Inmarsat Share Discussion Threads

[the original goldbug] 11/6/2018 21:17

The asset management division and ‘sale side’ stock broking are separated by the concept of ‘Chinese Walls’ and are free to act independently of each other.

[lomcovaks] 11/6/2018 20:43

Who knows? Perhaps the short was a hedge?

[patdavey] 11/6/2018 17:43

JPMorgan broker view back in March this year was neutral with 'new target price' set to 580p

Curiouser and curiouser ...

[nocton] 11/6/2018 17:01

If I understand these positions correctly, AQR, etc. are set to lose a lot of money?

Disclosed positions in INMARSAT PLC (ISAT)

Fund % short change Date changed
AHL Partners LLP 0.90% 0.08% 30 May 2018
AQR Capital Management, LLC 2.87% -0.04% 4 Jun 2018
JPMorgan Asset Management (UK) Ltd 0.79% 0.25% 5 Jun 2018
OLD MUTUAL GLOBAL INVESTORS (UK) LTD 1.22% 0.12% 5 Apr 2018
Total 5.78%

[buoycat] 11/6/2018 14:27

Wadcollector, stable after a sharp rise of 12% to a level where buyers and sellers are currently in accord...until further news emerges

[the original goldbug] 11/6/2018 14:27

I think the underlying business is too complex for PE and the earnings potentially too volatile for PE as well.

[zcaprd7] 11/6/2018 14:25

The main positive, is no PE involvement, so we should get some decent bids at some point...

[the original goldbug] 11/6/2018 14:14

Wad Collector (great name!)

What is now known is the that the low ball bid is £4.5, clearly that doesn’t fly, so a further 15-20% premium has been built in.

Obviously something leaked on Friday, so maybe the market smells what SATS real bid.

I think the bullish broker notes, while encouraging, are just noise.

So what probability do we have that someone is going to come in with more? I would say not a lot given the recent history of disappointing results and old news bid never emerging.

I hope I’m wrong however and that we are all pleasantly surprised.

Let’s see what the yanks do today as well..

[wad collector] 11/6/2018 13:35

It amuses me that the share price has been quite stable this morning , as if the value is a known quantity , when the reality is that the new value is wildly dependant on the success or otherwise of other bids that may or not materialise.
I expected there to be more volatility , as there is little information and much speculation.

[zcaprd7] 11/6/2018 12:49

We need a concrete, serious bid from someone then.There are all sorts of problems if inmarsat falls into someone else's hands - ligado won't be happy, nor Deutsch Telecom?

[wskill] 11/6/2018 12:43

If isat was listed and controlled by the USA it would never have been shorted so low this seems to be the practice of the hedge funds .
To force shares so low someone will bid for it no way is this making an orderly market in shares as they say.
I am sure that this practice is dishonest trying to flush out bidders of a listed company in a few years there will be very few world class U.K. Companies left.

[zcaprd7] 11/6/2018 12:16

If shareholders can hold out for £11, why on earth was it so cheap, and who was shorting it and why?

[bagi58s] 11/6/2018 11:58

Revised increase take over bid £9.00 on the cards???

[bluemango] 11/6/2018 11:41

#3460 No wonder the board were able to reject that opening gambit so easily.

[redips2] 11/6/2018 11:32

.... which is heading towards a more realistic price .

[kamitora] 11/6/2018 11:29

And this from Jeffries (via the FT):

Inmarsat shareholders could hold out for as much as £11 per share. If we're right, they should be pushing for something even higher. This is only the beginning, in our view.

[kamitora] 11/6/2018 11:26

Good coverage now on FT Alphaville's Markets Live including these comments (from today's RBC note):

Spectrum (£10/share): We estimate Inmarsat's spectrum is worth c.£10 per share, split European S-band (£3.25), US L-band (£5.00), Global L- band (£1.55).

and

We believe Inmarsat is on the verge of signing a deal to wholesale its 4th GX satellite for Chinese use. We think this is worth c. $100m/year or c.£1/share post-tax.

[the original goldbug] 11/6/2018 11:23

Embarrassing really

[dexdringle] 11/6/2018 11:22

.....well £2.1 billion would be around £4.50 a share ?

[pugugly] 11/6/2018 11:04

Not sure if the bid value has been reported above so here goes

Inmarsat : US FIRM'S £2.1BN SWOOP FOR UK SATELLITE MAKER
0
06/09/2018 | 07:03am BST

June 09--As the bell rang for the close of the market last night, another British technology company revealed it was being preyed on by a foreign firm.

Satellite pioneer Inmarsat has rejected a £2.1bn takeover bid from US billionaire Charlie Ergen'sEchostar Corporation.

Directors said the 'highly preliminary' bid significantly undervalued the technology leader and its prospects as a stand-alone business. They confirmed the approach following speculation on the FT Alphaville blog.

[the original goldbug] 11/6/2018 10:15

Lol @undervaluedassets...

I am personally hoping for a bid at £7 which makes the whole thing worthwhile for me and probably does leave some value for the buyer.

One can always take the buyers paper if you feel too much potential value resides with the buyer.

[bargainbob] 11/6/2018 10:10

The 5 Bob 5 coin links Qty 6 30 coins in total