Share Name Share Symbol Market Type Share ISIN Share Description
Alfred Mcalpine LSE:MCA London Ordinary Share GB0005645394 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 547.50p 0.00p 0.00p - - - 0 06:30:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials - - - - 560.89

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Date Time Title Posts
13/2/200816:42McAlpine & Carrillion38
24/12/200711:36Alfred McAlpine422
22/11/200712:59McAlpine 2007260
03/1/200720:28McAlpine 200645
22/10/200307:43come and join us at the yMCA!!6

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lms: Many thanks for your help. I have just phoned my stockbroker and they don't seem to know anything about the mix and match being cancelled ? They have explained the mix and match to me, i.e. 1.08 Carillon share in either cash or shares plus £1.654 extra for each MCA share held. However, this is not of any help as they don't know what cash value Carillon have set per share for this offer !*!? ?
ed 123: Looking better now after the early sell-off. CLLN looks good to me. They absorbed MWLM well and it boosted their share price. It's likely that they will do well out of MCA, imho. MCA had reached about 612p in the market before the slate revelation, so to buy it now for 558p looks a good deal to me - although it does involve the issue of CLLN shares at an assumed 363p and there have been the slate costs. About half of the cash element should be covered by the planned sales. Assuming the takeover proceeds, 2008 will be a year of adjustments. 2009 should show what can be achieved. MCA's business services may be expected to grow in line with the outsourcing sector, say 15% p.a. MCA's contracting side will provide additional resources for CLLN's Middle East operations, where they seem to be going flat out. The target for annual savings is big, but based on their MWLM experience, I would give it some credance. I think both sets of shareholders will vote for the deal. MCA will be absorbed and CLLN's shareprice may tread water for a while - some new shareholders selling and some accounting for execution risk. In September 2008 the interims should give news about integration. The March 2009 final announcement should include a firmer statement about progress. 2009, if all goes well, should see eps boost (one-off costs finished, savings and business growth continuing). CLLN, in better market conditions, had reached 430p. With continuing growth in their own business and a contribution from MCA, assumuming that the credit market issues are improved, CLLN's shareprice could reach 500p-ish with the finals announcement in March 2009. This is only my guess, of course, but, to me, a potential 40%-ish rise in 15 months is worth holding on for. We'll see how it goes.
ed 123: From the FT site. "Alfred McAlpine shed 8.5 per cent to 475p after late rumours that Carillion, off 2 per cent to 361¾p, was to drop its interest in buying the construction group. But market professionals reckoned the fall in McAlpine's share price had more to do with a fat-fingered trade. That said, traders believe Carillion may seek to amend the terms of its proposed 585p offer, given share price weakness."
shawzie: I would like to see Carillion walk away from this deal - 585p surely overvalues McAlpine and the fact that the McAlpine share price hovers around 10% below the offer price seems indicative that the market thinks that also. McAlpine should perform better, split into the two companies as proposed by the Board - ALTHOUGH TOTAL SHARE PRICE FOR THE TWO COMPANIES COULD FALL IN THE SHORT TERM.
mikey34: Ed, There is probably a bit of execution risk creeping into things as well, especially on the MCA share price.
ed 123: Banks and miners are taking the FTSE100 down. MCA dropping in parallel with CLLN. Imho, CLLN needs to get its share price back to at least 400p - but that is very difficult in this broader market context. This is not as smooth as I would like.
ed 123: The offer says 25% cash and the balance in Carillion shares. The number of new Carillion shares has not been stated. I imagine CLLN's share price will rise next week, wider market permitting. MCA didn't rise as much as it might have done - suggests for the moment no other bidder on the horizon. Plenty of time left.
ed 123: Well, that's come as a surprise to me! Interesting that Schroders say, "at a value of 570p per share". CLLN may have to issue more shares than planned if they cannot boost their share price. Also, this tells other parties the price being sought. If this doesn't stimulate more interest, then nothing will. Next week could bring further news. :-)
volvo: Troubled McAlpine set for break-up Ben Marlow, Mail on Sunday 8 July 2007, 10:15am Troubled construction giant Alfred McAlpine has launched a review that could lead to a break-up of the £450m company. BREAK-UP TALK: Scandal-hit Alfred McAlpine may be broken up It is understood the firm has instructed adviser JPMorgan Cazenove to look at a range of options to improve returns for shareholders, including the sale of one or more of its four business divisions. City sources say the disposal of the project services, infrastructure services or slate divisions is possible. Management is said to be keen to keep the facilities management business, which accounts for about half of all profits. The review has been prompted by the flagging share price, which despite the strong stock market is lower than a year ago. McAlpine has been hit by a number of problems, including fraud in one of its subsidiaries. In February, the company, which has built about ten per cent of Britain's motorways, including the M6 toll road, delayed publication of its 2006 financial results after the discovery of gaping discrepancies in the accounts of its North Wales slate business, the largest provider of natural slate in the world. The size of the fraud, which dated back several years, caused a massive accounting hole and a £23m hit to its profits for 2006, leaving them at about £19m. This was followed by the dismissal of six executives, the resignation of group finance director Dominic Lavelle and finally a police inquiry. The parent company, with almost 9,000 employees worldwide-was established in the Thirties as an offshoot of the famous company started by Sir Robert McAlpine, though there are no longer any family connections. Alfred McAlpine's major construction projects in recent years include the world's biggest greenhouse, the Eden Project in Cornwall, and one of the oldest museums in the world, the Royal Armouries in Leeds. The company declined to comment on talk of a break-up.
wilbur: New Star, Fidelity and Threadneedle were some of the fund managers to increase their stakes in design-builder Alfred McAlpine in recent months despite an investigation of fraud that knocked £23 million from earnings. A broker upgrade on bid speculation caused a 1.4% uptick in the share price to 486.75p yesterday although the rally has stalled today. Dresdner Kleinwort re-rated McAlpine (MCA) to hold from reduce and raised its target price to 482p from 458p. The broker said bid speculation in the European construction services sector could outweigh more negative fallout from the fraud investigation such as writedowns and lower margins. 'Speculation may be fuelled by Russian oligarch Oleg Deripaska's statement that he may buy more stakes in European construction firms, after his build-up of major positions in Hochtief and Strabag,' the broker wrote. Earlier this month Bridgewell upgraded its advice to overweight from neutral after a meeting with company officials assured the broker that core businesses strength would more than offset a rising tax charge. New Star, including its UK Alpha fund run by Citywire A-rated Tim Steer, increased its stake to more than 5% from 2.9% just before the fraud investigation broke. Fidelity bought in with a 5.56% stake, Threadneedle increased its holding to 3.64% from 2.18%, Standard Life moved to 3.13% from 1.82% and Artemis bought in with 0.925 stake. Schroders had held to its 12% holding while Legal & General edged up a tad to 3.57%. Shares in Alfred McAlpine dipped last month after it reported that systemic fraud over several years at its subsidiary Slate would hurt sales and profit by £22.9 million for calendar year 2006 and £30 million in 2007. McAlpine said it had installed a new management team at Slate after firing its managing director and disciplining its operations director. Other senior managers complicit in the fraud resigned. A new finance director is due to be appointed. The company also said it had closed one quarry and cut 166 workers from its Slate operation. But the investigation found that key financial control procedures in the core Alfred McAlpine businesses are 'robust and appropriate,' the company said.
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