Cng Travel Share Discussion Threads

[robsy2] 05/6/2007 16:23

Now you're talking! I remember getting so worried about this company that I phoned up bernie whatsit in NY about 18 months ago and said , "at this price ( 25p) you should buy it back." He said he didn't have any money, citing divorce settlement.The point is it could still be cheap at 25p.I think we could see some upside from here on but I won't be buying any more.

[katylied] 05/6/2007 09:12

Be nice if a counter offer won the day... and promptly
sacked all the CTV/Tzell management. Dream on...

[the drewster] 05/6/2007 09:09

Sell it to us for bucket loads of money, then run it down "ecause it doesn't have the same feeling" and then buy it back for a fraction and bank millions in the meantime.

Unbelievable that this is actually allowed to happen without someone being called to account.

When it is back in private hands, you just watch the reigns come off and the profits start rolling in.

Not sure on your own investment strategies, but clearly worth making a note of all the directors involved and paying careful attention to the boards of companies you decide to invest in and trust in future years.

[katylied] 05/6/2007 09:05

May 31, 2007, Travel Agent

A bid made by Tzell Travel Group's shareholders to buy back Tzell Travel from CNG Travel Group is expected to be approved this month. The $18 million buyout bid is pending acceptance from at least 80 percent of shareholders at CNG, which is based in Ireland. In a recent sit-down with Travel Agent, Barry Liben, president and CEO of Tzell Travel, said he was a leading force behind the buyout offer. "We're all very excited about it," he said, adding that he and his management team sold Tzell in 2003 because it made good economic sense at the time. "But [running the company as a non-owner] didn't have the same feeling for me. We want to bring it home." After taking the company private again, Liben said he plans to continue growing Tzell Travel Group, which is the fourth-largest travel agency in the U.S. Tzell currently has offices throughout Manhattan and branch locations in 10 states, including the recently acquired California-based travel entertainment company, All-Star Travel Group...

Interesting that CTV have yet to even mention that 'All-Star' transaction. It seems that nothing about Tzell is ever passed on to CTV shareholders (the smaller ones, anyway) save the final summary trading numbers...

[tifosigb] 04/6/2007 16:22

LOL - it must have been the excitment that got me also.

Time to get excited again....

30.52 divided by 1.47715 (BBC Euro Exchange Rate) equals 20.66pence per share. So someone is willing to pay this much per share. Gives us a new baseline.

[lingy] 04/6/2007 16:04

nevermind you had me excited for a bit.

[tifosigb] 04/6/2007 16:03

Duhhhhhh! Sorry guys. :-)

[the drewster] 04/6/2007 15:20

30.52 cents (it was done in Euros)

[tifosigb] 04/6/2007 15:14

Hopefully someone else can help, today's announcement shows that 60,500 shares were sold on Friday at a price of 30.52p, so does that is mean that this could potentially be a price one of the potentials is willing to pay?



Date of dealing

01 June 2007



Dealing in (name of company)
CNG Travel Group Plc



1. Class of securities (eg ordinary shares)
Shares



2.
Amount bought (Ordinary shares) Amount sold (Ordinary shares) Price per unit (EUR)
60,500 0.3052





3. Resultant total of the same class owned or controlled (and percentage of
class)
801,700 Ordinary Shares (1.36%)



4. Party making disclosure
Goldman Sachs International



5. EITHER (a) Name of purchaser / vendor (Note 1)
Goldman Sachs International

OR (b) if dealing for discretionary client(s), name of fund management
organisation



6. Reason for disclosure (Note 2)

(a) associate of
(i) offeror (Note 3) NO
(ii) offeree company NO


Specify which category or categories of associate (1-8 overleaf) 2

If category (8), explain

(b) Rule 8.3 (ie disclosure because of ownership or control of 1% or more of
the class of relevant securities dealt in) YES



Signed, for and on behalf of the party named in (4) above



(Also print name of signatory)
Peter Highton



Telephone and Extension number
0207-774-1935

[the drewster] 04/6/2007 10:35

I believe that we will be taken out somewhere between 18 and 24 pence, which according to Dolman, still represents something of a Bargain to the new owners on a number of metrics. I have arranged my positions such that if we do get to the higher end figure, I actually escape unscathed, which would be a minor miracle given the position as it looked a month ago. If we get the lower figure, then at least the losses will only represent a small mortgage.

[katylied] 02/6/2007 11:44

Note that it is the 'Irish' takeover-panel
that seems to apply here....

[lingy] 02/6/2007 10:59

just recieved my voting slip in the post to accept 14.5p ,i think not !

[katylied] 01/6/2007 12:13

wow... Evo gets 17p/share while private punters
don't seem to have done better than 15.5p.
And Evo still have a few more to get shot of.
As nomad, they have been remarkably
quiet for the last 2 years compared
to their earlier ramper period...

[katylied] 01/6/2007 07:49

About what?



Like (tifosigb - 31 May'07 - 15:35 - 1191 of 1198), I wonder
if 'Finbarr Power' has his finger in any of this. CNG was
once his 'baby'. Could he be looking to get...

(a) The last laugh, (b) redemption, or (c) revenge?

Seems somehow out of character that he might
have completely walked away...



A reminder there of the Fexco deal. There was
a performance issue, of an additional ~$1m
being paid to CNG over 3 years. No doubt
the newboys will be asking about that
when they get to see the books...

[nilip] 31/5/2007 23:48

Lets see whose right :-))

[nilip] 31/5/2007 16:59

BABBO,

Put it this way, this is now a very low risk punt, ie. there is very little to lose, where as, if we get a bidding war behind the scenes, which could easily be the case, then there could be a tidy profit to be made here.

Nothing massive, probably a few hundred quid to be made if you can play it right, with limited downside.

[lingy] 31/5/2007 16:39

at least the management buyout will have to up its offer or lose out ,glad they didn`t get it at this low level.

[babbo] 31/5/2007 16:32

Hello chaps, Im new to this.
Do you reckon its worth taking a punt?
Your honest opinion would be appreciated.

[tifosigb] 31/5/2007 15:35

I expect Finbarr is one of the "Potential Offerors", it wouldn't supprise me. Hopefully it'll drive the share price up a few more pence. I wonder how much has been indicatively offered ? Find out soon hopefully.

[robsy2] 31/5/2007 15:30

Good stuff , the publicity surrounding this is good news, if there were bidders potentially interested 18 months ago at 40p ish (from memory) there should be a lot of interest at this level.

[katylied] 31/5/2007 11:58

Well... the bid has gone above the MBO offer. While everything
remains up in the air still, I would imagine that at this sort
of price, someone will counterbid for Tzell, even if it is
only to get hold of the Tzell client base...

[nilip] 31/5/2007 11:58

"At least 16.5p"

Still too cheap IMHO.

Personally, I reckon we're going to see opposing bidders take us into the 20's.

[nilip] 31/5/2007 11:48

31 May 2007


CNG Travel Group plc



CNG Travel Group plc ("CNG" or "the Company")


On 22 May 2007 the Independent Directors of CNG and the board of directors of
Corporate Travel Holdings, Inc. ('CTH') announced the terms of a recommended
cash offer for the entire issued and to be issued share capital of CNG by CTH of
14.5 pence per CNG Share.

Since the announcement of the proposed acquisition by CTH, the Independent
Directors have received indicative proposals from two parties (the "Potential
Offerors") regarding possible offers for CNG. Each of the proposals is at an
indicative price which would trigger the undertaking by CTH shareholders to
accept a competing offer of at least 16.5 pence per CNG Share, or increase the
price payable pursuant to their offer to a level above the competing offer. The
proposals are very preliminary in nature and subject to, inter alia, due
diligence.

Having reviewed the indicative proposals, the Independent Directors determined
that, subject to agreeing appropriate confidentiality arrangements, they will
provide these parties with access to due diligence and to senior management.

This statement is being made by the Company without prior agreement with the
Potential Offerors and there can be no certainty whether any offer will be made,
nor as to the terms on which any offer might be made. Consequently, the
Independent Directors continue to recommend the offer by CTH.

The holder of 1% or more of any relevant securities in the Company may have
disclosure obligations under Rule 8.3 of the Irish Takeover Panel Act, 1997,
Takeover Rules 2001 to 2006, as applied.

A further announcement will be made in due course.


Ends.