Clearstream Share Discussion Threads

[gsg] 26/2/2003 11:15

Does anyone have any clue as to the reason for the continueing fall.

[farsight] 28/12/2002 16:15

Sniff sniff sniffin

[panagos] 28/11/2002 20:39

Tony good thing i sold on 21p

[tony14] 28/11/2002 09:46

Well, what do we have here? The fallout continues after yesterday's statement and now 13p on the offer. Those who thought it could not go lower....


Regards

[duediligence] 15/11/2002 14:13

Was an article in last Sundays Financial Mail - did anyone else see it?

The gist was :- sacked chief exec gets £500k severance - legally binding!; no probs in divisional trading; options on sale of business will be concluded in next few weeks!

regards

dd

[duediligence] 15/10/2002 14:20

Well,well - possible bimbo in the offing - no surprise there.

Does anybody know where the press speculation referred to in the RNS comes from?

tia

regards

dd

[panagos] 09/10/2002 16:49

i think it could go to 18p but not lower IMHO

[duediligence] 09/10/2002 16:44

Slightly bemused by price reaction to news - CTN is getting taken out come what may and one thing is for sure - it won't be at this price.

Oh well - keep sitting tight.

regards

dd

[panagos] 21/9/2002 00:53

time to buy at 21p, does anybody believe it will go any cheaper?

[cyba investa] 16/8/2002 09:46

You bought anything yet pete when you were doing the rounds.
Told you to buy HHO

[petebarnes] 16/8/2002 09:39

Is this in bit talks??

[petebarnes] 16/8/2002 09:39

If so whats the target price

[duediligence] 15/8/2002 17:08

Only if you are prepared to avoid the caveat - don't buy for the bid.

However if you read company RNS',press speculation (which started in December incidentally), bb threads and are patient you may be better able to make an investment decision.

Trite as it it, DYOR.

Good luck.

regards, dd

[petebarnes] 15/8/2002 14:14

is this worth a punt bid spec??

[duediligence] 15/8/2002 14:12

Something in the offing maybe?

Ticked up 11% on slim volume

dd

[duediligence] 29/7/2002 15:35

I must say that I am always heartened when companies feel the need to issue RNS to deny newspaper speculation - it almost invariably means the end game is in sight and often not too far removed from the story in question (ie right price different party or right party different price)

regards dd

[avoint] 28/7/2002 21:56

From Mail on Sunday

A major shareholder at property group Chesterton International (LSE: CTN.L - news) (CTN.L) is believed to have approached the company with a 38p per share takeover offer. However CEO Lord Baldry is beleived to be holding out for 40p.

[duediligence] 11/7/2002 11:22

Unicorn1 - I'm afraid I have to diasgree that it is Reliance that wants out, that to me makes no sense. Whomsoever is intersted in CTN be it Reliance or any of the other "number of interested parties" is only really interested in the FM business. As this forms a huge part of Reliances business why would it be in their interest bearing in mind that they are an existing 16/17% shareholder to sell it on to a competitor. I could well believe they may be a spoiler for other interested parties but as for wanting to forego their interest, I'm sorry I just don't buy it, that is not to say that I necessarily think it is they who are the main contender for CTN.

I agree with your basic tenet of the outcome and it is this that may cause delay in any negotiations - XYZ plc is going to have to purchase the whole business with the agency business pre-sold as an MBO/BIMBO or trade sale.

Likely price? - 6 months ago 35p - now, still there or thereabouts and i agree this won't be too difficult to sell to the existing shareholders.

regards dd

[unicorn1] 10/7/2002 17:33

Due Dilligence,

I saw the article, but I don't agree. I believe that it is Reliance who are pushing for a sale and who want out, but who cannot sell nor place their interst.IMHO the most likley outcome will be a three way split.

FM and Residential division may be sold to WS Atkins, and the Resi side turned straight on. The Commercial division (and major drain on recent profits) will MBO cheaply, and re-group as a private company, as most professionls firms should be. IMO, the result will be an offer at or arround 30p, which you can bet most shareholders will grab.

Heres hoping.

[duediligence] 05/7/2002 00:16

This may explain a few things - taken from citywire.co.ukVersion


Who, if anybody, will come in with a bid for property group Chesterton International? You can rely on Jemma George for an educated guess.


One company in strong position to bid, backed by very good trading and a robust share price, is Reliance Security (RSG) - like Chesterton a big player in the facilities management game.

It was in late May that Chesterton (CTN), on the ropes after revealing a GBP2.9 million trading loss as property markets weakened, said it had received approaches from unnamed third parties that could trigger a bid.

The two companies overlap in more senses than one Reliance already holds a 16.7% strategic stake in Chesterton. But their other interests vary Reliance, as its name suggests, has a security division, while Chesterton is also a residential and commercial estate agent.

Chesterton has had a tough time on the stock market with the shares trading between 15p-36p over the last five years. With two profit warnings in three months from the estate agency side, its bid prospects that have supported a rally in the shares to 24.5p.

The facilities side, Chesterton Workplace Management (CWM), is profitable and continues to trade well. It has a GBP600 million order book and clients such as Cable & Wireless, ICL, the Treasury and St George's Hospital. CWM also has a joint venture with Desenco in Benelux and intends to seek similar opportunities in Europe.

It is the disparity between the two sides that is so frustrating for shareholders and puts the board under pressure to deliver some value.

Something is likely to happen at some point. If the current talks collapse, the shares will almost certainly retreat but that in turn would offer a better opportunity for other predators. The management cannot afford to be too demanding at this stage.

So what about Reliance? Its just released impressive results including an 18% increase in pretax profit to GBP11.5 million for the year to March on sales growth of 28.8% to GBP231.6 million.

Reliances FM side is booming with new contracts over the year totalling GBP22 million and major contracts with the Criminal Justice System and BT Group. The FM/outsourced business process market is thought to be growing at around 15% a year so a combined Reliance/Chesterton FM business would have scale to exploit opportunities here and in Europe.

Aside from strong shares, Reliance has net cash of GBP2 million and facilities for a GBP25-30 million offer, comfortably above Chestertons GBP20 million market value.

On the downside, what would Reliance do if it inherited a non-core estate agency business one that failed to cut the mustard in the boom times and is now facing the prospect of higher interest rates? It could sell it off, but that would take time.

Just to be clear - there are no guarantees that Reliance has approached Chesterton or that it will make a formal offer soon; but its strategy is to grow organically and through acquisitions; so far the 16.7% stake in Chesterton has added nothing and its time to take decisive action.

It is a risky business trying to second guess a takeover but for those willing to take that risk, Chesterton shares offer a reasonable potential return in an otherwise tough market. A bid at 33-37p, with a choice of cash or Reliance shares, should clinch it.


©2002 Citywire

[arapo] 04/7/2002 13:59

Due Diligence,
Thanks for that info...
Lets hope it happens soon!

[duediligence] 04/7/2002 11:02

Spread narrowed substantially - up 6% - thin trade - what gives?

[duediligence] 03/7/2002 15:45

Bid ticks up on no volume - further announcement due?

[moades] 21/6/2002 16:43

does anyone know what an EMM is and what the recent stock exchange announcement is about?

thanks

[duediligence] 05/6/2002 09:01

Does anyone have any views on possible suitors and/or take out price?