Titan Europe Share Discussion Threads

[2andyman] 19/9/2012 14:42

I have now had my offer to accept through and I have not accepted, which, as stated above, is in effect a no vote.

Has anyone any idea if this takeover is likely to happen?

[kimboy2] 16/9/2012 17:54

You can't vote no. It is an offer to accept. If you don't accept you are in effect saying no.

[2andyman] 16/9/2012 15:49

Pedro1

Thank you. I did not know about this and I am sure that taking action is better than whining.

[pedr01] 16/9/2012 14:57

Ask your broker for a Letter of Representation in espect of your shares ...

[utsushi] 16/9/2012 10:13

The way i read it is that the increase in £3.5m in depreciation, amort and impairment must be due to a impairment charge of £3.868m (note 3)relating to structural earthquake damage to the building, add in higher earthquake related costs to sell products plus a FX loss and you get a lower adjusted profit of £9.256m, depreciation appears to be the same, and turnover stable.

Please correct me if i am wrong-no position held-GLA.

[kimboy2] 15/9/2012 09:54

We all know the name of the game here and that is for the BoD to deliver TSW at as cheap a price as possible to TWI. The will do anything that is legal however unscrupulous IMV.

The PBT in the headlines was a PBT of £4.983m compared to £11.571m for H1/11. The adjusted figures further down show a profit of £9.256m compared to £13.976m.

The question is why has turnover stayed virtually the same but PBT reduced ?

One factor is that they have increased depreciation, amort and impairment by £3.5m. Perhaps someone who knows what they are talking about can expalin that for me. Is that just a discretionary unannounced change of depreciation policy or are they impairing the Italian facility?

Another factor is item 4 in the notes 'Finance foreign exchange' with a swing of £0.9m since H1/11.

That just about accounts for the fall in PBT.

[tiswas] 15/9/2012 09:18

David, do you think this is worth raising with Sharesoc or your press contacts?

[strollingmolby] 15/9/2012 08:25

Some observations on the results:

- Revenue constant at historic record levels
- Earthquake net impact (£1.194m) will be recovered by insurance, so has dragged profits and EPS down. Commentary indicates there will be some volume loss.
- Net debt of £121m down from £124m at Dec-11 and £139m at Jun-11.
- Balance sheet - net assets are constant at £164m, working capital UP £19m from £99m to £118m.
- I presume the £1.8m fees (mentioned by Kimboy above) clocked up by TSW are post y/e, and will help to kitchen-sink the final results to 31-Dec? These will no doubt increase in the months to come.

The Board of TSW have shown a blatant disregard for shareholders by delaying results to fit with TWI's agenda, then issue them at 6pm on a Friday. A clear a conflict as I've ever seen.

[tiswas] 14/9/2012 18:20

Published 6.00 on a Friday night, absolute disgrace IMO.

[smicker] 14/9/2012 17:44

I thought we should have had an announcement by now?

[kimboy2] 13/9/2012 09:43

All the share price has done is kick around the offer price which is presently 112p.

We are obviously going to get the offer document today or tomorrow more likely. IMV the crucial thing is whether Mefro are on board at the present price.

If they are then I think it is game over. If they are not then I doubt that TWI will get to 51%, even if they were happy to just have a majority holding and to continue to be listed in London.

Alternative bidders have been rather conspicuous by their absence. Perhaps they are waiting for the offer document. However I suspect that other potential bidders may have taken the view that the synergies to TWI were so overwhelming that they were going to get outbid. Why knock up costs in a losing cause.

While the synergies may be overwhelming the price isn't. However in order to get a better price it will need some sort of catalyst to emerge. This will either be an alternate bidder or for Mefro to hold out.

I am expecting the interims tomorrow to try and push as many as they can towards the bid. The TSW board will be full of uncertainties which they apparently don't have when wearing their TWI hats.

[2andyman] 13/9/2012 09:27

The trust that shareholders would have in the current board if the bid failed would be the same that most shareholders probably have now during the bid period, i.e. none.

If the bid fails there should be a clear out of the currrent directors and new directors appointed that represent the interests of all shareholders. This should include Akers as well.

[smicker] 13/9/2012 09:17

I'm not sure that the price will fall much at all. There is clearly a seller in volume in Richard Griffiths who was a buyer at something around this price up until this offer was announced. I would assume this selling pressure would end if the takeover was aborted. The bid price offered here is scandalous in terms of the company profitability and i agree with the previous poster who queried the recent results.

The problem that would remain if the bid fails is what trust would shareholders have in the current board when they were prepared to put their names to an opportunistic bid at this level.

[neg] 13/9/2012 09:04

Exactly Tiswas, the share price is now back to where it was before the takeover was known! Value of the takeover is now down to some 1.11... who is going to accept that? Either Titan Int walk away or they will have to substantially raise their offer. I am very happy to hold my shares, and kind of hope this bid fails. Ok the share price will fall, but it is very cheap anyway.
Perhaps they have delayed posting either because they know the Germans won't accept and are thinking about raising the offer, or that they know it will fail and don't think it worth going ahead.

[tiswas] 13/9/2012 08:08

we must be approaching the point where the share price will rise if the bid fails!

[insails] 12/9/2012 18:00

Just noticed Vangaurd Group Inc. holding 5.74%.
Im suspicious of a yank stitch-up underway.

Deal now worth just 113p

[eddie catflap] 10/9/2012 21:34

Titan Machinery are dealerships.



Can't augur well since part of the same sector but Titan Intl closed up



Will they try to use these conditions to shaft us?

*prepares to bend over*

[smicker] 10/9/2012 14:51

No relevance apparently, Titan International only down 0.8%

[insails] 10/9/2012 14:07

TITAN MACHINERY 14% down in premarket trading, not shifting the gear in the US.


Not sure of their relationship to titan International if any, except they sell the type of kit T.I make wheels for.

[kimboy2] 10/9/2012 13:53

I don't suppose this will get much of a mention in the results;

[kimboy2] 07/9/2012 16:51

Looks like results are being delayed to cinincide with the new posting date for the offer.