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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| ISG | ISG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 172.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 172.00 | 172.00 |
| Top Posts |
|---|
Posted at 17/2/2016 09:50 by qs99 Great effort by Cathexis played a blinder IMO....ISG board IMO not covered themselves in glory at all....pretty well a defence of "please don't buy us" but with little activity to boost the offer it would seem.... |
Posted at 11/2/2016 17:08 by oregano i would be surprised if they could change sides and without disclosing it. but at the same time i am surprised ISG did not confirm the institutions were still committed in their last publication.I expect we will see an update from both sides tomorrow. |
Posted at 11/2/2016 14:56 by grahamburn Indeed, it isn't clear. As noted in my earlier posts, the first rejection document by ISG clearly stated the support of its two principal institutional shareholders (apart from Cathexis of course). The following is the relevant extract from that document:"When combined with the letters from our two largest UK institutional Shareholders, being Octopus Investments Limited and River and Mercantile Asset Management LLP, the Company has received letters of intent not to accept the Offer in respect of 7,985,428 ISG Shares in aggregate, representing approximately 16.1 per cent of the Company’s issued share capital and approximately 22.9 per cent of the Shares subject to the Offer." Yet there isn't any reference to this in the most recent rejection. So, if these two institutions have switched sides (and it wouldn't surprise me if Cathexis sounded them each out very carefully before quantifying the revised offer), then Cathexis would be over the 50% mark without any other shareholders accepting through the normal channels. Just have to wait until next Wednesday/Thursday to find out! |
Posted at 10/2/2016 19:58 by grahamburn Not THAT big assumption, as in the original defence document, two or three institutions (from memory) specifically said they were rejecting the offer of 143p. Surely the directors would have reiterated that support (they need all the help they can get!) if it still applied.It may well be that those institutions are simply waiting to see how the coin spins this time around before coming out one way or the other. After all, those institutions will be only too aware (as ISG admit) that Cathexis holding well over 30% of the company may cause all sorts of difficulties for the business going forward. Other institutions will not been keen of holding shares in such a company. |
Posted at 03/2/2016 09:25 by tuscan4 Signs of desperation from the bidder. Surprisingly little stock being sold in the market and now having to resort to the fact that sellers get their 171p now rather than waiting 14 days after the offer closes(assuming it succeeds). What about broking commission?ISG need to convey to their shareholders that without this offer they will be materially better off in six months time, both in dividend and capital terms. |
Posted at 29/1/2016 14:12 by tuscan4 I will not accept 171p. In a years time ISG 's Pre - Tax profits should be running at least £20m annually,with growth to come in 2017. Expect only a modest dip after the bid fails before the market factors in these figures. We also have the comfort of a 10p dividend in 2016 to come.Keep your nerve. |
Posted at 30/12/2015 09:19 by ed 123 At last, ISG gives notice of a statement in which it will explain why it believes shareholders should reject the offer of Cathexis.They need to get it out quickly, before the nominee account users have to make their decision. Shame that ISG have been forced to admit they produced an unsupportable statement in their 'gut reaction' of 23 December. It doesn't help their credibility. Anyway, 143p offered. No white knight .... so far. My dream is that management agree to recommend - but for some higher figure. Not long to wait. |
Posted at 11/12/2015 09:26 by tuscan4 Presumably ISG are talking this minute with their main rivals, particularly Morgan Sindall , to come in as a White Knight. Any of the four main players in the Fit-Out market would view this as a golden opportunity to acquire ISG at under £100m. Lets not exaggerate the problems in the Construction division. This offer is unlikely to succeed and Cathexis can be defeated even with their 30%. I have defeated a similar bid two years ago and expect to do the same here. |
Posted at 22/10/2015 13:47 by mr dexy DividendThe Board is proposing to pay a final dividend of 5.00p (2014: 4.91p). No interim payment was made (2014: 4.54p). The ex-dividend date will be 22 October 2015 and the dividend will be payable on 8 December 2015 to shareholders on the register on 23 October 2015. A scrip alternative is again being offered. The final dividend for the previous financial year of 4.91p was paid on 9 December 2014. |
Posted at 14/7/2015 15:06 by paleje 3i like them and report bullish forecasts from Numis:-ISG looks dirt cheap By Lee Wild | Tue, 14th July 2015 - 14:02 Share this ISG looks dirt cheap Five months after a savage profits warning then dire set of half-year results just four weeks later, builder and office fit-out firm ISG (ISG) has reassured shareholders that full-year results will be no worse than heavily-downgraded forecasts. It will pay a dividend, too, following a strong second half, and is optimistic about 2016. Investors certainly appear willing to forgive. ISG shares had lost as much as 60% of their value between January and early April, plunging to 140p at their nadir. However, they’re up 4% Tuesday as management's bullish tone hints at a recovery in progress. ADVERTISING At least bosses have not been idle. After warning that troublesome construction contracts would cause a £7 million profits miss, and flagging £6 million of extra costs and making an £11 million provision for shutting its Tonbridge office, they quickly raised a net £15 million at 170p. Now, ISG says results for the year ended 30 June 2015 will be in line with reduced expectations, although it does admit its estimates may be out by up to £2 million. That's because chiefs are still thrashing out terms on the older loss-making construction contracts which caused the profits warning in February. "We believe the poor performance and painful restructuring of the UK Construction division is now behind us," they add. (click to enlarge) Expect a reported full-year loss of £23.3 million following a further £10.5 million of provisions announced Tuesday, says Numis Securities. The broker pencils in a 39% slump in pre-tax profit to £7 million on revenue up 18% at £1.7 billion. We'll get confirmation on 8 September. It does, however, maintain forecasts for profit of £18 million and revenue of £1.8 billion in 2016 as trading conditions improve. And they already are. "The overall performance of our specialist fit out, engineering services and retail businesses in the UK and internationally has been excellent and trading has been ahead of management's expectations," cheered ISG. "This provides a firm basis for our confidence in the Group results for next year, supported also by a turnaround in UK Construction where performance of the pipeline of new contracts procured over the past eighteen months is meeting management's expectations." The order book is up 6% at £1.1 billion, over three-quarters of which relates to work in 2016, and demand in its core sectors remains "strong and stable". ISG won £80 million of commercial office fit out projects in the three months to June, too. The share placing in March also means ISG has £50 million of net cash and management has promised an increase in the final dividend to 5p. At 169p, ISG shares trade on 6.2 times Numis estimates for 2016 earnings per share (EPS) of 27.3p. There's a prospective yield of 5.6%, too. "The shares look materially too cheap," cries Numis analyst Howard Seymour. "In our view, the current share price fails to reflect the reduction in both the risk profile and our estimates of a materially improved profit position in 2016 and we therefore remain buyers." Seymour believes the shares will be worth 345p. At that price they would trade on 12.6 times forward earnings, not unreasonable for the potential growth on offer. Remember, too, that Numis forecasts year-end 2016 net cash of £63 million compared with a company currently worth just £84 million. Strip that out and the underlying business is valued at just 1.5 times earnings. The stats certainly look appealing. That the shares appear so undervalued implies many in the market do not. This, however, does not look like a value trap and these will be proved to be bargain levels if ISG does the numbers next year. |
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