Hydrogen Share Discussion Threads

[thetrotsky] 25/9/2020 14:16

I haven't tenderd my share yet and am supposed to do so by midnight tonight (so that my broker can notify them by the end of the month) but, if I understand the offer document correctly, if I don't accept the offer by 30 September I will still be able to tender my shares at a later date because there is provision for an extension to 14 October to allow shareholders to tender theri shares if it goes unconditional. Is that right?

[mikeward63] 25/9/2020 12:35

It’s very odd indeed.

Perhaps MPM needs a tax loss?

The only thing I can imagine is that they are going to go over 30% so they trigger a mandatory offer at 43p? But they are running out of time if they are going to do that plus the concert party holds over 42% which would presumably not be sold to them.

Can’t work out how this one is going to play out. Expected them to vote against the resolutions today but they didn’t.

[bedbel] 25/9/2020 12:29

It is indeed strange. But I see only 50,5 % of total shares voted at the meeting.
Maybe MPM wants to wait until delisting and then offer the shares to the concert party at a premium? I don't know if that's allowed. Or maybe they just want to go together with the management the private route. I understand they are operating in the same sector. If they have other reasons we will probably find out Monday.

[thetrotsky] 25/9/2020 12:16

Well I'm well and truly bamboozled now. All rsolutions were passed at the AGM but MPM Connect contines to buy at 43p and the bid-offer spread has now risen to 41-43! Does anybody have any ideas what MPM Connect is up to?

[thetrotsky] 24/9/2020 11:54

The bid-offer spread is now 40-43. As I suggested yesterday, MPM Connect has clearly put the cat amongst the pigeons and something is perhaps afoot. Hopefully, we'll all benefit!

[thetrotsky] 23/9/2020 18:36

MPM Connect have just notified that they've acquired 1,585,000 shares at 43p today, taking their interest to 25.15%. So, unless they release a further notice, it would appear that somebody else has got in on the action today (a further 1,082,775 shares were traded at 43p earlier today). It's interesting at least, even if it all comes to nowt in the end.

[thetrotsky] 23/9/2020 18:29

Assuming the shares MPM Connect has bought this/last week haven't been voted they're going to have to attend the GM on Friday to vote their shares. If their intention is to force the concert party to raise the offer price then I believe all shareholders will benefit, regardless of whether or not they've accepted the existing tender. Not sure what the position is for us other shareholders if MPM Connect's plan is to hold the concert party to ransom by stopping the de-listing (to force the concert party to buy them out at a higher price). I guess we'll know more following the GM on Friday. There's got to be something afoot if MPM Connect is paying 3p over the tender price (whether we'll all benefit remains to be seen). I'm holding off accepting the tender offer until the GM is concluded. If I'm honest, I'd overlooked the corporate action notices I'd received until you mentioned it; otherwise I'd probably have accepted the tender offer myself before now myself! I'm sitting at a loss on my holdings at the current tender price, so every penny counts!

[typo56] 23/9/2020 17:54

That's interesting. My tender acceptance is looking rather premature. Ah well!

[thetrotsky] 23/9/2020 17:37

The plot thickens. Another 2.7m shares have been sold today at 43p. I'd bet by bottom dollar that MPM Connect was the buyer and by my calculations MPM Connect now controls about 28% of the issued share capital, sufficient to block any de-listing.

MPM Connect would be forced to make an offer if its interest exceeds 30% but could now launch a counter bid in any event, if that was its plan, safe in the knowledge that it can scupper the concert party's de-listing plans.

Don't think the current deal at 40p per share is necessarily a foregone conclusion.

[thetrotsky] 23/9/2020 17:19

Anybody else notice that MPM Connect Ltd has bought about 6.9m shares in the last week or so at, or around, 43p per share. According to Companies House the MPM Connect is owned by Peter Hearn and, as of yesterday, MPM Connect controlled 20.46% of HYDG. MPM Connect and/or Peter Hearn do not appear to be part of the concert party.

The HYDG board needs at least 75% of the votes cast to de-list and it's possible that MPM Connect, if it continues to buy shares or in conjunction with other shareholders, may be able to block the de-listing and, potentially, scupper the deal.

One can only assume that MPM Connect is either trying to force the concert party to increase the bid price and, if it's willing to pay 43p in the market, one can only assume that it's looking for 50p plus (anything lesss surely wouldn't warrant the risk) or is building up a stake with a view to launching a counter bid (to succeed, any counter bid would, I'd guess, have to be pitched at, or around, 45p).

If MPM Connect doesn't succeed, it's looking at a loss in excess of £200k.

Perhaps there's life in the old dog yet.

[typo56] 21/9/2020 16:13

I've instructed HL to tender all my shares. I can't see there's an attractive alternative.

[eezymunny] 08/9/2020 13:22

You´re missing the conditionality of the offer Typo. It won´t happen if they don´t get c. 15% of float to take the concert party over 50%. My guess is they´ve already got the nod from Miton so a done deal, so I had a few for the 5+%. I might be wrong, it´s just a guess...

[typo56] 08/9/2020 12:35

Unless I'm missing something, even buying this morning you could bank 5% in a month.

[cjohn] 08/9/2020 12:05

So tender offer at 40p, which, given the concert party won't tender their shares, means minority holders can tender 100% of their shares.

40p is on the cheap side, in view of the potential here, post-COVID.

But I'm happy personally with a quick return.

[cjohn] 29/4/2020 11:22

Yes, I'd agree with you, value hound.

At below 30p it was not far off being a net-net stock, which is pretty uncommon, given it's an asset light stock. And at half tangible book.

There's going to be a short-term drop off in permanent placements. But I wonder if there'll be compensation in contract placements.

I, personally, haven't bought more, simply because there have been so many other bargains to choose from. And have opted to spread investment more than usual, given the current extra risks for
any one company.

(PS message for you on SIXH board.)

[value hound] 21/4/2020 14:28

I'm surprised there are no comments on here following the results two weeks ago; extremely cheap unless debtors don't pay up? Obviously, there must have been a massive drop-off in business - but will there also be a huge and rapid upturn given the sectors they operate in after all the dislocation and upheaval in job markets?

Note: I have no position currently.

[ssahoy18] 19/2/2020 16:50

surprised the improving economy isnt really being reflected in the recruitment companies which stand to win big... price here is crazy cheap at under 5x pe raito

[spooky] 21/1/2020 15:27

A stream of small buys today starting at about 11.30.

[ssahoy18] 21/1/2020 14:15

showing real strength now as the share price builds a bit of a base.. almost 30% of the market cap in cash and if you strip that out, we're trading on a 5.5x pe ratio. feels like theres more to go

[cjohn] 16/1/2020 10:55

A pretty decent update with good cash generation inspite
of headwinds.

[excav8] 16/1/2020 09:14

they are down from 70p

[ssahoy18] 16/1/2020 07:33

well not all perfect but im reassured... the shares are v cheap and theyre in line with their expectations, which were only lowered a little bit back in novenber

[cjohn] 13/1/2020 13:58

The drop back below 40p has been another gift. Astonished really to see them trading that low again. An exaggerated reaction to the problems in HK.

[ssahoy18] 08/1/2020 11:37

up and down like a yoyo..!

[spooky] 26/11/2019 11:13

Don't think there is any change, you can still buy quite easily.