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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Equals Group Plc | EQLS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 134.50 | 08:00:05 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 134.50 | 134.25 | 134.75 | 134.50 | 134.50 |
| Industry Sector |
|---|
| SUPPORT SERVICES |
| Top Posts |
|---|
Posted at 12/12/2024 09:22 by masurenguy Another perspective !Not all cash bids are created equal Why is Equals Group selling at a low-ball price to Lord Hammond of Runnymede’s crew? Alakazam! Apparently that bit of hocus-pocus means “an instantaneous transformation or appearance that occurs by or as if by magic”. Or so says the Collins Dictionary. So, it looks a right misnomer for the bid vehicle, starring the former chancellor Lord Hammond of Runnymede, that has just unveiled a £283m agreed cash bid for the Aim-listed Equals Group. Far from appearing by magic, it’s the result of a tortuous 14 extensions to the “put up or shut up” (PUSU) bid deadline — even if the saga was started, in November last year, by a different crew to Hammond’s lot. Worse, at 140p per share, including a 5p special dividend, the price is pathetic, even allowing for the illiquid Aim market. The Equals board, chaired by Alan Hughes, is selling out on the cheap: a 37% premium to Equals’ closing share price as long ago as October 31, 2023. Anyone would think Equals was having a rocky time. In fact, since switching its focus to business-to-business transactions, revenues have leapt from £29m in 2021 to £96 million in 2023 and adjusted ebitda is up from £1.1 million to £21m. In the first 11 months of this year, revenue jumped 38% to almost £120m. Canaccord Genuity and Lazard, found the terms “fair and reasonable”, despite Canaccord analysts having had a 176p share price target for Equals in September of last year. Some investors are backing the deal, too, while Equals shares rose 12% to 134½p. Two co-founders, Stephen Heath and Ashley Levett — the Monaco-based investor embroiled in 1996’s Sumitomo copper farrago — have pledged their 14.2% stake. Schroders fund manager Andy Brough, with around 10%, said: “It’s an early Christmas present for Equals shareholders.” Far more on the money, though, is James Thorne of Columbia Threadneedle, with almost 12%. He called the offer “absolutely ridiculous”, saying Equals had built a “strategic asset” worth “twice the price”. He said that, due to Takeover Panel failures in allowing 13 months of PUSU extensions, Equals shares had been allowed to atrophy. The board is “selling this business with no premium whatsoever. He “intends to vote against” the deal. Complete article: |
Posted at 12/12/2024 07:59 by redartbmud amt is right.The Institutional investors would have no doubt have had their say on an acceptable takeout number. Maybe the 5p dividend was the clincher? It might be low ball, but they are just playing a numbers game and will move on to the next investment. That's the way it works. red |
Posted at 20/11/2024 08:56 by ashleyjv I think investors have lost confidence in the deal.The share price in my opinion, is in the ball park of where it should be(If there was never any mention of a deal) |
Posted at 20/11/2024 08:27 by slogsweep Investors voting with their feet don't blame them. I would if i could but too deep in now. |
Posted at 19/11/2024 10:31 by carcosa The latest "put up or shut up" (PUSU) deadline was unusually extended by only 21 days, rather than the typical 28. Coupled with a marginally improved offer of 137p per share and the statement that the bidder has "completed its due diligence and is advancing necessary transaction documentation," this provided sufficient confidence for many financial commentators to assert their belief that the deal is likely to proceed.However, the current PUSU deadline expires tomorrow. It strikes me that aligning a PUSU expiration date precisely with the formal presentation of an offer is neither necessary nor likely. As such, I anticipate either another PUSU extension or confirmation that an offer will not materialise. Given the limited upside—assumin |
Posted at 18/11/2024 12:52 by masurenguy Equals (EQLS)Equals has received a cash offer from a consortium led by private equity firm JC Flowers and Tower Brook Capital. The initial 135p share offer valued the fintech group at £276m. This was sweetened with a £4m special dividend. Equals recently paid a 1p interim dividend from its £28.3m net cash pile. With shares offering a 14.5% upside to the indicative 137p take-out price, “there is an opportunity to make a quick-fire gain”. Buy (125p). Investors’ Chronicle |
Posted at 30/10/2024 08:38 by masurenguy "After being told by various analysts that the 'fair value' of the company is between 165p and 175p over the last couple of years, yes it's disappointing."Just a bit of perspective in relation to analysts views on "fair value" here. When the SR was announced, a year ago on 1st Nov 23, the EQLS shareprice was 110p. If this deal is subsequently concluded at 135p then the premium on that price will be 22.7%. If a special dividend of 2p is added then the premium becomes 24.5%. One of EQLS largest competitors, Wise (who have a slightly different business model), were 670p on that same day and they are are currently 713p. Their shareprice reflects an increase of only 6.4% over the same timescale. Of course as investors we would all have loved a higher acquisition price of circa 170p but it is the market, at any given point in time, that ultimately determines price not 'various analysts'! |
Posted at 30/10/2024 07:34 by boozey Definitely Lammy, and time to take the money and move on after waiting more than a year for this saga to conclude. The extra 2p special dividend implies to me that the Board applied pressure on the consortium to 'reward' patient investors for the time it has taken to conclude this transaction. |
Posted at 06/8/2024 06:43 by carcosa So what will the RNS say tomorrow? Maybe...Option 1: In light of rising geopolitical risks and financial market uncertainty at this time, the consortium does not intend to make a firm offer. - Unlikely, I think Option 2: The consortium is continuing ongoing final due diligence and finalisation of acquisition financing - No change/come back next month Option 3: - The consortium is continuing ongoing final due diligence and finalisation of acquisition financing and Equals would be minded to recommend the 135p offer. - Come back next month (Many investors would sell around 120p? given the risk of not completing the deal) Option 4: - The consortium does not intend to make a firm offer but expressions of interest have been received by XXX company. - Do not pass GO, do not collect $200..." Option 5: Equals management believes it is in the interest of shareholders to continue negotiations and will update investors appropriately - Expect less than 135p or likely no offer. Option 6: The consortium have made an offer at 135p/share which management believes considerably undervalues the company and therefore does not recommend the offer to shareholders. - FFS Option 7: The real RNS |
Posted at 25/7/2024 07:44 by masurenguy Seems to be a lot of focus on this sector at the moment. If an early stage competitor can raise private equity funding then one would think that the Consortium should also have the potential to do the same, especially with a more developed and established operation that is already focused on the B2B sector.Fintech Sokin raises $31m from investors A one-time apprentice accountant has raised $31 million from investors led by the private equity arm of US bank Morgan Stanley and hired a former PayPal executive to help him build his international payments business. Vroon Modgill, founder of London-based fintech Sokin, said he believed it was the first time that a top-tier investment bank had made an investment in such an early stage financial services company. Sokin is profitable and made revenues of $11m last year, said Modgill, 37. It is on track to hit sales of $30m this year. Mark Britto, another former senior PayPal executive is also investing, alongside Aurum Partners, a family investment office. Former England defender and football pundit Rio Ferdinand has been an investor in Sokin since 2021. “With them [Marino and Britto] coming to the table, it will help us get to the next stage,” said Modgill. “I don’t want to be just another fintech player raising money from VCs year-on-year just to show [cash] burn. We have done things differently. It was important for us to get players who understand the business, understand where we want to go and understand payments. Two former heads from PayPal… no one knows it better, the pitfalls they may have seen. Getting them in early has been important.” said Modgill. Sokin has partnered with 25 banks globally to make international payments on its system without using traditional banking infrastructure, cutting paperwork and cost. “What we have done is unified the best of global banking and bottled it up into a single platform and a single network. That platform reduces the reliance on Swift [the international money transfer information system], correspondent banking, and allows businesses to do 24/7 business banking,” said Modgill. It competes with the likes of Australian firm Airwallex, as well as UK fintech’s Wise and Revolut and has increasingly focused on business customers. Some 5 to 8% of its revenues have come from sports and entertainment clients, including the likes of Fulham and Everton football clubs, said Modgill. The investment round had been many months in the making. The company received five “term sheets” from potential investors in December and concluded the deal with Morgan Stanley Expansion Capital in the second quarter. “With payment companies there is a lot of focus on the due diligence process, especially with a top-tier bank getting involved with the business. It is testament to us, our compliance team, our security, our IT infrastructure, that we got this over the line.” said Modgill. Complete article: |
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