Abrdn Property Income Share Discussion Threads

[felix99] 10/2/2012 20:33

Let's hope poor old Nelson doesn't get bombarded with phone calls from boiler houses. Anyone want to ring him for a chat :-)

[cockneyrebel] 10/2/2012 17:25

All getting interesting.

CR

[brinks_matt] 10/2/2012 17:20

Got it:

For immediate release

9 February 2012

Steel Partners Holdings L.P. ("Steel") refers to the letter sent to the Board of API Group plc ("API") on 8 February 2012. API have issued an announcement responding to the letter, which states that API "takes the views of all its shareholders extremely seriously and will give due consideration to the proposal from Steel and keep shareholders informed of any significant developments."

Steel wishes to clarify that it is not currently looking for a purchaser of its shares in API, but reserves the right to respond to any approaches made for its shares in API.

Contact: Steel Partners Holdings GP Inc. Jack L. Howard, President 001 212 520-2300


© 2012 PR Newswire

[brinks_matt] 10/2/2012 17:17

Does anybody have API's response to the initial Steel Partners letter, as referenced above?

Thanks in advance

[brinks_matt] 10/2/2012 17:15

apologies for double reading
BM

[brinks_matt] 10/2/2012 17:14

Business Wire News from Business Wire Wynnefield Capital, Inc. Sends Letter to API Group Supporting Steel Partners Holdings' Call to Commence Sale Process Wynnefield Capital, Inc. Sends Letter to API Group Supporting Steel Partners Holdings' Call to Commence Sale Process
Wynnefield Capital, Inc. announced today that it sent a letter to the Board of Directors of API Group Plc, in support of the Steel Partners Holdings February 8, 2012 letter regarding the exploration of a sale of the Company in order to fully realize the value of API Group. Wynnefield Capital, Inc. announced today that it sent a letter to the Board of Directors of API Group Plc, in support of the Steel Partners Holdings, February 8, 2012 letter regarding the exploration of a sale of the Company in order to fully realize the value of API Group. Wynnefield Capital is the second largest stockholder of API Group. Wynnefield Capital is the second largest stockholder of API Group.

The full text of the letter follows: The full text of the letter follows:

February 10, 2012 February 10, 2012
 Â
Mr. Andrew Turner Mr. Andrew Turner
API Group Plc API Group Plc
Second Avenue Second Avenue
Poynton Industrial Estate Poynton Industrial Estate
Cheshire, SK12 1ND Cheshire, SK12 1ND
United Kingdom United Kingdom
 Â
FOR DISTRIBUTION TO THE BOARD OF DIRECTORS FOR DISTRIBUTION TO THE BOARD OF DIRECTORS
 Â
Dear Andrew, Dear Andrew,
 Â
Wynnefield Capital, Inc. noted with interest the letter you received from Steel Partners, dated February 8, 2012, and your response. Wynnefield Capital, Inc., noted with interest the letter you received from Steel Partners, dated February 8, 2012, and your response. We agree with Steel's assessment that "the market price of API does not reflect intrinsic value and this value will only be realized through a sale of the Company." We agree with Steel's assessment that "the market price does not reflect API of intrinsic value and this value will only be realized through a sale of the Company."
 Â
Given the extraordinary progress that you and your management team have made in stabilizing and growing API's businesses, we believe this is an appropriate time to determine if there exists a buyer for the Company willing to purchase it for a price that represents the Company's true value. Given the extraordinary progress that you and your management team have made in stabilizing and growing API's businesses, we believe this is an Appropriate time to deter mine if there exists a buyer for the Company willing to purchase it for a price that represents the Company's true value.
 Â
If you would like to discuss this further, I can be reached at 212-760-0134. If you would like to discuss this further, I can be reached at 212-760-0134.
 Â
Sincerely, Sincerely,
 Â
Nelson Obus Nelson Obus
Wynnefield Capital, Inc. Wynnefield Capital, Inc.
 Â

[cockneyrebel] 10/2/2012 16:27

I only have the headline, no full story.

CR

[cockneyrebel] 10/2/2012 16:26

*DJ Wynnefield Cap, Inc. Sends Letter To API Group Supporting Steel Partners Holdings' Call To Commence Sale Process

[philjeans] 09/2/2012 15:00

The board can say what they like - Steel has effectively put this " in play" now.

[cockneyrebel] 09/2/2012 14:35

de ja vu all over again :-)

CR

[saud2237] 09/2/2012 14:32

Steel Partners Holdings L.P. Sends Letter to API Group Urging it to Commence a Sale Process



NEW YORK, Feb. 8, 2012 /PRNewswire/ -- Steel Partners Holdings L.P. (Pink Sheets: SPNHU) ("SPH") announced today that it sent a letter to API Group plc (LSE: API.L) expressing its belief that the market price of API Group does not reflect its intrinsic value and that this value will only be realized through a sale of the company. SPH is the largest stockholder of API Group.

The full text of the letter follows:

Dear Andrew:

It has been a pleasure speaking with you over the last few months regarding API Group plc ("API" or the "Company"). You and your management team have done a wonderful job returning API to solid profitability and growth.

As you know we had some very preliminary discussions about the Company and Steel Partners Holdings L.P. ("SPH") and I wanted to state clearly that it is not our current intention to continue those discussions.

We continue to believe that the market price of API does not reflect its intrinsic value and that this value will only be realized through a sale of the Company. We feel there is no time like the present to commence an auction that will lead to a sale of the Company to the highest bidder. We therefore suggest that the board of directors direct the investment bank engaged by API to conduct a sale process.

We look forward to your prompt reply.

[cockneyrebel] 09/2/2012 14:26

Moving up again now too.

CR

[cockneyrebel] 09/2/2012 14:26

Someone is taking this volume, the mm's aren't taking it - looks liketwo way trades at 41p so some's getting filled imo.

CR

[cockneyrebel] 09/2/2012 13:38

don't think I'd have sold on that RNS and didn't - someone picked up 250k for a reason today imo.

A tradinmg update soon I suspect.

imo/dyor.

CR

[philjeans] 09/2/2012 12:01

The chart suggests 50p in short order and 80p later on; of course a trade sale will be what another business or investor is prepared to pay at the end of the day.

I'll be holding tightly for a while.

[felix99] 09/2/2012 11:55

seems lots of stock available at 42.9p

[ukinvestor220] 09/2/2012 11:18

the real value is in the foils business imo

[cockneyrebel] 09/2/2012 10:43

All very interesting - 63p would be disappointing tho imo.

Should be an RNS from the co re this imo.


CR

[philjeans] 09/2/2012 10:41

From the half-year report 8/12/11;

OUTLOOK
With raw material prices softening, the Foils businesses are expected to make
further progress on margin recovery. On the other hand, a broad exposure to
consumer spending in the US and Europe means that demand could be affected by
macro-economic uncertainty and the prospect of slowing economic growth,
especially in the Eurozone.
The prospects for Laminates and Holographics are less tied to the general
economy. Whilst a key project affecting both units is coming to a close, order
books are holding up well and the pipeline of new business is encouraging.
API Laminates is busy gearing up for its new major supply contract. The project
remains on schedule for the start-up of supplies from April 2012 and, as
previously announced, is expected to deliver additional revenues of GBP15-20m per
annum.
In spite of the higher capital expenditure to support the Laminates project, it
is anticipated that the Group's overall level of debt will continue to reduce
through the second half.
Notwithstanding more extreme macro-economic scenarios, the Board remains
confident that full year results will meet expectations and that the Group is
well placed for further profitable growth over the medium term.

[philjeans] 09/2/2012 10:28

sounds about right Henry; but offers are usually well over intrinsic value.

;-)

[henryatkin] 09/2/2012 10:01

So where's intrinsic value? 63p by my metrics = Mcap of 10x this years forecast profit.

[foxman14] 09/2/2012 09:58

I was holding this share in early 2005 when Illinois Tool Works were in "preliminary offer discussions" and the share price shot up to 185p. Maybe they can oblige us again in 2012. I will be prepared to sell my holding for half of that price!

[philjeans] 09/2/2012 09:26

Steels own 32.4% so this is going to get interesting.

[philjeans] 09/2/2012 09:24

Steel Partners Holdings L.P. Sends Letter to API Group Urging it to Commence a Sale Process
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API Group (LSE:API)
Intraday Stock Chart
Today : Thursday 9 February 2012

Steel Partners Holdings L.P. Sends Letter to API Group Urging it to Commence a Sale Process
PR Newswire

NEW YORK, Feb. 8, 2012

NEW YORK, Feb. 8, 2012 /PRNewswire/ -- Steel Partners Holdings L.P. (Pink Sheets: SPNHU) ("SPH") announced today that it sent a letter to API Group plc (LSE: API.L) expressing its belief that the market price of API Group does not reflect its intrinsic value and that this value will only be realized through a sale of the company. SPH is the largest stockholder of API Group.

The full text of the letter follows:

Dear Andrew:

It has been a pleasure speaking with you over the last few months regarding API Group plc ("API" or the "Company"). You and your management team have done a wonderful job returning API to solid profitability and growth.

As you know we had some very preliminary discussions about the Company and Steel Partners Holdings L.P. ("SPH") and I wanted to state clearly that it is not our current intention to continue those discussions.

We continue to believe that the market price of API does not reflect its intrinsic value and that this value will only be realized through a sale of the Company. We feel there is no time like the present to commence an auction that will lead to a sale of the Company to the highest bidder. We therefore suggest that the board of directors direct the investment bank engaged by API to conduct a sale process.

We look forward to your prompt reply.

Respectfully,/s/ Warren Lichtenstein

[philjeans] 09/2/2012 08:39

Should get a few predators sniffing around.

Going much higher as a consequence - by hook or by crook................