Advancedadvt Share Discussion Threads

[x54v] 07/11/2022 15:02

The share price seems to have found a base around the 70p mark. Perhaps there has been some institutional buying in the background.

[stemis] 31/10/2022 16:03

Quite a significant vote against the NFC proposal. Even without Advt/Murria voting against, there wouldn't have been a majority (let alone 75%) in favour.

[x54v] 31/10/2022 12:24

“Lapse of the Next 15 Offer

As a result of votes cast at the Court Meeting, the M&C Saatchi Directors note that the Next 15 Offer has not satisfied the conditions as outlined in the Scheme Document and as such, the Next 15 Offer has now lapsed. As both the Next 15 Offer and ADV Offer have lapsed, M&C Saatchi is no longer in an offer period for the purposes of the Takeover Code.”

[x54v] 30/10/2022 09:37

“On that basis I can't see Advt/Murria remaining a passive shareholder, so I expect them to move quickly to try to shake up the SAA board.”

Agreed. Will be interesting to see what happens next.

“ADV's position, as a significant shareholder in M&C Saatchi, remains focused on unlocking all potential value creation opportunities for its shareholders.

ADV believes changes are still required in order to unlock and accelerate the realisation of the wider potential of the M&C Saatchi business and people.”

[x54v] 30/10/2022 09:31

Just noticed this from last week:

“Sources believe M&C may not have heard Murria's last. Perhaps MacLennan may yet regret drubbing Murria's offer by using an image of a boxer with 'Low Price' and 'High Risk' emblazoned on his outsized gloves.

Could she still land a knockout punch?”

[stemis] 29/10/2022 11:56

SAA shareholder meeting on Monday when it is expected that NFC's offer will fail (they need 75% and Advt/Murria have a blocking 22.3%).

By voting against Advt would effectively be turning down 183p for their shares (at current NFC share price of 875p) compared to SAA's current price of 137p. In fact accepting NFC's offer, assuming (admittedly it's a big assuming) Advt could sell the shares they receive for 875p, would add 4p a share to Advt's NAV/share, taking it to 93p.

On that basis I can't see Advt/Murria remaining a passive shareholder, so I expect them to move quickly to try to shake up the SAA board.

[x54v] 25/10/2022 10:26

ADVT is in an enviable position here, with over £100m in cash ready to deploy as markets fall and valuations reduce.

In fact the further markets fall, the better a position the company is in with the ability to pick up companies much cheaper than it could several months ago.

"We believe that our strong cash position, the current economic downturn combined with our disciplined and patient approach, will put us in a prime position to execute on our strategy."



A decent safety net too with a cash balance greater than the market cap and the knowledge that Vin Murria committed £17.5 million of her own money here at 100p on IPO.

Indeed a move back up to the IPO price from the current 70p mid would be 43%. And Vin Murria will be looking for a multiple return from her buy in price.

Whilst the attempt to buy SAA wasn't successful, Vin Murria has a long history of success and her last two listed companies returned shareholders 10x.

[skyship] 19/10/2022 14:20

So, at Jun'22 CASH of 78.2p + other (SAA) of 13.1p. Total 91.3p NAV.

Just noting here as a reminder...

[x54v] 19/10/2022 12:56

“Analysts at Peel Hunt said in a communication on 3 October that Murria and Advanced AdvT, which collectively own 22% of M&C Saatchi, are still key to Next 15’s offer. They argued that without the support of Advanced AdvT, which has previously stated it will reject the offer, Next 15’s chances of succeeding are low, as it needs 75% of shareholders to vote in favour of a takeover.”

[stemis] 19/10/2022 12:33

Anyone know the timetable now for the NFC bid for SAA? As far as I know Advt haven't said whether they plan to block it or not...

[jans3] 04/10/2022 09:57

Good. It's actually a far better time now to be on the hunt for decent acquisitions than last year so I view this very positively. Also note that Ruffer have added which also gives me confidence. Have added more.

[stemis] 03/10/2022 07:37

Advt offer lapses, continues to see acquitions

[cousin jack] 28/9/2022 14:38

Let's hope there is a Plan B. The current markets carnage must surely create opportunities. It would be good to hear something about the outlook from the company after 30th September - we've been in the dark a long time.

[colinroberts] 21/9/2022 16:21

Fair comment, but it also has to be said that those investors shouldn't have bought this for a short term gain. It should only have been seen as a long term investment. I bought early at a high price (bit cheesed off about that now), but I'm still confident of a long term gain.

[cousin jack] 21/9/2022 15:21

"VM's expertise all for free".

It may be free but it's cost a lot for investors over the last few months !

[stemis] 18/9/2022 19:41

Much as I might welcome a simple windup and return of cash, I suspect it's unlikely. It would be quite an admission of failure by Ms Murria and I don't get the feeling she's that sort of person. Let's hope she has something up her sleeve to get this motoring. At the moment, cash shells are somewhat out of favor (see LDG, VLE)

[x54v] 15/9/2022 13:26

More cash in the bank than the entire market cap.

Great value at the current level with 12 million shares in SAA plus VM's expertise all for free.

[stemis] 15/9/2022 12:05

Apart from Vin herself, there has been a relatively trivial acceptance of Advt's offer so, unless there is a late rush, it looks like the offer is going to fail.

Based on net assets of £121.4m at 31-8-22, after a reduction in value of SAA shares of £5m, compared to a net asset value at 31-12-21 of £129.3m, I estimate that they have spent £2.9m (2.2p a share). Not great but could be worse...

It will be interesting to see where they go from here, both with the cash and with the shares in SAA...

[colinroberts] 15/9/2022 10:13

So officially 91.1.... I wish I has some more spare cash.

[colinroberts] 13/9/2022 16:23

Yes, I wish I'd delayed my early purchases until now - for the reasons you give it's currently something of a no-brainer. Have to balance against it the chance that they won't get SAA, so will have to continue looking elsewhere for an acquisition, with all the research and other costs that will involve, not to mention the further delay for investors to get a return. Then again, they could already have something lined up as an alternative, hence the acceleration statement. If I wasn't in, I'd be getting in now for sure.

[jans3] 13/9/2022 14:07

also if the bid did go ahead would the SAA price rise and therefore also increase the value of ADVT's holding of SAA shares by 5-6 million which would further increase the fair value price of ADVT?

[jans3] 13/9/2022 14:00

Can anyone tell me what I'm missing and/or why I shouldnt being buying more of these?

12 million SAA shares at £1.54 = £18.5 million
Cash over £100 million

= £118.5 million


Current Market cap £92.57 million (according to HL website)

Difference = £26 million

118.5/ 133.2million shares in issue = approx. 89p share

[x54v] 09/9/2022 11:49

Agreed.

3 weeks today should bring some sort of resolution.



The price continues to drift further under net cash. Vin Murria can't be too happy with her £17.5 million in here at 100p.