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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Charter Intl | CHTR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 968.00 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 968.00 |
| Top Posts |
|---|
Posted at 18/10/2011 14:03 by jacks13 915+ ?Presumably the $/£ rate would have to strengthen and Colfax's share price would need to rise. The Colfax bid is worth 900p as at 14 Oct. |
Posted at 24/9/2011 09:08 by eipgam Copied from the FT and it's fine team of journos....Melrose sounds out Charter's investors By Alistair Gray and Anousha Sakoui Melrose has begun to sound out shareholders in Charter International about scuppering Colfax's recommended £1.5bn ($2.3bn) offer for the FTSE 250 engineering company, with a view to seeking irrevocable acceptances for a possible counterbid. The development comes after Melrose's share price fell sharply in recent days relative to Colfax, which has reduced the value of Melrose's indicative cash and shares bid. Shares in Melrose closed down 5.9p at 275.1p on Friday, valuing its indicative bid at 806p a share. Based on the price of Colfax's New York-listed shares on Friday afternoon, the US company's offer valued Charter at 908p a share. In spite of the gap which has widened significantly in recent days Charter's two biggest shareholders, Aviva and Schroders, are supportive of a formal bid by Melrose even though Charter's board backs the Colfax offer. Together, Aviva and Schroders hold about 17 per cent of the shares, which makes it harder for Colfax to reach the 75 per cent threshold to implement the deal by way of a scheme of arrangement as it intends. Shares in Charter closed down 6½p at 856½p on Friday, a significant discount to Colfax's offer. Chris Murphy, UK equities fund manager at Aviva Investors, said: "The recent market turmoil has not changed our firmly held view that Melrose is the best manager for the Charter assets. "Melrose has a demonstrable track record and is conservatively financed. The Colfax bid materially undervalues Charter against what we believe Melrose will deliver in the medium to long term." Aviva has in recent days become the biggest shareholder in Charter with an 8.7 per cent stake, according to Bloomberg. It also holds 3.5 per cent in Melrose. Chris Miller, executive chairman of Melrose, met one leading shareholder at the end of this week. Further meetings with shareholders are likely. Melrose has nearly completed its due diligence, and is close to finalising financing that will allow it to make a formal offer, one person familiar with the situation said. An offer from Melrose is not expected imminently, however. A person familiar with the situation said the board of Charter could provide informal support for an improved Melrose offer at 5p to 10p less per share than Colfax's offer. A person close to Charter said: "The offer from Colfax is the only offer that is on the table and the board felt that it was attractive and should be recommended to shareholders. At today's values, it is worth 13 per cent more than the Melrose proposal." |
Posted at 13/9/2011 13:48 by andrewhbruce TomI get the feeling that the institutional investors in Charter would prefer Melrose paper - even a merger has been suggested, particularly as they can't hold Colfax shares. So assuming due diligence was OK - it presumably was for Colfax - then we could well be looking at a sweetner from Melrose, in the form of more shares? Still we have the problem of how much is a Melrose share worth? Can't see any more cash. Maybe Colfax have left the door open for a full cash offer?? The Times correspondents certainly don't think the fat lady has started singing yet!! |
Posted at 04/9/2011 08:37 by eipgam Charter attacks its shareholdersCharter chairman Lars Emilson has criticised the company's leading investors for coming out too early in support of the £1.44bn Melrose bid. |
Posted at 13/7/2011 11:19 by praipus Newton Asset Management, active investor/liquidator/I'm tracking the rest of Newtons' holdings here: |
Posted at 30/6/2011 07:56 by jacks13 The thing about this bid is that Melrose specialise in buying underperforming engineers so by their nature are looking to buy cheap. Buying expensive isn't part of their business model. If the buyer were a company with a ceo on an ego trip we could expect a better offer.It will boil down to whether the institutional investors throw in the towel early if Melrose go hostile, selling blocks of shares to them at around 780/800p, or whatever price they think will do the trick, and then Melrose can offer those of us left a similar deal, take it or leave it! Of course, if another bidder arrives on the scene the game changes. |
Posted at 21/2/2010 11:34 by togglebrush Press FT on the AccountsConcludes * FT Comment Unsigned accounts marred what should have been a satisfactory day for Charter's management. In spite of the tumble in sales and profits, compounded by restructuring costs, Charter ended the year with net cash of £51m (£52m). And the company, which for much of the past decade paid no dividends , felt able to edge up its final pay-out from 14p to 14.5p, giving a marginally improved total for the year of 21.5p (21p). A terrible year at Charter's main ESAB business forced wholesale job cuts as operating profits fell from £147m to £64.5m. But even here, Charter is starting to "put a few jobs back on" amid signs of a sustained, albeit weak, recovery. Investors can expect to profit from recovering sales and a steady dividend this year. |
Posted at 11/6/2009 07:41 by bluebelle Well I've sold.1. When news like this comes out the first announcement is seldom the last : there's usually more bad news to follow 2. I don't have confidence in managements which drop this sort of thing on investors without prior warning when trading conditions have clearly been worsening for some time given the severity of the corrective measures they're taking. |
Posted at 29/4/2009 11:24 by gwr I phoned Investor Relations at 12.20pm and they were not aware that their email address was not working. Their John Douglas is due to ring me back this afternoon. They told me that they expect information to be available later today.gwr |
Posted at 29/4/2009 06:57 by stevemarkus Has anyone seen the AGM/IMS statement yet? I cant find it and have contacted the investor relations email address as given on the website (investor-relations@Cheers, Steve. |
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