortium's six-week-old non-binding cash bid, almost identical in value to the rejected 3-Jul-18 EchoStar bid, feels like a well-advised "stalking horse" that could well now result in a revised bid (from either suitor). Except it wasn't unilaterally disclosed. It was in response to a specific report, so that doesn't quite work. And to follow that, we need to get knee deep in the binary value around Ligado (the former Lightsquared, messes with GPS, you remember) and strategic value to Charlie Ergen ..... |
Posted at 20/3/2019 09:52 by losos dexdringle - "$7.42 = £5.40. Not exactly Christmas is it ?I need £7 a share to break even..." Pretty much the same position for me. As someone said ISAT share price should be £10 but only after the full benefits of the in flight internet connection thingy is realised and that could take another year or so, in the meantime they have to fend off the takeover approaches. Clearly ISAT is undervalued but sadly that doesn't mean that they won't get taken out at well below £10 I can see all us small PI's having an offer on the table below true value (and likely below what we bought at) and having to accept because the big boys have stitched us up. Time will tell, hope I'm wrong, but it's a jungle out there haha. |
Posted at 20/2/2019 14:06 by argylerich Chatter on FT Aplhaville about ISAT:11:46 am Inmarsat PLC (ISAT:LSE): Last: 395.80, up 7.4 (+1.91%), High: 396.20, Low: 389.60, Volume: 380.77k BE - I'm guessing the request is on the back of the Jefferies note from a day or two ago that talks about Ligado optionality. BE - Ligado being Lightsquared as was. Bonds have rallied rather sharply over the past fortnight, suggesting people in Washington might have an inkling that news is on the way regarding its interference problems. 11:48 am BE - We're waiting for a letter from NTIA Director David Redl on whether the network's going to be nixed or not. BE - And here's where Jefferies goes 7 dimensional chess .... "We suspect an investor(s) has been advised by a retained lawyer that the Redl letter could be imminent, and in an act of regulatory pragmatism over principle, that letter will recommend the FCC accept the Ligado proposal. In this seemingly interminable endgame, we might finally reach a decisive conclusion. A pro-Ligado stance would be very positive for Inmarsat, but there is a bigger game afoot now." 11:50 am "We feel more certain now of EchoStar's vision that the MSS spectrum bands are "strategic" to future integrated cellular / terrestrial IoT networks. We therefore think its interest in Inmarsat remains - and in the short period of time since it walked away, its negotiating leverage with the Inmarsat Board has improved dramatically: Inmarsat's shares have drifted down on the back of a fresh short thesis around Maritime consensus downgrades. In the event of a Redl letter, Inmarsat may want to keep taking the Ligado cash, but it may feel coerced into taking Ligado equity." BE - For more on the angling between EchoStar/Dish and the rest of the networks to block each other, see every other session last year . |
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