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Real-Time news about Orca Interact. (London Stock Exchange): 0 recent articles
|hotfinance14: Emblaze Ltd. (LSE:BLZ)
("Emblaze" or "the Group")
ACQUISITION OF ORCA INTERACTIVE LTD
VIACCESS S.A., a subsidiary of France Telecom
Ra'anana, Israel, 10 March 2008 - Emblaze announces that its group company,
Orca Interactive Ltd. ("Orca") (LSE:ORCA), a developer of middleware and
applications for IPTV, has agreed the terms of its acquisition by Viaccess
S.A., a wholly owned subsidiary of France Telecom SA, through a cash merger
(the "Merger"). The transaction is structured as a merger under the Israeli
Companies Law 1999 (as amended) and is not subject to the City Code on
Takeovers and Mergers.
The Merger consideration consists of an amount of US$13 million plus Orca's net
cash as of the closing of the Merger. The price per share to be payable to each
holder of ordinary share or a depository interest of Orca shall be paid in a
number of installments based on the total Merger consideration. Subject to
adjustment in accordance with the terms of the Merger agreement, it is expected
that the total Merger consideration to be approximately US$21.4 million, which
equates to a value per Orca share of approximately US$0.59 (approximately £
0.29). Orca has gross assets of US$15.9 million, and made a net loss of US$4.3
million for the year ending 31 December 2007
The merger is subject to the approval of Orca Shareholders at a general meeting
convened for 15 April 2008.
Subject to closing, Emblaze expect to record capital gain from this transaction
of approximately US$4 million for the first half of 2008. Proceeds from the
transaction will be used for working capital purposes for the Group's portfolio
Guy Bernstein, Chief Executive Officer of Emblaze said: "The sale of Orca is
yet another step in the group consolidation around its core competency. We
believe that Orca's new partners are a perfect fit to take Orca to the next
|deep powder: It would be nice if it were communicated to shareholders that way, rather than the share price which suggests nothing.
It is time to pull your finger out management/broker (ALTIUM)/EMBLAZE GROUP|
|chrisdgb: Thanks for that my snippet is that we will see a share price in the 30's during 2008 for Orca...|
|hugepants: Yes prospects have turned around a bit. VDI also had good results.
Also Evolutec (EVC) another cash play (in talkover talks with several parties).
Share price 18p to buy, cash of 30p at end December.|
|hugepants: Nice recent contract win. There might be value in the business after all.
Another one at a big discount to cash is Evolutec(EVC). Share price 18p. Cash of 30p. R&D expense largely stopped so cash burn low now. A few interesting early stage drug prospects thrown in. Looks like it will be snapped up - talks ongoing. I bought a few at midprice.|
|eenmakkie: They will sell the technology and keep the cash for further investments, the same as ADA does.
If the total price is cash at bank plus takeover offer about 45p per share, as you said.
Orca will not trade over the longer term above the 25p, look at Ada there the same happens.
And remember that Emblaze has 60% of the voting power so if they do deside to keep the money as always, there are no institutions to vote agains them for a quick pay out of the money.
Look at the share price, over the longer term the market is always right!
Maybe in the short term it could be wrong so you can take advantage of it but the share price hasend been trading above 21p for a long time even with the takeover rumor.
At best you gonne get Emoze for the money of Orca. But at a big price and delution of shares. So the cash per share will drop to the low 10p s.
What's your idea of ZIP, the last result where not that good as promised, no earnings and a lot of loss.
They even didn't spoke about the sell of the Ki-Bi technology back in October 2006. Can not beleave this!|
|admarky: Eric, a month ago you were singing the praises of Orca, what is your view going forward on their future and the share price. The volumes are always very small with a small market size, not a great deal of interest from the city it would seem at present.|
|ericthecat: Cash is around $20M see last trading statement, so its trading at cash! All that technology for free!
They have two serious competitors Microsoft ( biggest but have had technology problems ) and Siemens ( purchased mineva to get in the middleware market)I do believe ORCA had the best solution but Microsoft had all the sway.
The market stalled last year hence the drop in revenues against forcast, but it got hammered in the share price, 120 down to 60p. I beleive it was overdone and when the contracts start to be announced you will see a move back up to £1+, there are 4 shows alone in March and more over the next few months, if ORCA don't announce some contracts then "I will eat my hat."
First show on monday;-) and have bought my shares|
|ericthecat: Redback were one of the first to integrate orcas s/w into their solution and this led to Nokia as they are so close to redback , here is your link. Now check the others in the header ZTE ect ORCA will really take off this year. Last years delayed contracts will now happen just watch them March through to June and all the show an events they are doing. I can see the share price doubling this year. The results are priced in so its up from here. The 10k bought today was my last lot I am now happy to watch em go.
as I said KPN is ORCAs ;-)|
|the_basil_of_yentup: I have caught the falling knife of Orca this week. Am I crazy? I don't think so when I'm buying a world-leading technology on 3x 2006 p/e.
The Sky buy of Easynet is just one of many validations of the reality that is IPTV. It doesn't matter how we get our TV programs, just so long as it's easy to use and flexible. IPTV is the mass market way of providing that, and is a real threat to Sky's business model that is tied to satelite dishes. See the success in France (Iliad), Italy (Fastweb) and Hong Kong to realise that triple play thanks to rapidly rising bandwidths is already happening.
There are many reasons to explain Orca's share-price fall:
- Sentiment on UK listed IPTV players is dreadful, not least following ANT's profit warning having set ridiculous estimates for themselves and daring to call themselves 'monopolists' for a piece of software that is only worth $1
- The stock market has been taking risk off the table, with in Orca's case, no buyers and sellers panicked by the trend
- Israeli business with Emblaze heritage with its own baggage
- Lumpy business which depends on making a large deal or two to make published estimates and with no visibility on success or failure
- The fact that most of the action in IPTV is not in the UK (until now)
- The supposed threat from Microsoft
But Orca is a compelling investment:
- IPTV is commencing as a key plank of triple play but once embedded in people's homes, is a key driver for telco companies to improve revenue. IPTV capability will be in people's homes, whether they specifically use it or not.
- IPTV is quite likely to be the primary way we watch programs in the future, as people fit what they want to watch around their lifestyle. The success of Sky (and Sky+) show the demand for this, but IPTV will lower prices so that everyone can benefit (hence why Sky is making a defensive move into this space)
- No question in my mind that Orca's is a very good product that importantly is telco class - i.e. very robust after years of testing
- Orca has seen all its rivals bought up or affiliated with equipment makers. This leaves Orca as the ONLY independent. This means a telco who wants flexibility with their equipment supplier is likely to choose Orca.
- Middleware is the key software behind the telco offering, so is a very valuable part - unlike ANT's.
- Orca is a virtual monopolist in non-Western World deployments, where IPTV is taking off more rapidly
- Orca licence deals pull forward demand from the next year - i.e. in 2006, we need to be thinking about potential demand in 2007 which is why current forecasts are so achievable
- Cash is half of market cap
To conclude, Orca is likely to be present at every single deal going in IPTV. With the leading technology, independent status allowing it to work with a wide range of equipment suppliers, strength in emerging markets where deals have been much more significant than the Western world, cash backing and demand pull-forward, Orca is extraordinarily attractive. BUY - a minimum five bagger over 12 months.|
Orca Interact. share price data is direct from the London Stock Exchange