Amey Share Discussion Threads

[loafofbread] 16/4/2003 09:00

I agree with the above in that 32p does have a low feel about it. As you say lets hope someone else comes knocking. My holdings from the low 20s so I,m happy for once. As I mentioned yesterday re the trades with the average trade going from last weeks 3-5000 to 30-50000 plus I,m pleased to see that insider trading is alive and well.Any ideas on other value stocks?

[rebel] 16/4/2003 08:59

Campbed, the only reason the offer has been made, Scottish Widows, gave there
shares to Sterling, thats how they got to the 32%

[campbed] 16/4/2003 08:48

The Sterling & Meditor acceptances are not wholly unconditional per extract from announcement copied below. Only Director's trivial holdings are subject of unconditional acceptances. Market thinks there is chance of higher bid. I'd await developments.

The undertakings in respect of the institutional shareholdings will lapse in the event that a competing offer of 34.5 pence or more per Amey Share is announced prior to 3.00 p.m. on the tenth day following the posting of the Offer Document.

Scottish Widows must feel shafted having only sold out on Monday.

[rebel] 16/4/2003 08:43

jim digriz, 32.6% aren't city institutions, its sterling and meditor.

[jim digriz] 16/4/2003 08:26

32p??? This is infuriatingly low. Now that we have had a good "kitchen sink" dumping of the companies problems and some good accounts, I was hoping that over the next 1-2 years the companies problems would be forgot and the company would return to something closer to its underlying value (at least £1 a share).

It is depressing 32.6% of the company has already gone in irrevocable undertakings. These city institutions have NO PATIENCE. If they could hang on a year or two they could have a 5-10 bagger, but no, let's take a quick 25%.... AAAAGGGH.

Sigh.

Reject this bid! 100p, please! Better still, let AMY trade its way out of this.

[stable] 16/4/2003 07:25

It is dissapointing that Amey has been valued at 32p, will there be any better buyer lurking, I think not.

[iamtheapeman] 15/4/2003 10:11

Pintofmilk mabey?

[loafofbread] 15/4/2003 10:04

Somebody else joining the game?

[loafofbread] 15/4/2003 09:31

Yesterdays large 5,834,104 trade ties in nicely with Scottish Windows remaining 2.36% stake. Looks like there out and Sterling is up to 22%. Question is weather they will continue to get lucky and pick up 'cheap' holdings or will these dry up and leave them no alternative but to use the market. The slow/soft approach has given them a good foot in the door but with any luck it might get slammed shut. Also notice very strong retail buying yesterday and more this am.
Not much coverage of these goings on so the strong buying looks even more interesting.

[protec] 14/4/2003 16:06

Can anyone explain why iii has 15.39 million shares traded yet advfn has 12mill ahs sterling been buying again.

[protec] 11/4/2003 09:47

Just learned that the sale of vectra has fallen through, but another party is now interested was not told the reason why more to unfold next week.

[stable] 10/4/2003 11:01

No progress so far, but Shares magazine rates Amey a buy today.

[blackie6x] 09/4/2003 20:28

Concur with the above, although I'm not sure that a rights issue is out of the question. What I find encouraging is that Sterling are still building on their substancial holding.

Unsure what to read into this for short or medium term strategy and price movement, but many have given the stock away far too cheaply IMHO to Sterling.

Naturally I would like to see the price increase, but I don't see any significant movement until Sterling tip their hand or the finance is secured for the tube lines.

Amey have come through a difficult phase, but the house is not yet in order and the future remains unclear. As a result I would expect price movement to be sporadic (up and down), but hopefully with more positive jumps as the waters of uncertainty begin to clear.

Regards.

[protec] 09/4/2003 16:44

Good informative post steve thanks.

[miamisteve] 09/4/2003 11:24

With the future finances secured, the shares are a significantly safer investment now than when Sterling were buying at around the 30p mark.

Debt was calculated at £159 and facilities were extended to £220m, so added the future receipts from Laing and PFI bidding costs etc., The 60m tubelines funds will be found.

a strong scenario now is that the company turns itself round, added the tubelines earnings, next results should see profit of 40m upwards (current market cap. is around £55 million). expect a share price in the £1.00 region by then.

Bids talks still seem preliminary. Amey is a complex company to account, although the board are supportive of these discussions. We could see a bid for the whole company materialise at around the 60p - 70p mark during the summer after the June tubelines deadline.

Alternatively the various parts of the company could be auctioned off. Again this would seem more likely after tubelines and assurances on Croydon tramlink.

i am currently nursing a 20% loss on this stock and have averaged down at 20.7p. While I had never expected the company to go bust, I was concerned over the possibility of a rights issue ( this will now not happen). I have no greater knowledge than the next investor on what will develop. from here I have a 6 month outlook on this stock and expect a tripling of current value.

pumpkins - Tettamanti is a swiss investor, now 71 and based in the UK. He controls Sterling investments and is now ameys largest shareholder. He has made a name for himself as a gordon gecko style corporate raider, building up stakes in under valued companies and forcing break ups. He is worth between 600m-1bn swiss francs. Previously Sterling were a major shareholder in Jarvis, Ameys partner in tubelines.

[pumpkins] 09/4/2003 08:12

Who is TITO TETTAMENTI ?

[rebel] 08/4/2003 11:28

miamisteve, what do you think is happening?

[miamisteve] 08/4/2003 11:18

You'll already know it now, but Scottish widow sold and sterling bought the lot.

[protec] 07/4/2003 16:42

Anyone know what the last 2 trades are all about down as a sell ?

[protec] 04/4/2003 00:06

IMHO possible RNS very soon regarding the VECTA deal my company has just been informed that we are no longer to invoice the shared centre so I can only conclude that the deal at long long last has been concluded. What effect it will have on the share price i don't know any one care to speculate.

[rebel] 03/4/2003 18:29

protec none,

[l2e] 27/3/2003 07:08

will amey win that un derground contract back?

[miamisteve] 24/3/2003 11:38

Results & statement out tomorrow should dispel some of the uncertainty.

[miamisteve] 18/3/2003 14:11

With the finances in order we should get some indication of break up / takeover at the results in a weeks time. Two apparent buyers are Jarvis for tubelines and McAlpine for Highways. Deals alone which should more than cover the companies outstanding debt.