Share Name Share Symbol Market Type Share ISIN Share Description
Hayward Tyl LSE:HAYT London Ordinary Share IM00B511CF53 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 50.75p 0 05:31:08
Bid Price Offer Price High Price Low Price Open Price
47.00p 54.00p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 62.72 -3.33 -7.07 28.1

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Date Time Title Posts
09/8/201711:06Hayward Tyler - Pumped up & ready to motor?1,672

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davebowler: IC comment; Engineering a cheap entry point As expected, Avingtrans (AVG:223p), a maker of critical components and services to energy, medical and industrial sectors, has launched a recommended takeover bid for specialist engineer Hayward Tyler (HAYT:44p). I highlighted this possibility a month ago when I rated shares in Avingtrans a buy at 218p (‘A trio of small-cap buys’, 27 June 2017). At the time, I believed there was scope for Avingtrans' shrewd management team to replicate their success on previous turnaround situations and create significant value for shareholders by exploiting the recovery potential of the indebted bid target. Under the terms of the All-Share acquisition, Hayward Tyler’s shareholders receive one new Avingtrans share for every 4.755 shares held, which means that Avingtrans will issue 11.53m new shares to give Hayward Tyler’s shareholders 37.6 per cent of the enlarged share capital. On completion of the takeover, the company will have a market value of £68.5m. The terms being offered seem sensible to me and to the 45 per cent of Hayward Tyler’s shareholders who have already decided to back it. That’s understandable as there are justifiable reasons why this deal should be value-accretive to shareholders of both the companies. Firstly, Hayward Tyler is heavily indebted with net borrowings of £22.1m, implying balance sheet gearing of 100 per cent of shareholders funds at the end of March 2017, a level of indebtedness that is also significant in relation to the £25.8m equity value of the All-Share bid. In stark contrast, Avingtrans’ finances are in a rude state of health as the company has net funds of £26.2m on its balance sheet. Therefore, the combined entity will have modest levels of gross borrowings in relation to pro forma combined net assets of £67.2m, and retain cash in the bank and ample headroom on existing banking facilities to pursue growth opportunities, both organically and through further acquisitions. Removing duplicated costs will result in a slimmer cost base, too. Secondly, both businesses enjoy strong positions in their respective energy market niches, in particular the nuclear sector, so there is a healthy crossover of business activities. Moreover, in the power sector, Hayward Tyler’s core business should see the benefits from the increased scale resulting from being part of an enlarged entity, not to mention funding is on a better footing to enable its management to target investment. In addition, the enhanced scale of the business and greater access to the Chinese energy market should enable the enlarged group to make inroads into the Chinese nuclear energy market and achieve critical mass. I also feel there is a great opportunity for Avingtrans’ management to work their magic and build up margins on Hayward Tyler’s record order book of just shy of £50m, and return that business to sustained profitability following mixed trading last financial year when it reported cash break-even on revenues of £62.7m following a difficult first half. It’s the type of deal I was hoping Avingtrans’ shrewd directors would pull off when I recommended buying the shares at 200p in my 2017 Bargain share portfolio, and still believe that the share price should be trading at a decent premium to the combined group’s pro forma book value of 219p. In fact, I have a conservative-looking target price of 275p. Interestingly, it’s possible to buy Avingtrans shares on the cheap by purchasing Hayward Tyler’s around 44p in the market, and then accept the All-Share offer, to give an entry point of 209p, or 14p lower than Avingtrans current offer price. I would recommend doing just that given that earnings upgrades look firmly on the cards after the deal completes at the end of next month, after which the embargo on analysts publishing forecasts will be lifted.
steve3sandal: I am not unhappy with the out-turn, despite hoping for as much as 60p. Terms give me more AVG shares at the equivalent of c180something. I can live with that. What I do find remarkable is that despite the gags on all insiders here, the share price of HAYT moved ever closer to the exact terms of the eventual offer. I guess just coincidental? Hmmm.
cockerhoop: 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.
thorne3: The thing to remember about AVG is that it has next to no profits to talk of and a very high share price which has been largely wound up on the back of a possible deal with HAYT;accordingly AVG really does need a deal if it is to sustain its reputation as a "mini MELROSE".I for one would not want any AVG paper at this level and nor I suspect would the Directors of HAYT.The net result is that any takeover talks are probably in limbo at the present time and that AVG is being used very much as a stalking horse to enable HAYT(1) to arrange an equity placement of say £7.5m on acceptable terms and (2)to finalise a lending package with its bankers.At that stage I would imagine that there might be a number of companies around with sufficient clout to acquire HAYT for cash on terms agreeable to us all.
pavey ark: RR, " rabid ramper" you have to be joking. If you look back at my posts they are almost invariably a response to illogical and self serving nonsense posted by you and others. I did not post (and said I would not post) while I was considering my position regarding share dealing and since then I have not bought or sold. As far as trying to move the price I have just accused you and others of this so rather pathetic to make this charge in response. My holding here is modest compared to the rest of my portfolio and I can assure you that my interest on this board has only been sparked by nonsense comments by the likes of yourself. For your information the AVG share price has been rising because it is being pushed by Simon Thompson in IC and of course the belief by some that they can get HAYT on the cheap. The big question for most here is why didn't they buy at under 40p ? Perhaps they were paying too much attention to posts on a BB ...ALWAYS A MISTAKE !!!
pavey ark: Cheers AE I agree with those who have said that the situation with the cash flow could have been handled better but then it's always easy to be critical when you are not making the decisions and there are lots of moving part here. Most of the critical posters were ex HAYT shareholders who, having sold, criticised the company either to justify their sale or to talk the price down. Now we have AVG shareholders dishing the dirt in the hope that their company can bag a bargain. Interesting that these AVG shareholders post here yet the AVG BB is very quiet !! Anyway the biggest mistake made was when people , no matter what their original reservations were , failed to appreciate that the share price had fallen much further than these reservations justified......that was the time to buy. The market always over reacts .....up and down. grahamwales, only a quick scan of your post/link, did PB do the original work ? Even if PB didn't do the original installation I agree that this looks the type of thing they would be in the frame for.
pavey ark: Anyone suggesting that RBS is under the impression that their money is "keeping the lights on" at HAYT is likely to be wrong about every other aspect of the company ....Oh!!... wait a minute!!... they have been. Lignum, yes the spend in Q4 should be turned into cash in H1 so the eye catching debt is not really the full story. I agree that a rights issue would probably help but I suspect that it was a chicken and egg situation as the share price fell because of the uncertainty and was the compounded by management being unwilling to issue shares at the then reduced price. I have never subscribed to the wholesale dilution theories and 15m issued at 45p would please me but I think that we may have moved beyond that and management may be prepared to tough it out. The AVG bid simply complicates the whole process but that should become clearer next week. The "ghost at the feast" refers to the ghost of Duncan, murdered by Macbeth. Macbeth can see the ghost at the feast and it rather puts him off his dinner. As Macbeth descends into madness the ghost plagues him. All a bit drastic and I'm looking for a less troubled solution to HAYT's debt issue.
varies: The interim statement issued in November suggested that sales for the full year to 31.03.2017 would be about £80 million (v. £60-65m now indicated). Expectations have fallen steadily since then and with them the share price until the recent move by Avingtrans. Having bought back my shares at a price 25% higher than what I sold them for and doubled up, I am keeping my fingers crossed ! If the short term loans can be sorted out, then perhaps we might reasonably hope for sales of £80m in 2017/18 and a recovery in the share price to 80p even if AVG walks away. My feeling is that an offer will be forthcoming.
pavey ark: Obviously everyone is entitled to their opinion but it would be nice to think that at least some posters had: 1. Gone through all the recent announcements (in detail). 2. Gone onto the web site and listened to recent broadcasts by the CEO (believe them or not,it's up to you). 3. Looked in detail at the debt AND its structure. 4. Made some sort of informed guesstimate of the likely t/o EBITDA for next year and last but not least 5. Placed the current EV and share price in relation to the company's potential and whither the dramatic fall in the price makes up for any risks (real or perceived) I am a holder here and have recently increased my holding but I have not posted often nor for some time. I do note that non holders have posted regularly and usually with a very downbeat message. Is there a hidden agenda here or are the just trying to save us from ourselves? There may be problems here (large or small) but if there were none the share price would be well over 80p and I would not have become interested. You pays your money you takes your chance.........or not,as some prefer !!
investoree: A very pleasant change today from the long term trend with HAYT going Ex Dividend for 0.58 pence and the share price responding by advancing 3 pence. Perhaps news on the Swansea tidal barrier has switched people onto the fact that this is an area of HAYt's expertise. I certainly hope so as being a very, very long term investor who was substantially in profit now find that my rather large HAYT shareholding is well underwater. My small 5K top up yesterday seems to have been timed rather better than some of my other purchases. Good luck to all holders in hope rather than expectation that management will achieve their restated financial targets which have looked to be rather optimistic!
Hayward Tyl share price data is direct from the London Stock Exchange
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