Inspired Cap Share Discussion Threads

[quepassa] 09/7/2015 11:36

This is what INSC said on 15th June, more than three weeks ago by RNS:-

QUOTE

The board of directors of Inspired (the "Inspired Board") will carefully consider its position regarding the unsolicited Offer and a further announcement will be made in due course. The Inspired Board recommends that Inspired shareholders take no action at present and await a further announcement from the Inspired Board.

UNQUOTE


Isn't this grossly misleading shareholders to recommend taking no action and to await a further announcement? - How long are shareholders expected to wait?

I hope the regulators look very closely into this announcement/recommendation by the Inspired Board.

ALL IMO. DYOR.
QP

[p1nkfish] 08/7/2015 17:15

I call it arbitarge where this is a pre-acceptance and post-acceptane price on a bid - 2 markets. It's just that the 2 markets don't exist at the same time but you can imagine they do if you are 100% sure the bid will succeed.

There is probably a better term but arbitrage does it for me.


"In economics and finance, arbitrage (US /ˈɑrbɨ;trɑːʒ;/, UK /ˈɑrbɨ;trɪdʒ/, UK /ˌɑrbɨ;trˈɑː;ʒ/) is the practice of taking advantage of a price difference between two or more markets: striking a combination of matching deals that capitalize upon the imbalance, the profit being the difference between the market prices."

[oregano] 08/7/2015 17:09

that is not arbing!

but we are going to hear from the BoD tomorrow. Lets hope the news is good.

[p1nkfish] 08/7/2015 13:04

arbitrage.

Some people believe it, or something else, will happen at 20p+ so a buy at 19.5p could lead to 0.5p in 19.5p upside in short order. Annulaised resturn might look OK.

Same thinking is that some people believe it worth selling now and losing the 0.5p or think it will fall through and head back to 20p.

Bentley need to be careful as they would have to notify is they go through another % break but they could add 0.9% before needing to notify. I haven' tlooked at the volumes but suspect < 0.9% has changed hands.

[oregano] 08/7/2015 11:39

the strangest thing is the bid price @19.5p.

surely only Bentley Park will be buying. if they thought the bid was going to fail, they would hold off.

[p1nkfish] 08/7/2015 11:10

Until the wire is reached it's impossible to know.

Henderson are a factor in this and future growth was to come from the SME element in the Proactis market place - Henderson are the largest holder in PHD too.

Hendeson are key to the outcome. For all we know there might be a merger proposal pulled out of the hat from somewhere as I don't see 20p satisfying Henderson.

Hendeson hold 26.5%. If they say no then Bentley has a problem reaching the level needed to delist. Delist means Henderson are probably out for a derisory 20p when I think they are a long term holder looking for a multiple increase.

My hope is that Hendersons interests line-up with ours and they have enough experience to make sure the return is sensible one way or the other.

PHD look like proceeding on the basis they will have financing available for the marketplace so ideally this won't be too disruptive overall.

[quepassa] 08/7/2015 10:58

In my opinion only:-

It seems very clear that they are not against the takeover - otherwise they would in my view undoubtedly have said so by now.

The normal thing is for The Board to say no as early as possible in order to cut the acquirer off at the pass and to make things as difficult as possible.

If a Board is against, they would normally be negative about an approach and find fault with the valuations being suggested by the other side.

None of this has happened.

I read post number 180 with a great deal of interest.

In my opinion because the market is now offering 19p+, they think the 20p take-out is a foregone conclusion.

What is however staggering is that The Board have not made even the most basic attempt to try to improve the offer by even 5 or 10% for the benefit of shareholders.



ALL IMO> DYOR.
QP

[oregano] 08/7/2015 10:34

maybe i should. i normally run these to completion to benefit from any increase in the offer or counter offer. my feeling has been that the larger shareholders must realise that management have done a poor job to date and want out.

[p1nkfish] 08/7/2015 10:21

Probably. If in doubt sell now at about 19p?
Tomorrow or day after it could plunge.

[oregano] 08/7/2015 10:16

they did not tell us about the original Bentley approach and did little to explain management change. they are not trustworthy. without Bentley this is 14p again.

[oregano] 08/7/2015 10:02

it is staggering these guys have not responded yet. one more reason to vote in favour of the deal. what management are left are clearly incompetent.

[ryry0707] 07/7/2015 23:24

Ah yes, thanks for pointing that out. Let's see what happens tomorrow.

[p1nkfish] 07/7/2015 21:39

if i have it right then a response tomorrow or by close day after.

will there be some white knight or merger proposition the BoD can put to us?

i can't see Bentley offering much more.

[p1nkfish] 07/7/2015 21:35

states so in the insc initial response rns.

'Altium Capital Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for Inspired and no one else in connection with the Offer and this Announcement and will not be responsible to anyone other than Inspired for providing the protections afforded to clients of Altium nor for providing advice in connection with the Offer or any matter referred to herein.'

[ryry0707] 07/7/2015 19:19

P1nkfish, how do you know of Altium's involvement?

[p1nkfish] 07/7/2015 12:59

It does look like about 8th June - 14 days to respond from 25th June.

These are working along with INSC on defence - hxxp://www.altiumcapital.com/what-we-do/ma/

Good news out of PHD today that the CFO will become permanent after further discussions with the BoD and they are on the M&A path. INSC probably much too big to swallow and out of their field of competance but would make a good partner still after the acquisition.

[p1nkfish] 06/7/2015 18:43

14 days after 25th June.

[quepassa] 06/7/2015 18:26

If they haven't replied by now. They are, in my opinion, now unlikely to do so.

Remember! This is AIM. Although that may be a misnomer as much of the time, corporate governance is not aimed at all but shooting from the hip, Wild West style.

ALL IMO> DYOR.
QP

[shaka198] 06/7/2015 13:29

Hope BOD response is worth the wait!

[dendria] 06/7/2015 08:41

The offer is open until 13:00 16 July 2015.

[p1nkfish] 06/7/2015 08:36

response on or buy july 8th?

[technofiend] 03/7/2015 13:34

Has anyone written to the board to ask them why they haven't responded?

I think I will do this this weekend.

[p1nkfish] 02/7/2015 15:24

takes time to talk to larger holders and gauge sentiment.

no good if the likes of Henderson are not on the side of the BoD.

[gnnmartin] 02/7/2015 14:59

I hope you are right, oregano. I want to hear from the board soon, because I'm out of circulation from 10th.