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Real-Time news about Omega Ins. (London Stock Exchange): 0 recent articles
|gretel1921: 3.3 million shares sold
share price up 5.5 %
second time this week
what's going on ?
|topvest: Surely Neil Woodford holds the cards here with a c30% holding - is he prepared to sell at 83p - it doesn't look like it...to me the first proposal is more attractive, albeit it will take time for the share price to get back to 83p. Do any of us here really want to sell out for 83p with the insurance cycle turning up?|
|fatken: @topvest, I agree with your assessment that Canopius or any other credible bidders will have to offer a significant premium to 83p in order to get Invesco and other institutional investors interested. My two observations are:
1) The 18% discount between the bid and current share price suggests that the market doesn't expect the bid will turn out to be successful.
2) If you add up the % of shares owned by big institutions (from Omega website), it comes to approximately 75%. I think it is fair to say that they acquired the shares at a price which was much higher than the bid price, and I really can't see they are selling at a loss. It may be the case that Haverford is aiming to acquire the 25% from retail investors and/or hedge funds which got the shares at below 70p.|
|harleymaxwell: so partial cash offer and share price doesnt respond? someone explain please?
|jonwig: The Omega board received an indicative offer of 120p per share from a US-listed insurer on the eve of revealing its parlous 2010 results, The Insurance Insider can reveal.
The Insurance Insider has also learnt that in early March Neil Woodford, who controls a pivotal 29.7 percent of the company, told management that it should now move ahead with a sale or a merger.
The news emerged after Omega's share price plummeted by 15 percent to 84p on 7 March...
|varies: These results are ghastly and the inevitable decision to chop the dividend is depressing. Let us hope that, as has been suggested, the new board has provided for every contingent loss that could be blamed on their predecessors.
If Canopius are serious about expanding into the Lloyd's market, then they will surely be looking very closely at these figures and reach a decision soon. If they were to make an offer of over 100p per share, it would be perverse of the directors to reject it.
It is also conceivable that some other party might want the business. For what this is worth, net tangible assets per share at 31 Dec 2010 are shown as $1.54.
If nothing comes of such discussions, then I suppose the share price will fall another 20% and those of us who are unwilling to bite the bullet will have to hope for a return to profits in 2012. After all, business at Lloyd's has been profitable for many more years than not.|
|topvest: I fully realise that, but 120p for a quality business like this is practically giving it away! Management teams should NOT sell cyclical businesses like this at a low point in the cycle. Look at the share price chart and 120p looks a pretty poor return for most investors. However, one gets the feeling that we could all be stitched-up here, if there are some good packages on offer to key executives. Shareholder value creation activities have been in my opinion rather dubious in the last year. Messages from the board haven't been very clear at all.|
|tricky1992000: should see omega's share price going up with the wave of consilidations in the sector|
|jonwig: Hi, Simon.
I've just replied over on iii with a general point about rumour on BBs.
Of course, there's always a chance that a story is true rather than a malicious plant. But remember the Lloyd's debacle some 20 years ago, and the Independent Insurance collapse in 2001? Regulation has tightened considerably in the industry since these.
(My daughter was working for II when it folded - it was quite a traumatic time for us!)
Anyway, I feel that it would have been fairly simple for 'insiders' to manipulate the OIH share price down, given that we know of a substantial seller. As it is, the share price has been range-bound since June.|
|simon gordon: "The interim dividend of US 6 cents per share will be payable on 28 October 2009 to shareholders on the register at 2 October 2009."
I am not too sharp on dividend dates. Does this mean if you buy it on Friday you are on the register?
"This is a description, sometimes abbreviated to 'xd' that is often quoted next to a share price. It translates as 'without dividend' and means that the next dividend payment is not included in the price of the share.
This is necessary because the dividend is paid to all shareholders who were on the register at close of trading on a specified day. Any shareholder buying shares who is registered after this day will not receive the dividend. To compensate for this, the market price usually drops by the amount of the dividend payment and the description 'xd' is added to share price quotations to confirm that this has happened.
To avoid confusion around this time, prices are sometimes quoted 'cum dividend' (meaning 'with dividend') which means that the buyer will be entitled to the next dividend payment and the share price has not been adjusted."|
Omega Insurance share price data is direct from the London Stock Exchange