Amey Share Discussion Threads

[alisonm] 24/1/2003 00:48

This has been announced today - if you want the whole thing posted let me know and I will cut and paste but it is rather long!!!

EMM DISCLOSURE

FORM 38.5 (SUMMARY)

Lodge with a RIS and the Takeover Panel. Use a separate form for each class of
securities in which dealings have been made.



CONNECTED EXEMPT MARKET- MAKERS:
DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS



Name of EMM Deutsche Bank AG London

[alisonm] 23/1/2003 15:43

Thanks Protec - sorry about the delay in replying quite hard to work and keep an eye on this!

[protec] 23/1/2003 14:37

B4 end of month is what i'm told

[alisonm] 23/1/2003 13:54

Protec - Any idea when!

[protec] 23/1/2003 13:45

My contact tells me Vetra sale likley to be 12-15 million

[miamisteve] 23/1/2003 12:16

Sit tight till the summer and you'll get your 50p back.

With the temporary 'open to all options' nature of the board at present the company appear now supportive to a break up and sale.

The Vectra sale to be announced shortly will realise a book value profit ( no downgrade on the sale in the profits warning at the tale end of last year, unlike the Laing deal ). This along with return of bidding costs should calm the debt concerns.

It's uninspiring stuff when 'tentative takeover' interest is announced and the share price moves up 0.5p. Especially in these times, the city seems wary of uncertainty.

I expect interest in the company to firm from several parties from Traceys, march, financial review and onward.

Tito doesn't take over companies. Assume him to be on your side looking for the best share price possible.

[loafofbread] 23/1/2003 10:22

Do we know what value is being given to the Vectra deal? I had a look through the RNS and couldn't find a figure.
I agree with the point above that as no more bad news has been released since the Dec briefing, maybe that is the sum of it. They are under an obligation to release it so I take the silence as a good sign.
If thats the case my understanding is that total debt is around the £200M mark and MarCap approx £75M. Has anyone seen any figures that give valuations to the different divisions of AMY in the event of a breakup?
Some articles say the company is worth double todays price where as most brokers in the RNS say its a sell even now, but value at 20p.
The value of the underground deal must be substantial, a share of £5Billion over the next few years must be worth the effort. Jarvis? said it will add £14M in profits next year alone. The road division is a massive and profitable division.
Amyway, it looks interesting at this level.

[stable] 23/1/2003 09:50

not a good start this am. Drop this am must be reaction to large sale yesterday

[protec] 23/1/2003 09:28

miamisteve thanks for that info

[protec] 22/1/2003 21:31

miamisteve you seem to have the current situation sussed to me its getting more complicated by the day. I decided to average down to .50 and am going to loose my shirt on this one if anything other than a take over happens with all the speculation what is your view on the eventual outcome.and the effect it will have on the share price
1) Break up of the group
2) hostile takeover (Would any offer require shareholder approval?
3) A N other

[miamisteve] 22/1/2003 21:08

it didn't effect the price. previous large transactions 'sells' have later been disclosed as sterling purchases. If so it represents another 2.2% of the company.

[boots] 22/1/2003 20:15

Anyone got any info on that 5.8 Million sell?

[alisonm] 22/1/2003 13:19

fyi

RNS Number:4662G
Scottish Widows Inv.Partnership Ltd
22 January 2003



FORM 8.1/8.3



Lodge with Company Announcements Office (which will publicise and copy to the
panel). Use separate form for each class of securities in which dealings have
been made.


Date of disclosure:- 22 JANUARY 2003



DISCLOSURE UNDER RULES 8.1(a), 8.1(b) (i) AND 8.3

OF THE CITY CODE ON TAKE - OVERS AND MERGERS



Date of dealing :- 21 JANUARY 2003



Dealing in :- AMEY (name of company)


(1) Class of securities (e.g. ordinary shares) ORD 0.01p

(2) Amount Bought Amount sold Price per unit

8,472 # 0.305



(3) Resultant total of the same class owned or controlled
(and percentage of class) 13,824,898 ( 5.471% )


(4) Party making disclosure SCOTTISH WIDOWS INVESMENT PARTNERSHIP LTD


(5) EITHER (a) Name of purchaser/vendor (Note 1)
..............................................................................

OR (b) If dealing for discretionary client(s), name of fund management organisation


SCOTTISH WIDOWS INVESTMENT PARTNERSHIP LTD


(6) Reason for disclosure (Note 2)

(a) associate of (i) offeror (Note 3) NO
(ii) offeree company YES

Specify which category or categories of associate (1-8 overleaf)........

If category (8), explain....................

(b) Rule 8.3 (i.e. disclosure because of ownership or control of 1% or
more of the class of relevant securities dealt in) YES


Signed, for and on behalf of the party named in (4) above
......................................................................



(Also print name of signatory) GEORGE STEPHEN BRICE



Telephone and extension number 020 - 7718 4253

Note 1. Specify owner, not nominee or vehicle company. If relevant, also
identity controller of owner, e.g. where an owner normally acts on instructions
of a controller.

Note 2. Disclosure might be made for more than one reason; if so, state all
reasons.

Note 3. Specify which offeror if there is more than one.

Note 4. When an arrangement exists with any offeror, with the offeree company or
with an associate of any offeror or of the offeree company in relation to
relevant securities, details of such arrangement must be disclosed, as required
by note 6 on rule 8
................................................................................

For details of disclosure requirements, see Rule 8 of the code. If in doubt,
contact the panel Take - overs and Mergers,

Tel No: 020 7382 9026.

[miamisteve] 22/1/2003 08:21

from tito's track record he doesn't make bids, but uses his stake to exert pressure on the board for break up. Judging by yesterday's 'open to all options' statement + meditor, a break up is inevitable.

tito, once a shareholder in Jarvis, is familiar with the PPP tubelines bidding and it has been suggested that he has held discussions with interested parties regarding that part of the company.

Its possible that he mopped up a large part of the 2m sells yesterday, if so expect another disclosure tomorrow.

[karlm] 22/1/2003 07:44

Another 1% bought by Tito, what are his plans? maybe a bid?

[miamisteve] 22/1/2003 07:35

barclays sell, tito buys. The 750,000 transaction came up at the then bid price of 30p and was treated as a sale.

[alisonm] 22/1/2003 00:30

god knows - you would have thought today's news would have brought the buyers. I notice they have lowered the bid but kept the offer the same therefore assume the have a buy order! imho of course

[protec] 22/1/2003 00:16

Any views on the trading pattern today a lot of selling, speculation as to what they are worth anything fron 50p - 70p. thought the effect of the sale to laing would have seen a much higher gain as TD suggested this has not materialised why? next on the adgenda the sale of vectra due B4 end of month what is it going to take to get this back on track?

[protec] 21/1/2003 16:33

If the total sale of the co is worth .60 what is the value of the break up more than .60 or less and implications to us any thoughts

[davey crokett] 21/1/2003 14:43

From Nothing-Ventured.com:

Analysts think the deal could be the start of the widely sought after
break up of Amey's business.

Bridgewell's Donnelly estimated that Amey has a break-up value of 60
pence, twice its current share price, although he remains "neutral" on the
stock.

"I think it would be difficult to determine at this stage whether someone
would be interested in buying the company as a whole."

Amey confirmed that an unnamed party or parties have expressed "tentative"
interest in the company.

Amey declined to elaborate, stressing that this interest is "very
preliminary in nature."

Tito Tettamanti, the Swiss corporate raider, has been aggressively
increasing its stake in Amey over recent weeks -- from 10 pct in December
to 14.3 pct last week.

European construction companies Vinci, Bouygues SA and Skanska AB were
previously rumoured to be interested in buying Amey.

Meditor Capital Management Ltd, which owns 15 pct of Amey and is believed
to have links with American billionaire George Soros, is understood to be
seeking the break-up of Amey's business.

[alisonm] 21/1/2003 09:10

JOHN LAING PLC

ACQUISITION OF AMEY PORTFOLIO FOR #29.1 MILLION

* Conditional acquisition by John Laing plc ("John Laing") of a portfolio
of infrastructure investments from Amey plc ("Amey") for #29.1 million in
cash, plus assumption of existing equity commitments.

* The portfolio consists of eight infrastructure investments, including
Amey's interest in the M6 and A19 shadow toll roads, accommodation for the
British Transport Police, the MoD and schools projects in
Scotland, together with a limited pipeline of ongoing bidding activity.

* The portfolio does not include Amey's interests in the Croydon Tramlink
project or the London Underground PPP project.

* The acquisition will consolidate John Laing's position as the leading
player in the market for PPP and infrastructure investments in the UK.

* John Laing's investment portfolio will increase to 32 investments of which
23 are operational. The preferred bidder pipeline increases to 6 and
projects at shortlist will increase to 20.



Bill Forrester, Executive Chairman, commented:

"The assets we are acquiring complement our existing portfolio and further
cement our position as the leading UK PFI player. The market for PFI and
infrastructure investment is producing attractive returns for shareholders and,
as a specialist in the sector, we are ideally placed to play a leading role in
its continued development.



The Board is confident that the Amey portfolio will make a positive contribution
to Laing's results in 2003."

[karlm] 21/1/2003 07:39

Good news at last (see todays RNS)

Note also a possible offer has been noted


"The Board of Amey has noted recent press speculation regarding a possible offer
being made for the Company. Although tentative interest in the Company has
been expressed, the Company wishes to emphasise the very preliminary nature of
this interest."

[thedudie] 20/1/2003 21:50

Protec
PFI portfolio to Laing ---- mid Jan .... this is the big one and should be the key to share gain imo..

i would expect another Sterling announcement in the next day or two mopping up todays sells

td