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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Accumuli | LSE:ACM | London | Ordinary Share | GB00B0YMTT32 | ORD 0.25P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 31.25 | 0.00 | 00:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 31.25 | GBX |
Accumuli (ACM) Share Charts1 Year Accumuli Chart |
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1 Month Accumuli Chart |
Intraday Accumuli Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 02/5/2015 | 19:15 | Accumuli | 1,520 |
| 25/11/2009 | 17:27 | ACAMBIS for BULLS & BEARS | 728 |
| 05/10/2006 | 11:43 | Acambis: Seriously undervalued | 626 |
| 17/9/2006 | 19:23 | ACAMBIS HAS WON THE CONTRACT | 160 |
| 27/2/2006 | 15:34 | Has nobody caught on yet | 2 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
|---|
Posted at 10/4/2015 20:32 by mazarin My broker iii has, this evening sent notice of ACM Corporate Action asking for response by 1500hrs 22/04/15. As I understand it's essentially the default option, as set out in the RNS proposal, i.e. offering part cash of 5.97p per ACM share and a 0.1218 part of each new NCC share. I see that NCC closed up at 208.25p today. However, it seems that ACM holders can opt to vary the distribution. It'll be interesting to hear comment on what other ACM holder's intend to do and also to see how the respective Co's share price moves until then. To date they appear to have followed each other closely since March's announcement. |
Posted at 02/4/2015 23:05 by boadicea WJCCGHCC - That sounds a reasonable deal. But then, if you had sold NCC at around 220p before the offer, you could now buy back about 11% more than you sold without any recourse to ACM and about 14% more via the ACM route after offsetting the cash back effect of the offer.For every NCC share you need to buy 8.21 (approx) ACM shares @ 29p costing 238p and would get 47.5p cash back to offset the cost giving a net cost per NCC share of 190.5p. At today's share price of ~196p to sell, this only produces a saving of ~3% and barely seems worth the trouble given the risk of the offer turning sour. However, it is worth noting for a cheaper first entry into NCC. |
Posted at 01/4/2015 07:50 by boadicea Having checked the terms of the offer, it is clear that it is intended to be implemented by way of a 'special resolution'. Shareholders should note that this requires a 75% majority, not 50%, and therefore the undertakings by 57% of shareholders is not conclusive. See-The Offer Document merely refers to 'requisite majority', which is a clue that it is not a simple (i.e. 50%) majority. To quote from the offer - "The irrevocable undertakings given by those Accumuli Shareholders will cease to be binding if the Scheme or the Special Resolution to be proposed at the General Meeting is not approved by the requisite majority of Accumuli Shareholders at the Court Meeting or at the General Meeting respectively..... Additionally, the irrevocable undertakings become non-binding in the event of a qualifying counter offer - "Those irrevocable undertakings will also cease to be binding if a third party announces, before the Court Meeting and the General Meeting, a firm intention to make an offer for the whole of the issued share capital of Accumuli under which the value of the consideration offered for each Accumuli Share is more than 10 per cent. greater than the value per Accumuli Share offered pursuant to the Acquisition." At the current NCC share price of ~196p, the counter offer would need to be anything above 32.85p, i.e almost the same value initially quoted in the offer but which has since fallen with the NCC share price to 29.86p Readers may wish to note that culprits in the proposed sell-out, with the number and percentage of their holdings (in addition to the Directors) are: Downing LLP ____________15,642,0 Hargreave Hale Limited _10,328,150 6.5% Harwood Capital LLP ____ 9,900,000 6.2% Jarrod Potter __________10,001,357 6.3% Livingbridge VC LLP ____36,712,129 23.0% Unicorn AIM VCT ________ 6,154,346 3.9% |
Posted at 31/3/2015 09:21 by aylingd Agree, a very miserable end to a promising story.The decision to announce the t/o on the same day as stonking results looks bizarre, a cynical person might say it was designed to keep the ACM share price in check. Difficult to understand how 57% shareholders & directors believe this is the best deal they could get, of course we are not privy to what deal the ACM directors have been offered. Looking at the slide in the NCC share price since they don't rate the deal either. Unfortunately, as mentioned above, it appears to be a done deal. Message to self 'be careful investing in companies where directors have little or no shareholdings'. D. |
Posted at 25/3/2015 16:27 by gargleblaster IC's take on it!NCC snaps up Accumuli Aim-traded Accumuli (ACM:30.5p), a leading independent specialist in IT security and risk management, has received a recommended cash and shares bid from cyber security rival NCC (NCC:205p). Shareholders are being offered 5.97p a share in cash and 0.1218 new NCC shares for each Accumuli share held, valuing the equity at 31p a share using NCC’s latest market price. That’s in the middle of my target price range 30p to 33p and around the level when I last updated the investment case (‘Small cap tech wonders’, 19 January 2015). It also represents a solid increase on the 23p recommended buy in price when I initiated coverage ('Profit from cyber warfare', 23 April 2014). Moreover, the bid is likely to succeed because shareholders accounting for 57.7 per cent of Accumuli’s issued share capital have already indicated that they will vote in favour of the scheme of arrangement. The acquisition certainly makes commercial sense for NCC as it will help the group to expand its development teams, bid for projects where it needs to partner with an organisation such as Accumuli in a sole capacity, provides an opportunity to develop its core consulting business across a wider customer base, and engage with this enlarged client base on a regular rather than project by project basis. There is commercial logic for Accumuli to be part of a much larger enterprise too given that the cyber security market is becoming increasingly competitive as it develops. As a consequence, customers are now looking for the type of round the clock operational security support and incident management offered by Accumuli in addition to NCC’s consulting capabilities. Consequently, Accumuli’s client base should reap the benefits from the extra services and broader geographic coverage that it will be able to offer as part of larger enterprise, giving it greater ability to grow its business than would otherwise be possible if it were to remain an independent company. Importantly, the exit price seems fair at around 19 times Accumuli’s likely earnings for the fiscal year to end March 2015 based on NCC’s share price of 205p post the announcement. True, NCC shares are higher rated at 22 times earnings for the fiscal year to end May 2015, falling to around 17 times consensus for the following fiscal year, a valuation that is hardly cheap, but neither is the rating of Accumuli. The prospective dividend yields of 2 per cent on both shares are similar. The bottom line is that with shares in Accumuli being priced on a bid-offer spread of 29p to 30.5p, it makes sense to take-up the NCC offer worth 31p a share given the unlikely possibility of a higher counter bid emerging. |
Posted at 24/3/2015 23:05 by boadicea Market reaction tends to indicate the view, correctly or otherwise, that the whole (NCC + ACM) will be worth less than the sum of the separate parts.The market cap of NCC fell by £35.5m while that of ACM rose by only £3.4m, a net reduction in combined value of £32.1m. The share price of ACM remains below its recent peak, likewise the value of the offer, given the fall in value of the NCC paper. Clearly there should be a rethink and there is no way I will be voting in favour on the current terms, either as a shareholder of ACM or of NCC. My guess is that a suitably arranged collaborative agreement, whereby both parties retained their independence but coordinated their marketing approach (cross-selling, designing products to work optimally together etc.) could have been 'sold' to the market in such a way as to increase the valuation of both companies. In some ways that may seem counter-intuitive as failing to provide the advantage of supposed administrative/overh Paul Scott's comment that the deal looks 'wobbly' is eminently correct, imv. |
Posted at 24/3/2015 09:21 by vasilis I can see the business logic - especially as ACM and NCC have already been co-bidding for certain contracts. Therefore putting the two companies together creates greater synergies and more openness between them as they will both be 'under the same roof' sharing information they might not share as separate companies. Potential customers may also be more confident in signing up to an 'NCC + ACM' organisation with clearly more in-house resources.Nevertheless, as Buffetteer and others point out, the price does look somewhat light taking into account ACM's success to date in a growing market - but this does have to be balanced against the BOD's view of where they see the best potential for shareholders in the future. Of course, we also need to see 'what's in it for the BOD' - but I have to say that as a business proposition it makes sense - both parties gain from this deal. We just need a little more detail as to why the ACM BOD concluded that this offer by NCC was a 'fair and reasonable' price - and for whom. |
Posted at 21/11/2014 20:08 by gargleblaster V11SLR - Generally imho there tends to be a sell off in smaller cap shares(sometimes considerable) when the share price has been rising preceding the results, however good the results are. The ACM share price has not done that - it has been weak. Hopefully that means that expectations are not that great and an in line set of results will not cause any down trend in the share price That's the theory - but of course I could be 100% wrong!! |
Posted at 22/10/2014 10:31 by rivaldo Interesting to see BA. (British Aerospace) acquire SilverSky, a commercial cyber service provider, this morning:BA. paid just over 3 times current year sales. In ACM's case, based on almost £21m forecast sales, that would equate to roughly £63m, or 50% above the current ACM share price. I haven't particularly looked into SilverSky's business, but with an "established sales force, a complementary suite of scalable products and a large installed customer base" there are similarities. I'd certainly rather see ACM continuing to grow organically and with further acquisitions - I have hopes of ACM being a number of times bigger than they are now in the coming years. |
Posted at 29/5/2014 12:44 by igoe104 Lots more in the upside for acm share price, any company that says the words rapidly growing in their last RNS are a strong buy.(Accumuli is a leading, rapidly growing,) |
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