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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Hayward Tyl | LSE:HAYT | London | Ordinary Share | IM00B511CF53 | ORD 1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 50.75 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 47.00 | 54.00 | ||||
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 50.75 | GBX |
Hayward Tyl (HAYT) Share Charts1 Year Hayward Tyl Chart |
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1 Month Hayward Tyl Chart |
Intraday Hayward Tyl Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 09/8/2017 | 11:06 | Hayward Tyler - Pumped up & ready to motor? | 1,672 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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| Top Posts |
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Posted at 09/8/2017 11:06 by davebowler IC comment;Engineering a cheap entry point As expected, Avingtrans (AVG:223p), a maker of critical components and services to energy, medical and industrial sectors, has launched a recommended takeover bid for specialist engineer Hayward Tyler (HAYT:44p). I highlighted this possibility a month ago when I rated shares in Avingtrans a buy at 218p (‘A trio of small-cap buys’, 27 June 2017). At the time, I believed there was scope for Avingtrans' shrewd management team to replicate their success on previous turnaround situations and create significant value for shareholders by exploiting the recovery potential of the indebted bid target. Under the terms of the All-Share acquisition, Hayward Tyler’s shareholders receive one new Avingtrans share for every 4.755 shares held, which means that Avingtrans will issue 11.53m new shares to give Hayward Tyler’s shareholders 37.6 per cent of the enlarged share capital. On completion of the takeover, the company will have a market value of £68.5m. The terms being offered seem sensible to me and to the 45 per cent of Hayward Tyler’s shareholders who have already decided to back it. That’s understandable as there are justifiable reasons why this deal should be value-accretive to shareholders of both the companies. Firstly, Hayward Tyler is heavily indebted with net borrowings of £22.1m, implying balance sheet gearing of 100 per cent of shareholders funds at the end of March 2017, a level of indebtedness that is also significant in relation to the £25.8m equity value of the All-Share bid. In stark contrast, Avingtrans’ finances are in a rude state of health as the company has net funds of £26.2m on its balance sheet. Therefore, the combined entity will have modest levels of gross borrowings in relation to pro forma combined net assets of £67.2m, and retain cash in the bank and ample headroom on existing banking facilities to pursue growth opportunities, both organically and through further acquisitions. Removing duplicated costs will result in a slimmer cost base, too. Secondly, both businesses enjoy strong positions in their respective energy market niches, in particular the nuclear sector, so there is a healthy crossover of business activities. Moreover, in the power sector, Hayward Tyler’s core business should see the benefits from the increased scale resulting from being part of an enlarged entity, not to mention funding is on a better footing to enable its management to target investment. In addition, the enhanced scale of the business and greater access to the Chinese energy market should enable the enlarged group to make inroads into the Chinese nuclear energy market and achieve critical mass. I also feel there is a great opportunity for Avingtrans’ management to work their magic and build up margins on Hayward Tyler’s record order book of just shy of £50m, and return that business to sustained profitability following mixed trading last financial year when it reported cash break-even on revenues of £62.7m following a difficult first half. It’s the type of deal I was hoping Avingtrans’ shrewd directors would pull off when I recommended buying the shares at 200p in my 2017 Bargain share portfolio, and still believe that the share price should be trading at a decent premium to the combined group’s pro forma book value of 219p. In fact, I have a conservative-looking target price of 275p. Interestingly, it’s possible to buy Avingtrans shares on the cheap by purchasing Hayward Tyler’s around 44p in the market, and then accept the All-Share offer, to give an entry point of 209p, or 14p lower than Avingtrans current offer price. I would recommend doing just that given that earnings upgrades look firmly on the cards after the deal completes at the end of next month, after which the embargo on analysts publishing forecasts will be lifted. |
Posted at 30/6/2017 09:55 by lignum The falling AVG price is partly due to arbitrage surely. I think the HAYT board have played this very badly and deserve to go - how can 0 ebitda support 20m of debt? They should have accepted AVG with open arms months ago and not wasted 3 months on protecting their own jobs (which they must have known were on the line).HAYT state that one of the reasons for supporting the bid was that without it they would have needed a heavily discounted rights issue which would have been hugely dilutive and which might not have been successful. This must have been blindingly obvious 3 months ago as soon as they knew their year end debt position. And yet they hung on for another 3 months. Very poor IMO. I would love to see AVG's model of how much cost they expect to take out of the combined business. Free from debt and focusing on protecting their jobs, I would expect a number of customers to sign up orders they were holding back as soon as the board changes kick in. AVG will be preparing their week 1 action plan over the next few weeks and will move very quickly once they take control. This has to be a win-win for HAYT and AVG shareholders. |
Posted at 30/6/2017 08:36 by steve3sandal I am not unhappy with the out-turn, despite hoping for as much as 60p. Terms give me more AVG shares at the equivalent of c180something. I can live with that.What I do find remarkable is that despite the gags on all insiders here, the share price of HAYT moved ever closer to the exact terms of the eventual offer. I guess just coincidental? Hmmm. |
Posted at 02/5/2017 13:26 by thorne3 The thing to remember about AVG is that it has next to no profits to talk of and a very high share price which has been largely wound up on the back of a possible deal with HAYT;accordingly AVG really does need a deal if it is to sustain its reputation as a"mini MELROSE".I for one would not want any AVG paper at this level and nor I suspect would the Directors of HAYT.The net result is that any takeover talks are probably in limbo at the present time and that AVG is being used very much as a stalking horse to enable HAYT(1) to arrange an equity placement of say £7.5m on acceptable terms and (2)to finalise a lending package with its bankers.At that stage I would imagine that there might be a number of companies around with sufficient clout to acquire HAYT for cash on terms agreeable to us all. |
Posted at 02/5/2017 13:25 by cockerhoop PA,Just to clarify a few inaccuracies in your recent post: The share price of AVG is up over 25% compared to the Tender Price The AVG management tendered less than 50% of their combined shareholding in the recent tender offer so still have plenty of skin in the game so I think it's disingenuous to suggest current holders have done the opposite of management. I'm also slightly confused about your 'whiff of desperation' comment as as far as I'm aware HAYT have been the company issuing the RNS's etc highlighting the bid, etc Whilst AVG have just been acknowledging HAYT RNS's. I assume the potential multi-billion 3m3 nuclear storage contract that AVG is sharing with 1 other manufacturer doesn't excite you? |
Posted at 01/5/2017 14:35 by cerrito Catching up here.I agree with PA and others that it seems the AVG bid is sufficiently attractive that it cannot be rejected out of hand by HAYT; reading the Friday 7am RNS my main concern is that management is so tied up with the AVG offer and getting the financing sorted out that not enough focus can be given on the other key issue getting the new COO Dr Elcoate bedded in and winning orders to keep the Luton and Peterborough plants fully occupied ie orders may well be low in H1 17/18 and they will have a plausible excuse. I am a shareholder of AVG and have been in and out over the last 5 years but do not have a good feel of management and have not organized myself to make an AGM. I did run into the Chairman when he chaired AUG-in which I have shares-and he did impress me and seems miles better than HAYT’s Chairman. It is still not clear to me what AVG brings to the party..there is the nuclear overlap but AVG is involved in decommissioning and as far as I can see HAYT in new nuclear. On the basis that AVG need to pay a premium to the current marcap of HAYT, provide some long term capital that I think we all agree that HAYT needs and the transaction costs there will not be any change from £38/£40m Anyway the net result of my musings was to reduce my modest AVG holding(I made the mistake of going into the AVG tender offer).I appreciate that probably no one else on this board would have reached this conclusion. For me HAYT shares are at the moment correctly priced |
Posted at 21/4/2017 09:56 by pavey ark grahamwales, a merger is possible and in my mind more likely than AVG being able to come up with the cash required to buy HAYT outright.Bit of a mismatch though as HAYT appears to have a long term view where AVG is a more a boost to sell operation. Mergers usually work best where there are obvious synergies and the ability to take out duplicated costs. Although both companies are engineers I don't see much in the way of overlap. I expect that AVG gave some indicative price (for an outright buy)at the start of negotiations but the HAYT statement suggested that this was low. The AVG pitch is obviously based on them taking out costs so it is only natural that the HAYT management should state that THEY can take out costs. With all that has gone on recently and with the record order book I would be surprised (shocked) if the management were not now looking at maximising the opportunities afforded to them with their substantial investment in their Luton plant. Even the most biased former HAYT shareholder (and the evangelical AVG holders)can see that the root cause of HAYT's temporary ills was the poor H1 performance. The reasons given for this performance were given and seemed perfectly reasonable to me: 1.Peter Brotherhood (bought to fill a gap in their product range) came neglected and without a flow of orders 2. The new facility at Luton was to be staffed and commissioned but not producing at a high enough level. In short the costs and overheads were not covered. In H2 things settled down and a H1 £5m loss (EBITDA)was turned round to a H2 £5m profit (EBITDA) For me the most telling part of the recent update was the fact that the order book going into H1 this year was £50m and this was almost 40% up on the same period last year. There is little or no chance of a repeat of last year's H1 losses and my prediction of £80m t/o and £8m EBITDA looks pretty safe. Obviously still the cash to sort out but again if my figures are even close to correct a long term funding arrangement can be put in place or a fund raising rights issue for £6m-£8m which with the cash generated this year would put them in a very strong position. Anyway we will soon see what AVG intend to do. Interesting times. |
Posted at 20/4/2017 16:00 by pavey ark Anyone suggesting that RBS is under the impression that their money is "keeping the lights on" at HAYT is likely to be wrong about every other aspect of the company ....Oh!!... wait a minute!!... they have been.Lignum, yes the spend in Q4 should be turned into cash in H1 so the eye catching debt is not really the full story. I agree that a rights issue would probably help but I suspect that it was a chicken and egg situation as the share price fell because of the uncertainty and was the compounded by management being unwilling to issue shares at the then reduced price. I have never subscribed to the wholesale dilution theories and 15m issued at 45p would please me but I think that we may have moved beyond that and management may be prepared to tough it out. The AVG bid simply complicates the whole process but that should become clearer next week. The "ghost at the feast" refers to the ghost of Duncan, murdered by Macbeth. Macbeth can see the ghost at the feast and it rather puts him off his dinner. As Macbeth descends into madness the ghost plagues him. All a bit drastic and I'm looking for a less troubled solution to HAYT's debt issue. |
Posted at 12/4/2017 09:35 by varies The interim statement issued in November suggested that sales for the full year to 31.03.2017 would be about £80 million (v. £60-65m now indicated).Expectations have fallen steadily since then and with them the share price until the recent move by Avingtrans. Having bought back my shares at a price 25% higher than what I sold them for and doubled up, I am keeping my fingers crossed ! If the short term loans can be sorted out, then perhaps we might reasonably hope for sales of £80m in 2017/18 and a recovery in the share price to 80p even if AVG walks away. My feeling is that an offer will be forthcoming. |
Posted at 18/3/2017 09:47 by pavey ark Obviously everyone is entitled to their opinion but it would be nice to think that at least some posters had:1. Gone through all the recent announcements (in detail). 2. Gone onto the web site and listened to recent broadcasts by the CEO (believe them or not,it's up to you). 3. Looked in detail at the debt AND its structure. 4. Made some sort of informed guesstimate of the likely t/o EBITDA for next year and last but not least 5. Placed the current EV and share price in relation to the company's potential and whither the dramatic fall in the price makes up for any risks (real or perceived) I am a holder here and have recently increased my holding but I have not posted often nor for some time. I do note that non holders have posted regularly and usually with a very downbeat message. Is there a hidden agenda here or are the just trying to save us from ourselves? There may be problems here (large or small) but if there were none the share price would be well over 80p and I would not have become interested. You pays your money you takes your chance.........or not,as some prefer !! |
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