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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Freedom4 Comm. | LSE:FFC | London | Ordinary Share | GB0005846018 | ORD 0.1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
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|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.75 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 1.75 | GBX |
Freedom4 Comm. (FFC) Share Charts1 Year Freedom4 Comm. Chart |
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1 Month Freedom4 Comm. Chart |
Intraday Freedom4 Comm. Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 23/6/2009 | 21:03 | FEEDOM 4 PIPEX 0 | 1,000 |
| 07/3/2008 | 17:20 | This will be freedom 4 us. | 2 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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| Top Posts |
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Posted at 19/5/2008 17:47 by bubface didn't help much unfortunately!Collins Stewart Europe Limited is stockbroker to Freedom4 Communications and makes a market in its shares. This document is Non-independent Research and a marketing communication. Please see disclaimer for further information Freedom4 Communications UK | Telecoms | FFC LN 16 May 2008 Contact Mark James +44 (0) 20 7523 8401 mjames@collinsstewar Recommendation Buy Price 1.66p Post Distribution Target 2.60p FY 2007 results superseded by March distribution Little new news since March Full year results for the year ended December 2007 have been largely superseded by the sale of the hosting business and return of cash to shareholders in March 2008 see our Cash Return note dated 17 March 2008. With limited new news on Wimax network roll out we expect investors may concentrate on the apparent disparity between asset values and the market cap. Current share price places little value on the cash held in escrow.. We set out overleaf our estimate of the assets of F4C at present. The company has around £3m of cash, offset by some commitments to invest into the Wimax JV. Over and above this the company has £17.5m (1.64p a share) of loan notes due from Oakley Capital, repayable within 18 months of issue (April 2008), which it intends to distribute to shareholders via a subsequent distribution, and a further net £10m cash held in escrow (0.93p a share). .. and little value on the Wimax JV Post the cash return F4C also retains its 52% stake in the Wimax JV with Intel. There is nothing in the current share price in our view for this venture. Perhaps this is understandable: the JV has just finished trials, has yet to articulate detailed roll-out plans and the business case for Wimax remains unproven. But at the very least it has option value at these price levels, in our view. 2.60p price target justified on loan notes and escrow cash alone We have set an initial price target of 2.60p: the total of the loan notes and the cash held in escrow and initiate with a Buy rating. Higher valuations are perfectly possible but we suspect investors will want further details of a successful commercial roll out in order for the shares to reach higher levels. Additional data Market Cap: £21m EV: £21m Shares issued: 1,070m Daily ave. volume: 4m |
Posted at 04/4/2008 22:58 by veryoldbob Still can't get a handle on the value of the business post tender. On paper it should be more than the current share price but I think the fundamentals are scaring the market.Without the business and hosting divisions, there's simply no money coming in. FFC's share of the WiMAX losses were £1.8M for the year ended 31/12/07; the license fee is £0.8M a year; the last year for which we have full accounts (2006) had director's fees, salaries and bonuses running at another £1.8M a year. FFC have stated they'll transfer US$7.7M in Q2 2008 to the JV and a further US$6.6M as needed. The current cash reserve will be burnt through pretty quickly at that rate and that's without the huge investment a WiMAX rollout will take. There's no guarantee the whole amount in escrow from the Tiscali deal will be paid - the price paid fell from £210M to £183M - Tiscali may yet claw more back. Similarly there was a clause in the sale to OCL for "adjustments" - after the reduction in the Tiscali payout, who wants to bet that won't be reduced as well? With no prices for the Machester roll-out (suggesting no customers yet), no news on the license variation, and the current roll-out of unbiquitous wireless broadband from the mobile telcos, I'm not surprised at the current price. A few bits of good news could change all this of course but they've been thin on the ground lately... |
Posted at 02/4/2008 08:44 by bubface April 1, 2008 Freedom4 Communications Plc (FFC.L)Goldman Sachs Global Investment Research 1 April 1, 2008 ACTION Removed from Pan-Europe Buy List Freedom4 Communications Plc (FFC.L) Viability of WiMax uncertain; downgrade to Neutral What happened We are removing Freedom4 from the Buy List and downgrading to Neutral following the agreed sale of its hosting and network services businesses. After distribution of £156.9 mn in proceeds from disposals, the company is expected to retain cash and receivables of £38.6 mn and a 52% share in a WiMax JV which has yet to prove its commercial viability. On this basis, we downgrade to Neutral. The shares are down 14.3% since being added to the List on January 16, 2008, vs. FTSE World Europe up 0.3% (over 12 months -56.9% vs. -7.2%). On a sector-relative basis, the shares are down 4.6% since being added to the Buy list. Growth Returns * Multiple Volatility Volatility Multiple Returns * Growth Investment Profile: Freedom4 Communications Plc Low High Percentile 20th 40th 60th 80th 100th * Returns = Return on Capital For a complete description of the investment profile measures please refer to the disclosure section of this document. FFC.L Europe Telecom Services Peer Group Average Current view The company plans to return £156.9 mn to shareholders and retain net cash resources of £38.6 mn (£18.6 mn cash plus £20 mn loan notes). The remaining business is a 52% stake in a WiMax JV with Intel Capital. This will require additional funding which, in our view, is likely to utilize the remaining cash balance and potentially more. The company has committed to return to shareholders the proceeds of the loan notes once received. For completeness, we are making 2H2007 forecast revisions to the web hosting and network services businesses; however, these do not impact our valuation of the continuing operations. Our sum-of-the-parts valuation gives a 12-month price target of 7.5p. The stock is currently trading around the value of the distribution and given we assume the remaining cash will be utilized by the WiMax operation, the remaining upside to our price target is derived from the loan notes receivable in 18 months. Downside risks include competition from increasing DSL speeds and low cost economics for local loop unbundling, together with more attractive pricing and increasing speeds in mobile broadband. Upside risks include a faster than expected roll-out of the network providing scalability ahead of expectations. INVESTMENT LIST MEMBERSHIP Neutral Coverage View: Attractive United Kingdom: Telecom Services Key data Current Price (p) 7.11 12 month price target (p) 7.50 Upside/(downside) (%) 5 Market cap (£ mn) 170.4 Enterprise value (£ mn) 200.2 12/06 12/07E 12/08E 12/09E Revenue (£ mn) New 294.4 74.1 81.3 97.8 Revenue revision (%) 0.0 3.9 (1.5) (0.2) EBIT (£ mn) New (7.9) (7.2) (4.1) 0.5 EBIT revision (%) 0.0 (13.1) (202.6) (86.9) EPS (p) New 0.05 (0.50) (0.06) 0.18 EPS (p) Old 0.05 (0.41) 0.12 0.38 EV/EBITDA (X) 15.1 58.1 14.8 8.6 P/E (X) 230.8 NM NM 39.5 Dividend yield (%) NM NM NM NM FCF yield (%) 2.2 (4.2) (1.9) 2.6 CROCI (%) 13.3 1.2 2.5 |
Posted at 01/4/2008 16:40 by invest ted This is my take on what the share price will do once the Offer has expired. I likened it to a share going ex-dividend and the Offer of 10p over the current share price is the dividend. (This was done when the share price touched 6p). IF the share price rises over 10p everyone who accepted the offer has taken a shafting on 58% of their shares.Example- You bought 100 shares @ 10p (£10) The price slid to 6p (£6) You got 58% @ 10p under the offer (£5.80) (a 4p per share premium) You then have 42 shares remaining @ 6p ( £2.52) Your £10 is now worth £8.32 After the offer has expired (like a share going Ex-Dividend) the price may fall by the value of the offer, so the 6p could drop by as much as 1.5p (4p premium is 60% premium to current share price). Making your remaining 42% worth £1.89 Add the offer proceeds (£5.80) to remaining shares (£1.89) makes your return on the original £10 invested = £7.69. |
Posted at 01/4/2008 14:08 by nickcduk Expect the share price to fall to about 1p following the tender offer being confirmed. Not exactly sure what has caused the share price to spike up as it has over the last few days but might hazard a guess that all stock on loan is being called in ahead of the tender. Seemed to be a fair amount of stock on loan which suggests shorters are being squeezed hard. Not a massive amount of stock is available due to it already being tendered. IG have amended their acceptance date and you can cancel your instruction before the end of play today if you fancy selling in the market now. |
Posted at 01/4/2008 13:58 by growthhunter .....at the risk of been stupid. Will the current share price be the share price once we recieve our 58% |
Posted at 22/3/2008 14:47 by brad44 Hi Tiltonboy, below is what I received from I>I>I I elect to accept the Tender Offer on my holding of xxxxxx FREEDOM4 COMM ORD GBP0.001 shares. (which was the full quantity of shares held and the option I took) I elect to accept the Tender Offer on a number of FREEDOM4 COMM ORD GBP0.001 shares. Please enter the total quantity of shares required: You have the following options: 1 Accept the Tender Offer on your holding of FREEDOM4 COMM ORD GBP0.001 shares. If you elect to accept the Offer, your FREEDOM4 COMM ORD GBP0.001 shares will not be available for you to sell, unless this Offer lapses. 2 Accept the Tender Offer on part of your holding of FREEDOM4 COMM ORD GBP0.001 shares. If you elect to accept the Offer, your FREEDOM4 COMM ORD GBP0.001 shares on which you have accepted the Offer will not be available for you to sell unless this Offer lapses. -------------------- The Directors believe that the Tender Offer is an appropriate means of returning Capital to shareholders. The Minimum Tender Price of GBP0.10 per Ordinary share represents a 49 per cent premium to the mid market price of an Ordinary share on 13th March 2008. The Maximum Tender Price of GBP0.11 per Ordinary share represents a 63 per cent premium to the mid market price of an Ordinary share on 13th March 2008. The total number of Ordinary shares purchased pursuant to the Offer will not exceed 1,576,372,852 Ordinary shares. As such, elections may be subject to scaling back. Insofar as any shareholders tender fewer Existing Ordinary shares than they are entitled to under the Tender Offer, then the monies thereby arising will be used to increase the Tender Price payable to those shareholders who have Tendered their shares. Any increase in the Tender Price will however be limited such that no shareholder shall be paid in excess of a total of GBP0.11 per Ordinary share. Should you choose to Tender your shares under the Offer, the cash is expected to be credited to your account on or around 18th April 2008. We will notify you when the cash has been credited to your account. Before making any decision please take into consideration all relevant factors of the event including the current share price and any possible tax implications. If you require any further information in making your decision please contact an Independent Financial Advisor. -------------------- If you do not wish to accept the Offer then you should take no action. Please ensure you submit your option before 27 March 2008 to enable us to process your instruction in accordance with the Company's timetable for this event. I still think what you said is correct. |
Posted at 20/3/2008 11:04 by zimbi omegathere is nothing in my options that talks about dates/tax year. FREEDOM4 COMM ORD GBP0.001- Tender Offer Subject to shareholder approval at a General Meeting to be held on 1st April 2008, Freedom4 Communications (formerly Pipex Communications PLC) is proposing to return up to GBP156.94 million in cash to shareholders by way of a Tender Offer on the following basis: To purchase up to 1,576,372,852 Ordinary shares for a cash price of not less than GBP0.10 per share and not more than GBP0.11 per share. You have the following options: 1 Accept the Tender Offer on your holding of 97520 FREEDOM4 COMM ORD GBP0.001 shares. If you elect to accept the Offer, your FREEDOM4 COMM ORD GBP0.001 shares will not be available for you to sell, unless this Offer lapses. 2 Accept the Tender Offer on part of your holding of 97520 FREEDOM4 COMM ORD GBP0.001 shares. If you elect to accept the Offer, your FREEDOM4 COMM ORD GBP0.001 shares on which you have accepted the Offer will not be available for you to sell unless this Offer lapses. ____________________ The Directors believe that the Tender Offer is an appropriate means of returning Capital to shareholders. The Minimum Tender Price of GBP0.10 per Ordinary share represents a 49 per cent premium to the mid market price of an Ordinary share on 13th March 2008. The Maximum Tender Price of GBP0.11 per Ordinary share represents a 63 per cent premium to the mid market price of an Ordinary share on 13th March 2008. The total number of Ordinary shares purchased pursuant to the Offer will not exceed 1,576,372,852 Ordinary shares. As such, elections may be subject to scaling back. Insofar as any shareholders tender fewer Existing Ordinary shares than they are entitled to under the Tender Offer, then the monies thereby arising will be used to increase the Tender Price payable to those shareholders who have Tendered their shares. Any increase in the Tender Price will however be limited such that no shareholder shall be paid in excess of a total of GBP0.11 per Ordinary share. Should you choose to Tender your shares under the Offer, the cash is expected to be credited to your account on or around 18th April 2008. We will notify you when the cash has been credited to your account. Before making any decision please take into consideration all relevant factors of the event including the current share price and any possible tax implications. If you require any further information in making your decision please contact an Independent Financial Advisor. ____________________ If you do not wish to accept the Offer then you should take no action. Please ensure you submit your option before 27 March 2008 to enable us to process your instruction in accordance with the Company's timetable for this event. I elect to accept the Tender Offer on my holding of 97520 FREEDOM4 COMM ORD GBP0.001 shares. I elect to accept the Tender Offer on a number of FREEDOM4 COMM ORD GBP0.001 shares. Please enter the total quantity of shares required: |
Posted at 17/3/2008 21:21 by davius Steve, if the post offer share price is 0.6p as some suggest, or even 2p+ as I estimate, you'll be down a whole pile of cash as the 58% of the shares you could have received 10p for will be worth whatever the new price is.If you want to retain your holding, you could take the 10p per share offer and then pump the cash back into FFC, unless the new share price is 10p or higher you'll end up with more shares. If you don't take the cash then it will be shared out among those that do accept the offer, there's no benefit to the company by you declining the offer. That said, I'm not a financial advisor and confess to being a 'Jonny come lately' to this deal so if in doubt take formal financial advice. |
Posted at 17/3/2008 19:41 by davius Some comments from the documents (thanks for the link):"Who is eligible to participate in the Tender Offers? The Tender Offers are open to all Qualifying Shareholders who are on the Register at 5.00 p.m. on 3 April 2008 (the "Record Date")." From what I have read the price is highly likely to be 10p a share, as it only increases to take account of anyone that doesn't take up the tender offer, and you'd either be barking mad or indisposed (and I suspect they'll be a very few of each) to not take up the offer. "How many Ordinary Shares will there be in issue after the Tender Offers? This will depend on the number of Ordinary Shares that are successfully tendered. Assuming that all the Option Holders and Warrant Holders exercise their respective Basic Entitlements in full and the Tender Offers are fully subscribed and accepted by Collins Stewart (and that Collins Stewart exercises all Call Options granted to it) the number of Ordinary Shares in issue following the Tender Offers is expected to be 1,011,877,169." With just over 1bn shares in issue after the tender a 0.6p share price would make the remaining company worth £6m. That seems way too low given that there are a further £20m of loan notes, plus some cash and assets. I'd guess at a minimum of 2p. So my example of buying 100K shares. Current price of £6500.00 + costs (SP down to 6.5p at the close), cash return of £5800.00 mid April, net investment £700.00. 42K of shares @ 2p each would be £840.00, net profit of £140.00. Probably not worth the bother to a new investor, hence may explain why the share price is falling back a tad. Unless the remaining business is estimated to be worth 3p or more, which is possible. Were the current share price to dip to say 6p per share then I'd definitely take the punt though on the basis of aquiring 'virtually free' shares in the remaining business. |
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