||EPS - Basic
||Market Cap (m)
Dealogic Share Discussion Threads
Showing 26 to 50 of 50 messages
|Not sure if anyone holds these delisted shares now but Dealogic has been approached for acquisition by Diamond Topco Limited for $12 per share.
Bingo for me!|
|Yes. Contact Mr McIntyre Assistant Company Secretary.
Alternatively, contact the brokers holding your shares. I have transferred my shares to a new SIPP provider able to hold unquoted shares. It has been a long and very painful exercise but I am almost there now!
If you plan to come to the AGM - I might ask the Company to give us a tour of the London office to improve our understanding of the business. I am not expecting a big turnout from private investors.|
|Boros, you have a copy of the 11 fy results?|
|2012 looks promising. EPS should accelerate strongly on the back of the repurchase of shares in the Tender Offer last November.|
|Anyone planning to to the AGM on May14th?
The 2011 results were better than I was expecting given the harsh economic environment in H2. EPS up 6%, an increase in the dividend and a small increase in the annual share valuation.|
|Boros, unfortunately I'm not going to be there....|
|I think in the short-term earnings will be under some pressure because the volatility in financial markets will have reduced transaction flow. Nonetheless the continued growth in SE Asia is very impressive and the fundamentals of the business are sound.
The repurchase of 25% of the share capital will have a positive impact on EPS. as the funding costs are relatively low.
I am writing to the Board to seek clairification on the points of concern I raised above.
As you suggest there will be no further opportunity to add to our holdings or buyback shares sold through the tender offer at a later stage. This means accepting a possible pull back in the share price when the shares are revalued next March (based on current market conditions DL. would probably be trading at sub £3.00 if still listed)in anticipation of securing a higher valuation in the future.
Accepting the tender offer means exiting on a p/e of around 10. Having just exited autonomy on a p/e of 32x earnings I feel justified in believing DL. instrinsic value is a tad higher.
As my DL. holding is large I will have to balance this view with my liquidity concerns.
Do you plan to go to the General Meeting on 26th Oct. It would be good to keep in touch with other private investors planning to remain on board.|
|I think I'm prepared to keep them, there would have to be an earnings catastrophe or significant dilution with no investment for me to consider this to have been a poor investment.
If only it were possible to acquire more shares.....|
|The tender offer has been launched. Full documentation is available at
I am rather disappointed the Company has not explained the valuation methodology in a little more detail, how it proposes to finance the Employee Benefit Trust going forward and the impact on earnings per share of including the shares held by the EBT shares in the denominator (as a quoted company these shares could be ignored when calculating EPS so long as the trustees waived any entltlements to dividends).
I had intended to hold the shares but liquidity considerations and a lack of transparency may yet persuade me to sell.|
|I also retain a significant holding. I am beginning to wonder if Dealogic will go ahead with the planned tender offer given the turmoil in financial markets.|
|I still have some. I'm waiting for some news from the company about the buy-out that should be announced by end of September.|
|anyone still holding these off market?
I do , would be useful to share any company info going forwards....|
|Thanks Boros - much appreciated....|
Thank you for your elaborate and comprehensible report.
I'm convinced Dealogic will prove to be a attractive investment going forward, but in view of some other opportunities in de market, I think I'm going to sell out in September.|
|A good meeting full of lawyers, investment bankers and employee shareholders. I was the lone external investor present!
Rick McHattie, CFO, was very open and answered many of my questions.
My reading of the situation is that the founder investors are in no rush to exit at the current share price and this explains why they chose not to place some of their shares with institutional investors to resolve the problem of the small free float and associated liquidity issues.
The good news is that the Company plans to offer those remaining as shareholders a bi-annual opportunity to buy or sell shares through a broker on a matched bargain basis at a valuation to be determined by an independent valuer. More details will be available when the Company launches the tender offer before the end of September 2011.
Also, the Company is currently evaluating how much equity it can afford to buy-back under the tender. Some third party investors will have to sell because they cannot hold unquoted company shares. Also, some employee shareholders will want to sell shares to realise gains under various share option plans. I estimate we could be looking at a buyback of between 10% to 15% of the equity, possibly higher.
This is good news for those remaining as shareholders as the cost of financing the loan the Company needs to pay for the share buyback will be relatively cheap. Earnings per share will rise significantly, all other things being equal. In the short term I imagine dividends will be constrained until the loan is repaid. Given Dealogic's remarkable cash generative qualities I do not belive it will take too long.
The main worry for private investors is whether the matched bargain dealing arrangements will offer very much in the way of liquidity. Rick said the Employee Share Trust may be able to able to pick up some of the slack if sellers out number buyers. This is double edged for investors, as the main way the Trust will get its money is from the Company itself (e.g. using shareholders cash!). I need to check whether the trustees will be able to waive their entitlement to dividends and capital, so that the shares they hold can be excluded from the calculation of EPS.
The Company has approximately 5.2m unexercised share options in the money, with just over half of these already exerciseable. I imagine this number will come down dramatically as employees seek to cash out in tender offer.
In a people based business like Dealogic it is inevitable that share incentives will be a feature of total employee cost. Our only safeguard as external investors is that the significant founder and executive shareholders will not want to see excessive dilution going forward.
My experience of employee share ownership is that it creates an irresistible force which eventually results in an exit. I reckon we will see a trade sale or listing on NASDAQ in a few years time at a valuation significantly higher than the £3.30 being offered in the tender.
Having met some of the executive team I am happy to remain on board as I believe they have integrity and will not seek to unfairly "exploit" their power.|
|I am glad to say the Company has now clarified the situation regarding Crest. An early cancelation would have created problems for those holding the shares through a Nominee and who either wished to sell through the proposed Share Buyback facility or continue to remain as shareholders. See the letter below and today's RNS.
Dear Mr Boros
Thank you for your note below and my apologies for the delay in replying. However, it appeared that your query regarding CREST was urgent and needed a clear response and so I have been discussing with our advisers how best this should be dealt with. We will be making an RNS announcement to this effect, but I can confirm that the Company's shares will remain on CREST after the de-listing and until the Company has completed the tender offer for the shares of those shareholders who do not want, or are not able, to hold shares in an unlisted company. Thereafter the CREST facility will terminate.
We would be very happy to discuss the de-listing with you at the general meeting on Thursday. It will be held at our London offices at Thanet House, 231-232 Strand, which is opposite the Royal Courts of Justice if you are familiar with the area. The tender offer can only be made once we have established the intentions of large shareholders and hence the funding required to execute the buy-back. We will then need to arrange the necessary finance before a circular can be issued. This circular will explain the arrangements regarding share trading going forward and details of any changes to the Articles of Association. We cannot provide further details until then as we will need to inform all shareholders at the same time.
I look forward to meeting you on Thursday.
Chief Financial Officer | Dealogic (Holdings) plc|
At present considering letting my existing holding remain on delisting (pending further info).
Had considered adding more but decided I am comfortable with allowing the existing holding to be in a delisted company.
My concern would be if they keep diluting our holdings with employee options and such like, complaining that they only have 10%-ish free float (outside employees and directors) when they have actually been instrumental in that situation seems a little bizarre to me. Maybe a warning sign?|
|are you going to the general meeting Insipiens?|
|Had this from my SIPP broker
"If you wish to sell your holding before the proposed listing cancellation you must do so before 4.30pm on 18th July 2011. The trade will be placed in accordance with our terms and conditions and subject to the standard Stockbrokers commission rates. To sell these shares please telephone us on 0117 980 9800 or alternatively forward us a written letter of instruction 'FAO Dealing Department'. Please note that if the cash consideration of a sale does not exceed the commission payable then the sale will not be executed.
If you wish to maintain your holding you need take no action. You should note that following the cancellation you may have difficulty selling this investment at a reasonable price and, in some circumstances, it may be impossible to sell it at any price. The Board of Dealogic Holdings has announced that it intends to make a 'Buyback facility' available to shareholders following the delisting. The proposals indicated in the notice to shareholders on the 21st June are that the buyback offer will be at 330 pence per share, a premium to the current share price, although there are no guarantees that this will occur, or on these terms. Further details will be sent to you as and when they are announced.
The Board has additionally stated that it intends to facilitate a dealing arrangement following the delisting to allow investors to attempt to trade the shares. Further details concerning this will be given as and when they are announced."|
Sadly, I can't attend the meeting, but I would be very interested to hear your opinion on the events in the company after the meeting...|
|I had intended to continue to hold my shares in dealogic when it delists. This is becoming a real headache.
I hold half in my low cost SIPP with Barclay Stockbrokers, but I will no longer be able to do so. I now need to establish a full service SIPP with another carrier able to hold unquoted investments.
I am not sure how the mechanics will work to get the shares out of my current SIPP into new one.
I will also need to appoint an IFA to introduce me to the full cost SIPP provider I have already identified - as I am not allowed to rely on my own judgement. More expense for questionable benefit.
Dealogic is a great company with a fantastic business franchise as evidenced by it's high operating margins and high returns on capital employed. I am keen to remain on board as I take Warren Buffet's view that good things happen to good companies. With it's two ageing shareholders and employee shareholders eventually needing an exit, a trade sale or possible NASDAQ listing is a strong possibility.
I will be going to the General Meeting as part of my due diligence before making a final decision.|
|Good points Skanjete.|
|Does anyone know something more about the buy out?
- what is the timing of the buy back?
- will all shareholders have the opportunity to offer their shares (at 3.3£) if they want to?
- when will there be any more news about the buy back? Delisting is at the end of July. Do they plan the buy back before or after the delisting?|
|Company plans to delist from Aim. At face value really bad news but I plan to hold unless the tender offer improves to a least £4. Many employees hold shares so a fair mechanism will need to be put in place to facilitate off market dealing. Also, there is always the prospect of a trade sale, MBO or US listing in a few years time. Good dividends in the meantime.
I plan to go to the general meeting to find out more.|
|quite, have to grab any opportunity given....|