Inmarsat Share Discussion Threads

[robsy2] 03/6/2019 16:50

Bit lazy of me perhaps but does anyone know when we get our money?
R2

[steeplejack] 30/5/2019 07:14

Good to see this company spurred to action now it's going private.No more fighting for shareholder approval for undeserved salary increases.Head in the nosebag time.

[zcaprd7] 28/5/2019 16:54

Despite being one himself?

[steeplejack] 06/5/2019 09:04

Apparently,Warren Buffet isn't very keen on private equity outfits.

[losos] 29/4/2019 08:30

dexdringle - The way I see it 12% have given irrevocable undertakings to vote for the deal but it's likely many more big holders have had telephone discussions and have said something along the lines of "We're not commiting in writing but we'll vote for it it on the day" many thousands of PI's never get to know about those conversations.

I'm no legal expert but I would have thought they need 50% to get it passed.

I suppose it could go against the BoD afterall Unilever got a shock when the majority of shareholders voted against a move of HQ and the CEO ultimately had to go.

[dexdringle] 28/4/2019 20:32

Surely if only 12% of shareholders have approved then the deal will not proceed as presumably there is a minimum percentage that must vote in favour ?

A deal at this level can't be popular with most shareholders can it?

[losos] 28/4/2019 19:23

HL have sent me details of the upcomming Scheme of Arrangement in which they say that (as of 26/04) only 11.95% of shareholders have given irrevocable undertakings to vote in favour.

I'm so teed of with this that I might well take Noctons advice and sell now. If I thought there was a chance of the bid being rejected I would hang on and vote against, that would likely not gain me anything financially but would be nice to see the BoD get their comeuppance haha.

[zcaprd7] 26/4/2019 21:53

Softbank sniffed around but did not bid?

[bunce1] 20/4/2019 17:28

Anyone seen this on Ligado? Could be material if this goes through

hxxps://www.wsj.com/articles/ligado-wins-fcc-chairmans-backing-on-needed-spectrum-11555588800

[nocton] 20/4/2019 09:18

Yes and no. The dividend is included in the offer price:
"Under the terms of the Acquisition, Inmarsat Shareholders who are entitled to
receive the Final Dividend (as defined below) will receive:
$7.21 in cash per Inmarsat Share (the “Cash Value”),
comprising a cash consideration of $7.09 (the “Cash Consideration”) for each
Inmarsat Share plus the previously announced final dividend of $0.12 per Inmarsat
Share to be paid on 30 May 2019 to Inmarsat Shareholders on the register as at the
close of business on 23 April 2019 (the “Final Dividend”). Inmarsat Shareholders
who are not entitled to receive the Final Dividend shall receive the Cash
Consideration under the Acquisition in respect of their Inmarsat Shares."

It may be worth selling the shares now as the offer is priced in US$. At the current exchange rate of around $1.30 the price equates to 555p, but if a Brexit agreement is reached in the next few weeks the exchange rate could easily rise to $1.40, when the offer is worth only 515p. as the offer document says:
"On the basis of the Announcement Exchange Rate, the Cash Consideration implies an equivalent value of 537 pence per Inmarsat Share. For any Inmarsat Shareholder electing to be paid their Cash Consideration in Sterling, the amount per Inmarsat Share received may, depending on the prevailing exchange rate, result in a payment below or above 537 pence per Inmarsat Share."

[dexdringle] 18/4/2019 07:57

Was the offer not conditional on no further dividends being paid after the date of the offer ?

[wad collector] 18/4/2019 07:41

Xd today - the adfn financial info at the bottom wrongly says next Tuesday.
Well I guess that is the last of the ISAT dividends.

[dexdringle] 18/4/2019 07:30

Unless they thought there was a counter bid coming, given that the share price is about equal to the offer price, why would anyone buy these now ?

[losos] 13/4/2019 15:01

steeplejack, yes a tawdry affair indeed. I tried to do some research into the directors but it's difficult because anything in the public domain is heavily monitored and even controlled by the PR guys.

[steeplejack] 09/4/2019 06:34

Yes,that's certainly what the price stagnation around current levels suggests.A rather tawdry affair.The prime beneficiaries of Inmarsat's decade long listing on the U.K. stock exchange have been the management.Firstly,reaping a sizeable windfall when the company listed and then years of attractive remuneration packages.Indeed,such high,unjustified,salaries that even the City baulked at the payments.Income seeking shareholders benefitted from excessive dividend payments albeit at the expense of capital growth.Anyway,off they slink behind the protective custody of private ownership.Once out of sight,I hope the management are given a large kick up the backside.

[wad collector] 08/4/2019 19:07

I think the recent share price tending to £5.40 makes clear that this is a done deal.

[wad collector] 26/3/2019 08:53

Perhaps enough institutional shareholders look at the share price fall over the last few yrs and would rather have cash in hand with a share price bounce than hold for better things that might not happen? They look at 375p share price two months ago and cut their losses?

[steeplejack] 26/3/2019 08:43

The company is clearly facing a cash flow problem.The management appear to lack business acumen in that they unwittingly paid dividends that they simply couldn't afford and then cut them dramatically in a damascene experience.The feeling seems to be that Echostar (and others)are not in a position to counter the PE bid.The share price is not overly optimistic.As for Inmarsat management,they're happy to learn that their HQ will remain in the UK and that there won't be a widespread redundancy programme.One should bear in mind that Inmarsat management are far from popular with shareholders.Last year,they had to change their overly generous remuneration in response to shareholder pressure.Private ownership might be a bit of a godsend for a rather incompetent but avaricious crew but shareholders might have one more surprise for the management.

[dexdringle] 25/3/2019 18:22

Why would big holders agree to the company being sold for this poor sum (behind closed doors or otherwise) ?

[losos] 25/3/2019 17:33

I know this is not the way to do things but I just added up all my dividends and at $7.21 offer price and using 1.31 as the exchange rate I'm a few pence down. If the pound takes a dive in the next few months might just break even.

As said, not correct, but have to try and console myself, think I'll go out and get thoroughly drunk now haha.

[steeplejack] 25/3/2019 16:56

I'd be surprised.

[wad collector] 25/3/2019 16:50

I hope I am wrong but I bet they have enough other big holders who have agreed behind closed doors.

[steeplejack] 25/3/2019 16:47

They require shareholder approval.They've got 11.2% committed to the deal courtesy of Lansdowne.