Dx (group) Share Discussion Threads

[fenners66] 17/10/2023 13:23

QS99 - stemis referred to the holdings below ....


"SteMiS
11 Oct '23 - 09:03 - 3585 of 3591

Almost certainly exec (but not the non exec) directors will stay after the takeover (if they want to, anyway) and no doubt be well incentivised under new ownership. Having said that, they own significant shares and options (CEO, Paul Ibbetson, 3.8m shares + 6.4m options. FD, David Mulligan, 4.3m shares + 3.1m options) so equally incentivised to get a good price."

A question would be what happens to the "options" do they vest or could they be lost ?
Assuming they do then £102k and £74k per penny on the price so 5p £510k and £370k so not insubstantial - but what about tax ?
CGT hard to avoid on those numbers in one go , maybe tax could be mitigated by say larger pension contributions or returns spread over time .....

[qs99] 17/10/2023 12:07

How do we hold NEDs/Board to a/c if they try and sell this at undervalue? Will have to wait I suppose for documents and see who on the Board is getting what in terms of remuneration and from whom, who is staying on and what arrangements are in place etc etc....views?

[qs99] 16/10/2023 13:53

Well said Markie, this is to coin a phrase "taking the p*ss"!

NEDs need to sort this offer out, it needs to be way North of 50p with this sort of trading....DYOR

PIs should write to the Board to express their disappointment

[markie7] 16/10/2023 13:00

Just in case you weren't sure that 48.5p was too low, here is an announcement that basically proves it. There is no way the potential here is in the numbers, and then there should be a premium for change of control. HIG are going to absolutely clean up here. I hope the non execs realise what is going on.

[this_is_me] 16/10/2023 08:13

The firm has been on a roll for the last 4 years or so and cherry picking Tuffnells is just going to give it a big push over the next couple of years.

48.5p is less than fair value never mind a reasonable takeout price.

[everton448] 16/10/2023 07:53

Business looks like it's doing pretty well - shame we're selling it for 48.5p a share (maximum)

[swiss paul] 13/10/2023 10:43

Publication of Annual Report and Accounts for the year ended 1 July 2023
and
Notice of Annual General Meeting
DX, a leading provider of delivery solutions, including parcel freight, secure courier, 2-Man and logistics services, announces that the Company's Annual Report and Accounts for the year ended 1 July 2023 ("Report"), together with the Notice of Annual General Meeting ("Notice"), have been published today on the Company's website. The Report and the Notice will be posted today to shareholders who have elected to receive hard copies of these documents.

DX's Annual General Meeting will be held on Thursday, 23 November 2023 at 11.00am at the offices of Addleshaw Goddard, 60 Chiswell Street, London EC1A 7BL.

I wonder if they will have a hybrid one. I will ask the PR people if there is any chance of this.

[stemis] 11/10/2023 09:03

Almost certainly exec (but not the non exec) directors will stay after the takeover (if they want to, anyway) and no doubt be well incentivised under new ownership. Having said that, they own significant shares and options (CEO, Paul Ibbetson, 3.8m shares + 6.4m options. FD, David Mulligan, 4.3m shares + 3.1m options) so equally incentivised to get a good price. However it's a specific circumstance in which the non execs need to step up to the mark and recognise their role in representing the interests of sharholders...

[qs99] 11/10/2023 08:29

If they are required to stay, IMO they will absolutely have a conflict as you say, hence the NEDs need to hold the purchaser to account to get the best value.

The latest TU was great, large net cash the acquirer will use to fund the deal in the first place, so NED and BOard need to push for as higher price as possible.

[fenners66] 10/10/2023 14:08

Will the directors get to stay in post after a takeover ?

If they do would they personally be better served by extracting a few pence on the sale of their shares - I guess they own some - or on being employed by an entity that has held back some cash and therefore is better placed to invest in the company's expansion , creating better profits (less financing cost ?) and paying better returns going forward?

[ls24] 10/10/2023 12:11

48.5P is low but gives something to both parties

[stemis] 10/10/2023 11:16

I guess we'll have to see what 'recommendation' (if any) there is...

[qs99] 10/10/2023 10:31

Indeed, just a shame given recent trading update that the Board don't seem to want to squeeze any more out of this for a recommended bid. 50p+dividend should see most happy

DYOR

[katsy] 10/10/2023 10:27

4.5m trade at 43p probably the reason for the tick up. Easy 12percent gain for a fund.

[solarno lopez] 10/10/2023 09:53

At least its ticking up

[qs99] 10/10/2023 08:29

let's hope the Board do their job and hold out for that 48p + divi. Recommended bid or slightly higher. Chiselling, if accepted by the Board will be very smelly IMO given that trading update as they are buying it on the cheap as it is IMO.....DYOR and let's hope NEDs do their job properly.

[stemis] 09/10/2023 11:48

I can't see why they won't bid. The question is whether they'll use the support of Gatemore and Dunn at 45p to try and chisel the price and whether the board will resist...

[qs99] 09/10/2023 08:58

"Preparing the documentation necessary to implement a firm offer", doesn't sound like a bid isn't going to happen? Views? DYOR

[aishah] 09/10/2023 08:34

"With the support of DX's management and Board, H.I.G. has made substantial progress towards completing its confirmatory due diligence and preparing the documentation necessary to implement a firm offer pursuant to Rule 2.7 of the Code. To facilitate H.I.G. to finalise its due diligence, the Company has requested, and the Panel on Takeovers and Mergers (the "Takeover Panel") has consented to, an extension to the PUSU Deadline."

[stemis] 09/10/2023 08:31

SteMiS 5 Oct '23 - 13:18 - 3570 of 3572 Edit

I wouldn't hold your breath, quite possible that the Monday deadline will be extended

Extended to 6th November

[ls24] 06/10/2023 15:09

Not many opportunities for a business with growth, profit and cash. In a market with little to no competition and a side of the business that is yet to take off

[yasx] 06/10/2023 14:33

If the deadline is extended (and that remains a possibility) then it is not a particularly attractive investment from Monday onwards given that it might be a disproportionate amount of time before a potential offer is advanced at either 45 or 48.5p, with the risk of a similar or greater fall in the event an offer does not emerge at the point of the revised timeline. There is an opportunity cost especially given the plethora of attractive opportunities in the market at the moment.

[stemis] 05/10/2023 13:18

I wouldn't hold your breath, quite possible that the Monday deadline will be extended

[yasx] 05/10/2023 11:11

No offer and still trading at a significant discount to the potential figure that might be offered.

Am slightly surprised this is not closer to 45p prior to Monday, especially in light of the recent results.

[swiss paul] 04/10/2023 12:38

Bdb - Chicken dinner!