Equiniti Share Discussion Threads

[pete160] 26/2/2021 14:24

EQN moving up even on a day like this - seems that something must be going on to be holding it up...

[pete160] 19/2/2021 17:03

I wish I had your optimism. '350-400p offer later this year' aint going to happen.

The current management do not show any signs of an ability to communicate with shareholders let alone run this (our) business whether it's pre-covid, during covid - or in a recovery.

The company is sat here for the taking because the current management have brought it to this position. If it wasn't for the rumour /leak of outsider interest, the share price would still be knocking on the door of 100p.

If there's no bid coming, you've got to be thinking that an activist investor will be looking to stir things up to turn it around or sell it off.

[vacendak] 19/2/2021 16:40

Things need to settle first, companies needs to go back to paying dividends, EQN needs to get back administering that, etc. Nothing can happen until the lockdown is over or the population of most of the G7 countries has attained herd immunity through vaccination.

Having an offer for EQN now, and accepting it, would likely be on the cheap, so not beneficial to shareholders.

I would rather wait for a 350p-400p offer later this year.

[pete160] 19/2/2021 16:01

The drop is getting painful - hopefully perhaps a final tree shake before an announcement - he says with fingers firmly crossed!

[w1lbur01] 19/2/2021 12:49

Volume completely dried up

[w1lbur01] 16/2/2021 10:25

Volume dried up wait and see now

[pete160] 12/2/2021 16:02

Just bought quite a few more, so fingers and toes crossed now

[pete160] 12/2/2021 09:39

Ahh, those were the days. We used to get a divi then as well!

[vacendak] 12/2/2021 09:37

I need 178p. Silly me topped-up on the way up all those years ago when we were talking 350p by Christmas... :(

[davidlloyd] 12/2/2021 09:28

Seems a good plan Pete.... am thinking the same myself here.
DL

[pete160] 12/2/2021 09:02

Rightly or wrongly, I've taken the view that there is going to be a bid here at some point soon (possibly by 7am Mon?)and at a level higher than the 146 I've just paid to x10 my investment here.
Should have done this when I posted on Jan 4th but hey ho - hindsight and all that, and if the BOD had been more open about the discussions with potential suitors, then or now, then....

[stuffee] 11/2/2021 17:24

My guess is that Seris knocked on EQN's door some weeks ago, which EQN refused to open, fearing most of EQN's management would be history under an aggressive PE owner and ignoring shareholders' interests.

Being a PE bidder, Seris would require some due diligence before proceeding and I doubt it could finance any bid without access to latest numbers. Out of frustration, Seris leaked its approach to Sky to try and force EQN's hand.

I assume major EQN shareholders will now "encourage" EQN to engage.

I agree with yf above and I'm sure EQN DO have obligation to announce something, even a denial if there has been no approach, in view of the Sky story and share price rise of over 10%.. See link to relevant Rule 2.2 of City Takeover Code, page 68.

hxxps://www.thetakeoverpanel.org.uk/wp-content/uploads/2021/01/25227_008_The_Take_Over_Bookmarked_31.12.20.pdf?v=7Nov2019

[yf23_1] 11/2/2021 16:12

By not acknowledging info in the public domain they are leaving the shareprice open to manipulation.
They either need to confirm or deny the article and having not done so are in violation of the Code.

[paulo435] 11/2/2021 16:01

Stuffee, based on your quote
“ following an approach by or on behalf of a potential offeror”

The Sky release was a press article and it completely depends on whether or not it’s accurate journalism. If they have been approached then yes they should release an RNS, but they don’t have to comment on every bit of press or gossip that results in a share price increase. If it’s found to be true, then yes they may have broken the rules, but I expect they haven’t had an approach.

[vacendak] 11/2/2021 13:22

The City has a code? :)

More seriously, thanks for the info. And yes, they should talk. Not sure what type of action can force them to abide by the aforementioned code. That would be down to disgruntled "big" shareholders and... they tend to be sleepy.

[stuffee] 11/2/2021 13:16

V, I appreciate requirement to publish RNS for dealings by PDMRs, but what about Rule 2 of The City Takeover Code* which requires announcement:

"An announcement is required:
(a) when a firm intention to make an offer is notified to the board of
the offeree company by or on behalf of an offeror" or

"(c) when, following an approach by or on behalf of a potential offeror to
the board of the offeree company, the offeree company is the subject of
rumour and speculation or there is an untoward movement in its share
price;"

The notes to this rule refer to an untoward movement in the share price of over 5% in a single day or 10% in aggregate.

My calculator states a rise in a share price from 115p to 145p is bit more than 10%

* hxxps://www.thetakeoverpanel.org.uk/wp-content/uploads/2021/01/25227_008_The_Take_Over_Bookmarked_31.12.20.pdf?v=7Nov2019

[vacendak] 11/2/2021 12:52

Like you I am not happy with the board, but they have to publish an RNS for all share purchase by PDMRs, subsidiaries or share-plan activities for their employees.

The board needs to be poked by the big shareholders who, sadly, do not seem to be very active. I am not asking for outiright sacking the board, but at the very least bring in some questions, write commmunication letters, then make them public... in other words do what active shareholders do.

On a positive spin: Total silence on the puny 170p bid means they are not about to bring it to us for a vote any time soon. Taking the April timeline in mind, things can potentially improve on the business side if lockdown is lifted, even partially, so the share price could be hovering, organically, back up to 200+p then the bids would need to be at a premium to 200p.

[stuffee] 11/2/2021 11:50

The delay in Board's response to a potential 170p bid from Seris is becoming scandalous. Interesting that EQN announced yesterday that some director of a subsidiary purchased 126 shares; EQN obviously feels this is more material than a potential £600m+ offer for whole company. I'm told delay blamed on confusion caused by recent termination of Ch Exec and new CE not starting till April - the Company has a Chairman, other directors and advisors. This delay will not enhance the existing poor reputation of its Board (which has depressed share rating).

Brokers (HSBC) now estimating 2021 eps of 13.5p and EBIT of £70m - bid at 170p looks bit modest.

[vacendak] 11/2/2021 09:01

Looking up the expression with Bing/Google, it only shows up as an NHS position, this says it all I am afraid.

[glavey] 11/2/2021 04:24

WTF is a "Digital Chief Executive"?

[vacendak] 10/2/2021 09:04

Well, confirmation bias may speak, but it SHOULD be worth more than 170p.
I sure always go back to the same argument: Biggest player for the FTSE in an oligopolistic market, huge moat, yada yada...
Any potential buyer with "a plan" should expect to pay more than 170p.

What we need is a couple more buyers so that a bidding war can start.
Now if only Elon Musk tweeted about buying EQN with bitcoins. :)

[w1lbur01] 10/2/2021 08:13

Ok brought a few gamble time

[w1lbur01] 10/2/2021 08:11

Very surprised this has pulled back so far. Is it an opportunity really not sure

[yf23_1] 09/2/2021 22:24

I would've thought around 200p to take it back to at least pre pandemic.