||EPS - Basic
||Market Cap (m)
|Software & Computer Services
Real-Time news about Morse (London Stock Exchange): 0 recent articles
|redleafboy: Morse agrees £69.8m offer from 2e2
IT services and technology company Morse has agreed terms on a recommended cash offer from private company 2e2, which is majority owned by Duke Street Funds.
The 2e2 offer values each Morse share at 51p and the group at about £69.8m.
The price represents a premium of 60.4% to the average Morse share price of 31.8p for the 12 months prior to the offer period and 23.6% to the closing price on Thursday (April 22).
2e2 says it views the acquisition as an important strategic opportunity to create an experienced UK and European IT services provider with greater capabilities that will benefit from larger scale, greater market visibility and increased attractiveness to the customer base.
Morse chairman Kevin Loosemore said, 'Over the last 15 months, we have seen a significant recovery in Morse's operational performance and strengthening of its balance sheet which has been reflected by an increase in Morse's market capitalisation.
'Whilst continuing to focus on completing the recovery in operational performance, the board had started to explore strategic options that would significantly increase the scale of Morse's operations in order to deliver further increases in shareholder value over the medium term.'
The 2e2 offer 'recognises the continued prospects for growth in the profitability of Morse whilst enabling Morse shareholders to realise their investment in full'.|
|she-ra: Enami - Wind the clock back a little more and you will see a share at 120p where profits were not disimilar to todays.
Management seemed to let an air of fear spread about Morse not commenting on significant drops then surprise surprise bought a load at about 5-6p.
Theyre quick to repsond to press speculation for something where the share price could get carried away if not commented on but not so quick to tell us Morse wasnt going under.|
|she-ra: ChillWill - Thats ignoring that it has around £14 million in cash and that it is on its way to a recovery.Back in 2007 the share hovered around 120p and that was before a share consolidation.
Of course Morse is expected to make a EBIT of £6.8 million for the year rather than the £12.5 million it achieved in 2007 but this is occuring during difficult economic times.I think most shareholders will want Morse to get back to those former times.Im just not so sure whether the directors interests are fully alligned with those of the investors who have been holding since 2007.IMO I think they are probably more interested in a cheap buyout where they can realise the value of their significant share options and be happy bunnies just as Gartmore will be.
On Thursday I saw just over 1 million shares sold which I suspect was from the same seller.I hope it wasnt by one of those directors who bought on the cheap when their silence was deafening during the massive share price collapse (im sure there should have been an RNS as to why there were such dramatic falls on a few occassions - I might be wrong?).If it was the case that a director sold it would confirm to me that their interests are no longer alligned with those that want to see a complete recovery in Morse's fortunes in its share price and as a listed company.
There's been a lot of rumour surrounding Morse and I wonder who has been feeding the journalists with information.|
|kindlm: Although shares in technology consultancy group Morse eased a penny to 373/4p, the boys in dark glasses were adamant they warrant closer inspection.
Rumours continue to do the rounds that a US cash bid worth £71.5million or 55p a share will be launched this side of Christmas.
The board received preliminary approaches at 25p a share in July, which they immediately kicked into touch, saying they 'significantly undervalued the company'. Effectively, that hoisted a For Sale sign above the group's Brentford headquarters.
Out of pocket: Dubai developer Nakheel wheeled out a £2.2billion loss for the first-half of the year
Sources now suggest leading shareholders led by Gartmore (28 per cent) and UBS (11 per cent) have agreed to sell their stakes to an American buyer, possibly Arizona-based Avnet, at a substantial premium to the prevailing market price.
Analysts agree that Morse's days of independence are numbered. Its share price has been battered by the onset of the downturn and falling demand. The group must appear attractive to peers looking to expand in the UK or business services groups planning to expand its IT division.
The Footsie fell 87.53 points to 5,223.13, tripped up by renewed fears about Dubai after credit rating agency Moody's cut the ratings of a raft of Dubai government-controlled companies, citing a lack of government support over the emirate's debt obligations.
Read more: http://www.dailymail.co.uk/money/article-1234285/MARKET-REPORT-Morse-warrants-closer-inspection.html#ixzz0ZwwDGSQD|
|lr4850: The results out on 9/9 so still time for some share price fluctuation? Hopefully up!|
|debbie shields: RNS Number : 7135X
19 August 2009
19 August 2009
Morse plc ('Morse' or 'the Company')
End of Offer Period
On 8 July 2009, in response to a movement in the Company's share price, the Board of Directors of Morse (the 'Board') was required to announce that it had received preliminary approaches from third parties in relation to acquiring the Company at a price of 25 pence per share. The Board indicated at that time that the preliminary approaches significantly undervalued the Group.
The Board today announces that discussions have now been terminated. Each interested third party has acknowledged the termination of discussions and is no longer considering an offer for the Company. Accordingly the Company has ceased to be in an 'offer period' for the purposes of the City Code on Takeovers and Mergers.
Morse has previously announced that its preliminary results for the year ended 30 June 2009 will be released on 9 September 2009 and that Adjusted EBIT (Earnings Before Interest, Tax, Trading Balance Releases and Exceptional items) for that year will be towards the upper end of Analyst expectations. Trading for the current year is in line with management expectations and ahead of the same period last year.
Morse plc Tel: 020 8380 8000
Mike Phillips, Chief Executive Officer
Guy Millward, Group Finance Director
Investec Tel: 020 7597 4000
Financial Dynamics Tel: 020 7831 3113
Investec, which is authorised and regulated by the Financial Services Authority in the United Kingdom, is acting exclusively for Morse and no one else in connection with matters described in this announcement and will not be responsible to anyone other than Morse for providing the protections afforded to clients of Investec nor for providing advice in relation to matters described in this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange|
|wcjan26: not trying to scare anyone. i was just trying to answer the question why has the share price fallen so low and the fact they have -ve cashflow and debts is one component of that
if you read my second post, you'll see i agree with you. there has to be long-term value in a company with £250m revenues with good clients, even if currently loss-making. morse's total enterprise value of ~£85m is less than 0.33* these revenues, where most companies in sector are on 1* or more, so even allowing for the losses, it is under-rated|
|simon gordon: Hi Guys,
Came across MOR due the big dividend yield.
After a quick glance, it seems to me the reason for the share price collapse is because a big slug of earnings are from the Financial Sector.
With the Banking Crisis, it is probable that the order pipeline has seized up.
|pbracken: I'm not trying to fool anyone. I don't know why you view my comments as some kind of attack on MOR or you or both.
ITO was never in danger of going under, even though it has never made a profit since its flotation on AIM. It generates cash sufficient to service its debt whilst it moves into profitability. The market is disappointed that that hasn't happened earlier, but many young companies find themselves in similar positions.
ITO is a good business, and its managed services division has the growth potential to support a healthy forward p/e. Like I say, if ITO comfirms the progress it highlighted in the last market update, the share price will spike higher.
You are at liberty to disagree, of course, and if ITO advises caution on the current FY then you will have been right not to Buy the stock. On verra, as the French say.|
|liquidkid: Since the Diagonal acquisition Morse has fallen some 30% yet the deal only has a net cash cost of £16mn (£28mn payment - £12mn of diagonal cash balance)
Through the purchase Morse has expanded its market in SAP consultancy but DIA will only be a small part, 11%, of its overall turnover of £440mn
The weakness in the MOR share price could partly be attributed to the general apathy in the market for the takeover. Even Diagonal directors, although they approved the offer, were not so sure it would go though and only 75% of shareholders accepted the offer, now unconditional.
Today there's 17.8 million New Morse Shares out giving the company a market value of £160mn and still carrying £46mn cash about.
Suprising that it is sitting on its all time low. Results next week|
Morse share price data is direct from the London Stock Exchange