Ince Share Discussion Threads

[cmec11] 11/4/2022 16:55

Hi, I’m new to this thread but have been on the LSE chat board re Ince. It’s a different vibe over there, a lot of detailed discussion from people who really understand the economics of the company and the Arden deal in particular. Worth a look.

[wobblywilbur] 11/4/2022 08:59

Seems like between them they are content in 'giving' Arden's fundamental business away and the target has been the Cash on the Arden balance sheet all along.

[40 fathoms] 11/4/2022 07:52

More than a bit surprising. We will need to hear from management as why it still makes sense to proceed and to proceed without an adjustment to the offer price.

My guess is that they will say that further costs and regulatory complexity can be taken out of the business by not offering NOMAD services, maybe there is also a release of regulatory capital ? I suspect that they will also say that most of the legal work they would have anticipated picking up is captured on and around a CR and not from the appointment as a NOMAD.

I am puzzled and will likely remain so until we hear from management.

[rik shaw] 11/4/2022 07:42

So INCE are still intending to progress the takeover

[indigocarmine] 07/4/2022 17:58

Ok, I guess it's to stop companies buying other companies in order to gain the eligibility criteria to act as a NOMAD without necessarily retaining the staff in order to competently dispense those services. You would think it would be fairly easy to stop that happening by insisting that a high proportion of existing staff were retained for at least two years, but who knows. Though again, you would think a bunch of lawyers would have known about this beforehand. It does little to inspire confidence in INCE.

[rik shaw] 07/4/2022 16:19

Yes I don't understand in detail, but it seems to be linked to the eligibility criteria to be authorised to act as a NOMAD under AIM Rules, i.e.
'- be a firm or company ..
— have practised corporate finance for at least the last two years;
The requirement to practise corporate finance means that the entity (or in some cases a separate division of it) should have practised as its principal business the provision of corporate finance advice, such as advising on public market fundraisings'

[indigocarmine] 07/4/2022 15:42

Ok slight misunderstanding on my part then - but like I say I know chuff all about the law, and reading anything beyond one sentence on it tends to send me into catatonia. Not really sure why it is OK for them to act as NOMADs for other companies when under their ownership, but not OK when they are under INCE leadership. Though I guess it may have something to do with conflict of interest, depending on what sort of work INCE undertake

[rik shaw] 07/4/2022 15:06

Providing NOMAD services is part of what Arden do. The Regulatory issue is the change of ownership to Ince if the offer goes through.(Ince have already had to appoint someone else as their own NOMAD, though they seemed surprised by this at the time.)

[indigocarmine] 07/4/2022 10:34

You'd have though a bunch of lawyers would have known the what is permitted under the regulations before committing to the deal. I know sod all about the law, but that said I have to give minimal consideration to determine that it seems a bit iffy to have a company directly under your control acting as a NOMAD.

[40 fathoms] 07/4/2022 10:25

They won’t close, the previous business rationale does not hold if Arden is unable to act as a Nomad.

[nigelpm] 07/4/2022 09:57

The board are not impressing me - wasted a lot of time (and money) on this and struggling to get it over the line.

[rik shaw] 07/4/2022 09:54

Surely INCE must now walk away from the offer for Arden

[davebowler] 28/3/2022 10:00

Capital Access Group-
Ince Group (INCE) - Launch of InceDemurrage. Ince, has today announced the launch of InceDemurrage, a fully integrated, one-stop demurrage solution for clients operating in the maritime sector. It combines Demurrage Desk's expert despatch and demurrage analysis specialism, expertise and advice with Ince's wealth of legal advisory experience in demurrage claims and disputes. This is underpinned by Demurrage Desk's state-of-the-art technology for fully digitalised demurrage and laytime tracking and calculation. The offering aims to develop more exciting integrated solutions, streamlining the demurrage

process involving Internet of Things and Blockchain technology which is expected to be market leading. With shipping companies' margins and performance under immense, prolonged pressure, the InceDemurrage offering comes to market at a time when high levels of supply chain disruption.

[pinemartin9] 24/3/2022 09:48

Back to my last top up price of 29p. Wish I'd waited 2 days and I could have had them for 20p. Ah well, I felt 29p was a good price then and still feel it is.

[rik shaw] 06/3/2022 12:55

I didn't suggest it was a cash offer, but if there was liquidity in both sets of shares then in theory Arden shareholder could sell out and buy into Ince direct rather than waiting for exchange of shares and would potentially be better off. Hopefully value here will start to be seen in due course when the world settles down, and cash collection improves.

[40 fathoms] 06/3/2022 10:40

Rik Shaw, it is not a cash offer and the exchange ratio has already been set and was approved by Arden shareholders in January. The deal will close when and if the final condition precedents are met.

[rik shaw] 05/3/2022 12:29

When the offer for Arden was made the value was stated as 40% premium to Arden share price at the time. Now with Ince c.23p and Arden 17.5p the deal terms appear to represent around 20% discount to Arden current share price (unless the terms are revised).

[diku] 24/2/2022 10:07

Buyers coming in?...

[eringael] 24/2/2022 09:54

Barstewards rejected 10k @24 for 20mins then offer is 26 - orchestrated to get sellers not buyers

[40 fathoms] 24/2/2022 09:39

In similar position no-one is bitting

[eringael] 24/2/2022 09:24

Well just tried to buy 10k at 24 and no hotties fill or kill for 6k at 23 and rejected

[diku] 24/2/2022 09:12

Shares are proving not for keeps...just kick around...bring on market crash then buy buy buy...get Central Banks to put some juice in the markets QE and bring on euphoria then sell sell sell...wash rinse and spin cycle...

[40 fathoms] 24/2/2022 09:06

I am with John Hemming. Market backdrop is terrible for illiquid small caps and the take over has brought about a state of purdah. Liquidity needs and imaginations are running the show.

If we are looking for silver linings their new Windward Sanctions business should be seeing improved prospects, you would think.

I am also with DLKU we certainly sucked in a lot of suckers in the run up last year, not sure we are done with puking them out but I think we are close.

PineMartin, I am certain you will be richly rewarded in the not to distant future.

[pinemartin9] 23/2/2022 18:57

Yeah...think I might start to keep quiet in future. You'd have thought that a post on a bulletin board would have no impact. Does feel sometimes like a MM may be watching and decides to test one's nerve! I took another look at the business yesterday, newsflow and integration of companies and decided to top up. Hey ho.