Ashtead Technology Share Discussion Threads

[whittler100] 19/1/2023 16:41

I agree with Carcosa’s comments above.

A few quick scribbles on AT. placings

On the last two secondary placings. July 22 (10m shares placed @ 200p) & Nov 22 (4.8m placed @260p), on both occasions they were placed at around a 14% discount to the previous day’s closing price. Maybe it’s a sign of appetite for AT. that this placing was successful at only a 6% discount to yesterday’s (18/01/22) close price. The 18/01 RNS said “BP Bidco has indicated an intention to sell at least 11m shares”; it rather seems that the appetite for the share was strong as they actually placed 15m shares rather than the 11m; that’s the largest placing by some distance & interestingly at the lowest discount, 6%. Following this sale, BP Bidco will only hold 7m shares = 9% of co; so, the original pair that owned the AT. prior to flotation will be totally out shortly assuming we see another BP Bidco placing in the next few months post-lock-in period. IMO this is possibly a good thing making the stock easier to trade. Note the CEO placed 425k shares (previous to placing held 2.17m) & the CFO 35k shares (previous to placing held 301k)

Note: the CEO has some easy LTIP awards coming his way over the next couple of years 406k (almost matching his placing and the CFO 257k coming her way (IMO already money in the bank as the targets for the awards are in my view easy). So, both the CEO & CFO retain plenty of skin in the game with some LTIP to be awarded shortly.

So, was today a buying opportunity? In truth, who knows but IMO AT. has a touch of right time /right place about the business.

BP Bidco will almost certainly place again in the next few months once past the lock-in; so if AT. is still trading well, possibly another little buying opportunity.

Remember as Carcosa said above, there is no dilution and the number of shares in AT. is currently unchanged plus we should see improved liquidity.

[carcosa] 19/1/2023 06:12

Last time (Nov 9/22)
CoB Nov 8: 305p
Placing Nov 9 @ 260p (15% discount)
CoB Nov 9: 286p (-6%)

Today the Secondary Placing is at 310p representing a discount of 'only 6%' So not too bad.

[carcosa] 19/1/2023 03:39

No funding is being raised by a secondary placing (and hence no dilution either).

[bigbigdave] 18/1/2023 19:28

I'm with whittler100 and view AT. as a long term investment in an exciting field. Short term blip with this placing to fund future growth

[pyemckay] 18/1/2023 16:55

big drop tomorrow. placing 👀

[whittler100] 16/1/2023 09:29

A very encouraging trading update from AT. Today as the company continues to progress within a rather hot space. Also rather encouraging that AT. seems to be fairly under the radar; happy days but quite possibly still in the early stages of a long journey.

[tenapen] 10/1/2023 12:02

Website Updated;

[essentialinvestor] 13/12/2022 20:54

Some recent changes:

[tenapen] 06/12/2022 17:05

It looks like a perfect fit and another local company.

I would like to know what the relationship is now with iXblue since they merged and became the competition!.


ECA Group
& iXblue
Exail was formed as ECA Group and iXblue joined forces in 2022. We are now a leading high-tech industrial champion specializing in cutting-edge robotics, maritime, navigation, aerospace and photonics technologies. Together, we employ a workforce of 1500 people worldwide and achieve an annual turnover of €250 million. With our unique offer ranging from components to complex systems, we support our customers for their critical missions in severe environments.

[bigbigdave] 06/12/2022 07:09

Acquisition of Hiretech, The Group expects the transaction to result in double-digit earnings accretion in FY2023 and generate returns significantly in excess of the Group's cost of capital in the first full year of ownership

[tenapen] 01/12/2022 17:32

Website Updated

[whittler100] 16/11/2022 17:57

RBC today has initiated coverage with a very positive note on AT. Worth a read IMO

[tromso1] 12/11/2022 15:36

Thanks for the explanation whittler100. It's good to see JP Morgan buying 5% of the company here. They'll be hoping for a continued rise in the share price as the story unfolds and further statements of material outperformance by the company.

[pro_s2009] 12/11/2022 00:55

Sold mine out. Been a very good run in the past couple of months.

[x54v] 11/11/2022 16:23

Strong demand for the shares with 2 delayed 10k buys for 300 and 301 from earlier. 301 above the quoted offer at the time.

[x54v] 11/11/2022 10:11

Agreed. JPM likely to be sticky holders as well and in for the long haul, so good that those shares are most likely now tied up.

Onwards and upwards.

[whittler100] 10/11/2022 18:33

Looking at the JPM RNS late this afternoon(17:04 on 10/11/2022); it seems that JP Morgan hoovered up the majority of the APIC placing at the discount price of 260p. That’s a very sound quality list of institutions that have built a holding in AT.

[whittler100] 09/11/2022 16:43

For clarity: The two largest holders in AT. are Blackthorn & API. At IPO they held a fairly massive % of the AT. As often happens after an IPO, some of the original major investing institutions are simply banking a profit. When the pair sold 10m shares back in July 2022, they placed at 200p, today it was 260p. No panic in my mind, just the way big boys work & overall liquidity generally improves as the dominant holders sell some of their holding.

1st placing of 10m shares 05/07/22 @ 200p
2nd placing of 4.8m shares on 09/11/22 @ 260p
Shares in issue remain Const @ 79.6m

[tenapen] 09/11/2022 11:34

I agree with that ..... but that is a long way from your first assumption "dumping"

[mammyoko] 09/11/2022 09:43

Ramped up over the last week so that they could get them away at last week's offer price