Ingenta Share Discussion Threads

[p1nkfish] 04/11/2022 15:37

Haven't been at this price since about Oct 2018 and the company now tidied up a great deal.
It has a higher price written all over it so watch and wait to see what the tender achieves.

???

[p1nkfish] 04/11/2022 15:34

Haven't had chance to think enough yet.

On the surface the price action looks a bit strange with a tender at 115p to take 11% of the stock off the market and the price has risen towards 120p. Cash reservs will be depleted.

Interesting.

Still reckon this is a buyout target with the pocket change of one of the big boys.

[red ninja] 04/11/2022 15:08

Sold 12% of holding in the market at 19.3p.

[p1nkfish] 04/11/2022 14:44

Kestrel will probably tender a few.
Haven't decided yet.

[red ninja] 04/11/2022 12:41

It seems that you can sell into the market above 16p, but not a lot of selling going on. I'm wondering how many shares the tender will pick up.

[red ninja] 28/10/2022 19:25

Not a huge holding for me so I'll probably hold on.
I have no idea what is the best course of action, but I'm hoping the growth rate will chug upwards with time and with it the low number of shares make this look cheap.

[p1nkfish] 28/10/2022 15:29

Have quick a few of these, will probably take my 11% in cash. Very unlikely to go to more than 11% as it is spinning off money, might hit some growth in the recording side (+) and is a target for acquisition imho.

[red ninja] 28/10/2022 14:26

It's not unusual for companies which Kestrel have holdings in to have tender offers. It will raise the p/e and if they could accelerate their growth rate it might start to look like an attractive buy.

[p1nkfish] 25/10/2022 15:26

It's done. Doesn't matter what people here think. Have to make best of it.

[smithie6] 25/10/2022 14:53

for discussion it is just one of many questions.

Was this the best way to return cash to shareholders ?

that is the key question imo.
I personally would prefer a special divi. rather than a tendering of shares that only lifts the EPS by a small amount

[p1nkfish] 25/10/2022 13:24

To tender (what %) or not to tender?
That is the only question.

[smithie6] 25/10/2022 12:40

it will give a chance to any individual personal holders of >3% to reduce their holding, or try to sell it all since one can over apply.

some old individual holders might want to get cash, to spend it while they still can !

[p1nkfish] 25/10/2022 09:30

Or a floor on the price depending on how you look at it.

People don't have to tender and if they don't the money stays on the balance sheet.

I'm pretty mellow about this.

Todays sales are just flushing out some who would have sold, locking in > 115p.

Need to have a think.

[smithie6] 25/10/2022 08:18

one assumes this means no one buying any shares for the next few months until this tender process is all out of the way !

imo many PIs will think that no point in buying any shares at any price higher than the tender price of 115p, putting a lid on the share price imo

[smithie6] 25/10/2022 08:04

there will be a general meeting to approve the tender offer

I am voting NO for my shares.
instead the cash should be better used imo for a special divi

[p1nkfish] 25/10/2022 07:30

Well if anyone wants out at 115p the door is wide open. Proposed 11% float reduction with corresponding potential future boost to EPS etc. Tender looks the only way out without trashing the price. It can also be more tax efficient for some holders rather than dividend.

Cash now or future dividends and potential capital growth?
They must be pretty confident to spend the money, expecting it to be replenished.
Always possible a major holder has had a word with them and encouraged return of capital.

Another interesting move.

[p1nkfish] 18/10/2022 06:56

ING haven't been at this price since about October 2018 so a full 4 years. At that time it was on the way down.

Since, they have tidied ship and become leaner, performed a buyback and increased their offerings - although taking time to gain traction on new products/services. Any uptick in new business largely goes to the bottom line as all op-ex covered well by existing business on high % ARR.

Interesting to watch, low volume transactions, tightly held and generating cash.

???

[p1nkfish] 17/10/2022 11:34

Can this just be a few PI's with nothing better to do with a bit of cash or is there something else going on? I have no idea but it creeps higher.

[p1nkfish] 05/10/2022 15:17

It is interesting, always hard to judge on low volume and so tightly held, have to wonder what info is in the hands of whom.

[boadicea] 05/10/2022 12:53

A very marked upturn in interest since last week.
There were no deals in the week until Friday when there were 13 (plus a closing auction). Although the majority were adjudicated formulaicly as sells on advfn the suspicion would be that all were buys as inferred from the resulting price action. Since then (3 days) there has been a regular demand with only two very small sells.

One suspects that such buying is not without intelligence.

The shares will be xd after this evening's close which may explain a decison to buy now rather than afterwards but hardly explains a general increase in interest.

[p1nkfish] 22/9/2022 09:31

If this was boought at the right price then its a case of being paid to wait. Not too bad given the bloodbath elsewhere.

[p1nkfish] 22/9/2022 09:29

richjp, absolutely. They can't run a much tighter ship now so its sales growth or total stagnation and run-off via dividends and/or sale of the company.

Music is a bit of a damp squib currently with one customer from what I can see. No mention of Tipalti.

Have the impression they expect some loss making start-ups in the space will have problems and ING could be ready to pick-up the customers or possibly even an acquisition.

Any sales growth should largely fall through to the bottom line so it's all set-up to really move if they can get the sales.

[richjp] 22/9/2022 09:09

Everything seems to be going in the right direction, however what I find disappointing is the minimal sales growth.

Let us hope there is more to come.