Lavendon Share Discussion Threads

[dr_smith] 14/12/2016 10:48

Possibly my inexperience on takeovers. I take your point - return influencing vote. I was more concerned brokers responses, default or otherwise would imply an agreement to sell at a later date. .. and relax ;-)

[jeffian] 14/12/2016 10:30

Sorry, Dr, no offence intended. Being a jaundiced old hand, despite believing in 'shareholder activism', I can't be roused to respond to every communication from my broker. I, too, have 'taken no action', but I haven't instructed my broker on that and (my point) it wouldn't make any difference if I did. In the end, this comes down to whether M&G accept the offer or not and at what price. You and I are merely hanging on their coat-tails.

[jeffian] 14/12/2016 09:56

You're a bit of a flapper, Dr_Smith, aren't you?! Unless you are a very significant holder, the fact is that the outcome here will be dictated by the big institutional holders. All you have to decide is whether to sell in the market or hold for the final outcome.

[dr_smith] 14/12/2016 09:27

QS99 - We share double whammy today - I too have IQE.

LVD: Yes..a strange bid in that it half invites a counter bid.
My guess is the time frame is not of Loxams choosing so they had to go sooner with finance available than delay until enough backing to knockout TVH with higher bid.

I have to respond to my broker account by tomorrow to accept TVH takeover or "take no action (default)".

This is likely lapsed now, but to be sure, I have responded on the "no action".
I will hold and await developments...again.

[aishah] 14/12/2016 08:10

TVH mulling over options. 250+ for a knockout blow?

TVH Group N.V. ("TVH") notes the announcement by Loxam SAS ("Loxam") of a firm intention to make an offer for Lavendon Group plc ("Lavendon").

TVH confirms that, pursuant to the terms of the Offer for Lavendon set out in the Offer Document published on 30 November 2016, the no increase statement regarding the offer price is no longer in effect and has been set aside.

TVH is considering its options and urges Lavendon Shareholders to take no action in response to the announcement by Loxam. A further announcement will be made in due course.

[qs99] 14/12/2016 07:11

Indeed, hardly a knock out blow IMO...but at least nearly 10% higher than TVH...let's see...at least they are in the game...

[aishah] 14/12/2016 07:07

Loxam 220p cash offer. Over to TVH.

[dr_smith] 13/12/2016 17:32

yep +/- 20p sounds about right.
I also wonder if the middle ground will continue, with each buyer possibly wanting to invest even if they can't buy outright.
...and it could be that the rns is put out after 8 a.m. open..yikes..may need some dice to roll on this one...do we need hair trigger response following news..will batman and robin escape the trap.. will I sleep tonight..is Trumps hair real.
..sorry mind wandered.. ;-)
DYO panicing.

[qs99] 13/12/2016 17:18

hehe, indeed sell it high, gla

[sell it high] 13/12/2016 16:44

Looks like all bets have been placed. Update from the board tomorrow so chances are we will open 20p up or 20p down. Take your pick...

[dr_smith] 12/12/2016 15:45

Thank-you for explaining logic abcurtis.
My guess, my gamble, is that even if Loxam ae a no show wednesday, price will hold long enough for me to review...so will keep my options open until then.. IMO DYOR ;-)

[abcurtis] 12/12/2016 14:52

For what it worth, I've now sold. Here's my thoughts, I don't know if I'm right or not just don't want the risk. Loxam are a European operator, about 2/3rds size of TVH that is global. Loxam Q3 announcement says leverage is 3.6x and they are in talks with Hune in Spain and announced a share buyback program. They have net debt of 1,058m euro (1,025 at end of 2015). I did not look profit generation. It just makes me wonder how they are going to afford everything, so I felt the risk of them withdrawing was larger than the increase in share price

[qs99] 12/12/2016 13:09

lets see if market will give a heads up tomorrow!

[aishah] 12/12/2016 12:57

If Loxam does not offer, then I expect the board to remain committed to rejection of TVH offer. So price likely to drift, but long term there is value here. dyor

[dr_smith] 12/12/2016 11:30

abcurtis - I was including you :-)
Googling for news over weekend, the closest I got was this thread. ;-)
Alter ego...yep agree - provoking comment by me..now you have joined speculation ;-)
I have held for 2 years.. so a new boy.

[keyno] 12/12/2016 10:41

227 to sell. I'm holding for time being.

[alter ego] 12/12/2016 10:35

Some of us are not inclined to join in the speculation but I have held LVD for 15 years or more and felt from the off that 205p was an opportunistic bid taking advantage of the market's undervaluation. I assume Loxam are serious or LVD would not still be talking. Don't intend to take any action until the result of those discussions is clear.

[abcurtis] 12/12/2016 10:18

4 if your not including me. Starting to ask the risk/reward questions now and calculating the value in waiting. Was nearly there until I saw the bid price of 225. Trying to get a view about Loxam, to 838m euro, last years capital spend 149m euro, incorporated in France, in 13 countries, Can't see debt level though anyone looked at Loxam?

[dr_smith] 12/12/2016 09:17

Hi QS99 - Looks like just the 3 of us now?
It will be interesting to see if share price gets more volatile with short term chancers.

[qs99] 12/12/2016 09:14

I'm holding, If Board can recommend a cash offer from Loxam, then TVH will have to go some to win the day....so all ready for WEds update!

[dr_smith] 12/12/2016 09:12

LVD Board response..hot of the press!!!
"The Board will be formally responding to TVH's Offer on Wednesday 14th December 2016. "

I am supposed to advise broker by 15th on action - accept or hold (though actual date for legalities is later) ..not much of a window to await counter offers etc.

Have to wait and see.. but I will likely "hold" and play the waiting game.

Edit note...My Monday expectation / prediction is redeemed!!!! :-) :-) :-)

[dr_smith] 12/12/2016 08:34

"TVH Receives German Competition Clearance and Lowers Acceptance Condition
... Libra Bidco Limited ("Libra Bidco") has waived the acceptance condition to which the Offer is subject down from 75 per cent. to 50 per cent. plus one share."

Well news..but not what I was expecting..more hoping for something by Loxam or TVH upping offer in response to Loxams overtures.
That's 2 consecutive Mondays my expectations/predictions for LVD news have been wrong.
sp is still stable... oops...was.. down a few pence now..now back up..
..and it looks like QS99 has got bored and gone back to bed on this wet morning ;-)

[abcurtis] 09/12/2016 19:55

Is it takeover season or something? Considering selling and missing out on any further value in LVD to get in on the next takeover. Lol