Accrol Share Discussion Threads

[darrin1471] 15/5/2024 17:43

"Final Offer was approved by 99.12 per cent. of Scheme Shares voted"

Our objections were in the minority.

I averaged a gain of about 30% over 18 months and ACRL was my largest holding 12 months ago.

I'm very disappointed for all those here who invested time and money in ACRL.

Thank you to all those who contributed to the ACRL thread.

Now where do I put my ACRL money?

[keyno] 15/5/2024 15:50

Somebody will clean up now - and it won't be LTH's. Shoddy from start to finish.

[arbus5000] 15/5/2024 15:39

agreed!

begrudingly, the increased offer of 1p was what did it in the end, so that the merger arb people could get out without making a loss.

you would expect real money shareholders (schroders et al) would have fought for a better deal but they bailed at the first opportunity.

[this_is_me] 15/5/2024 15:21

bye bye ACRL. Very disappointing.

[haroldthegreat] 15/5/2024 13:12

when do we get a RNS on the vote result ?

[leedha] 15/5/2024 13:11

How long should it take before the outcome of the vote is announced?

[this_is_me] 15/5/2024 10:02

The Accrol Board confirms that the Court Meeting and the General Meeting, notices of which are set out in Part VIII (Notice of Court Meeting) and Part IX (Notice of General Meeting) of the Scheme Document respectively, will be held at 11.00 a.m. (London time) and 11.15 a.m. (London time, or as soon thereafter as the Court Meeting shall have concluded or been adjourned), respectively, on 15 May 2024 at the offices of Addleshaw Goddard LLP at One St Peter's Square, Manchester, M2 3DE, in accordance with the timetable set out in the Scheme Document.

[arbus5000] 15/5/2024 08:23

i think the results of the AGM are due today

[mfhmfh] 08/5/2024 19:57

Decagon Asset Management >5%

[this_is_me] 03/5/2024 18:24

They have managed to get everyone's back up with the way they have behaved. It will take a lot of sugar make a deal seem sweet.

[arbus5000] 03/5/2024 16:22

this navigator offer was not worth the paper it was written on, and adding a penny to it is a kick in teeth! Its more of a way to back out graceiously, and offer a way out to the merger arb people, who bought it since the first offer.


i've already voted against and this 'sweetner' is not compelling enough to change that.


If they did want to sweeten the offer, how about a part cash / part share offer, so that way shareholders can retain some upside?

Good riddance - the current management/ board can go with them (there are direct flights from manchster to lisbon). Also very dissappointed with Schroeders here - LOdier was to be expected.

[harry the haddock] 01/5/2024 16:03

voted against

[foxman14] 01/5/2024 14:37

My holding is with Interactive Investor I've had a corporate action regarding the date of the Scheme Of Arrangement but no option to vote. Anybody else with ii? Have I got to call them as this is a recommended takeover?

[leedha] 01/5/2024 11:08

Same - voted against as well

[markdallara] 01/5/2024 10:24

I also voted against

[arbus5000] 30/4/2024 14:11

I voted against - the timing of this bid is opportunistic and does not reflect the growth prospects of the company. This was the response of the Royal mail board to the Kretinsky bid, but the same logic easily applies here.

[leedha] 30/4/2024 12:46

I see voting has now opened

[darrin1471] 17/4/2024 12:24

Court Meeting and the General Meeting on 15 May 2024
Year end trading update was May 16th last year.
It appears unlikely we are going to get any more trading updates before the sale.



The Offer represents an EV/EBITDA multiple of "9.9x using Accrol LTM (last twelve months) adjusted EBITDA of £18.7 million for the period ended 31 October 2023."

However the last trading update said:
"The Group is firmly on track to deliver FY24 results in line with the Board's expectations and, following the acquisition of Severn Delta Limited ("Severn Delta"), now expects to outperform its previous expectations for FY25."
"Market expectations (Shore Capital & Zeus) as at 29 January 2024 for FY24 and FY25 respectively - Revenue £205.0m EBITDA £21.0m and Revenue £211.1m EBITDA £21.9m."

Thats a EV/EBITDA multiple of 8.8x using the current years figures

[darrin1471] 17/4/2024 12:06

Metsä plans tissue paper mill in Goole. " the capacity to produce 240,000 tons of tissue paper, built in several phases over the next decade"





There was also talk on this thread a year ago about a planned mill in North Wales.

These projects take years and it was only a few months ago management were saying ACRL were highly cash generative after the investment.

[keyno] 17/4/2024 11:10

Another way of management saying, we don't think we're up to the challenge so we'll just take the money and run........

[arbus5000] 17/4/2024 10:57

funny enough, the "turks are coming" was also a headline in the run up to the brexit referendum. They should have also mentioned the risk of the Tejani's making a comeback in leicster!

I've read through the offer circular, perused the micro-site and have decided that there are no compelling reasons to to vote in favour for this deal.

[darrin1471] 17/4/2024 10:47

Management explanation for low price.
"However, the supply dynamics in the UK are set to change. Multiple European and Turkish tissue suppliers have indicated and commenced investments to expand their operations in the UK by investing in brand new, state-of-the-art tissue making and converting facilities in the coming years (circa. 500kt of tissue paper reels). It is anticipated that this will make the UK market significantly more competitive and has the potential to disrupt volume growth and margin stability as new entrants seek to establish a foothold in market share."