Inmarsat Share Discussion Threads

[dexdringle] 25/3/2019 16:32

I can't believe it doesn't need shareholder approval ?

Are our muppet director employees empowered to sell our company for whatever (low) price they like ?

[wad collector] 25/3/2019 16:28

It's all done and dusted , like many I am down about 15% . We can grumble but it won't help.

[dexdringle] 25/3/2019 11:54

…..no.....I think I prefer the malevolence thing......

[extrader] 25/3/2019 10:49

Hi all,

Apols re formatting !

Norges has just (1002) released an updated holding RNS, extract :

(f) In addition to the company in 1(c) above, is No
the discloser making disclosures in respect of any Not Required
other party to the offer?
If it is a cash offer or possible cash offer,
state "N/A"


this compares with the earlier version (0851), which mentioned EchoStar

f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
If it is a cash offer or possible cash offer, state "N/A"
Yes
EchoStar Corp

Oops !

"Don't ascribe to malevolence/conspiracy that which can be adequately explained by human error/incompetence"

ATB

[undervaluedassets] 25/3/2019 10:46

As the Dude said in the Big Lebowski when he slightly misquoted Lenin ..

"You look for the person who will benefit"

Management is recommending this deal this time around because they will benefit.

[losos] 25/3/2019 10:45

Well I am gobsmacked, in the space of a few days the BoD have caved in and thrown the owners of the company (ie the shareholders)to the wolves. I realise as a PI that I have no influence but I do hope the funds and IT's will kick up a fuss, they damm well should do.

As mentioned around £7 a share would at least have been a reasonable premium on last years Echostar bid which as everyone above has pointed out was considered by the BoD to seriously undervalue ISAT. How can they have the cheek to say that six months ago yet accept almost the same price today.

It all smells, I would have thought that the BoD would have more morals grrrrrrrrrrr.

[zcaprd7] 25/3/2019 09:42

Indeed... Good point. Maybe because the management team would have all been booted?

[jbfnfn] 25/3/2019 09:34

Simple question.

Back in July 2018 EchoStar were willing to cough up 532p for Inmarsat, admittedly not all in cash. The board said the proposal "very significantly undervalued Inmarsat and its standalone prospects".

How come the BoD of ISAT are recommending 546p today?

How does "very significantly undervalued" equate to 14p ( 2.6% of 532p)?

Am I missing something here?
Whats happened to the prospects of the business since July 2018?

[extrader] 25/3/2019 09:17

Hi all,

The Norges RNS this am (Holding taken to just over 3 %) mentions EchoStar as an interested party......but this may just be a legacy holding...

ATB

[steeplejack] 25/3/2019 09:04

"The consortium's indicative tilt, which assumes no final dividend payout from Inmarsat, could well spark renewed interest from two recent failed bidders, Echo Star of the US and Eutelsat of France, both of whom wanted to take control of the company last year." The Times 20 MarchThe price this morning is suggesting that a counterbid might emerge.

[harleymaxwell] 25/3/2019 08:58

Buyers around still at 547p Also could have made 10 p cent from Friday....

[undervaluedassets] 25/3/2019 08:55

this is being sold for a 2007 price for Christ's sake - since when sales have quintupled.

very poor deal for shareholders.

[steeplejack] 25/3/2019 08:52

UK headquarters remains I see.Following completion of the transaction, we intend to maintain Inmarsat's UK headquarters, and to work with its highly skilled workforce to realise the company's full potential."-- Commenting on the Acquisition, Andrew Sukawaty, non-executive Chairman of Inmarsat said: "Inmarsat is a business which continues to grow as we invest in our infrastructure to support our customers' requirements. Increasingly, these requirements are for higher performance broadband connectivity. The expertise and skills of our employees, together with continued investment in our technology and infrastructure, are integral to delivering on our growth potential. We are pleased that the Consortium recognises this and that we are able to present this offer to shareholders".

[dexdringle] 25/3/2019 08:52

Surely they can't get away with this can they. It is so blatant it is embarrassing...

[zcaprd7] 25/3/2019 08:49

I doubt it. PE will flip this for £10 in a few years...

[wad collector] 25/3/2019 08:47

As the management has accepted the offer I don't think Echostar will see any point in a counter-offer.
Show is over , pack up our bags and look elsewhere?

[steeplejack] 25/3/2019 08:43

Apax's due diligence would have suggested that,all things considered,540p was a reasonable ballpark figure.What I reckon happened was,the management were enamoured with climbing into bed with Apax (an old girlfriend afterall)and haven't given a jot about whether it's perceived as a good deal or not.

[undervaluedassets] 25/3/2019 08:39

They were £11.50..

It's a stitch up... the Private investor has been done over at this price.

[undervaluedassets] 25/3/2019 08:36

I would hope that another bidder will appear.

they are giving this company away.

no doubt cozy arrangements have been made regarding senior management salaries. Otherwise I do not understand the change of mind

[steeplejack] 25/3/2019 08:31

You're right.Sadly,the management are sitting tenants of sorts.The failure of management has reduced the share price to a level that attracts an opportunist bid at a level dismissed as ridiculous when Echostar made its approach.All you can hope is,that Echostar might counter.However,I imagine that the UK Government might quite like ISAT becoming private and slipping out of public view.This Deal has probably been given a nod and a wink.

[steeplejack] 25/3/2019 08:13

It’s all about the existing management securing their futures.A number benefitted when the company was floated,now they can slink off and become a private company with the anonymity that provides.Its a trend, of course,listings have plummeted in recent years.

Rest assured,Apax will have done enormous due diligence here.They’ve bagged a bargain and the company has been complicit in facilitating and recommending a bid that gives Apax and the rest of the gang a jolly good start.

[dexdringle] 25/3/2019 08:00

Unbelievable. Six months ago the board turn down an offer for a similar amount suggesting that the amount did not anywhere near reflect the true value of the business. Now they accept this offer ?

This is just bloody ridiculous.