Interactive World Share Discussion Threads

[kebab77] 10/4/2007 08:08

So is it possible they held the share price back so they could give institutions an attractive price?

I hope the shareprice is now free to let rip ...

[matt] 10/4/2007 07:05

10 April 2007


Interactive World plc

("Interactive" or "the Company")

Share Placing


Interactive World plc (AIM: ITW) today announces that in response to significant
excess demand, majority shareholder Mr David Sullivan has placed 5,306,107
Ordinary Shares at 75 pence per share with institutional investors. Mr Sullivan
is now beneficially interested in 19,273,148 representing 49.95% of the
Company's total issued share capital.

[diogenesj] 08/4/2007 13:11

In case anyone is still wondering, the ex-dividend date was 14th March and the dividend of 3p per share was paid on 30 March.

[kimboy2] 07/4/2007 16:23

I don't think there is any doubt that David Sullivan has reduced his holding. He held, according to TDW, 24,579,255 which was 63.7%.

The 5,306,107 sale, he was the only shareholder with so many, reduces his holding to 49.95%.

Large shareholdings such as this are inevitably a negative and I would prefer him to be under 30%. I think it inevitably will be in the not to distant future.

It will be interesting to see if anyone of note has picked up a decent chunk.

[czar] 07/4/2007 09:30

Interesting comments. We all agree the company is undervalued and if PE is the correct valuation then something between 11x and 15x would be reasonable. First half figures were ahead of broker forecasts and they see the current price (90p when they wrote) as "significantly undervalues the quality of their technology, potential for organic and acquisitive growth, recent purchases, dividend yield and an estimated CAGR in earnings of 17%". Target price from the broker is 124p. It will be interesting to see their comments and any change to the target price if Mr Sullivan has reduced to sub 50%.

[nurdin] 06/4/2007 16:18

I dont think the conventional PER is necessarily a good metric to value ITW...cashflow and yield also come into play in this unusually high yielding stock.Put simply, with a forward yield of 10% the price you are actually paying is 90% of the current price and that needs to be taken into account in the PER calculation..So at 85p ,say, the actual price is 76.5p and with earnings forecasts of 10.5p the adjusted PER is 7.3.

Of course this depends on whether the company maintains its dividend policy and is able to sustain its earnings growth,modest as it may be.

With the prospects looking strong,a rerating to 12x on adjusted basis would, in my view, still undervalue the stock.

[kimboy2] 06/4/2007 15:47

The forecast EPS growth for this year is 19% and 14% for next year.

If there is an international expansion then there will be a step change in the growth rates. There is also the potential for cheap bolt on acquisitions.

Given it's apparently solid earnings, debt free status and potential for growth I would have thought a p/e of 15 wasn't too demanding at this stage.

[wjccghcc] 06/4/2007 15:05

I hold but can't see a PE of 15 being justified for a company with growth around 10% in the adult content sector of the market. 11-12 would seem more likely.

[johnrxx99] 06/4/2007 13:51

Got divi and very nice as well.

[silverfern] 06/4/2007 13:04

I agree sa single large holder can impact market sentiment and put off other institutions from investing. So Mr Sullilvan, you'd be better off holding 35% of a share trading at 140p than 50% of one at 80p, and so would we.

[nonlottie] 06/4/2007 10:09

Yes Czar That looks like a fair assessment of the situation.

Is the institutional pressure to reduce to bring liquidity and more interest to the stock or is there something else that you had in mind as the reasons?

Can anyone help me on which institutions are in this stock ( before today's transactions obviously ) and in what size? The announcement of the new shareholders will also prove interesting?

[czar] 06/4/2007 08:33

Sullivan has been under pressure from institutional investors to reduce has stake below 50%, if that is what was going on yesterday the shares should move to a normal market rating say 15x, broker forecast 9.15p this year to July and 10.5p next so around 137p to 157p and a more normal yield, dividends forecast at 8.4p so at 147p the yield would be 5.7% which is still exceptional. The current prospective yield is just over 10%.

[kimboy2] 05/4/2007 17:20

I reckon David Sullivan's holding is down to just under 50%.

[kimboy2] 05/4/2007 15:15

I think with that number of shares shifting it can only be David Sullivan moving a few. If he has I certainly don't view it as a bad thing and it would seem to mean another institution on board.

Perhaps he needs it for this;



No doubt an RNS wil be issued at some stage.

It also looks like the CEO bought them as part of the deal as the price hasn't been 75p for some time.

[silverfern] 05/4/2007 14:15

director bought 67k shares- that should help.

[kebab77] 05/4/2007 13:58

Serious volume today, hope thats the overhang cleared

[bigjohn75] 04/4/2007 12:55

Bought @ 78.25

[silverfern] 03/4/2007 12:15

Falls triggered by low volumes should be corrected by buyers now confident the dividend will be maintained. THat said I don't expect breakout either until the Board demonstrate they take their own strategy seriously, which, stated when they floated, was to use the money raised to expand overseas - they haven't really delivered on this. Because of this, IMHO ITW is a safe share to trade in the run up to trading statements and results day rather than an investment.

[maniac3] 03/4/2007 11:18

Good to see them dropping back .... provides an opportunity to buy:)

[volsung] 28/3/2007 22:24

Has anyone actually done bad things to themselves while watching Interactive World? If so what was it like? Hee hee do tell...

[wanglong1981] 28/3/2007 21:56

Kalmar - 16 Mar'07 - 16:00 - 376 of 395


Guys I know the XD date was 14th...when is it actually paid??..tia hmm ;-)

wanglong1981 - 16 Mar'07 - 17:25 - 377 of 395 edit


Comapre to last dividend, It should be one month after ex-date.

[kalmar] 28/3/2007 20:38

I had the same prob...but am expecting it Fri 13th?? :-0

[plentymorefish] 28/3/2007 20:25

Does anybody know when the dividend is paid? in the past it's been 1 month after x-div date, which suggests around 14th April? Can't seem to find it recorded anywhere officially though

[meadow50] 26/3/2007 16:34

They also said that Broker Daniel Stewart forecasts FY adj EPS of 9.2p compared with 7.68-thats the 20% hike I was talking about.

[meadow50] 26/3/2007 16:22

Buy tip in IC on friday page 83.They had the price at 92p tho and forecast yield of 8%
However at this mornings open at 81p the yield would have been 8.8%.
Where else can u get that from a co growing its profits at 20%???