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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Smoove Plc | SMV | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 53.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 53.50 | 53.50 |
| Industry Sector |
|---|
| MEDIA |
| Top Posts |
|---|
Posted at 16/10/2023 07:10 by masurenguy TimetableThe Scheme Document contains an expected timetable of principal events in relation to the Scheme, which is also set out in the Appendix to this Announcement. Subject to obtaining the approval of the requisite majority of Scheme Shareholders at the Court Meeting, the requisite majority of Smoove Shareholders at the General Meeting, the sanction of the Court and the satisfaction or, where applicable, waiver of the other Conditions (as set out the Scheme Document), the Scheme is expected to become Effective in calendar Q4 2023. |
Posted at 05/10/2023 12:59 by yump Take away the turmoil of the last few years and the interest rate issue and SMV were in a great market for establishing a substantial business, that nobody else seems to be addressing. Unfortunately the gains from that are now out of reach, although given current housing market future it would have been a fair few years to wait.What’s the betting that if the market recovers in a few years, we’ll see the same business with a new title, floated at a premium ? |
Posted at 05/10/2023 09:10 by earwacks At least the agony is over of this long drawn out affair. The new guy at Pexa got Smexit done. Just like Boris, screwed us over. At least it release us to the opportunity to invest somewhere else. I hope Pexa succeed in rebuilding a fairer and saner house purchasing system which has been needed as long as an overhaul of the tobacco industry. Ridiculous how long and how much effort it takes. I think Smv have been unfortunate in their timing. Either ten years too late or 5 years too early. Its impossible to get it right! Good luck all in your new investments |
Posted at 11/8/2023 13:29 by masurenguy I don't really understand why PEXA as the predator would be subject to an audit from SMV who are the target where an all cash offer was concerned. We also should assume that an offer is on the table, subject to a satisfactory DD being completed, otherwise why would SMV open their books and allow an evaluation of their software and development programs to be undertaken by a potential competitor. We just don't know what any such offer might be at this point in time.Kestrel may well desire a "decent premium for the last 5 years" but that does not mean that they are in a position to demand one. Just because they are the largest shareholder here is not necessarily the most judicious indicator where shareprices are concerned. In May last year they were (and still are) the largest shareholder in Aferian (AFRN) where they held circa 19m shares (22%) when the shareprice was circa 150p. Today, that shareprice is down 90% at 15p and AFRN raised £3.1m at 12p last month after having also secured a £3.25m loan from Kestrel a couple of months earlier. Kestrel must be sitting on a significant loss there at the moment and one of their managing partners, Max Royde, also sits of the AFRN board too. I used to have shares in AFRN but fortunately sold out at circa 140p in April 22. SMV were originally approached by PEXA and were not seeking to sell the business. That in itself should command a decent premium if a deal is consumated, as I indicated in post #236 above, but outside the current BoD's of both companies who knows what that premium is likely to be. |
Posted at 11/8/2023 10:47 by earwacks Masranguy. I was just reading through some of the takeover panels rules and regulations as I don’t recall this sort of situation occurring before without an actual offer on the table. It was a firm of lawyers that suggested both parties would be subject to an audit. Oliver is the main Kesterel guy and has the largest single stake in the company. He was buying heavily at the 70-80p level as was I after dumping the lot at well over £1 maybe 1.05. Unfortunately I got back on when I saw Oliver was purchasing weekly for about a year. Was that just to support the price? Obviously he didn’t want to push it up too quickly by buying too much in one go, but also stock dries up quite quickly in small caps. Strange history really especially the support from institutions that are probably at around break even now. Should think they would like a decent premium for the last or 5 years. Chris Mills of Harwood is a pretty tough nut, strangely he doesn’t tAlk much about Smv. With fixed mortgages set to relax again I guess there has been no hurry for either party to do a deal other than both realising this is a ticking gold mine! So Pexa are going to have to stump up a determined offer or miss the boat completely. There again there would be the monopolies hurdle to clear too. Would possibly also be under review? Finally the other point that evaporated is who are or were the other interested parties described by Sky as queueing up at Smooves door? If an offer is on the table they are obliged to notify the market, shareholders and other interested parties. The longer this lingers the more I think Smv board will hold out for a figure well north of £1. Take it or leave it and that is what Pexa are having to justify to their board and shareholders. Could yet turn out part share part cash offer although they ruled that out at the start of negotiations. |
Posted at 11/8/2023 09:50 by masurenguy That is a fairly logical assumption sidam. If an offer has been agreed between PEXA and Smoove, subject to the satisfactory completition of the DD process, the only question is the final price.SMV sold CAL in November 2020 for £27.3m in cash. At that time CAL's annual sales were £8.9m with pre-tax profits of £2.4m and gross assets of £2.0m. SMV (or ULS as it was still called) had circa £2m of debt so the deal resulted in a subsequent positive cash balance of circa £25m. Since then they have returned circa £3.7m to shareholders via a tender offer and have invested in the further development of eConveyancer and also in Digital Move. That has resulted in trading losses of £8.5m in the 2 completed trading years since then as those development costs were expensed. SMV still had net cash of circa £10m at the March 2023 year end. The net cash constitutes circa 15p per share leaving a current enterprise value of circa 32p per share. The big unknown factor is how to value the development of the business model over the past 30 months. There is no indication that SMV was seeking a buyer for the business and with the net cash on the balance sheet they were in a position to complete their development of Digital Move without requiring further funding. Therefore the approach must have come from PEXA and consequently any offer must be at a premium to the valuation that the SMV BoD must currently have placed upon the company. We can only wait and see what that might be. At the time of the PEXA approach in April the shareprice was circa 45p, roughly where it is now. Providing that the DD is satisfactorily completed, I think that a premium valuation of the EV could be at least in the region of 75%/100% to cover the value of the DM development or circa 56p/64p, plus cash of 15p, taking us up to circa 70p/80p. Without being able to determine the value of the DM development to date, or what valuation that may have to bolt onto PEXA's existing Leeds based UK operation, that is just my own guesstimate. PEXA have already invested over £50m in the UK, including the acquisition of Optima Legal last year and in the development of their own digital remortgaging process. Consequently, they will have to determine how easy it could be to integrate the developing SMV Digital Move and eConveyancing operation and software with their own existing model and also in the potential value in acquiring what could otherwise be a significant competitor. |
Posted at 11/8/2023 08:33 by sidam I guess the good news is that formal DD is well advanced and by deduction nothing bad has been found. Otherwise Pexa would have run away. Any proposed offer must also be acceptable to the SMV board or they would have agreed to yet another extension. |
Posted at 16/6/2023 10:44 by earwacks We are 80% owned by institutions. Imagine trying to get an agreement from that lot! I guess a lot depends on who paid what when. The sale of their last business provided significant investment for this current set up and acquisitions which are now assets to the company. Absolutely no reason to sell it for anything less than fair value. They didnt put themselves up for sale. Seems a few opportunists were hoping to get lucky. The question is how badly does Pexa need Smv? |
Posted at 15/6/2023 17:33 by earwacks Can’t think they have anything left to discuss. Unless it’s a bluffing game. I believe they can ask the takeover panel to extend a further deadline. When sky news broke the story they suggested buyers were queuing up. So far there has been a withdrawn proposal for a merger and Pexa. Is it possible there are others waiting? Going to be a while before Smv see £1 a share again under their own steam but more the possible in a few years. Would rather take the money now to re invest |
Posted at 23/5/2023 09:20 by aimsurfer Options price is interesting reference. You would think the target was set low on purpose. I don't have access to Panmure analyst report but few online sources seem to indicate 91p target price. SMV 2025 back to profit targets were set in q4 and were based on conservative estimates. As we know in q4 there last year we had fears of deep recession and significant impact on property transactions. Times now are different but don't forget YE 2020 econveyancer was doing 19m revenue and 5m ebitda. CAL was sold for 3x revenue and 10x ebitda. If we ignore recent investments into revenue diversification econveyancer alone should easily support current valuation including 10m existing cash position. Accepting or recommending offer around this price is unthinkable for me but who knows. Comparing PEXA valuation to SMV it's a no brainer for them to spend £50m here just to reinforce and protect their own growth and valuation going forward. |
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