Share Name Share Symbol Market Type Share ISIN Share Description
Mwb Business Exchange LSE:MBE London Ordinary Share GB00B0S53N07 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 100.00p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 165.2 -12.9 -17.5 - 64.96

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Date Time Title Posts
22/2/201316:36MWB Business Exchange283.00
02/9/200910:09Marylebone Warwick Balfour1.00
18/12/200612:27Rocketing price will help LFI (London Finance)2.00

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DateSubject
10/6/2011
10:55
topinfo: DJ Regus PLC Regus Reaffirms Its Offer TIDMRGU TIDMMWB TIDMMBE RNS Number : 2419I Regus PLC 10 June 2011 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION 10 June 2011 REGUS PLC (SOCIETE ANONYME) ("Regus") REGUS REAFFIRMS ITS OFFER VALUING MWB BUSINESS EXCHANGE PLC ("MBE") AT GBP60M, SUBJECT ONLY TO CONFIRMATORY DUE DILIGENCE This is an announcement falling under Rule 2.4 of the Takeover Code (the "Code"). It does not represent a firm intention to make an offer under Rule 2.5 of the Code. Accordingly, there can be no certainty that any offer will ultimately be made. -- Regus reaffirms commitment to and seriousness of its all-cash offer for MBE -- Regus continues to believe that its offer is far superior to that of MWB -- Regus is disappointed that the Independent Committee and the MWB board and their advisers continue to refuse to engage with Regus contrary to their recent misleading announcements -- Regus is now improving its offer by dropping all previously announced reservations, subject to confirmatory due diligence Regus has noted the announcements made by MWB Group Holdings plc ("MWB") on 8 June 2011 and MBE's Independent Committee on 9 June 2011 and can confirm that it remains committed to its offer for all of the issued share capital of MBE for cash consideration of 92.36 pence per MBE share (the "Offer" or "Regus's Offer"). Regus can confirm that neither the Independent Committee nor the MWB board nor their respective advisers have engaged in any meaningful way with Regus to discuss the Offer. Value and seriousness of Regus's Offer Regus's all-cash Offer of 92.36 pence per MBE share represents a 70.6 per cent. premium to the offer made by MWB on 28 April 2011 ("MWB's Offer"). Regus reiterates that its all-cash Offer for MBE is serious. In contrast, Regus notes that MWB's Offer is not only significantly inferior to Regus's Offer, but also that in the scheme documentation relating to MWB's Offer it has been disclosed that the MWB group's funding with Lloyds Banking Group is still conditional. As Regus has previously noted, the MWB group's net debt for the period to 31 December 2010 stood at GBP301.7 million (as disclosed by MWB in its Interim Statement dated 28 April 2011). Engagement with MBE As announced by MBE, Regus can confirm that Mark Dixon did meet with two members of the Independent Committee, Malcolm Murray and Rick Aspland-Robinson, on 11 May 2011. However, what was not disclosed by neither the Independent Committee nor MWB in their respective announcements was that this sole meeting lasted less than 5 minutes allowing Malcolm Murray and Rick Aspland-Robinson to tell Mark Dixon that MWB would not accept Regus's Offer and that they would not engage with Regus. Regus therefore asserts that despite the misleading announcements made by MWB and the Independent Committee, both parties and their respective advisers have refused to engage in any serious fashion at all. Conditionality of Regus's Offer Regus can confirm that its Offer is pre-conditional only on a recommendation from the Independent Committee and limited confirmatory due diligence. As previously stated, Regus would obviously also require the support of MWB given its shareholding in MBE. As mentioned in the Independent Committee's announcement on 9 June 2011, Regus has had access to diligence information made available by MBE and as a result of that due diligence work was able to present its Offer to MBE. However, as a result of the introduction of additional information set out in MWB's announcement on 27 May 2011 and in the scheme document posted to MBE shareholders relating to inter-company guarantees and possible charges which might be introduced between MWB and MBE, Regus requires confirmatory due diligence. Subject to this confirmatory due diligence, Regus is now dropping all previously announced reservations to its Offer price. Regus has previously requested that the Independent Committee partially release Regus from the confidentiality agreement dated 15 March 2011 so that it can better explain its Offer to the independent shareholders of MBE. However, so far no such permission has been forthcoming. Commitment to the Offer While Regus remains committed to its Offer for MBE and firmly believes in the superiority of its Offer, Regus acknowledges that MWB owns approximately 72% of MBE and therefore cannot succeed in its Offer without the support of the board of MWB. Regus will not continue to pursue a transaction which has no chance of being completed. Regus is a global company operating in over 90 countries and has many options for investment around the world. Regus notes the open letter from MWB's and MBE's largest shareholder expressing its deep concern with decisions made by the Board of MBE. Regus would ask the Independent Committee and MWB to properly engage with it to allow Regus to formally make its superior Offer to MBE shareholders.* *Notes: As announced on 7 June 2011, Regus will announce that it will not be making an offer under Rule 2.8 of the Takeover Code (the 'Code') if the Independent Committee or the MWB board do not enter into discussions with Regus by 17.00 (BST) on Monday 13 June 2011 and, because the meetings have already been called, neither the Independent Committee nor MWB or MBE have confirmed publicly that they will be seeking an adjournment of the shareholder meetings required to implement MWB's Offer. Enquiries: Investec Investment Banking (Financial adviser Tel: +44 20 7597 & broker to Regus) 5970 David Currie Charles Batten James Rudd Brunswick Tel: +44 20 7404 5959 Simon Sporborg Wendel Verbeek Investec Investment Banking (which is authorised and regulated in the United Kingdom by the Financial Services Authority) is acting exclusively for Regus and for no one else in connection with the possible offer and will not be responsible to anyone other than Regus for providing the protections afforded to Investec Investment Banking clients nor for providing advice in relation to the possible offer orany other matters referred to in this announcement. Disclosure requirements of the Code Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company must make an Opening Position Disclosure following the commencement of the offer period. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of the offeree company. An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10(th) business day following the commencement of the offer period. Relevant persons who deal in the relevant securities of the offeree company prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure. Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of the offeree company, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company, they will be deemed to be a single person for the purpose of Rule 8.3. Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4). Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. If you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure, you should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129. This information is provided by RNS The company news
06/6/2011
10:27
yump: Of course, the more 'bids' there are and the more times the share price jumps a bit, the more pi's will sell and the more shares will be available to the BOD and 'associates' to take their stake to an even higher majority level.
27/5/2011
12:24
topinfo: DJ Regus PLC Response to announcement made by MWB Business Exch TIDMRGU TIDMMBE TIDMMWB RNS Number : 4549H Regus PLC 27 May 2011 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION 27 May 2011 REGUS PLC (SOCIETE ANONYME) ("Regus") Response to announcement made by MWB Business Exchange plc ("MBE") This is an announcement falling under Rule 2.4 of the Takeover Code (the "Code"). It does not represent a firm intention to make an offer under Rule 2.5 of the Code. Accordingly, there can be no certainty that any offer will ultimately be made. Regus notes the announcements made by MWB Group Holdings Plc ("MWB") and MBE on 27 May 2011 and confirms that it has indeed made an indicative offer to acquire the entire issued share capital of MBE for cash consideration of 92.36 pence per MBE share (the "Regus Offer"). The Regus Offer: -- values MBE's issued share capital at approximately GBP60 million; -- would provide MBE's shareholders with a premium of 103.0 per cent. to the closing price of 45.5 pence per MBE share on 27 April 2011, the day before the announcement of the recommended part-share, part-cash offer made by MWB for the shares in MBE not already held by MWB (the "MWB Offer") (MWB currently holds approximately 72 per cent. of the issued share capital of MBE); -- would provide MBE's shareholders with a premium of 83.7 per cent. to the value of the MWB Offer as at 27 April 2011, the day before announcement of the MWB Offer (the MWB Offer was valued at 50.27 pence per MBE share on 27 April 2011); and -- would provide MBE's shareholders with a premium of 85.4 per cent. to the value of the MWB Offer as at 26 May 2011 (the MWB Offer was valued at 49.82 pence per MBE share on 26 May 2011). Background A confidentiality agreement between Regus and MBE was entered into on 15 March 2011 (the "NDA"). For this reason Regus has not been able to make public its intentions regarding MBE until now. Now that the Regus Offer has been publicly disclosed by MBE and MWB, Regus intends to request that the Independent Committee of Directors of MBE (the "Independent Committee") release it from the NDA to allow it fully to explain its position to all relevant stakeholders. Regus notes the announcement made by MBE on 27 May 2011 and can confirm that over the weekend of 18 and 19 March 2011 it did indeed engage in an expedited and limited due diligence process in respect of MBE. Regus can also confirm that subsequent to the diligence process it did make a proposed offer for the entire issued share capital of MBE and that following the announcement of the MWB Offer, it re-confirmed its proposed offer to the Independent Committee on 8 May 2011. The Regus Offer Regus notes the Independent Committee's reasons for not recommending the Regus Offer. However: -- Regus does not accept that its all cash offer, which is far superior to the MWB Offer recommended by the Independent Committee, fails to recognise the underlying fundamental value of MBE in the medium to long term. Regus believes that the Regus Offer is highly attractive to MBE shareholders because it represents a significant premium to both the pre-MWB Offer share price and the value of the MWB Offer; -- Regus believes that the board of directors and shareholders of each of MBE and MWB should give serious consideration to supporting the Regus Offer; -- Regus believes that the success of its all cash offer would be in the best interests of all stakeholders, including MBE's minority shareholders and MWB's shareholders as a whole. Regus notes that on 28 April 2011 MBE reported pre-tax losses of GBP2.8 million for the six months ended 31 December 2010 and GBP5.0 million for the twelve months ended 31 December 2010. Regus also notes that on 28 April 2011 MWB disclosed in its consolidated interim results for the period to 31 December 2010 that the net debt of the MWB group stood at GBP301.7 million; -- Regus also notes that on 28 April 2011, MWB announced that it had extended its financial year end to 30 June 2011. Further, on that same day, MBE announced that it had also extended its financial year end. The reason given for these extensions was that MWB is in the advanced stages of concluding a debt refinancing involving the extension of all of the group's banking facilities (which are due to expire at the end of December 2011). Particularly in light of the MWB group's net debt position as noted above, Regus believes that its all cash offer could be of significant interest to the banks involved in this refinancing process; and -- Regus remains committed to its offer for MBE. Given MWB's 72 per cent. shareholding in MBE, the Regus Offer would, in due course, necessarily require MWB's support. However, Regus is hopeful that once MBE shareholders, MWB shareholders and the banks engaged in the refinancing process have had an opportunity to consider the Regus Offer, MWB's support will be forthcoming. MWB representations Regus is surprised by the representations made by MWB to the Independent Committee in respect of seeking to levy or impose new charges in relation to the provision of intra-group guarantees (or the tax benefit received by MBE as a result of the application of transfer pricing arrangements to the historic provision by MWB of such guarantees) and working capital support to MBE, as disclosed in MWB's and MBE's announcements of 27 May 2011. Cancellation of trading in MBE shares on AIM Regus notes a further representation made by MWB to the Independent Committee that if the scheme of arrangement to implement the MWB Offer does not become effective it intends to requisition a meeting of the shareholders of MBE for the purpose of passing a resolution to approve the cancellation of trading in MBE shares on AIM. Regus notes that any cancellation of trading in MBE shares would require the consent of not less than 75 per cent. of votes cast by MBE's shareholders in a general meeting and that MWB holds approximately 72 per cent. of MBE's issued share capital. Next steps A further announcement will be made if and when appropriate. There can be no assurance that Regus will make an offer for MBE. Important notices Given that some time has passed since the limited due diligence exercise carried out by Regus in March 2011, and due to the surprising and unexpected representations made by MWB to the Independent Committee in respect of seeking to levy or impose new charges in relation to the provision of intra-group guarantees (or the tax benefit received by MBE as a result of the application of transfer pricing arrangements to the historic provision by MWB of such guarantees) and working capital support to MBE (as disclosed in MWB's and MBE's announcements of 27 May 2011), Regus believes that it is necessary and prudent to include the following reservations in respect of the Regus Offer. Regus reserves the right to make an offer at any time at a value below 92.36 pence per MBE share: (i) with the recommendation of the board of directors of MBE; (ii) to the extent that any dividend or other distribution or payment to shareholders is announced, declared, made or paid by MBE; (iii) to the extent that any participant(s) in MBE's Long Term Incentive Scheme ("LTIS") become(s) entitled to any payment(s) under the LTIS as a result of the acquisition of MBE by Regus (on the basis of the disclosure made at paragraph 14 of the announcement regarding the MWB Offer, there should be no such payments); (iv) to the extent that MBE has agreed or agrees to waive, cancel, forgive or release any indebtedness owed by MWB (or subsidiaries of MWB) to MBE; (v) to the extent that MWB successfully levies against MBE any annual charge for the historic provision of guarantees to MBE in respect of the performance of MBE's obligations regarding the payment of rent to certain of its landlords; (vi) to the extent that MWB successfully levies against MBE any charge in respect of the tax benefit received by MBE as a result of the application of the transfer pricing arrangements to the historic provision by MWB of guarantee support; and (vii) to the extent that MWB successfully imposes charges of commercial interest rates and fees against MBE for historic working capital support, (in the case of each of (v) to (vii) above, as stated in the announcements made by MWB and MBE on 27 May 2011) Given the time since it conducted its due diligence, and in particular because Regus would like to understand further on what basis MWB is even able to proceed with levying new charges, interest and fees as stated in the surprising and unexpected representations made by MWB in today's announcements, Regus believes that it would be prudent to include one pre-condition to its offer. The Regus Offer is therefore subject to the pre-condition that Regus be granted access by MBE to refresh its due diligence, unless Regus determines that it is willing to waive this pre-condition. However, this announcement does not constitute an announcement of a firm intention to make an offer under Rule 2.5 of the Code and, accordingly, shareholders of MBE are advised that there can be no certainty that any offer to acquire MBE shares will be made even if this pre-condition is satisfied or waived. Enquiries: Investec Investment Banking (Financial adviser Tel: +44 20 7597
27/5/2011
08:09
yump: I wonder if this other indicative offer is 'manufactured' for some reason as there is no mention of who its from ? I suppose there is one positive, which is that the MWB share price isn't at a peak, so it doesn't involve exchanging shares in something that's low, for something that's over-inflated.
04/5/2011
09:08
scburbs: The problem stems more from the role of the Independent Directors on all of these takeovers (are they really independent?). They think that they can absolve themselves of any responsibility for the price if they get an advisor to prepare a valuation showing the offer as being fair value! Advisors are notoriously bad at valuations anyway and you can general prepare a wide range of valuations using slightly different assumptions. In this case the Independent Directors even go as far as recognising that the offer does not represent fair value! "Business Exchange's depressed share price provides an unhelpful valuation benchmark." It does indeed, but that is no reason to sell the company for 10% more than this unhelpful valuation benchmark!
28/4/2011
19:34
yump: Yes, nice time to pick up shares in a company that is probably on the upturn, when its share price is depressed. And folks get the jitters about the conduct of Far East companies. Plenty of examples in the UK, including half the banking sector. I suppose it gives them total control, but can you imagine them selling a business if it starts to generate oodles of cash ?
28/4/2011
18:36
scburbs: Have the Independent Directors misunderstood their role! They describe the depressed share price as providing an unhelpful valuation benchmark, but consider it acceptable to sell the business at a 10.48% premium to this depressed valuation. They appear to be describing it as an unhelpful valuation benchmark for MWB!! Corporate Governance best practice? An odd time for this transaction (from MBE's perspective, entirely sensible from MWB's) given the central London office market (MBE's main market) has a significant shortage of space. Not to worry I am sure the upswing that I purchased these for will not be diluted by mixing up central London offices with regional hotels!! "The consideration under the terms of the Acquisition represents a value of 50.27 pence per Business Exchange Share, based on the Closing Price of 41.25 pence per MWB Unit on 27 April 2011 (being the latest practicable date prior to the date of this announcement), representing a premium of approximately 10.48 per cent. to the Closing Price of 45.5 pence per Business Exchange Share on such date. ... Business Exchange's depressed share price provides an unhelpful valuation benchmark. Having considered the potential alternative strategic options, taking into account the current state of financial markets and restricted availability of funding for leveraged transactions, the Independent Business Exchange Directors believe that the most elegant way forward at this time is for MWB to acquire the minority Business Exchange Shares. In the longer term, outright ownership of Business Exchange by MWB may facilitate a disposal of Business Exchange, thereby delivering value to all MWB stakeholders, including (through their ownership of new MWB Units) the current minority Business Exchange Shareholders." http://www.investegate.co.uk/Article.aspx?id=201104281446446618F
27/8/2009
07:01
dibbs: silverfern, yes sounds like a pretty good performance given that the period being reported has been very tough. The second half will benefit from the new centres so the full year EPS should see these sitting on a very low PE at todays share price. Dibbs
12/6/2009
14:58
silverfern: Well they've just bought more shares back. What they don't say is which [party they are buying from - I mean, if yu bought 1.2m of these on the open market you'd raise the share price significantly. BY giving up a div in this way it does trasnfer money to MWB; however they will have to pay tax on it. Whatever they are clearly making omney in the present climate
18/12/2006
12:15
markt: MWB has 38 million shares in MBE, ie. majority shareholder.....=78M pounds worth and MBE share price has now doubled since it was listed at 80p. And MWB cap. value is 186M pounds. So..if MWB sold all of their shares in MBE (to institutions for example) they would raise 78M at today's share price. WHich could then de paid as a dividend to MWB share holders, a 50% dividend. MWB share price would fall but I doubt it would be as much as 50%. (if done as shares and not cash then can avoid a lot of tax problems) So....I think the MWB share price will rise as the market notices this reality. WHich in turn will increase the NAV per share of London Finance LFI that has a large % of its NAV in MWB. 2million shares to be exact after submitting 1M in recent cancelling for cash process.
MWB Business Exchange share price data is direct from the London Stock Exchange
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