Laird Share Discussion Threads

[broadwood] 28/6/2018 09:30

Court Meeting was yesterday so should be hearing confirmation very soon. I'll wait rather than sell I think, at least it would not be subject to a sale fee.

[broadwood] 09/4/2018 10:00

To remind myself of dates etc - so I don't have to keep on looking up.

Notices of the Court Meeting and General Meeting
As described in the Scheme Document, to become effective the Scheme requires: (i) approval by Laird Shareholders at the Court Meeting and General Meeting; and (ii) sanctioning by the Court. The Scheme is also subject to the satisfaction or waiver of the Conditions and to the further terms that are set out in the Scheme Document.

Notices of the Court Meeting and the General Meeting, which will both be held at the offices of Freshfields Bruckhaus Deringer LLP at Northcliffe House, 28 Tudor Street, London, EC4Y 0AY on 17 April 2018, are set out in the Scheme Document. The Court Meeting will commence at 10.30 a.m. and the General Meeting at 10.45 a.m. (or, if later, as soon as the Court Meeting has concluded or been adjourned).

Timetable
The Scheme Document contains an expected timetable of principal events relating to the Scheme, which is also attached as an Appendix to this announcement. Subject to obtaining the approval of Laird Shareholders and the Court, and the satisfaction or, where applicable, the waiver of the other Conditions (as set out the Scheme Document), the Scheme is expected to become effective in the third quarter of 2018.
Laird will give adequate notice of the date and time of the Court Hearing, once known, by issuing an announcement through a Regulatory Information Service.
If any of the dates and/or times in the expected timetable change, the revised dates and/or times will be notified to Laird Shareholders by announcement through a Regulatory Information Service, with such announcement being made available on Laird's website at www.laird-plc.co

[meijiman] 07/4/2018 13:04

Decent post -do you think it will attract other bidders !?

[borromini1] 07/4/2018 09:40

Some people may be puzzled by the post offer share price for Laird being slightly but consistently higher than the offer price. CEO Tony Quinlan describes the offer as "fair value", is that fair to middling or fairly good for shareholders? Lets look at the calculations ... Profit x 15 years - Net Debt all divided by Number of Shares to give a Share Price.

2016 profit was 51.1m GBP now add 2017 cost savings of 10m GBP as part of increased profit and 6% reduction in net debt ...

67.3m profit x 15yrs - 164.4m net debt / 488m shares = 1.73 GBP That's about where the share price should be without the offer.

So what does the 2017 trading results tell us?
What is the offer premium over a fair share price as indicated by the 2017 results?

2.00/1.73 = 15.6%

So we have an offer that represents a 15.6% premium over a fair value for the company based on 2017 delivered performance, hardly impressive, the current offer is decidedly fair to middling while grabbing a big discount on the substantial future growth in the connected vehicles division.

That's why the current share price is above the offer, no self respecting institutional investor would accept such a fair to middling offer after sticking with the company over recent years.

And that is why the offer was announced at the same time as the 2017 results, thereby removing the possibility of the share price jumping and showing up the low offer of 200p for what it is ... a big discount on expected future growth.

[fanshaw] 27/3/2018 13:43

attractive

[packman8] 12/3/2018 22:08

Advent struggling for acceptances, only 26% up to now. Chance for counter bid, or shall need to increase offer?

[simon gordon] 02/3/2018 17:22

OXIG - could be snapped up like E2V was.

[meijiman] 02/3/2018 09:02

still looks like the price was manipulated down to make the notional premium on the bid price look attractive.

[borromini1] 01/3/2018 23:25

Now we know why we didn't get the usual interim statement in January.

[rogerrail] 01/3/2018 21:45

I also thought of VEC. Can't phathom for the life of me why share price is so low, especially as it's under pinned by some steady revenue earners. Has already been touted as a t/o target a couple of times in the press albeit GSK as predator is way off the mark.

[boadicea] 01/3/2018 20:18

I only bought these last week thinking they looked good value and had strong recovery potential.
However the low price over past weeks and its inability to rise on a good update now appears to have been another case of manipulation. (Remember particularly Paysafe - PAYS, last year).

Who is next? An obvious candidate might be VEC whose share price dip seems to be vastly in excess of any problems.

Other suggestions couold be useful as we shall probably all have some cash to invest before long!

[howie1943] 01/3/2018 13:50

Cash-in @ 200.70p or wait for news better offer. What date for closed offer.

[aishah] 01/3/2018 10:34

I was hoping for a price of £4+ in due course. So although pleased that prospects have been recognised by the bidder, price seems cheap. Irrevocable acceptance of 21% so hopefully another bidder will emerge.

[broadwood] 01/3/2018 10:19

ELECTRONICS ENGINEER BUYOUT
Another British technology engineer looks destined to leave the stock market after management of Laird (LRD) agreed a £1bn takeover by private equity firm Advent International.
The UK electronics designer and manufacturer, which makes those shark fin antennae for BMW and others, is recommending that shareholders accept a 200p per share all cash offer.
Laird also unveils 2017 full year results, although those numbers clearly take a back seat in light of the takeover offer.
That’s a 73% premium to last night’s 115.9p close, sparking a share price surge to 202.4p on Thursday, possibly implying a small possibility that a rival buyer could yet emerge. Laird, one of Shares running Great Ideas at 118.7p, last saw its shares trade this high before its damaging profit warning and cash crunch back in October 2016

[highlands] 01/3/2018 10:11

This is being taken out on the cheap! Room for a counter bid.

[bakunin] 01/3/2018 09:59

Demonstrates that the market is only (perhaps) efficient if there are enough eyes valuing an asset. Keep turning over those stones.

[bakunin] 01/3/2018 09:57

Mr Market really does know how to value a company! NOT! So much for efficient market theory.

[wynmck] 01/3/2018 08:55

yes well done all those who held the faith...funny to see ex CEO's Cobham just behind us at no.2 on the gainers list,wonder what he's thinking.
Would indeed be nice to see a Sky type bidding war here

[124asd] 01/3/2018 08:47

You never know we could get a higher offer. The market seems to think so... This just goes to show how crooked the stock market is. I feel for those who bailed out when the share price was falling but good luck to those who held their nerve.

[runthejoules] 01/3/2018 08:29

Spread bet of just £2 a point, only made £170 but thanks anyway Shares magazine!

[meijiman] 01/3/2018 08:12

Got to agree. It made no sense to go so low. Was value at 150p. Now it looks like a great premium. Maybe the board has been dealing with this and forgot to market the company to new and existing shareholders?

[valuehunter1] 01/3/2018 07:46

Ah man, a few guys (inc me) on this board called out the possibility of a t/o and disappointed with the price achieved by the BoD....we should have got at least 250p if the share price wasn't manipulated to the lows of 110-120p.

The City are full of crooks and engineered this.

Any chance of a counter???

[meijiman] 01/3/2018 07:41

I bought shares with a view to it being bid for. Amazed it was not apparent to others. Paid around 150p though so was in too early. Happy days as a Stadium holder as well.

[borromini1] 01/3/2018 07:40

Another example of failing to recognise the value of a company, the share price should have been at 160p plus before anyone started making buyout offers.

[broadwood] 01/3/2018 07:37

Rubbing my eyes.

Happy days.