Hayward Tyl Share Discussion Threads

[pugugly] 07/6/2017 11:15

Looks as though possibly more likley a discounted placing - Remember last fund raise was at 90p Nov 2015 and Lloyd-Baker last bought at 79p

Could be that major shareholders are resisting taking a bath (imo) - but may be short sighted - Major shareholder Harwood seems to have sold down from the 20% odd announced at the time of the last placing -
Current major shareholders were
The table below sets out the identity and percentage holdings of significant shareholders of more than 3.00% at 31 March 2017.
Shareholder Shares %
Harwood Capital 9,000,000 16.25%
Ewan Lloyd-Baker* 4,233,959 7.64%
Maurice Critchley 4,168,131 7.53%
Richard Sneller 3,650,000 6.59%
Henderson Global Investors 3,609,538 6.52%
Columbia Threadneadle Investments 2,891,811 5.22%
Hargreaves Lansdown 2,563,506 4.63%
Kilik, stockbrokers 2,405,327 4.34%
British Airways Pensions 2,106,842 3.80%

* Includes 1,572,862 (2.84%) shares held in the name of Platform Securities Nominees Ltd and 544,118 (0.98%) ordinary shares that are restricted ordinary shares that are subject to clawback, pursuant to the Performance Conditions attached to the 2015 LTIP.

[nearlythere] 07/6/2017 11:10

Look like someone know something. IMO the lack of RBS support weakens the position here. If AVG walk away then they need to get the banking facility sorted out or it back to mid 30s and a placing to please the bank.

[cockerhoop] 07/6/2017 11:00

Unless the price action reflects knowledge of the deal? Been some fairly chunky sales outside the spread suggesting someone keen to get out.

The possibilities for the price weakness could also be AVG walking away or a bid not at a 'significant premium to the current share price' as guided by ELB. Or perhaps even a placing to sort the balance sheet.

[lignum] 07/6/2017 10:12

Price fall makes a deal more likely. If it falls sub 40 AVG can take it out at 60? A frustrated institutional HAYT shareholder wanting this resolved behind the moves?

[jeanesy] 06/6/2017 18:53

falling again... to what price?

[buywell3] 01/6/2017 14:54

The RBS is an accident waiting to happen

Royal Bank of Scotland, 70% of which is still owned by the taxpayer

February 2017: RBS admits it will not make an annual profit until 2018 ..

[rogerrail] 01/6/2017 13:14

Don't disagree, I cant argue against that view,

[pugugly] 01/6/2017 12:08

Hi Roger - Message I receive is slightly different - It is that there are still significant diference over terms but bidder is still interested - but still some way to go before HYAT management feel able to recommend. Might well fall through.

Negative (imo) is that no other potential bidder has yet emerged which gives Avingtrans the whip hand in negotiations and potentially a lower t/o price subject to the views of the major II holders.

[rogerrail] 01/6/2017 11:54

Considering how skittish pi's on this board seem to be , I would have thought this is a welcome announcement albeit not necessary, it just reflects the situation there is no need to take hasty action when there is an all but nailed on merger on the cards which will resolve the debt situation.

[nearlythere] 01/6/2017 09:22

IMO if all was well this would have been sorted out months ago and not good for customer confidence either.

[pugugly] 01/6/2017 07:23

Update on banking facilities
Moving the deckchairs on the Titanic comes to mind !!!!!!!!!!!!!!!!!

[battlebus2] 26/5/2017 20:48

I think a deal will happen, part cash part shares valued around 60p.

[rogerrail] 26/5/2017 20:40

All cash offer is a pipe dream, no good for either company, only those shareholders that want to cut and run and I believe ELB is one of them otherwise this wont have dragged on for so long. For me I would prefer to the opportunity to invest in a quality British Engineering company which has the capital and the right management to enable it to grow.

[pugugly] 26/5/2017 19:54

varies: will take 55p+ HYAT management have shown themselves to be incompetent (imo) and I do not trust them going forward - but the offer needs to be in cash. If you get my meaning.

[varies] 26/5/2017 18:50

It is a shame that no-one else seems to want our company as it would be such a joy to show AVG two fingers; they would surely have come up with an offer by now if they were serious.
As it is, HAYT's directors must be looking out for another solution whilst these talks continue. Even a placing to raise £8 million at 40p might be better than wasting more time on AVG.
I wonder if the uncertainty is discouraging our customers.

[cockerhoop] 26/5/2017 15:27

Further extension!

[cockerhoop] 26/5/2017 13:33

AVG put up or shut up RNS between 4:30 and 5pm?

[lignum] 22/5/2017 21:30

Very quiet on here so I thought I'd put a few thoughts down.
AVG have until Friday to put up or shut up - I can't see them extending the offer again as this puts any completion process slap bang in the middle of the summer holidays and no-one will want that. It's now or November.
The bank facility has been extended until middle of next week.
HAYT will be talking to both AVG and the banks and presumably using the same projections / financial data.
If these are sufficiently good to keep the bank happy for a couple of months I'd expect HAYT to give 2 polite fingers to AVG but for the bank to insist on a rights issue after summer; the directors might baulk at this but what choice do they have - if you believe your projections the price is very cheap so why wouldn't you subscribe for more shares? No bid.
If the projections are OK but the banks are tired and just want out sooner then AVG have the upper hand - bid on Friday.
If the projections aren't OK AVG have all the cards but still expect a bid on Friday.
Other thoughts?

[pavey ark] 18/5/2017 23:31

RR , rather cryptic but as I was mentioned I thought I'd respond.
For the life of me I can't see any contradiction of my post but I suspect that was the intention.

[rogerrail] 18/5/2017 13:07

Welcome news, albeit has to be taken in the light of target annual PB division revenues of c£25m, but builds on the previous announcements on 14th November for orders totalling £4.9m (note Pavey £0.4m for CHP plant servicing work!) and on 24th for part of £4.5m (I estimate about £1.5m-£2m for the CHP plant).

Also at the half yr stage the one bright spot was that PB reported "Doubled aftermarket order intake to £0.8m per month over 12 months".

[pavey ark] 18/5/2017 08:07

In the whole of H1 last year they didn't announce a single order but the order intake was over £25m.
This year the announced order value has been c. £6m in six or seven weeks.

The company doesn't announce orders below a certain value and I guess this could be £500k .

It is unlikely that the announced orders are the only orders and then there is the service/maintenance work on existing installations.

looks positive.

[pugugly] 18/5/2017 07:49

More orders - Working hard either to get AVG to up the offer or try and escape comletely BUT have to sort out rolled over debt - RBS will not (imo) continue to roll over for ever - however I am sure they are making HAYT pay.

[lignum] 15/5/2017 20:46

To state the obvious the price fall isn't helping HAYT fend off AVG. The clock must be ticking quite loudly in HAYT's boardroom.

[varies] 15/5/2017 14:10

I have succumbed to temptation and bought a few more at 50p

[varies] 15/5/2017 11:13

Pugugly
I share your view.
Some investors who have bought these shares since the AVG announcement at about 50p (as I did)are resigned to holding on if no deal emerges in the hope that HAYT's trading will improve in 2017/18. Others will want (or, in some cases, need) to close their positions soon and must find the present uncertainty unnerving and taking a modest loss now for fear of worse to come.
Assuming that the spread remains at about 5p, one could probably buy at 50p today which looks to me a better move than selling at 45p. I am not sure whether I have the courage to increase my holding.
Whilst we would all like to see a decision by the end of May, I would not be surprised to see the agony prolonged for another month.