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Shanks Share Discussion Threads
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|In September completion was originally forecast for December 2016. Obviously delayed by authorities see announcement dated 17th November but cannot be far away now which should give a lift to the share price
" Merger Overview
-- Proposed merger with Van Gansewinkel Groep BV ("VGG") announced on 29 September 2016 to create a leading waste-to-product business in the Benelux
-- Compelling strategic and commercial rationale from complementary technologies, services and geographies, together with EUR40m of cost synergies
-- Shareholder approval received from both companies; awaiting anti-trust clearance in Belgium and the Netherlands, now expected in early 2017
-- Integration planning well underway, including the creation of a new brand
* variances at constant exchange rates"
Apologies for any duplication.
|Disappointed at latest fall today down to 92p, looking at volumes again I note that the falls recently have been on sharply lower volumes vs those for the rises. Guess some short term traders taking profits. Thats fine as I can buy more for a lower price. I believe these can get back to their 2016 high of 110p, once the new merger beds in and reports the numbers. Europe slowly recovering and legislation is a positive driver for once.|
|Yes , been a good week here , perked up and maybe will challenge the post acquisition high before the year is out?|
|Nice move through 90p today, I think this is undervalued following merger and maybe Mr Market does too. Good to see healthy volume confirming positivity|
|Lot of maybes there.|
|at 14/12/2016, big trades ,more 2.5m share at 87.75p.
maybe up? also maybe share will go to 80---75p?|
|H1 year report sounds reasonable and company confident going forward after anti-trust approval early 2017 for which they must be very confident and appears to be a formality - guess the worst that could happen they would be required to make a disposal or two..
"Completion is principally dependent upon securing anti-trust approvals for the transaction from the respective Belgian and Dutch authorities, which is now expected in early 2017."
Don't know why steep drop today , closing at equivalent of 102p .|
|Am i right in thinking that all things beingequal we should have just dropped the 14.5p ? Did anything elese happen today to effect the share price (ie the rights etc) i tried to buy at 4.29pm but didnt get a fill.|
|You also have to adjust for the extra earnings from the Combined group.|
|First you have to adjust for the placement of 45 million shares at 100p and then adjust for the rights issue.
" Transaction Highlights
-- Based on the closing Shanks share price of 100.5p on 28 September 2016, the proposed consideration payable by Shanks for VGG would be settled through the:
o payment of approximately EUR286 million in cash, financed through new debt facilities and an equity issue of approximately GBP141 million; and
o the issue of up to approximately 190 million new Consideration Shares, representing up to approximately 23.8% of its enlarged issued share capital following completion of the Merger and the equity issue.
-- Inclusive of an increase in expected underlying net cash in the VGG business at Completion, the Merger is anticipated to result in VGG shareholders receiving a total value of approximately EUR562 million, and implies a debt-free, cash-free value of approximately EUR482 million.
-- The Shanks Board believes that the Combined Group can be expected to achieve annual risk weighted pre-tax cost synergies of approximately EUR40 million in the third full year following Completion. Approximately 30 per cent. of these synergies would be delivered within twelve months following Completion, 75 per cent. would be delivered within 24 months following Completion and 100 per cent. would be delivered within 36 months following Completion.
-- The Shanks Board expects the Merger to be significantly earnings enhancing for the Shanks Group in the second full financial year after Completion (i.e. the financial year ending March 2019) and the return on investment to exceed the Shanks Group's weighted average cost of capital over the same period() .
-- The Equity Issue, which has been fully underwritten by Investec, comprises:
o a Firm Placing of 45,000,000 Firm Placing Shares at 100 pence per share (representing approximately 11.3 per cent. of Shanks' existing issued share capital) to raise gross proceeds of GBP45 million; and
o a 3 for 8 Rights Issue at 58 pence per share to raise gross proceeds of approximately GBP96 million (representing a 34.5% discount to the theoretical ex-rights price of 88.5p calculated by reference to the Placing Price of 100.0 pence per Ordinary Share, and a 42.3 per cent. discount to the Closing Price of 100.5 pence on 28 September 2016 (being the last day on which the London Stock Exchange and banks in London are normally open for business before the announcement of the terms of the Equity Issue)).
-- Shanks has entered into the New Facilities Agreement pursuant to which EUR600 million of multicurrency facilities, comprising a EUR150 million term facility and a EUR450 million revolving credit facility, will be made available to the Combined Group."
|Presume today's drop is the rights issue.
(I just noticed the chairman bought 100k 2 weeks ago.)
The rights issue price is
38p right now , which on a 3/8 split is worth 14.25p per share . So SKS share price should have only dropped this much. Currently down 14p.|
|Agree - the markets are finding it tough to push higher and any companies announcing profit warnings are taking more than the usual hammering.
Share price may be nudged higher when approval and clearance quoted below have been completed.
"The Merger remains subject to Shanks shareholder approval and anti-trust clearance. Further updates will be provided in due course."
If you have not seen the DT article on the Euro in Tuesday's front page
you may find this interesting.
|I nudged my limit up to 116 , but may regret it later.
I do worry that we could easily get another big fall in the market.|
|wad - day of reckoning bid 115+ do you sell or go for 120P, very small volume.
|Still sniffing that limit , Forex chaos is prob a factor today still.|
|Didn't quite hit my limit today , but knocking on the door. The sterling fall today is even more impressive , busy day for the currency traders.|
|Cannot argue with that - guess on a pullback 100 - 105ish could be the reentry.
|Todays fall in Sterling is not necessarily going to sustain - I will trade out if the share price hits 115 . I would look for a small drop to buy back in , and not that fussed if it floats away.|
|Do not forget after the merger the lions share of earnings are in Euros
currently 114.30 hence the uplift I am sticking with my holding as per my post above.
|Nudging a 2 yr high , the reader in me is getting an itchy sell finger ; watching closely.|
|Cost savings, growth and currency translation should underpin current share price with potential to break out above 110p resistance level.
|I like the way the share price is creeping up ; nothing spectacular but little incremental rises most days.|
|Biffa IPO should renew interest in the sector and from the recent RNS looks like a timely merger.|