Morson Share Discussion Threads

[welshanalyst] 11/1/2002 21:42

Thanks, Dan bach.

[dan_bach] 11/1/2002 21:37

Read the RNS Announcement yourselves - the Buyback is suspended as the company is entering a closed period.

[welshanalyst] 11/1/2002 20:39

There is a post on the iii board that the buyback suspension is due to a closed period ahead of the results.
Another post suggests thet there is a limit on the purchase price.
But surely any money not spent on buybacks can be given out in a special dividend, so not a real problem.

[gzr] 11/1/2002 15:07

It could cause some short term weakness. Nervous holders may sell before the results or take advantage of the recent strength. After the results, they will start the buy back again. The results over the coming year are the most important thing. I've banked my profits today but may buy back in if the shares fall back.

[lace] 11/1/2002 14:11

CAN any one please tell me, if the suspension of the BUY BACK prog, is a good or bad thing? thank you.

[welshanalyst] 30/12/2001 16:12

On 17th December, Equityinvestigator recommended Merant as a buy, and forecast £1m loss for 2002, followed by a £6.8m profit in 2003 (eps of 5.3p).
Looks like profitability is expected return after the reorganization, which should lead to a share price well above cash per share.

[dan_bach] 24/12/2001 17:24

MERANT PLC
24 December 2001

MERANT plc

Purchase of own shares

MERANT announces that on 21 December 2001 it purchased for cancellation 100,000 ordinary shares of 2p each at a price of 107p.

Since MERANT started to buy back its ordinary shares on 13 December 2001 it has repurchased for cancellation a total of 1,658,282 ordinary shares.

[a.fewbob] 20/12/2001 12:05

All I know is the price has recently found some strengh from somewhere.

[webley] 19/12/2001 10:47

Does anyone know the rules regarding share buy back? I remember that a coy, buying its own shares to cancel, is limited to buying (in one day) not more than a given percentage of the average daily share turnover for the preceding 5(?) trading days. MRN have not placed a time limit on their buy back. So, I conclude that unless the institutions start trading in large numbers then this buyback will take quite some time and therefore, in the absence of any other news, is unlikely to produce much upward pressure on the share price. Any views? Please tell me i'm wrong - with reasons if you don't mind. I am a long term holder.

[gzr] 19/12/2001 08:08

Price inching up, they've now bought back nearly 1.3 million shares and still have a further 19 million to buy back!

[gzr] 18/12/2001 00:29

Fidelity have bought a further 2 million shares recently, they're building quite a holding.

[a.fewbob] 15/12/2001 12:04

Typical! why didn't they buy them at 70p a few weeks back?

[dan_bach] 14/12/2001 17:28

Merant PLC
14 December 2001

MERANT PLC

14 December 2001

MERANT plc -Purchase of own shares

MERANT announces that on 13 December 2001 it purchased for cancellation 1,120,000 ordinary shares of 2p each at a price of 103p per share.

[gzr] 12/12/2001 15:05

This should underpin the price, any opinions anyone?


MERANT Reports Intention to Purchase Company Shares


HILLSBORO, Ore. and NEWBURY, UK - December 12, 2001 - MERANT plc (London Stock
Exchange (LSE): MRN; Nasdaq National Market (NNM): MRNT) ("the Company") today
announced its intention to buy back up to approximately 20.2 million ordinary
shares (equivalent to approximately 4 million American Depositary Shares)
amounting to approximately 15% of the Company's current issued share capital.
This buy back of shares is intended to be the first step in the Company's
previously announced program to return excess capital to shareholders.



The Company remains committed to returning additional excess capital to
shareholders, and the Board of Directors continues to review, with its
advisers, the amount, method and timing of the return of capital program. In
its review, the Board is considering:



* The level of distributable reserves of the Company following the
proposed buy back of shares through the market;

* The requirement as part of the return of capital program to make
allowance for actual and contingent liabilities;

* The Company's financial performance given challenging economic
conditions;

* The anticipated future cash requirements in light of the Company's
renewed focus on the enterprise change management software market; and

* The wish to return capital to shareholders in an efficient and cost
effective way.



Although the Board intends as a minimum to return capital equal to the level
of distributable reserves at the time of distribution (which have been
estimated at approximately #35 million as of 31 October 2001), it will return
additional capital if and when an appropriate mechanism can be identified and
the Board believes that such action would be in the Company's best interests.
The return of additional excess capital may not be fully completed by the end
of the current fiscal year (30 April 2002).



Mike Gullard, Chairman of the Board of MERANT said

"The Board believes that the new management team needs time to develop both a
strategic plan and an operating plan to return MERANT to profitability, and
establish the cash required to execute those plans before the Board determines
the total amount to return to shareholders. We are committed to maximizing
shareholder value through the return of excess capital to shareholders and by
ensuring that the best strategies for the Company are developed moving
forward."



The Company has instructed UBS Warburg to begin the buy back of up to
approximately 20.2 million ordinary shares of the Company's current issued
share capital, through the open market, beginning on 13 December 2001, using
the general authority granted by shareholders at the Annual General Meeting
held on 28 November 2001. The buy back of shares is intended to take place
from time to time in the open market, and is subject to certain restrictions
and market conditions. Among the restrictions is a maximum price which may be
paid, for an ordinary share to be purchased on any day, of an amount equal to
105% of the average of the middle market quotations for an ordinary share, as
derived from the London Stock Exchange Daily Official List for the five and
ten business days immediately preceding the date of purchase.

[feedthegoat] 07/12/2001 15:37

Beat you i made a tenner.

[030453] 07/12/2001 14:20

I've just sold my holding and made a massive profit ( a whole fiver ). I see these shares falling until we get a more positive newsflow from the company. Good luck to all who remain.
John.

[gzr] 07/12/2001 07:48

Edmond Jackson is usually unenthusiastic, he's probably 100% cash.

[dan_bach] 06/12/2001 22:42

Taken from www.equityinvestigator.co.uk on the front page (the free bit!)

"Considered Opinion
Shareholders will have to wait at least another quarter for news of the return of capital. We have trimmed our forecasts but upgrade our recommendation."

[dan_bach] 06/12/2001 20:06

Edmond Jackson is very unenthusiastic :

09:29, Wed 5 Dec 2001
Merant has yet to prove itself
Edmond Jackson's Notepad looks at figures from software business Merant, but he finds he can't take the stock seriously as a long-term investment.

[fse] 06/12/2001 15:10

CB7
sorry for the second post but after looking at these in far more depth again whilst I am happy with my above analysis I dont think they will realise what they should and merants comment that "we are investigating ways to return excess cash to shareholders" is bothering.
Whats so hard about it ? send me a cheque not a letter saying we are trying how to decide to return your money to you ..... hmmmmm
they sound a bit like Camelot !
upon reflection i felt that I would rather hold Oracle in the States than Merant here so have switched...cant see more than a 15% to outside 20% upside.
I did have a very healthy profit of over 80% in them.....
Sold them at 105p
thanks for your comments ... I think..... twisted my arm (no pun intended)

[fse] 06/12/2001 14:28

>CB7
they were up pre mkt in the States another +5%
I really dont have the time and desire to go into a detailed valuation other than to say if you strip out the cash and value the rest of the business on a PER of 14 you get around 180p... who knows ?
I am saying i might sell at 130p but i dont really know...
are you saying they have topped out at 105p ?
Its just an educated guess i am making here.....you might well be right.
They have regularly disappointed although I think they got rid of Larry Death !

[cb7] 06/12/2001 14:20

FSE, mkt cap 140m, cash 95m, but further restructuring to cost 10m+ and the co makes a loss with no end in sight/difficult mkt conditions......I therefore think your valuations excessive (perhaps you could elaborate). I'm considering selling, but institutional buying keeping me in.....for the time being

[fse] 06/12/2001 13:47

I am holding Merant due to the cash pile ! bought some time ago much cheaper than this but they were terribly oversold and valued at close to cash!
E solutions Egility is making some limited headway... Merant is a bit of a dog but it does have an impressive client list to put it mildly .
Just as an exercise ? what do you guys think its worth.
I value Merant at around 180p ... dont think it will get over 150p ... might sell them at anything over 130p
any views .... thanks

[cimac] 06/12/2001 08:50

No stopping this baby again today...someone must
see potential here...surely not a bid ?

[it bear] 05/12/2001 16:39

hmmmmm indeed
I bought Merant today against my better judgement, the cash seduced me, I wonder what the analysts and press will say?
A gamble I reckon as opinion could go either way based on results!