Equals Share Discussion Threads

[qs99] 20/2/2024 16:12

UP 4-5 % ahead of the next deadline....here's hoping a bid materialises! DYOR

[66fingers] 19/2/2024 22:06

Thank you folks for the advice, appreciated.

[cp42kx07] 19/2/2024 10:20

Or use Bypass Firewalls (Chrome / Edge / Firefox).github.com/iamadamdev/bypass-paywalls-chrome/blob/master/README.md

[melton john] 19/2/2024 10:10

Google saves a copy in a cache in the cloud for faster access. You have to switch search engine to google if it isn't your default, then search for that link.

[owenski] 19/2/2024 09:44

If you 'Google' - downing it outlines its wind-up plan - it will go behind the firewall.

[66fingers] 19/2/2024 09:36

I think the articles behind a pay wall.

[ltinvest] 18/2/2024 23:19

From the article There is potential for further M&A activity to boost its coffers, too. For instance, Madison Dearborn Partners has a Takeover Panel deadline of 21 February 2024 to announce a firm intention to make an offer or declare that it does not intend to make an offer for Aim-traded Equals ( EQLS:113p). DSM's holds a £1.9mn stake in Equals and there is scope for a 50 per cent bid premium if a takeover is made.

[66fingers] 18/2/2024 22:33

It's behind a pay wall so I don't think its accessible

[weatherman] 18/2/2024 09:06

Comment on Equals here -

[66fingers] 16/2/2024 23:49

Thanks for the reminder Masurenguy!

[ashleyjv] 16/2/2024 16:42

the term "results to be in-line with current market expectations." didn't really do us any favour because, we are smashing it and that's what the market expects.
The "in-line with current market expectations." is usually reserved for companies that are plodding along

[masurenguy] 16/2/2024 16:31

The Board are able to report trading information irrespective of the SR. Their pre-close trading update, issued only 4 weeks ago, stated that:

"Unaudited revenues for the year were £95.5m, up 37% (FY-22: £69.7m) with continued growth in Adjusted EBITDA. This robust trading has also resulted in approximately £18.3m of cash at bank at 31 December 2023, a further £2.3m cash-in-transit over year-end and received on 4 January 2024, and, having disbursed approximately £7.0m relating to acquisitions, earn-outs and a maiden dividend during 2023. The Board expects the Group’s FY-23 results to be in-line with current market expectations."

The final results for 2023 will be announced around 8 weeks from now in mid-April. In the meantime the only constraint on the Board is to discuss any aspects relating to the SR until there is some definitive news that a proposed deal is, or is not, on the table.

[66fingers] 16/2/2024 15:43

I think its got another extension written all over it. The downside of the current situation is that the board are very limited in what they can say at present and they're all rightly keeping a low profile but that means very little information being shared and no interviews with IST on company progress

[carcosa] 16/2/2024 06:18

As regards to my earlier post regarding six parties, I have subsequently discovered such statements are part of the requirements associated with Rule 2.2.(e) "when negotiations or discussions relating to a possible offer are about to be extended to include more than a very restricted number of people..."

Specifically, The Executive should be consulted prior to more than a total of six parties being approached about an offer or possible offer...The requirement to consult the Executive continues to apply during an offer period in relation to a possible offer by any potential offeror which has not been publicly identified.

In considering whether to grant its consent to more than six parties being approached, the Executive will need to be satisfied that secrecy will be maintained.

Where a consortium bid is in contemplation, the party which makes the first approach to another potential member of the consortium will be treated for these purposes as the potential offeror. That party, as the potential offeror, may therefore approach up to six parties in total, inclusive of other potential consortium members approached (provided that those approached do not themselves contact any third parties).

So, to summarise, multiple parties - more than six - may be interested in Equals Group either as separate entities or as a consortium. Their identities can remain a secret once the initial potential offeror is identified.

However it seems the discussions related to Equals have been associated with no more than six parties.


With regard to continuing PUSU extensions, these can be extended ad finitum provided all parties (including the Takeover Panel) have a reasonable belief that meaningful discussions are continuing.

[ashleyjv] 15/2/2024 17:13

I'm guessing that there will be another extension but I would like to think I'm wrong

[ashleyjv] 15/2/2024 17:12

news next week "by 5.00pm on 21 February 2024"

[66fingers] 15/2/2024 17:04

What I don't understand is why someone would want to sell shares in a company that is rapidly increasing turnover and profit, surely this will be reflected in a rising share price?

[ltinvest] 15/2/2024 10:37

Seems to have a bit of upwards momentum last few days so maybe seller has finished for now. Hopefully heading back up to the 130p mark. No aquisition news is probably good news I'm guessing there will be another extension end of the month. Is there a limit to how many times they can extend offer window?

[eeza] 10/2/2024 13:30

Yes, as you say DSM has ~0.94% of EQLS and don't need to RNS sells.
DSM RNS their NAV & portfolio once a month, usually 1st week, so next month's may reveal.

[masurenguy] 10/2/2024 13:20

On the basis of the reported 6.2% proportion of the Downing Fund being invested in Equals, their actual shareholding will only be circa 1% in the company. That could constitute circa 2m shares so they could have been divesting without being required to report any sells. However, the average daily share volume relating to Equals since the begining of January has been circa 425,000 so I doubt that any Downing sells during this period would have been a significant factor in the shareprice action.

[masurenguy] 10/2/2024 11:20

Don't know your data source but Downings were not listed as an above 3% threshold institutional shareholder 4 weeks ago so I can't see how they could be recently divesting from a holding of 6%.

Institutional Shareholders as at 9 January 2024
Pembar Limited: 22,291,833: 11.94%
Threadneedle Asset Management: 22,228,127: 11.91%
Schroders Funds: 22,203,859: 11.90%
JP Morgan Asset Management: 13,140,154: 7.04%
Chelverton Fund Management: 6,500,000: 3.48%
Sub Total: 86,363,973: 46.28%

[eeza] 10/2/2024 10:46

Downing (DSM), (which is winding down & selling holdings) held 6%, so some of the share price weakness may be down to them.

[amt] 10/2/2024 07:04

Sopheon has now been approved and so proceeds will be received soon

[carcosa] 08/2/2024 07:37

To provide a little context regarding timings, here is a list of companies still under potential offer since the period commencement date (Taken from the Takeover Panel Disclosure Table):

01-Nov-2023: Equals Group plc
31-Oct-2023: Sopheon plc
18-Oct-2023: Kin and Carta plc
03-Oct-2023: TMT Acquisition plc
15-Sep-2023: Premier Veterinary Group plc
11-Jul-2023: STM Group plc
06-Jun-2023: FireAngel Safety Technology Group plc
18-Apr-2023: Advanced Oncotherapy plc
13-Apr-2023: Network International Holdings plc
12-Apr-2022: Impellam Group plc