Ince Share Discussion Threads

[40 fathoms] 29/10/2021 02:05

So I think it is interesting to note from their 8.3 form that that most of the sell volume in Arden has been from Premier Milton. I think once this has cleared and it should not be too much longer as at 25p they represent an excellent entry price in to the Ince shares, you will see things settle down.

[salmon9] 28/10/2021 20:09

Mariann,
Thank you for explaining this. It did seem strange that Ince had been caught out in this way.
Hopefully the pause in trading will enable things to settle and the sharp fall in the share price will recover as people, on reflection, accept the judgement of the CEO regarding the decision to make this takeover bid.

[rosejs2] 28/10/2021 18:50

Thank you for your email. The concerns you raise are understandable

Due to the AIM rules you mention discussions had been ongoing with the AIM team at the London Stock Exchange for weeks and today’s suspension is both unexpected and very regrettable.

AIM had indicated we would have time to appoint a new Nomad, but did unfortunately not clarify their final position until late last night.

The Ince Directors are focussed on appointing a replacement NOMAD and will make an announcement to that effect as soon as the formal process is complete.

Yours sincerely

Mariann Fairley
Head of Group IR

[rik shaw] 28/10/2021 15:00

Not sure why INCE had not foreseeen that Arden could not continue as their NOMAD.

AIM Rules for NOMADS
' Conflicts of interest
A nominated adviser must not have, and must take care to avoid, the semblance of a conflict between the interests of the AIM companies for which it acts and those of any other party. In particular, a nominated adviser must not act for any other party to a transaction or take-over other than its AIM company client.'


AIM rule states that a replacement NOMAD must be appointed within 30 days, but with the proposed takeover there is clearly much greater urgency than that.

'If an AIM company ceases to have a nominated adviser the Exchange will suspend
trading in its AIM securities. If within one month of that suspension the AIM company has failed to appoint a replacement nominated adviser, the admission of its AIM securities will be cancelled.

[johnhemming] 28/10/2021 14:47

No-one knows, but appointing a new Nomad should not take that long.

[dare2share] 28/10/2021 13:40

Anybody know how long this is suspended for and what likely to happen after it's lifted?

[johnhemming] 28/10/2021 10:33

Arden spread 23-26 Ince spread 45-50 Arden expressed as Ince 39.42-44.57


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[40 fathoms] 28/10/2021 01:09

I have been digging about a bit in to what Arden has been up to lately and I was not aware that they are both Nomad, Broker and Advior to Asset Co. Martin Gilbert is clearly going to be very acquisitive and there will, in addition to the IB fees etc, potentially be a tonne of legal work to flow from that relationship. All in all starts to look like an excellent deal.

[40 fathoms] 27/10/2021 22:51

JH, you are spot on. My post was very poorly worded. No cash outlay but Arden has 3 million in net cash. You are also right about the share price action being arbitrage. Clearly if you expect the deal to close you would sell Ince and buy Arden

[johnhemming] 27/10/2021 15:24

@40 fathoms. I don't think they are paying any cash. I think they are getting the cash.

[johnhemming] 27/10/2021 14:57

I see this as some canny people seeing the deal will go through and arbitraging the Ince and Arden prices. Luckily I spotted I needed to do a rule 8.3 declaration and have managed to get some stock sub 50p.

I do think there is synergy in the commercial deal. However, the short term market action is just arbitrage.

[davebowler] 27/10/2021 10:59

Encouraging for the future -

[40 fathoms] 27/10/2021 10:51

Deal looks pretty good. They are paying GBP 10 million for the business and 3 million in cash. They can strip out a million in annual cost, this looks pretty reasonable to me (the majority of the savings is listing related costs), they can cross-sell corporate finance to their client base and they will be up more corporate legal work. Will add a bit of cyclicality to earnings but I am ok with that.

[eringael] 27/10/2021 10:12

Added a few at 44.96

[dare2share] 27/10/2021 09:57

Oh good. Glad to see we are another 10 percent down because the valuation wasn't already ridiculous!

[jim digriz] 26/10/2021 19:35

Hilarious. Ince is my largest holding and Arden is my third largest, also a value type investment, happy enough to swap my Arden shares for more Ince!

[salmon9] 16/10/2021 10:17

My perspective on this is that we need to be patient and wait for improving financial numbers to speak for themselves. Hopefully these numbers will steadily convince the market that this is now a stable, increasingly well managed, growing business which deserves a positive share price rerating.
The recovery from a 20p share price over the past year is a positive, significant start in the right direction, but from this point, a further significant rise in the share price will probably take a while.
I remain an optimistic long term investor with a substantial investment in Ince.

[dare2share] 15/10/2021 11:21

This should be due a rise given general market sentiment the last few days, no? Still hidden value here I think. The problem is it's just a bit too hidden for my liking!

[rik shaw] 29/9/2021 17:24

I believe they stated a commitment to declare a dividend with the announcement of results to 30 September 2021 at 20% of post-tax earnings. Interims last year were 1 Dec 20 so a little while to wait yet.

[goldencrosskiss] 29/9/2021 16:00

Did they said there would be an update about dividend in September? Well still one more day to go. LOL..
Today’s news doesn’t ooze confidence.

[ghostdragon] 29/9/2021 10:01

To me it it was a steady update (nothing over and above), I think all companies have to put something in stating there not sure how things are going to go with the pandemic, as no one really knows....

[volvo] 28/9/2021 16:05

....not the best update imo

"The pandemic and its after-effects mean that we will continue to face challenges in all our markets, but we are in a position of strength to tackle those challenges and continue the growth of the Group."

[dare2share] 24/9/2021 14:08

I still firmly believe this is worth about double the current share price. Might be a longer hold to see that vale realised however!

[mister md] 24/9/2021 13:45

every now and then the shareprice here seems to wake up

[w1lbur01] 24/9/2021 13:02

Cheap? I think so