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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Ashoka India Equity Investment Trust Plc | AIE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -2.00 | -0.68% | 293.00 | 16:35:18 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 297.00 | 292.00 | 298.00 | 293.00 | 295.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
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Posted at 02/2/2020 04:48 by rambutan2 A couple of relevant points taken from the above:1) The Company may seek to address any significant discount to NAV at which its Ordinary Shares may be trading by purchasing its own Ordinary Shares in the market on an ad hoc basis. Investors should note that the repurchase of Ordinary Shares is entirely at the discretion of the Board and no expectation or reliance should be placed on such discretion being exercised. 2) The Company has a redemption facility through which Shareholders are entitled to request the redemption of all or part of their holding of Ordinary Shares on an annual basis. The next Redemption Point for the Ordinary Shares will be 30 September 2020. The Directors have absolute discretion to operate the annual redemption facility on any given Redemption Point and to accept or decline in whole or part any Redemption Request. (see pg32) 3) The Investment Manager has agreed not to receive a fixed management fee from the Company in respect of its services provided under the Investment Management Agreement. 4) The Investment Manager is entitled to receive a performance fee subject to meeting the relevant performance criteria. The performance fee is designed to reward investment outperformance by the Investment Manager, through delivering excess returns versus the benchmark index to the Company’s shareholders over the medium-term. (30% of outperformance of MSCI India IMI Index (in Sterling) over 3yrs. Capped at 12% of nav. Paid in shares, not cash.) See pg46 |
Posted at 04/8/2015 05:59 by picobird Test & Measurement is a complex sector. I agree that the Anite directors wanted to get out while the going was good. They told us about three years ago that the competition was quickly catching up.In order to survive against the likes of R & Schwarz ( 10 times as many employees ), perhaps you either get bigger quickly or get trampled underfoot. Anite could have held out for 200p with Keysight but private investors are powerless. The business is easily understood by techies but the ordinary Joe struggles with the jargon. The remuneration packages for the CEO/CFO was basically an embarrassment & could not be justified. The shareholders got kicked in the unmentionables, but in six months time after the Bear market kicks in we may be grateful for a bit of liquidity. It could be that there was no counter bid because the competition already has the technical know how . It might also be worth bearing in mind that Anite paid a small fortune for their Propsim Emulator. Nowadays, we are dealing with China & I see no reason (knowing their morals) as to why they would not clone the hardware & software of the device & probably the IP scripts that go with it. "Last year, fed up with a torrent of bootleg cellphones that was costing the company a billion dollars a year, Samsung hired investigators to trace the phones back, through multiple supply channels, to their manufacturers. The results of that investigation, along with analysis done by independent researchers, uncovered some of the technical strategies undertaken by reverse-engineering operations. The cloners start by deciding what phones would be most profitable to clone. They then learn everything they can about the device. They attend trade shows, furiously snapping photos of not-yet-released products until someone notices and shoos them away. They will be first in line to buy the new product whenever it hits stores. And they will look for shortcuts, such as a patent filed in China that can act as the beginning of an actual production guide. The cloners hire a team of between 20 and 40 engineers to begin decoding the circuit boards. At the same time, coders start to develop an operating system for the phone with a similar feature set. (The typical cloner either uses off-the-shelf code, writes something entirely new, or modifies a publicly available Linux-based system.) Both processes take about a month. By then, ancillary items-plastic casings, accessories, manuals and packaging-are ready as well. Full production begins at another factory, one that is already building phones, within about eight weeks from the time the engineers are hired. After a run of about 30,000 units, the cloners move the operation to a new facility in order to avoid detection. Samsung was impressed by the efficiency of the cloners, so much so that the company offered them jobs. The cloners said no. Earning about $1.25 per phone, the cloners said, they found it easier and more profitable to make fakes. The only known result of the investigation? Samsung now takes care to release products in China shortly after they come out in Korea. Its only defense is to give cloners a smaller window of opportunity." |
Posted at 25/7/2015 17:02 by scobak Investors Chronicle of 24/7/15 page 56, takeovers, has changed its stance from 'sit tight' to 'Accept'The writing is on the wall for the closure of this sorry saga. Picobird. Thank you for your knowledge and insights. If it means anything at all to you I have been in and out 3 times over the last year and a bit, and with your unwitting assistance have made money each time. I currently hold 8,000 shares each with a breakeven of 86 pence so will again come up smelling of roses. I am so sorry for those with personal involvement who with all the other shareholders really deserved better. My feelings go to Irene and Pico. I don't see the vote going against or another offer at this late stage so this finds me awaiting the finale. |
Posted at 04/7/2015 08:22 by picobird IreneIn the Kraft / Cadbury takeover it was found in the report that followed............ 'In the wider public policy context, we express our concern that the takeover of Cadbury by Kraft was ultimately decided by institutional investors motivated by short-term profits rather than those investors who had the company’s long-term interests at heart'. So again, the institutions like the BOD always put their own interests before those of the shareholder majority which in effect makes a nonsense of putting shareholders interests first & foremost. |
Posted at 01/7/2015 16:02 by muscletrade Anite does have an investor Relations section on their web site where you can send a message to them. I have done so and would urge others to do the same. They could care less about a private investor of course and we need one of the institutions to stand up and make a fuss (fat chance), but at least I have said my piece...."I would like to congratulate the company for the excellent results published this morning.The results however only highlight that the Board have been premature in agreeing to a bid of 126p from keysight that is well short of the true value of OUR company. I would like to voice my serious concern in the way this bid approach has been handled as from my perspective it seems a long way short of being in the best interest of all shareholders, in fact there are many that are arguing that it is primarily in the best interest of senior management of the company. This is a shame and I hope that a proper and respectable rival bid will emerge in due course. Needless to say I will not be voting in favour of the current bid". |
Posted at 30/6/2015 16:43 by picobird I appreciate that the individual investor has been replaced by the institutional investor.Sometimes they 'higher the bar' when they believe LTIP's are too easily achievable, as indeed they did once with Anite. I also appreciate that they normally ask superficial questions relating to the short term prospects of a company at these meetings. It would be refreshing if they asked some pertinent questions as to valuations but I rather fancy that they will end the meeting patting each other on the back & probably take the afternoon off in order to enjoy the Wimbledon sunshine. Our only hope remains in another bidder entering the fracas & there is plenty of time left for that. |
Posted at 30/6/2015 13:33 by picobird Notice that Goldman Sachs are the institution buying on behalf of Keysight.Hopefully tomorrow there will be some pertinent questions at the analyst meeting from the institututional investors regarding the Anite share (sp) valuation. They will be in possession of the figures & also have the opportunity to ask why the bid price (sp) accepted by Anite is so low. I would imagine that if the results are as good as we have been led to believe then the institutions would expect a significant increase in the bid offer. Around the 200p area. |
Posted at 20/6/2015 20:31 by jadeticl3 mbmiah, what "could well happen? The Directors are replaced at the AGM? Can you see this happening? I could if Private Investors could sway the issue, but so far I have not heard much from institutional investors. |
Posted at 19/6/2015 16:18 by picobird Irene - you mentioned options a day or so ago.Looking at the documents that all the directors have signed, Chris Humphrey has 1.9 mill shares (as we already knew) & also 8.4 mill options (you will understand that better than me - options are something that I know little about) Richard Amos has a shareholding plus 3.7 mill options. Are they keeping that 30 mill plus cash to pay for these options (???) In which case the cash is going to be an expense & should be excluded from a company valuation (???) Is that how it works ??? Is there any possibility of a conflict of interest here ? I find it remarkable that Chris Humphrey actually included the Balance Sheet cash of 30 mill plus to arrive at a premium of 20% ! Any accountant acting in good faith (in my opinion) would take the cash off the balance sheet & off the offer sum & arrive at about a 10% premium ! - (114p) Why is everyone describing the deal as a low offer except the directors, it is an extremely low offer !!! Any qualified accountant like CH would IMHO say the same !!! Looking at case law, I notice Anite had problems back in 2002 .............. In September 2002, the finance director of Anite plc, a UK IT software and services company, resigned in the face of strong criticism from investors who were angry at the company’s remuneration policy and acquisition strategy. Theindividualconcern Bonusesforthechiefex Thecompanyhadapolicy The acquisitions were made with an open-ended purchase price. The final purchase price depended on the performance of the purchased assets, with an ‘earn-out̵ All the purchases were paid for with new Anite shares. TheAnitesharepricefe Thedilutioninearning Thefinancedirector,w Although the finance director was not removed from office by a vote of the shareholders at an annual general meeting, the threat that shareholders would exercise this right was sufficient in this case to achieve the desired result. Seems to me that the shareholders would be sensible to remove any directors at the AGM on 01/07/2015 if they consider them not to be acting in their interests. The CEO for example. Big Buy at close of trade 1.5 mill After reading up a bit on options am I right in concluding that the CEO & the Group Accountant stand to make many millions by recommending this offer ? So are they working their own interests first before the interests of the shareholders, in which case something needs to be done at the AGM about the situation. Add to that the Keysight rewards for the BOD cooperation & we have a pretty nasty situation in existence. If this is the case (???) perhaps we need another 2002 conclusion vote them off the board at the AGM. |
Posted at 17/6/2015 12:00 by muscletrade A number of brokers have made comment this morning and for those of you that have not seen them here they are in brief, courtesy of FT Alphaville (thanks chaps).Northland An offer for Anite has been a matter of ‘when’ rather than ‘if’ for some time given Anite’s strength in the global Device & Infrastructure Testing and Network Testing markets. The question is whether the level of the Keysight approach (a 22% premium to yesterday’s close and 5% to our price target) represents a knock out offer. As previously argued, Anite serves a large, international and growing market that has considerable barriers to entry. Management has successfully diversified into adjacent markets through a number of bolt-on acquisitions and simplified the investment case following last year’s Travel disposal. That said, although the medium term demand drivers are positive, short term spending patterns in the sector can be lumpy (typically impacted by consolidation) and Anite would benefit from being part of a larger organisation. Today’s offer will definitely focus others’ interest. Fincap As predominantly a hardware sale, Anite’s handset business has remained lumpy and it has struggled to find scale in a massive global market competing against German and Japanese rivals. Furthermore, the growth of the Chinese mobile industry has brought additional challenges with handset and component manufacturers tending to use shared government testing centres rather than setting up their own. Overall, it is sad to see a UK mobile industry leader lost to US rivals; however, with these current headwinds we feel Anite is unlikely to return to the position it enjoyed in 2013, when as a high growth ‘darling of the market’ the shares traded between 140p and 160p, and we agree with the board’s acceptance of the offer. Liberum The fact that the premium is only 20% could suggest that near term numbers could be slightly light. We believe Anite will have talked to other potential acquirers before recommending the offer and therefore believe a counter offer is unlikely. Panmure. The recommended acquisition values Anite on a 22.3x PE, 10x EBITDA. While these are not especially exciting, we think (with memories of Coda plc) that investors will take the offer only to regret it afterwards, but, a bird in the hand, etc. That said, we think that this will go down to the wire as investors look to sniff out a competitive bid. Anite suffers from a lumpy revenue stream, the ongoing uncertainty in the NEMs and the operators and while there are new tech opportunities – here we are thinking specifically of 5G – its impact is outside of our forecast period. 5G is likely to be 2018 before we see evidence of it hitting our forecasts. Anite, uncommon with software companies, is not easily able to pivot into an annuity revenue-based business. A lesson for us all perhaps. We move to Hold. For what it is worth(which is probably not a lot) I think the offer is a bit thin and am holding out for now. Good luck |
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