Cheers scobak. Glad to hear you have made a little.
Not got much to say about Anite now. The BOD put the company up for sale & passed it off as a takeover - very underhand !
That is something which the shareholders should have been informed about & a vote taken at the AGM.
In theory it could threaten the court sanction next week if the truth comes out.
Going to be looking carefully at whether the markets are going into a Bear Phase. I learnt about bubbles when the technology bubble burst around 2000 so was prepared for the property bubble bursting & got out a good year in advance.
GLA |
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. |
The consensus seems to be the offer price is too low. I presume we're all voting against? |
Found some info:
"When a takeover bid or scheme is announced, things can move quickly. The price offered may increase, or the period for accepting the takeover bid may be extended.
The share price can be a good indicator of whether the market thinks the bid or scheme will succeed. Generally, when the bid or scheme is first announced, the price of shares in the company rises to around the level of the offer price. If the market expects a better offer to emerge, share prices can sometimes be higher than the offer price. On the other hand, if the market thinks the offer is unlikely to succeed, the share price may be less than the offer price".
I think the BOD realise that the institutions will accept a low offer without 'rocking the boat'. On the other hand it could be worth 'kicking up a stink' in order to impress the boss. |
Interesting that GS are buying in the market and then presumably selling to Keysight at the offer price. Not being that familiar with the takeover rules would it be possible for other Institutions to buy in the market and then sell to GS?. If so I can not see why they would do that given that daily trading appears to be either slightly above or close to the offer price.
I still hold here, taking the IC advice for now of 'sit tight', like others I expected a better price (last broker recommendation I have was around 140).
Scheme of arrangement is at the end of the month, many of the Institutions still hold substantial percentages, or indeed have bought after the offer.
I assume that shareholders are allowed to vote for or against the scheme of arrangement when it comes before the courts, what happens if it is rejected? does the takeover fail? or is there an option for Keysight to come back with an improved offer. |
Goldman Sachs represent Keysight, no idea about Fortress. |
Fortress Investment are still buying- are they anything to do with Keysights bid? |
The main difference between a scheme of arrangement (SOA) & a bid is that the former is done through the target company's directors.
There is an interesting article which mentions that the SOA bid price can be up to 40% less than the traditional method of takeover.
I am wondering whether that fact alone would be sufficient to scupper the court hearing outcome in favour of the bid being rejected. Remember that the BOD have no interest in the shareholders (in practice) & are pushing this deal though 'on the cheap' for their old chums at Agilent.
I think the Anite BOD are aiming to save 40% by extracting the company from it's shareholders using this method. That is what the figures reflect. It is also the reason why the timing was so despicable coming as it did before the formal announcement of the 2015 figures. |
 Zak Mir is a very skilled TA analyst & I have read a couple of his books which are quite outstanding.
The fact is that there is nothing for the shareholders to gain by agreeing to this takeover. Looking at the price channel calculation which is a standard tool in TA the shareholders are going to loose by the time the takeover completes.
Even though IC states that the P/E ratio of 20 is acceptable, one has to ask ' what has happened to the 20% to 30% premium' which is normal practice to add to a valuation.
The only parties who will gain from the takeover are (a) Keysight. They are basically desperate to get a foothold in Anites market. (b) The BOD. Here we have individuals who will be pleased to part with the shareholders. In 2013 the CEO took £6.5 mill as a remuneration package. That is a substantial percentage of Anites profit for someone who is a 'glorified accountant' (he was the CFO some years ago). Their new paymaster will remove the need for AGM's & the voting system.
It looks as if the private shareholders are probably in a 'check mate' position as the institutions would rather take their short term profits & run. If they could see a little further than their noses, they would do the sensible thing & either reject the offer or ask for a substantial increase in the bid price of 126p !!! |
Zak Mir provided a nice TA analysis shortly before the offer by Keysight showing a price target of 130p.
Zak Mir is a very precise analyst in TA & proves the 126p bid offer to be a discounted offer.
I think there is a case here for the institutions to request an increase in the bid price. |
16/07/2015
Another contract win for Anite
GrameenPhone selects Anite for end-to-end wireless voice quality and broadband data collection and analytics
Makes the 126p bid for Anite look like a down payment !!! |
Just a thought if a company was interested in Anite would it not be more advantageous coming in at the 11th hr. Rather than showing their hand and alerting competitors with the news media attention a rival bid would attract?
"Always look on the bright side of life"
GLA |
My attention is now turning to where should I invest next SEPU, LRD, CAR are all on my shortlist of technology stocks. Anyone else have any opinions obviously always DYOR. Oh and as an extremely high risk but possible high reward also looking at an increase in my stake of AVO which sounds like the product it is producing may disrupt the market. GLA and would like to hear about other people's stock picks. Sorry it is off subject to Anite but not much to say that has not already been said on that subject. |
Thank you pico for all your efforts; much appreciated. |
I note that 2 companies have had offers of takeover this morning, which the respective BODs have recommended. The offers each had a significant premium to their share price, at 46% in the first case and 49% in the second. These are not my calculations, and I have not investigated in any way, but the top line numbers again emphasise how low the derisory offer made for Anite is. |
Thanks for your efforts pico. We can only hope. |
jadeticl3
You hit the nail on the head regarding more publicity being needed. I am presently contacting other competitors as to the possibility of them making a counter offer. It is pretty obvious that the professional firms that Anite are using are just sitting on their hands waiting for their commission to be finally paid. It is not in their interest to contact competitors.
All a waste of time I know, but I have plenty of time to waste............LOL |
I find Hargreaves and Lansdowne hard to beat |
Good points jade but lets hope there is an offer soon as pico said time is running out.I was hoping to see a slight increase in share price this morning in line with the Greece news and perhaps...?
Just had my Saga ISA sharedealing account taken over by Equiniti from Barclays. Signed in for the first time this morning and it doesn't look to good. The Barclays site was much better.
Anyone on this board recommend ISA sharedealing site.
Apologies going off subject but I have to get the ball rolling soon to get on with my investments. Any advice I would be most grateful for.
Thanks ...butmac |
Perhaps the BOD, who clearly want a sale at any price, circulated all companies rumoured to "have any interest in buying AIE" to ask them to make an offer. Then only Keystone Cops came up with anything at the auction, and, as the reserve price was the existing share price, their offer was accepted!
It is a very low offer, but if you are very keen to sell you accept low offers. If you are not keen to sell you send someone who makes an unsolicited, low offer packing with a flea in his ear.
I was confident of a higher offer, but am beginning to have doubts. Pity this is not getting more publicity. |
The voting date is 30/07/2015.
Share dealings cease on the Court Sanction date in early August.
This coming week is probably the last practical week for a counter offer.
Cannot see the Institutions voting against the offer although in theory they should voice their concern at the lack of a premium having been paid by Keysight.
Having just viewed the iii forum, there does seem to be a lot of disgruntled individual shareholders complaining about the lack of a premium in the bid price offered. |
whats the last day another bid approach can be made? |
We missed the news that the Anite emulator has found it's way into another testing laboratory in Spain.
Looked last night at the incredibly low P/E that Keysight is managing to buy Anite at. The term Daylight Robbery comes to mind !!!
Next thought is, how on earth are competitors allowing the deal to proceed without putting in a counter bid so far. Have they not heard of the term 'bargain bin'. They should try having a look in it instead of only buying 'designer labels' selling at humongous prices.
Having looked at Anites takeover documents I noted a 23 pager relating to the Long Term Inventive Plan (options) which of course only relate to employees like the CEO & his sidekick.
Why is it I asked myself that so much time can be spent on this one document, & yet when it comes to justifying the acceptance of a bid of 126p from Keysight, no document justifying the bid exists ???.
Surely the CEO & the Chairman should put together a document of equal length (say 25 pages) with references to Industry Finance Accountancy Ratios & suchlike to actually justify the bid in mathematical accountancy terms. We all know that no premium has been paid by Keysight for Anite but surely the time has come for the Companies Act to require justification of a bid's acceptance along these lines.
More simply put - if a BOD believe a bid to be a good deal, they should have to prove it. IMHO none of the BOD are qualified to comment on whether a bid is sufficient in monetary terms except the finance men on the BOD. We know that they (the finance men) have no true allegiance to the shareholders, only towards their own interests. That is why the Companies Act should introduce a document that would prove whether a bid is competitive or not. |
Gambling on a competitive bid being made? |
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