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Real-Time news about Thirdforce (London Stock Exchange): 0 recent articles
|cyberpost: Statement re. possible offer (Thirdforce)
RNS Number : 3808R
29 April 2009
ThirdForce PLC (the 'Company')
29 April 2009
The Independent Directors note the recent rise in the Company's share price.
Further to the announcement on 30 March 2009, the Company has engaged in
discussions with LearnVantage Limited ("LearnVantage") which may or may not lead
to an offer being made for the Company (the "Approach"). The Independent
Directors have concluded that the cash element of the proposed offer of 8c per
share would not be recommended. Whilst discussions with LearnVantage in relation
to its approach are ongoing, no agreement has been reached to increase this
Accordingly, it may take some time to ascertain whether an offer for the Company
may be forthcoming. A further announcement in relation to the Approach will be
made if and when appropriate.
The Independent Directors of ThirdForce comprises of Mike Newton, Carol Clark
and Edwin Robinson. Neither Eimer McGovern nor Alan Maguire previously referred
to as being part of the 'Committee of Independent Directors' are deemed
Independent Directors and do not form part of the 'Committee of Independent
|svendid: How low does the share price have to fall before the company feels the
need to issue a statement to the market?
Today's FIRESALE of 65000 shares where the mm gave only 6p for the shares,
signifies a NEW LOW in this company's fortunes as a listed company!!!
Probably the same poor fuchsia who sold last week at 7p?
|svendid: So, report the POSITIVES,
Add just enough NEGATIVES,
.....to keep the share price where
|charlie11908: I think it is very much a question of "follow the money".....
the company is not...has'nt been very proactive as regards
its shareholders....well the likes of you and me anyway....
but then when you have your finance guaraunteed by a 44%
recipient of his share of $300 million for a company that
operated in the smartware world....who then reduces to what?
16% now 18%...facilitating a desireable reduction and the
US acquisition.....whose maiden figures were not in the
first time profit figures of the company last time.....I think
that's a fair summary....and who is now taking advantage of
an historical bottom to build his share holding up again at 40%
the price that was paid for the US CO......
I think it helps to understand the poor share price performance....
They did'nt want the market for cash......so the market did'nt
when the price goes down in such circumstances I guess you
might say the market has lots of other shares it would like you
to put your money in instead!!!!
So if the only money you can follow is McDonagh's it's better
than no money at all!!!
Purely on a personal level.....Moneybags of Phoenix has tipped this
6 times ad nauseam.....and I begin to think he might at last be right....
if they declare a good result from the US and show they can fund
further acquisitions without killing general shareholders patience...
I see a return to the 2006 figure of 30p.
That is just my opinion!!!!
|charlie11908: This company keeps claiming to be a future moneymaker
but they don't seem to care about the share price,
Just my opinion.....|
|charlie11908: At the current share price of
22 cent, Third Force is
capitalised at only 30m a
modest value for a company with
potentially serious upside.|
|charlie11908: At least you can say that they are consistent!!!
The magazine's finance section has tipped 3 times in the last 18
months including share of the year in the magazine last Xmas!!!
Bill McCabe who owns 40% was exempted from making the 29% rule
operate because he guaraunteed the companys borrowings of 4 years...
and why would'nt he....sure he made $300 million on the sale
of CBT training systems......and is a major player with Barry
O'Callaghan in Riverdeep a billion dollar traning systems company
Cant help wondering why his mate at Riverdeep has'nt bought
into Thirdforce.....no matter!!!!
Obviously after a long wait shareholders are going to see some
action with this share price!!!
There's never much chat about this company, the share price is going nowhere fast.|
|hypocrite: Dublin bid 27...ask 29
London bid 17p....ask 21.
Spread Dublin 2 cents
London 6 cents....
What is the point of having a London quotation....
The spread probably means there is a bigger market
with less MUGS in the UK than there are in Ireland!!!
How do they ever expect to grow this share price if
London cant quote in tandem!!!|
|itansey: Rapid growth for ThirdForce
It is easy to forget that, 18 months ago, Brendan O'Sullivan was chief executive of Rapid Technology, a minnow of the Dublin Stock Exchange with limited revenues and growth prospects.
Founded by entrepreneur Pat McDonagh, Rapid was an underperforming poor relation to McDonagh's two other technology ventures, Riverdeep and SmartForce (now Skillsoft).
A year and a half on, McDonagh and O'Sullivan have radically altered Rapid's business, completed two acquisitions and changed the firm's name to ThirdForce.
Shares in the company rose strongly to 30 cent in Dublin last week, giving it a market capitalisation of 34.75 million, after it reported half-year sales of almost 5.9 million.
While still modest, the figures for the six months to the end of June were nearly double Rapid's full-year sales in 2002.
O'Sullivan, who has held senior positions with Apple worldwide and is now chief executive of ThirdForce, is convinced the turnaround is only the beginning for the e-learning provider.
``We have looked at 52 companies in the last 18 months,'' he said.``We acquired two and were close to a third, and we continue to look at a number of companies.''
The two acquisitions - of Electric Paper for 15.5 million and AV Edge for 515,000 - are the major contributors to ThirdForce's revenue, which also licenses Rapid's old technology.
The half-year accounts show that ThirdForce also spent 212,000 on a proposed acquisition that later collapsed. O'Sullivan said the company had been ``very, very close'' to buying a British company for what would have been a multimillion euro sum, but could not agree a price with all the company's shareholders.
``We will continue to spend, including on acquisitions,'' he said. ``If we were just being cautious, we would not be doing that. We are on a road, we are not at the end point, but our progress is positive.''
O'Sullivan said the company was still carrying debt from its old business, but had proven it could be a strong profit generator.
ThirdForce's London broker, KBC Peel Hunt, has forecast full-year sales of 12.4 million for the firm this year, rising to 14.9 million next year and 18 million in 2006. Those figures exclude the impact of any more acquisitions, which could see sales increase rapidly.
``If we had done the transaction in the UK, it would have been a substantial transaction which would have had a substantial impact on numbers,'' O'Sullivan said. ``It was one of the bigger ones, but there are others on a list of a similar size. We have a number [of potential acquisitions] on the boil.''
According to KBC's research, ThirdForce has the management team and overheads to manage ``further complementary acquisitions'' and gain access to new products or markets. The broker expects ThirdForce to grow through more acquisitions in Europe, before buying in the US.
``ThirdForce considers the American market particularly attractive and ultimately a place where it must operate if it is to become a global leader,'' it said. ``The American market is much larger than the UK, although it is still very fragmented and it is well known to the group's chairman [McDonagh].''
O'Sullivan said 74 per cent of ThirdForce's sales were in Britain, with the remainder in Ireland, Australia and smaller markets including China and the US.
The firm is listed on the Alternative Investment Market in London and the Developing Companies Market in Dublin, but O'Sullivan said it could ultimately take a full listing in London or Dublin, or a US listing.
``We are not ready yet, but we have the ambition and the appetite,'' he said. ``In the event of us achieving our goals, it is the logical next step.
"We are building the business at a pace and scale to get there sooner rather than later.''
McDonagh owns 34 per cent of ThirdForce, and Hugh and Gillie Skinner, the founders of Electric Paper, own 23 per cent. Other management own 15 per cent, but O'Sullivan said the company expected to broaden its shareholder base as it continued to develop.
The share price should also benefit, he said.
``I think what we have is more valuable than 25 or 30 cent a share and that will, in time, be visible. If value continues to be created, I think this business will be worth a lot more.''
Source: Sunday Business Post - 5/9/04|
Thirdforce share price data is direct from the London Stock Exchange