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ITQ Interquest

13.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Interquest LSE:ITQ London Ordinary Share GB00B07W3X22 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 13.00 10.00 16.00 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Interquest Share Discussion Threads

Showing 701 to 725 of 850 messages
Chat Pages: 34  33  32  31  30  29  28  27  26  25  24  23  Older
DateSubjectAuthorDiscuss
15/6/2017
15:30
what a bunch of crooks trying to steal our shares on the cheap. Disgusting!
bsharman3
15/6/2017
14:38
And who would have thought that a brilliant businessman like Luke Johnson would want to buy into a company that is clearly going down the pan?
keit4h
15/6/2017
14:37
Every trick in the book, what a bunch of low life, what is a man of Luke Johnson reputation doing getting involved with this lot?
exbroker
15/6/2017
12:53
Its incredible , I would never have guessed that they would issue a profit warning and suspension of dividends. Makes you wonder why management would want to buy the whole company. I would have thought they would be desperately trying to sell their shares as things are so bad.
ir35
14/6/2017
17:25
I reckon they should be offering about double this amount (see my post 537 above).

Remember that after the Brexit vote, they put out a profit warning on 27th June 2016. And sure enough, the EPS for 2016 was 31% below 2015. But the share price fell by much more from 82p to 43p, a fall of almost 50%, and has stayed around there ever since. Now the Brokers' Forecast is predicting the EPS to increase by 5% in 2017 and another 28% in 2018, at which point the EPS is almost back to where it was for 2015. If that is the case, then there is no real justification for the share price to stay where it is.

It seems to me that the Board basically de-ramped their own company after the Brexit vote. Now why would they do that? I leave you to make up your own minds about that.

In the meantime, if they offer me 90p I'll accept it. Anything less, they can stick up their jumpers.

vatnabrekk
14/6/2017
10:56
The Chairman (and his mates) who control 40% of ITQ will want to preserve the value of the company so, having destabilised the staff with the bid, they won't want to let the bid lapse and stay on the public market.

I would expect that the Chairman is currently in negotiations with the institutional holders to agree an acceptable offer price. Usually, in these circumstances, an agreement is reached, and I would be surprised if the agreed price was less than 50p (and possibly significantly more).

The institutions will be very unhappy about the Chairman voting the senior independent director off the board at the recent AGM, an extraordinarily aggressive tactic during an offer.

Important that all outside shareholders hold firm and don't accept 42p.

keit4h
14/6/2017
08:49
I suspect your corporate action message says 'If we do not receive an instruction from you by this time, no action will be taken on your behalf.' at the end.

So if you don't want to accept the offer then take no action.

This is what I suspect will happen:

A. If Chisbride get less than 50% acceptance they will either extend the timeline, abandon the bid or enhance their offer.

B. If Chisbridge get >50% acceptance then they will take control of the company. In practice this probably only means they will get rid of the non-exec given that they already control the company as they are all of the exec management. They cannot de-list at this point unless they have more than 75%. So they will make some vague threats about cutting the dividend or having a rights issue and then extend the offer.

If they don't get >75% they will continue to be listed, those who accepted will get their 42p and those who didn't get to keep their shares in the company together with the rights to dividends, capital returns etc. They will probably keep the offer open hoping to get >75%.

If they get >75% they will delist the company as a way of forcing others to accept the offer together with more vague threats.

If they get >90% acceptance they will compulsory purchase the remaining shares at the offer price.

Most likely is that there will be lot's of opportunities to accept 42p along the way. They don't want minority holders any more than you want to hold a small stake in a delisted entity.

The only reason you would accept is if you feared the bid will fall through and you think the company is worth a lot less than the offer price. Even then you could sell in the market at a higher price.

dangersimpson2
14/6/2017
08:38
Thanks - I hope nobody votes for that!
bsharman3
14/6/2017
08:34
It's not a vote. It's an offer to buy your shares. All you have to do is not accept the offer. No action is required.
keit4h
14/6/2017
08:31
bsharman314 I voted against last week. The default is not to accept so doing nothing is the same as voting against but without sending them the message the offer is derisory.
bwakem
14/6/2017
07:58
I've had a corporate action sent to me by my broker. Chrisbridge also called me and i said that their offer was derisory. My question is if i do nothing - is that a non-acceptance of the offer? I don't want to accept! Any thoughts?

Actions required by you

To notify us of your instruction you can telephone or send a secure
message. If sending a secure message you can either select the option
Send Secure Message, or simply click on the reply button. In both
options you will then be presented with 2 drop down boxes. You must
select the subject Corporate Action from the first drop down box. Failure
to do so may result in your election not being recorded correctly or at all.
We would not be able to compensate you for any loss should this occur.
From the second drop down box, please select whatever account you are
referring to. This could be your Trading, ISA or SIPP.

Takeover Terms

As a holder of Interquest Group you may elect to receive either:

1.Cash proceeds of 42 pence per share held
or
2.A Loan Note alternative which will be issued on the basis of 42 pence
in nominal value of offer loan notes for each share held.

This is a cash offer by Chrisbridge Limited.

bsharman3
09/6/2017
15:50
Look at the brokers' forecast for 2018 (per digital look.com):
Pre-Tax Profit £4.7M (highest on record)
EPS 9.63p
PE Ratio 4.6
EPS Growth from 2017 28%
Yield 3.5%

That's based on share price of 44.3p.
I reckon they should be offering a PE of at least 10 x 2018 Forecast EPS, which would be 96.3p.
Even 10 x 2017 EPS forecast would be 10 x 7.53p which would be 75.3p, which would be 80% higher than the current offer.

Yes, stitch-up.

vatnabrekk
05/6/2017
16:31
Good detective work, thanks for sharing.

Does show what a stitch up this is.

dangersimpson2
05/6/2017
14:31
Note that the ONLY holders who have given letters of intention to accept this derisory offer are current employees (who have been given no inducements to do so of course) and business associates of the Chairman and Luke Johnson, namely:

Jim Mellon, who actually bought his shareholding from Luke Johnson in 2011 at 53p but apparently thinks 42p six years later is good offer:

see

Pug Trust, a Mauritius trust which has now been disclosed as being a trust set up by George Sitwell, who was a co-founder of ITQ and it's FD when it floated

see

keit4h
03/6/2017
11:39
Page 55 of the Offer Document: Luke Johnson to be paid interest at 14% per annum on the £10m he is lending Chisbridge to make this offer. He will also have 15% of the shares of Chisbridge (p57) and management team has the rest.

14% per annum certainly suggests they expect Interquest to generate a lot of cash going forward.

I will not be accepting the offer.

charlie
30/5/2017
13:04
I think that the low ball offer is a complete disgrace. Didn't the board have a formal sales process a couple of years ago when the price was around £1? Therefore didn't they expect an offer much higher than the then share price - and now they think it's only worth 42p !
bsharman3
30/5/2017
12:44
It's all gone quiet. No further updates over the past three working days on tiny parcels of shares being signed up for this deal. I wonder what the next move will be.
spot1034
25/5/2017
19:42
I take a certain of amount of comfort from them having to chase up holders of less than £40k of the shares to try to persuade them to provide a letter of intention. Most of the independent larger holders don't seem to be keen and they are a long way off the 75% that would actually make a difference.
dangersimpson2
25/5/2017
16:11
There has been nothing more than a handful of acceptances of this derisory offer and given that there has been no announcement today it looks as if even the trickle of small investors has dried up. Clearly, the offer undervalues the company significantly.
spot1034
25/5/2017
12:54
They're up to 43.72% according to yesterday's announcement.
so only need 6.18% more to make the deal unconditional out of the 56.18% other shares and they haven't even made the official offer yet.

tiredandweary
24/5/2017
12:20
TechMarketView:

Frew exits InterQuest board as MBO bid struggles

Paul Frew, managing partner at Elderstreet Capital Partners, and one of the two dissenting non-exec directors on the board of AIM-listed IT recruitment firm InterQuest, was relieved of his duties at the company’s AGM yesterday, leaving David Higgins, ex-CEO at recruiter Harvey Nash, the remaining NED rejecting the MBO bid led by InterQuest founder Gary Ashworth (see InterQuest NEDs rebuff founder's MBO bid).

In which respect, Ashworth’s MBO vehicle, Chisbridge, has crept up to a 43.5% committed shareholding, which suggests that investors are not exactly rushing to join the party (see InterQuest MBO: 42% down, 58% to go!).

As I said before, this bid may not be over quickly. In fact, perhaps it won’t be over at all.

aishah
22/5/2017
07:14
They need 75% to delist, but only 50% to take control - but you could argue that they have control already being all of the exec directors - hence why I think the true number they need is 75% to really make a difference.

They are threatening to delist if they get 75% in the offer RNS which is their 'stick' however it is extremely unlikely that they won't continue the offer to mop up holdouts if they get 75% since they won't want the hassle of lots of minority holders.

dangersimpson2
20/5/2017
19:17
Also, according to ITQ's web site, at the end of 2016 G.Ashworth held 33.26% of the shares. So they've got a good head start.
vatnabrekk
20/5/2017
18:51
75% is what I thought also, but the RNS of 18th says:

"The Offer is subject to an acceptance condition at a level of Chisbridge needing to acquire or agree to acquire (whether pursuant to the Offer or otherwise) InterQuest Shares representing more than 50 per cent. of the voting rights then normally exercisable at a general meeting of InterQuest."

Unless I've misunderstood?

vatnabrekk
20/5/2017
16:56
Don't they need 75%??? Quite a few more imho...
battlebus2
Chat Pages: 34  33  32  31  30  29  28  27  26  25  24  23  Older

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