Ince Share Discussion Threads

[w t tutte] 06/9/2022 12:44

I have a suspicion there might even be a bit more to it than that. The open offer not being announced alongside the CR was always a bit odd in my book. The cynic in me thinks they realised they needed a bit more cash to get to the other side of the cash crunch so went with an open offer, when no one participated they had to go back knocking on doors to place the excess rights.

[davebowler] 01/9/2022 16:04

RNS extract - more a sign of incompetence??
....... However, due to unforeseen circumstances which were outside of their or the Company's control, the corporate investor was unable to participate.....

[brucethegoldfish] 01/9/2022 06:32

RNS this morning I view as a particularly positive development. When a corporate investor feels like they’ve missed an opportunity (due to reasons unknown to us) and subscribes for 3.4m shares at the recent 5p placing price, I see that as a vote of confidence, but also a potential signal of lack of liquidity in the current market. IMO&DYOR

[nigelpm] 26/8/2022 17:07

Finally some movement - long way back up that's for sure.

[letmepass] 26/8/2022 08:01

Massive director buy. That's confident for you

[royalalbert] 26/8/2022 07:14

Amazingly the share price has risen.

[brucethegoldfish] 26/8/2022 07:10

I would have thought a settlement agreement still needs to be finalised before AB agrees to go off into the sunset quietly without kicking up a fuss. IMO & DYOR

[w t tutte] 26/8/2022 04:21

"Further to the Company's announcement on 16 August 2022, Donald Brown has been appointed as Group CEO of Ince with Adrian Biles stepping down from that role, although he remains a director whilst his departure from the Board is finalised."

Found this a bit odd. What needs to be finalised ? I feel like we may not of heard the the last of this.

[pothunter] 20/8/2022 15:11

See the Ince Group website for full details of the current share offerings.

[xenomorph1] 19/8/2022 15:12

can someone tell me what are these offerings???

[toby hall] 17/8/2022 10:06

plenty of meaty TR-1's going through at this level,
and the chart looks primed to GO

[xenomorph1] 10/8/2022 15:31

what are these, INCE.EXS and INCE.BSC??? Got it on my IB account???

[davebowler] 09/8/2022 08:45

Just got a call at home from Boudicca PR co.about General Meeting.
Ince prompted the call to check whether I am voting!

hxxps://boudiccaproxy.com/about-us/ doesn't work! Suspicious.

[jim digriz] 08/8/2022 09:39

Thanks for the perspective 40 Fathoms. Indeed we have all had a chance to buy some shares on the market at around 5p and the new CEO had better focus on cash. However, there is more to it, thoroughly understood by the Arden directors buying 10% of the firm at a valuation of c. £12m...

Imagine a shareholder with 1% of the company as it stands (about 870,000 shares). If they do not want to invest more they are left with 0.38% of the company (as it goes from 87m to 237m shares). Ouch.

If the shareholder had pre-emption rights then of the new 150m shares they would have the right to buy 1.5m of those at a cost of 75k. Suppose they again did not want to put more money in. The share price would have gone from 12.5 to (62x5+38X12.5)/100 = 7.85p. They would sell some shares or nil paid rights and take up some of their rights to end up at zero expenditure, ending up with at best (if nil paid rights worth 2.85p) 870,000 + 544,585 shares = 0.60% of the company.

1% to 0.38% or 0.60% is a big difference, more than 50%.

The resolution to dispense with pre-emption rights requires a 75% vote I think.

DYOR and please correct me if wrong,

Jim

[40 fathoms] 08/8/2022 01:22

Jim, I wonder if you are not a bit caught up in the principle, which I agree is important but is now probably a bit academic.

From a practical viewpoint if you want to participate in the post CR future of Ince you can buy in the market below the placement price and offset the dilution at a better price than had you taken the raise.

I would hope to see the new CEO hit the market on day one (17th Aug) with a bold and detailed plan of action that focuses on cashflow, cashflow and cashflow. There is a decent future here but they have a decent sized hole they need to climb out of first, with good management they can do that pretty quickly, if not they are holed below the waterline.

[jim digriz] 07/8/2022 21:11

And so, if you think that the company does need to raise money for the very reasonable reasons given (despite the cash theoretically acquired with Arden and the fact that a shrinking business requires less working capital not more) but are hacked off at not getting pre-emption rights - in which case, if I've read the announcement correctly, the theoretical ex-right price would have been approx. 8p (roughly you would have the right to buy 3 shares at 5p for every 2 shares at 12.5p so (3 x 5 + 2 * 12.5)/2 = 8p) or even 9p (because frankly the share price was 15p most of the last month), instead of 5p - then you have the option of voting for the first resolution, to issue the shares, while voting against the second resolution, to disapply pre-emption rights.

I say this having no idea what would happen next in this situation but, faced with a 2.5x dilution, I'd take my chances. Although at least we've all had a chance to top up at under 5p. Sigh.

DYOR and if my maths is wrong please say.

Jim

[diku] 05/8/2022 07:20

Buyers coming in early doors...

[pwhite73] 04/8/2022 15:09

There is no placing overhang.

RNS 28/07/2022 - "Pursuant to the Bookbuild the Company has conditionally placed 150,030,000 new Ordinary Shares, equivalent to £7,501,500, at a Placing Price of five pence per Ordinary Share representing a discount of approximately 58 per cent to the closing middle market price of an Ordinary Share on 27 July 2022 (being the latest practicable date prior to the date of this Announcement)."

[neo26] 04/8/2022 14:21

Placing overhang will take months to clear

[jim digriz] 01/8/2022 07:44

The not-yet-voted-on placing-of-shares-without-pre-emption-rights is far from their only option. More appropriate for shareholder value would be a strategic review considering at least:
- disposing of parts of the business
- selling Arden again to raise cash :-)
- trade sale of whole/most of business
- both of the above two at once
- rewriting financial agreements to give even just 1-2% less to partners or (would also help cash flow) to pay partners profits out a little more slowly

What on earth do Arden shareholders who sold for Ince shares think of this nonsense? At this price, Arden could have acquired Ince and maybe kept it's NOMAD status.

Still fuming!

IMHO DYOR

Jim

[diku] 01/8/2022 07:21

Better to wait until those new shares hit the market...after mid August?...

[af004] 31/7/2022 19:21

This firm will not survive ...be very careful here. Most law firms have had a record year. Buying revenue by acquiring disparate and often failing law firms does not work.

[bob1995] 29/7/2022 12:06

Nice big buy or short closing. Will be seeing a few shorts close over the next few weeks since funding secured