ISG Share Discussion Threads

[bouleversee] 29/1/2016 13:38

I won't be accepting l7lp. Wd. prefer the whole thing to fall through.

[aishah] 29/1/2016 12:49

Order book around £1bn, net cash £50m. Bidder valuing equity at £84m. I'll hold out and await developments.

[exbroker] 29/1/2016 12:26

I think that 171 could be enough. The placing last year was at 170 so if like Octopus you have a large number of private clients who hold the stock in an IHT fund you have not lost them any money. It now depends on if any of the arbs start to play, they are much more likely to accept the bid as they will view this as a rate of return trade nothing more. From here if the bid fails I see downside unless there is a strong pick up in trading at the company.

[oregano] 29/1/2016 12:10

surely an agreed offer at 190p is where this saga is concluded.

[salpara111] 29/1/2016 11:04

Clearly got that one wrong! having said that I suspect that they will still not get enough acceptances to win.

[ed 123] 29/1/2016 10:50

I'll take the 171p.

[markie7] 29/1/2016 10:36

cleverly pitched, but not high enough. remember they are pricing off far too low a base.

board response will be interesting now though, they have to find another offer I'd say - see the caveat in the RNS saying that they will only increase if there is a counter bid, definitely one to "await documents"

am pleased my punt at 150p has paid off though! just need to be patient now.

[aishah] 29/1/2016 09:55

The Company said back in Dec. that 143p was significantly undervalued. At 19.5% increase in offer to 171p values Co. around £84m. Not high enough still imo. dyor

[ed 123] 29/1/2016 09:47

69% of shares did not support 143p. They need 44 of these 69% to get over the 75% line (ie. 64% of the so-far uncommitted shares.)

[gucci] 29/1/2016 09:42

Offer increased to 171p

Great news

[deadly] 29/1/2016 09:41

Salpara: good call!

[exbroker] 27/1/2016 13:50

Not sure how you reach that conclusion Salpara111. The bid can still be raised as today is Day 37.

[salpara111] 27/1/2016 08:48

Well it does not look like there is a higher offer coming.

[ed 123] 26/1/2016 12:52

If Cathexis admit failure, they have to wait 12 months before coming back again. That will be why they went for another extension. ISG, Cathexis and the other major shareholders will all be talking. As I said, an agreement remains possible.

[salpara111] 26/1/2016 12:40

I don't understand what they are playing at.
They have negligible acceptances and another week is not going to change that so why extend the offer period?
They need 75% to force a t/o through and they have about 31%.
I guess that they think if they make an improved offer around the 170 mark after this length of time more people may be willing to accept it.
If I were a holder I would not be willing to let it go for 170 but I am not so I will just watch for now.
If the bid fails the share price will doubtless drop back a bit but I suspect not a large amount and at that point I would look at taking a stake.

[ed 123] 26/1/2016 07:39

Yes. Not likely to get material increase in take up over the next week. Therefore I guess the extension is just a mechanism to buy more time for ongoing talks. An agreement remains possible.

[redchef] 26/1/2016 07:31

Not very exciting then. They've just pushed the date back by a week

[exbroker] 25/1/2016 13:40

I would be surprised if the level of acceptances had risen by very much. We are getting near the end of the phoney war, we know what price the institutions won’t accept but have yet to establish what they will. My guess is around 170 but a recommendation from the board my push it a few pence higher. I have a long position.

[ed 123] 25/1/2016 12:23

Thanks, Redchef. :-)

So, if it follows the pattern of the first close, we should get a pre-market announcement tomorrow.

Presume Cathexis and ISG will be having a chat this afternoon? I've no idea which way it will go.

[redchef] 25/1/2016 12:06

1pm today isn't it

[ed 123] 25/1/2016 09:41

Re:timetable, when does the extended period of the 143p offer close? Thursday, this week?

[grahamburn] 20/1/2016 15:18

The third conclusion is simply a statement of fact and doesn't add up to anything significant because as Ed 123 says Cathexis are almost at the maximum permitted holding. Indeed, Catyhexis could theoretically take part ina future fundraising provided it only participated in a pro rata fashion to its existing holding.

The wording of the document implies a veiled threat to the inexperienced investor that Cathexis is somehow involved the day-to-day running and financing of the company. It is not.

In short, IMO that particular conclusion doesn't stack up - any more than much of ISG's own defence.

[rubberbullets] 20/1/2016 07:33

Catharsis call an EGM and kick the board out next?