Apc Technology Share Discussion Threads

[this_is_me] 19/9/2019 10:25

I have just got a lot of bumf from the registrars; a lot of guff but no voting card. I was expecting that to come at the same time.

[cockerhoop] 19/9/2019 09:41

Talking about the sale price #SOLI bought Pacer (fairly similar electronic distribution business) with Rev of £15.2m and PBT of 400k for £3.73m.

£18m for APC (rev £17.1m, PBT £680k) doesn't look out of place in that context imo. In fact some would say generous ;-)

Are #SOLI sharper than Chris Mills?

[shanklin] 19/9/2019 08:51

Currently 9.7325p/9.9p on both 20k and 200k shares

[golddigger1] 19/9/2019 07:46

Without the full facts of the reasons why this offer has been accepted it is impossible to assess the merits or otherwise of acceptance.
Many on here have suggested a stitch up. We shall see when and if any counter offers materialise. A company is only worth what someone else will pay for it as we have seen in the excellent acquisitions made by APC over the past two years.

[rwgrant] 18/9/2019 23:07

I couldn't agree more with the comments above as it looked like the company was finally getting its act together. I smell a rat in the compost and sincerely trust that all will see through this and reject such a ludicrous offer.

[debsdowner] 18/9/2019 16:05

FordMcComb

Correct shareholders should reject the offer and take task with the directors for accepting a low ball offer.

What they will be doing is increasing their salary once private and at feathering their nests.

Management aren't interested in shareholders it obvious otherwise they would have rejected the offer furthermore they should have put themselves up for sale.

When you look at the long term chart some shareholder will be very unhappy.

If I was a shareholder with 5% I would be calling a GM and holding management to account but I suspect some of the main shareholders only interested in their own positions and in for a quick profit on the basis as the times uncertain.

[fordmccomb] 18/9/2019 13:10

With 36.66% of the voting share declaring their intent to accept, that leaves 38.34% required to get overall acceptance. Reading the comments posted blow that may take some doing. 10p per share is well under the pre 2015 price that some long-term holders will be considering. In addition, the recent acquisitions represent as yet untapped potential that others may see as being worth more that 10p per share. APC today has a very diverse product portfolio, that should be of interest to companies who can add the expertise required to take this company forward.

[debsdowner] 18/9/2019 12:40

nico,

You are spot on, this does stink more than a sewer.

[jailbird] 18/9/2019 12:20

wonder what GHF's thoughts are now

[shanklin] 18/9/2019 12:02

No point selling at 9.725p vs 10p risk free in early November.

Difficult to understand the irrevocable undertakings:

Canaccord Genuity Group Inc. (incorporating Hargreave Hale Limited), 14.64%

Rockridge Investments SA, 11.44%

Roger Robinson and related family trusts, 5.53%

[nico115] 18/9/2019 11:48

Chris mills is v v shrewd This is being given away Problem is who polices the directors ?For all we know they will have been hugely incentivised with options and other to sell Apc on the cheap If I was a shareholder I would be fuming Stinks to me I never bought Apc as invested elsewhere but this was always worth over 20pWow directors should be ashamed for selling shareholders out so cheaply

[yump] 18/9/2019 10:16

On second thoughts, I don't think the BOD would be in favour of a proper business taking over, because they'd probably be out of a job.

This way as someone said above, they're still in charge, pocket some money and be in charge of running it privately, just as the profits start improving.

On a separate issue, would the BOD have to declare any interests or investments of their own relating to Harwood Capital ?

I only bought in recently on recovery potential, but inclined to sell as I now wouldn't want to be relying on this lot to move the group forwards, if it became part of another business making a non-cash offer.

[this_is_me] 18/9/2019 10:12

What deal, salary etc., are the directors getting after the takeover?

The more I think about it the more annoyed I get. They definitely will not get my vote at less than around the 20p mark.

[debsdowner] 18/9/2019 09:54

PUGUGLY

I only scanned the RNS but couldn't see what you said above ""business not going as well as expected"!

I thought the company was in "line" ?

[pugugly] 18/9/2019 09:44

Not what I was expecting but as the Board have recommended message received is "business not going as well as expected" However I had already read this between the lines for myself and bailed out on previous spike - Gut feel suggests fully valued at offer price.

[debsdowner] 18/9/2019 09:43

fozzie


You are right the CEO taken up all his rights and each time they have raised money at a low price he has taken part.

The CEO will do very well here with any options and shareholding and still will keep his job running the company.

The CEO gone right down the pool in my estimations.

[debsdowner] 18/9/2019 09:40

OWENSKI

Spot on with a low percentage of agreements so far I would suggest shareholders hang on another bid may come along. They are well short of 75% for a compulsory buy out.

[fozzie] 18/9/2019 09:30

Very rarely are any boards long term goals aligned with shareholders. They make decisions to feather their own nest, this is another example today. All those who waxed lyrical following Mello presentations the last two years have probably made a small profit but not at all what was expected.

[yump] 18/9/2019 09:27

Well anyone who held in 2015 is not going to find it an ‘attractive valuation’.

This has clearly been planned and agreed behind the scenes by the bod. Presumably they have earlier cheap shares as well as those at 6.65p So they’ll trouser a nice profit.

Scum don’t just drive around in cars with blacked out windows crossing county lines

[aishah] 18/9/2019 09:25

Significant shareholders as of today:

[owenski] 18/9/2019 09:18

Looks like theft to me under a different name.

No doubt the board do well out if it - keep their jobs?

As an investment with recovery potential just kicking in, I would've thought it worth a lot more than 17m.

[debsdowner] 18/9/2019 09:12

If its got good potential then its undervalued why has the board not tried to negotiate a buyout from a larger company?

[aishah] 18/9/2019 09:00

"This recommended cash offer provides APC Shareholders with the opportunity to exit their investment in full at an attractive valuation. We believe that APC has good potential and strong management but that, given the Company's size and future capital requirements, it would fare better as a private company with a more cost-effective corporate structure."

Doubt if another bidder emerges.

[terry236] 18/9/2019 08:52

Saw the RNS headline and thought we might see a mid teens offer, unfortunately not! This bid (which IMO shouldn't have been accepted by the board) only values the business on a 2019 forecast P/E of c.12
With improving profits, reduced debts and a larger market share I personally feel 10p is significantly undervaluing the business. My hope is for another bid to come in, can the likes of Solid State afford it (probably need to do a placing to do so)? Or will an International business see enhanced value? Lets cross our fingers for a rival bid.

That being said, if it goes through...it goes through, we are all in profit so cant knock that in the mouth - Just feel there was more on the table to be had.