Chemring Share Discussion Threads

[bravo1] 23/10/2012 08:54

Good Morning all, not nice to see the share price dropping like this - though there are market wide falls this morning, price drop abviously linked to the walk out by CEO , bottom line is Carlyle are looking to buy the companys assests not any of their members of staff. This could be the opportunity to top this morning for those with enough confidence in the offer going through.All IMHO of course.

[graham2405] 23/10/2012 08:44

The mentioned rule, all perfectly normal.....

A listed company must notify a RIS of the following information in respect
of any new director appointed to the board as soon as possible following
9.6.13
the decision to appoint the director and in any event within five business
days of the decision:
(1) details of all directorships held by the director in any other publicly
quoted company at any time in the previous five years, indicating
whether or not he is still a director;
(2) any unspent convictions in relation to indictable offences;
(3) details of any receiverships, compulsory liquidations, creditors
voluntary liquidations, administrations, company voluntary
arrangements or any composition or arrangement with its creditors
generally or any class of its creditors of any company where the
director was an executive director at the time of, or within the 12
months preceding, such events;
(4) details of any compulsory liquidations, administrations or
partnership voluntary arrangements of any partnerships where the
director was a partner at the time of, or within the 12 months
preceding, such events;
(5) details of receiverships of any asset of such person or of a
partnership of which the director was a partner at the time of, or
within the 12 months preceding, such event; and
(6) details of any public criticisms of the director by statutory or
regulatory authorities (including designated professional bodies)
and whether the director has ever been disqualified by a court from
acting as a director of a company or from acting in the management
or conduct of the affairs of any company.

[liam1om] 23/10/2012 08:43

Very bad news, I remember a few months back when Cape got rid of their CEO, within a few months the price had dropped from 400 to 190.

Never a good sign.

If it wasnt for the bid situation here I think CSR would be trading in the 220-200 range, so there is a lot of downside risk.

[aleks_atanasov] 23/10/2012 08:35

erm we need inside info to know it... on the other hand its possible that the P/E guys have recruited the new CEO...

by the way here is something suspicious in the RNS:

"There are no other matters requiring disclosure under Listing Rule 9.6.13. "

hmmmm i dont usually see this in other director changes.

[fangorn2] 23/10/2012 08:33

Indeed, a rather concerning development. Market hates uncertainty,and we have plenty of that here.

[ards] 23/10/2012 08:29

clearly some tension at top

either getting rid of someone who does not want to play ball or blaming someone for failure of approach. Could there possibly be something to do with weakness in business model or accounts in end of month statement.

whatever it is a sacking of a ceo at this stage is not what the market wants to hear particularly since no explanation given.

[aleks_atanasov] 23/10/2012 07:36

i guess it has something to do with the offer... but who knows...

newspapers should find some gossip.

anyway if its bad news for the offer they should have RNSed this morning that the talks are over... or after the market opens. Other than that this dog is doing well. I want my offer on the table and i dont care who the CEO is.

[old tyke] 23/10/2012 07:12

thoughts on this morning's bizarre timing of change of CEO?

[aleks_atanasov] 18/10/2012 08:26

our dog is moving up with the FTSE

[aleks_atanasov] 15/10/2012 09:03

"15 Oct 2012

New York, October 15, 2012 -- Military spending cuts will spur continued consolidation in the defense industry despite the collapse of the proposed merger between BAE Systems plc and European Aeronautic Defense & Space Co. (EADS), Moody's Investors Service says in a new report, "Defense Industry Consolidation Still Likely Despite Failure of BAE-EADS Deal."

"Significant spending cuts in the US and Europe point to the urgent need for defense companies to cut costs and improve operating efficiencies through consolidation and other restructuring actions," says Senior Vice President and author of the report Russell Solomon.

The failed merger between BAE Systems and EADS does not change that reality, Solomon says, though it does illustrate the difficulty of executing cross-border mega-mergers among defense companies. The talks failed because BAE and EADS were unable to reconcile their merger objectives with the demands of their respective governments.

Mergers among second- and third-tier suppliers are more likely, Solomon says, since the barriers in these cases for the most part would be lower. And while margins are currently strong in this part of the market, these firms will see them erode as revenues come under pressure from declining volumes and tighter pricing.

"Smaller companies with specific capabilities will be attractive acquisition targets," Solomon says. "Prime contractors looking to expand their presence in a particular segment will shop for acquisition targets that offer specific capabilities, though competitive bidding could prompt acquirers to pay excessively high EBITDA multiples."

And while prime contractors are the most likely acquirers, spin-offs are also more likely as falling military budgets erode the profitability of individual business units, prompting firms to jettison weak performers and exit businesses that no longer fit their revised long-term business strategies. "

[aleks_atanasov] 12/10/2012 07:32

there is a possibility that those wizards of Carlyle are waiting to see weather or not america will choose Mitt as their dear leader. He promises more military spending .. ships and submarines and he will fire big bird. On the other hand Obamanable promises to give those money to the poor people if they vote for him.

On top of that Obamanable is printing money and falsifying jobs reports.

anyway i am still holding simply becouse i can afford a hit.

[mamcw] 12/10/2012 07:26

For the Panel to grant another extension, the Board of Chemring must believe that the talks with Carlyle are substantive. Also, the Board by now should have squared away Invesco with whatever price is being discussed given that their shareholding size could block any deal. Shame it's taking so long.

[broadwood] 12/10/2012 07:16

Still in the game.

[aleks_atanasov] 12/10/2012 07:04

hmmm... maybe they should make an offer right now and in the pre condition type in : subject to the Mittiest winning the election.

[the stinger] 11/10/2012 22:19

Will find out 2moro 7am (more than likely) if its another extension or carlyle walk away, agree tho',,its been very quiet on the news/rumour front. If another extension is announced this changes things for me and would be a positive sign,,if so i may buy a few as a deal will probably occur at £4-£4.50 ish in that event.

[aleks_atanasov] 11/10/2012 20:23

erm i have a doctrine the the share price cannot predict the future ... specially in this situations.

we have some info - ... so according to a paper story the word is that Invesco have been asked to support a 900 mil 460p offer ... end they said urgently yes!

Now I don't usually believe paper stories but... this may have some truth to it since Invesco are the largest shareholder and generally speaking during that time they should have been approached.

[ards] 11/10/2012 20:14

well well what to do
offer expires tomorrow at 5pm
if withdrawn expect 280
if offer made expect 400
offers a bit of excitement after a very dull trading month with robots firmly in control
this is a clear binary bet that only william hill oould come up with
what surprises me is that there seems to be complete info lock down
usually someone knows something and insider trades are the usual in the this corrupt market
I think the fact that it is going to the wire suggests a neg rather than a positive so would not load up too much

[aleks_atanasov] 11/10/2012 19:03

some PE deals do require funding.. i dont know in this case. i was expressing a general opinion.

[the stinger] 11/10/2012 17:02

aleks, carlyle have the money?..and lots of it..

[aleks_atanasov] 11/10/2012 10:26

yes that is right an offeror cant make a firm offer without having secured the money first. and further to your point, banks generally require 90% acceptance so that full control over the potential target can be achieved. Which means no hostile offer.

[aleks_atanasov] 11/10/2012 06:35

the stinger - DD can take from weeks to several months. it wont be the first T/O that has taken 2-3 months and it wont be the last one.

like for example VOD first reveled its intension to bid for CW. on Feb 13th, the offer came in on Apr 23rd thats circa two and a half months later.

however i think this extension should be shorter than the last one (4weeks).