|My cheque from Capita just arrived! Thought it was to be November some time.
So Cheerio to this thread, and perhaps see some of you on another. (Have to invest this somewhere......!
|Anyone any idea when we'll actually get the cash for these? Watch the markets recover just before we get it no doubt....could do with it now with the amount of bargains kicking around!!|
|Cheap, cheap, cheap! Though happy to be shot of my last few, which are in fact my first few, albeit at a small loss. At least it's a meaningful price, rather than a trivial one, and I did well out of most of my significant holdings over the years. So, through gritted teeth, I'll say Good Luck to the new organisation and those that sail in her. H|
|I'm quite happy as I bought at about 26p....so a decent return!! And it's money that will soon be freed up that has just been sitting there.|
|Disappointed, I continue to think it's worth more. Why did the management accept such a low value, must be going to the new company. With 78% acceptances it looks over. B*gg*r|
|I don't think that this is a great offer.
However, given the level of acceptances, it's a done deal.|
*DJ Inrix Holdings UK Ltd Offer for ITIS Holdings plc
(END) Dow Jones Newswires
July 28, 2011 07:03 ET (11:03 GMT)
Copyright (c) 2011 Dow Jones & Company, Inc.
RNS Number : 2745L
Inrix Holdings UK Ltd
28 July 2011
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO
28 July 2011
RECOMMENDED CASH OFFER
for ITIS Holdings plc
by INRIX Holdings UK Ltd (a wholly owned subsidiary of INRIX, Inc)
-- The Board of ITIS and the Board of INRIX are pleased to announce that agreement has been reached on the terms of a recommended cash offer, to be made by INRIX UK, to acquire the entire issued and to be issued share capital of ITIS.
-- The Offer price is 37.48 pence in cash for each ITIS Share. This represents a premium of:
-- approximately 226 per cent. over the price of 11.5 pence, being the price paid per ITIS share on 6 June 2011, being the most recent transaction in ITIS Shares that the Board of ITIS is aware of as at 27 July 2011; and
-- approximately 210 per cent. over the price of 12.1 pence, being the price paid per ITISShare on 24 January 2011, being the highest price paid per ITIS Share since the cancellation of ITIS Shares from trading on AIM that the Board of ITIS is aware of as at 27 July 2011.
-- The Offer values the entire issued share capital of ITIS at approximately GBP36.9 million.
-- INRIX is a leading provider of accurate real-time, historical and predictive traffic information. INRIX is a privately held corporation based in Seattle in the USA and was founded in July 2004 by former Microsoft executives Bryan Mistele and Craig Chapman. INRIX's mission is to reduce traffic congestion by providing traffic and connected driving services across public sector, automotive, mobile, media, and fleet markets to the world's one billion drivers.
-- INRIX UK is a wholly owned subsidiary of INRIX which was incorporated in the UK for the purpose of making the Offer.
-- It is intended that the business of the ITIS Group will continue substantially as it is at present.
-- The Board of ITIS, who have been so advised by PricewaterhouseCoopers, financial advisers to ITIS, consider the terms of the Offer to be fair and reasonable. In providing such advice, PricewaterhouseCoopers has taken into account the commercial assessments of the Board of ITIS.
-- INRIX UK has received irrevocable undertakings to accept or procure acceptance of the Offer and a letter of intent to accept the Offer in respect of a total of 73,796,320 issued ITIS Shares, and a total of 3,690,001 options over ITIS Shares, which amount, in aggregate, to 77,486,321 issued ITIS Shares, representing, in aggregate, approximately 78.71 per cent. of the issued ordinary share capital of ITIS. The Offer will be conditional, inter alia, upon valid acceptances being received in respect of not less than 90 per cent. (or such lower percentage being not less than 84.60 per cent., as INRIX UK decides) in nominal value of the issued ordinary share capital of ITIS.
-- INRIX UK intends that the Offer Document, setting out the full terms of the Offer, together with the Form of Acceptance, will be posted to ITIS Shareholders as soon as is reasonably practicable and, in any event (unless the Panel permits otherwise), within 28 days after the date of this announcement.
Comments on the Offer
-- Bryan Mistele, Chairman of INRIX, said:
"We are pleased to be announcing today the recommended offer for ITIS by INRIX. We have long admired the business ITIS has built in Europe, and believe combining our companies can take us one step closer to achieving our mission of reducing traffic by providing better information and driver services globally. We are committed to continuing to grow and expand the ITIS business moving forward."
-- Sir Trevor Chinn, Chairman of ITIS Holdings plc, said:
"We are delighted to be announcing today the recommended offer for ITIS by INRIX, which is the culmination of an extensive market testing process and a lot of work by the ITIS management team. The Offer price represents a significant premium to the prices at which the relatively illiquid unlisted ITIS Shares have traded in the period since the delisting from AIM, and gives ITIS Shareholders the opportunity to sell their entire shareholdings in ITIS for cash."
Zeus Capital is acting as financial adviser to INRIX. PricewaterhouseCoopers is acting as financial adviser to ITIS.
INRIX Holdings UK Ltd
Tel: +1 425 284 3800
Bryan Mistele (Chairman)
Jeff deCillia (CFO)
ITIS Holdings plc
Tel: +44(0)16 1927 3600
Stuart Marks (CEO)
Zeus Capital Limited
Financial adviser to INRIX UK and INRIX
Tel: +44(0)16 1831 1512
Financial adviser to ITIS
Tel: +44(0)20 7583 5000
|I'm still holding some of these, been on the backburner for a while now. Was interesting to see the brief trading statement re the profit. No word on any dividend payable though....I wonder if?
Only available via matched bargaining facility.....could be tempted to top up!!|
|Itis Holdings has announced that it has cancelled all of the ordinary shares which were held in treasury. This tidying up of the share structure may mean that a takeover bid is imminent.|
|The profit for the year was £1.83m and the cash balance was over £4.5m. No mention of any takeover bid in the latest trading update.|
|I suppose it would be reasonable to assume that a purchaser would want the final years figures ie the end of the month|
Yes, I too wonder what is going on. As a private Co. I don't suppose there are any restrictions imposed re such matters.
On the basis of the improving financials and international opportunities, I'm in no rush provided that we do get a fair deal in the end. I must say that given a decent cash offer, I would be minded to accept, rather than continue holding under new ownership.|
|Hew, that is quite a disturbing post.
It is taking a very long time for any bid to arrive. In fact, this is the longest period of time I have ever waited for a proposed bid to materialise or be abandoned.|
|A thought provoking piece in IC for 18 Feb, p22.
In answer to a letter, it seems entirely legal for an unquoted company to squeeze out holders with only a few shares by the strategem of voting a large ratio consolidation. Example is NRG going for 10,000:1. Any holding that thus becomes less than single share is forced to accept whatever price the directors care to offer.
I trustingly believe that the calibre of our directors is such that any such grossly immoral procedure would not be contemplated, particularly given that I expect those of us still holding have supported the Co for many years.
If a buyout does happen though, it may be as well not to discount the possibility in respect of any new owners
Sorry to raise a disconcerting thought - better forewarned though!|
|That's exactly what i've been doing dd776, though it is a virtual mattress of course. I just hate not knowing what's happening, I don't feel in control of my investment at all. Let's hope there is good news downstream anyway!!
|just keep the shares under the mattress for a rainy day. Happy valentines day|
|There is nothing new on the Itis Holdings website. Presumably, talks are still going on. If the discussions had finished without result, an announcement would almost certainly have been made.|
|All went very quiet on this one of late.....anyone with any info at all??|
|I see that the interim results are out. The profit for the first six months of the year came in at just under one million pounds which is a big improvement on last year.
"Discussions are now continuing with a number of parties" regarding a possible offer. It certainly sounds as if there are at least two possible bidders for the company. This sounds quite promising; a bit of competition for the company might result in a reasonable offer being made.|
|Thanks for that - I'll start holding my breath in the morning !|
|The last two interim results were announced on 18/12/09 and 26/11/08. So the results should be announced in the next three weeks.|
|B B So what's the answer about interims any ideas ?|
|I see that the company has made an announcement about the resignation of its international business director. No mention of any bid.|
|Is there anybody there... ! Any knowledge about interims date ?|
|Presumably bound up in the as yet unannounced interim figures - due when? November/ december.|