Accesso Technology Share Discussion Threads

[supernumerary] 06/8/2019 17:13

Toggle - I'm not sure how accurate your figures are. Going back through the 8.3s, I see that in just the last two days Smith & Williamson and Quilter have claimed over 4% between them, and neither is in your list. I'm sure you could find further discrepancies if you looked closely enough, although I don't think the precise breakdown is all that important.

[supernumerary] 06/8/2019 16:58

In a situation like this, I think they'd prefer to do their DD then agree something with the board, rather than trying to deal in the market. Remember as soon as they accumulate 1%+ they have to report by RNS, so everyone can see what's going on - they'd likely just be warning others of their interest, and pushing the price up against themselves.

Of course if nobody can agree terms with the ACSO board, one or more might decide to go ahead anyway, but I find that scenario somewhat unlikely. The board has already decided that they're credible bidders, and must have heard some floated potential numbers, so I'd be surprised if something concrete didn't emerge.

I'm beginning to think it's about time they issued the promised timetable, though...

[togglebrush] 06/8/2019 12:59

Who owns what in the company ???. Trying to get a handle on this I list the Top ten holders as per FT Tearsheet (with their dates) and Directors as a recent RNS

'
Top Ten Market Holders_____________________________Shares_____% Held
'
Capital Research & Management Co. of 30 Jun 2019_____2.19m______7.97%
Allianz Global Investors GmbH as of 31 Jul 2019______1.96m______7.15%
M&G Investment Management Ltd.as of 24 Jul 2019______1.86m______6.77%
Liontrust Investment Partners LLP as of 24 Jul 2019__1.71m______6.22%
Hargreave Hale Ltd.as of 24 Jul 2019_________________1.42m______5.18%
BlackRock Investment Management (UK)Ltd.07 Feb 2019__1.36m______4.97%
FIL Investment Advisors (UK) Ltd.as of 24 Jul 2019______908.98k_3.31%
Merian Global Investors (UK) Ltd.as of 31 Jul 2019______823.21k_3.00%
Canaccord Genuity Wealth Ltd.as of 29 Jul 2019__________773.34k_2.82%
NFU Mutual Investment Services Ltd.as of 24 Jul 2019____732.32k_2.67%
Directors as per Form 8 2 August________________________389.65k_1.41%
'
Market possible_____________________________________13.47m_____48.81%
‘
IMHO There a many holders, without any overwhelming holder, and much to play for if the buyer goes into the market.

[supernumerary] 06/8/2019 12:50

Ouch! :¬)

[spud] 06/8/2019 12:13

That sounds like the long and Short of it! ;-)

spud

[supernumerary] 06/8/2019 11:42

Spud - I don't suppose anyone's that interested in Ennismore's reporting, but I've finally got to the bottom of the mystery of the missing Opening Position Disclosure.

It seems that holders of short-only positions, even those above 1%, are not counted as being interested in the stock. The relevant paragraph of the Takeover Code is not in Rule 8, but in the Definitions on Page C11:

'A person who has long economic exposure, whether absolute or conditional,
to changes in the price of securities will be treated as interested in those
securities. A person who only has a short position in securities will not be
treated as interested in those securities.'
[my bold]

Since by this definition Ennismore is 'not interested' they don't have to report.

The guy at the TP who gave me this information could not explain the raison d'etre of the exception. I can only assume that since shorters are by definition no longer owners of the stock, they have no voting rights, which must lie with the people to whom they sold it, and so cannot influence the outcome of the bidding process.

If they also had a 1%+ long position, they would then be required to report the short too, presumably so that the TP can determine the net long, and hence where the voting power lies in the takeover. I'm pretty sure that I've seen reporting of short positions in other takeovers, but it's possible that they fell foul of this rule. It's also possible that the rules have changed - I note that this page of the Code is dated 1.4.19 hence has been recently updated.

Anyway, I think that's...

QED

[spud] 06/8/2019 07:46

Might be Ennismore, having trimmed their Short marginally. spud

[togglebrush] 06/8/2019 07:17

Two half million pound trades, which we don't often see, yesterday
'
12:39:25 05-Aug-2019 Price 1,035.00 Shares 48,522 £502,203 AMND
12:39:25 05-Aug-2019 Price 1,035.00 Shares 60,051 £621,528
'
FOR SCALE Median Daily Volume for 2019 is 100,472
Yesterday Daily Volume________________was 269,344

[1001011] 05/8/2019 17:33

The Capital Group Companies, Inc. of Los Angeles, California went from 5.40% to 7.93% of shares sometime between 27 March and 1 August.

[jeffus77] 01/8/2019 12:09

Let's hope you are right rivaldo. It will be life changing for me if you are.

[rivaldo] 01/8/2019 10:19

Great to see "approaches from a number of parties" whilst I was on hols.

I'd be very surprised if a takeover price is less than 2000p per share. There must be a large number of potential acquirors, as some have already suggested here, and most of those are large enough to have very substantial pockets indeed.

And almost all of them will be based abroad, so will be particularly incentivised to buy at current exchange rates.

A company like ACSO with such high recurring income and earnings, and blue sky potential in a number of areas, must be a very attractive target. The short-term earnings blip due to increased investment shouldn't be of concern to them since (1) by the time the acquisition completes much of it will already have taken place, and (2) it only increases the medium/long-term attractiveness of the company.

With a bidding situation the price could well get back to 3000p.

[kpe] 30/7/2019 18:42

You are right it seems I had the same message last week but failed to notice it.With takeover in the title I guess I was waiting for an out of hours announcement

[gleach23] 30/7/2019 18:38

KPE - I also had a message but it's only outlining what was announced last week - ie that ACSO are commencing a formal sale process following approaches by a number of parties.

[togglebrush] 30/7/2019 18:28

KPR... Many Thanks for the message

[kpe] 30/7/2019 18:14

Message received at 5.15pm so I thought maybe there were some after hours announcement Finger crossed for tomo.

[kpe] 30/7/2019 18:13

Headline takeoverAs a result of corporate action any orders you have placed against security, dividend reinvestment including regular investment plans and reversed holdings may have been cancelled.

[togglebrush] 30/7/2019 17:46

KPE Any detail ???
'
Best trade of the day was
Date Time 14:31:07 30-Jul-2019 1,060.00 shares 10,000 for £106,000
but closed at
Date Time 16:35:21 30-Jul-2019 1,110.00 shares 124 for £1,376 an Uncrossing Trade
'
Closed at a PRICE not achieved in any of the 36 trades in the day which is unusual

[kpe] 30/7/2019 17:32

I have just had a message on an aj bell sipp account about a takeover announcement

[kpe] 30/7/2019 17:31

I have just had a message on an aj bell sipp account about a takeover announcement

[spud] 30/7/2019 17:21

JP Morgan have now closed their Short whilst Ennismore have increased theirs to 2.8%. spud

[1001011] 29/7/2019 13:56

KeyBanc is on the Six Flags conference calls. They're one of twelve analysts covering Six Flags, plus they cover Cedar Fair and SeaWorld. The industry knowledge/coverage has something to do with it.


FWIW, they were one of multiple underwriters in the SeaWorld IPO.

[sebass] 29/7/2019 08:45

Perfect timing for a PE buyer pound is very weak can leverage up the balance sheet at very low rates re-package it and then list it in the US

[togglebrush] 29/7/2019 07:11

RE wisewilliam thanks for post 4205.
'
That website list over a dozen recent deals done by Key with an average of some $350 million which is roughly the current market value of ACSO. Recent broker target gives $480 million which is within normal done deals range by Key. It also leaves plenty of head room for the $3.4 billion opportunity cited on 27th March 2019.
'
"Current addressable market opportunity for the Group identified estimated to be as being in the region of $3.4bn"
'
All numbers done on back of a beer mat. E&OE..GLA

[wisewilliam] 28/7/2019 19:11

They seem to have good experience in the tech sector see
hxxps://www.key.com/businesses-institutions/industry-expertise/technology.jsp