Itacare Capital Share Discussion Threads

[kayha2] 17/1/2013 09:26

Good interview with the Chairman here:

[rambutan2] 09/1/2013 15:01

Shareholders' Agreement

The Company has been informed that shareholders representing 51.6% of its entire issued share capital (including the Company's largest shareholder, BGO Fund Plc) have entered into an agreement relating to their shareholdings in the Company.

The Company has been informed that the agreement has a three year term and provides that those shareholders will: (i) not sell their shares in the Company at a price below the Company's last audited net asset value divided by the number of shares in issue; (ii) vote together as one unit at general meetings of the Company and on any written resolution; and (iii) not propose any resolution without each other's consent.

The agreement terminates on the winding-up or insolvency of the Company.

[rambutan2] 09/1/2013 15:00

Advisers:

Itacare Capital is the only company listed on the London Stock Exchange to provide investors with access to real estate investment opportunities in Brazil. Its focus is on luxury residential projects in Brazil, primarily targeted at the domestic, second home owner market.

Listed prop developer DCI bought 10% in mkt from keen seller in july 2013, see pg39 of below link for its take on ITA:

[dyfiman] 23/2/2005 18:48

Evening Rosemary (how do you do?) and all...........

I've come round to thinking that the choice here may well simple whatever the arimetic of share prices in a merger.

A done deal to merge the two companies could result in one entity with more firepower in its market sector, perfectly manageable debt, plus cost-savings through jettisoning various departments that duplicate currently and goodbye to managerial types on high salaries.
Whereas there are currently two HQ's, there would be one after a merger. And I'm sure there are other areas where a merger could lead to significant cost-cutting.
All in all, two weakish companies become one stronger entity, geared to perform better and achieve a better share price than either company could hope as stand-alone operations.
Another factor is that media/advertising as a sector has been due a bounce for some time given it's supposed to be cyclical.
So, buy some HNT and buy some ITA with a 12-month view? Would appreciate views/criticisms from more experienced investors.
Best regards
END

[rosemarydoyle] 23/2/2005 15:44

based on average of recent share price??? how far back does that mean? to when they were 80 and 24 ,respectively? Has anyone done the arithmatic to this possible and only possible (remember chime) merger? advice please. x R

[wjccghcc] 22/2/2005 11:34

I think HNT is actually getting its act together as evidenced by the latest trading statement. I expect they'll come in with EPS of 1.6p, ahead of expectations, and with a good forward statement.

[dyfiman] 22/2/2005 11:30

AndrewBruce..... many thanks for the reply and observations.

The one bright note that may ring out is that a new entity, born from a merger, might been seen by the markets as having a much better chance of growth and profits etc.
Hence deserving a share price rating far better than either company ploughing on individually.
However, would I back that view up by investing money in one or both companies prior to the merger to rack up a good whack of shares in the new company??
thanks again to you and Mr Whealan for replying.
END

[whealan] 22/2/2005 11:29

dyfiman

My views are on the HNT board. I am much more sanguine than Andrew about the prospects of a combined group in particular and think it could provide the springboard for further consolidation possibly sooner rather than later as well as the hope that ITA margins (and valuation) can effectively be brought closer to those of HNT rather than the other way round. AIMHO of course.

[andrewhbruce] 22/2/2005 10:18

Sorry dyfiman re your 132 i have been off air due to tech probs!

Very disapppointing reaction to the news. No trading updates which is ominous. There are substantial institutional and director shareholdings in hnt, totally some 50%+ from memory, so they i guess they are in accord, although there were no trades in hnt on fri - strange.
Neither of these companies seem to making any progress in a market which I thought was currently favourable for them, seems a last resort to me. Will certainly cut and run if if hnt goes anywhere near 30p, as for imt - chart says it all!! I suppose the optimists would say the only way from here is up !! up what !!

[dyfiman] 22/2/2005 10:05

Whealan....... good morning..... thanks for the reply last night. Sorry to hear you don't have a view.
Best regards.
END

[whealan] 21/2/2005 23:02

dyfiman
You might find it worthwhile to read the recent posts on the HNT BB.Looks at it from the other angle.

[dyfiman] 21/2/2005 21:45

Anybody out there???

Have just picked up on the talks between ITA and Huntsworth re. a possible merger/takeover, whatever.

What struck me was the ITA quote saying any price for the deal would be done based on the share's price's average over recent times.

It suggests therefore that, if any deal is done, there would be precious little upside for anyone buying in now.

Is this the right take on this situation??

I ask only because I was a holder in the past and have had ITA on a watch list for a while - since after the breakdown of talks with Chime. I was interested on the basis that the chime talks could be revived.

That said, ITA has been in the doldrums for so long, I suppose some deal with someone is all that's left (??).

Shame, because it outwardly seems a company that could be a success, sharewise being in interesting markets, with geographic spread, and with a committed workforce ( they are the major shareholders, I think).
Would appreciate any comment before I give up the ghost completely.
Best regards.
END

[dyfiman] 20/2/2005 15:10

Andrew........ can you explain what's going on, please?

Best regards.

[andrewhbruce] 20/2/2005 11:52

incepta and huntsworth ............ 2 basket cases ????? interesting to see what the market makes of it on mon. personally cant wait to get shot of my huntsworth.

[vino1] 31/1/2005 13:56

As usual another downbeat trading statement from Incepta highlighting the bad bits & playing down the good results in Marketing Services and Corporate & Finance. Most companies have learnt the knack of starting a trading statement trumpeting the sucesses and mentioning the bad bits later but not Incepta, no, they make it all sound as gloomy as possible. It's almost as if they want to push the share price down for us poor long suffering investers. When you look at the statement as a whole it's actually quite possitive with potential for good growth in the coming year.Lets hope the market realises this soon.

[master rsi] 24/12/2004 13:22

Be merry and jolly...'coz it's Christmas !
Celebrate and rejoice the special ties of love
and affection with all your loved ones.

       

[sidhu111] 28/11/2004 22:47

Looks like some further good news after the recent positive results....

Sunday Telegraph 2 articles (below)

ARTICLE 1...
Chime and Incepta ponder PR merger
By Guy Dennis (Filed: 28/11/2004)


Chime Communications and Incepta, the listed public relations companies that own some of the Britain's best-known consultancies, have held extensive merger talks.

The discussions between the two groups, which took place earlier this month, failed to reach an agreement on the terms of a possible merger. However, the prospect of adeal is by no means dead and talks are expected to be revived in the New Year.


Lord Tim Bell: Chairman of Chime Communications
The potential merger would involve some of the best-known names in the PR industry. The companies are both led by well-known chairmen. Lord (Tim) Bell, one of the founders of the British public relations industry, who made his name advising Margaret Thatcher in three general elections, is chairman of Chime. Incepta is chaired by Francis Maude, the Tory MP and former minister once seen as a potential leader of the Conservative Party.

Sir Martin Sorrell, the chief executive of WPP, the multinational advertising and public relations group, would play a crucial role in any deal. WPP is Chime's largest shareholder with a stake of about 20 per cent. Sorrell is said to approve of a merger in principle, as long as the terms are fair. The talks are thought to have been initiated by Lord Bell.

A successful merger would create a combined group owning a collection of prestigious PR brands. These include Chime's subsidiaries Bell Pottinger and Good Relations, and Incepta's Citigate Dewe Rogerson and the RED Consultancy. The merged group's clients would include ITV, Wm Morrison, Carphone Warehouse, BAE Systems and Rio Tinto.

Incepta is the larger of the two companies with a market value of £134.4m, more than twice Chime's £55.4m valuation.

In 2003, both companies lost money. Chime produced a pre-tax loss of £11.2m while Incepta lost £1.5m. However, in the first half of this year, Chime delivered a pre-tax profit of £3.2m compared with Incepta's £2.8m.

A deal could also lead the combined group to launch a deeply discounted rights issue of around £30m to pay down debts.

ALSO ADDITIONAL COMMENT FROM THE SUNDAY TELEGRAPH:

ARTICLE 2...
City comment
By Grant Ringshaw, Deputy City Editor (Filed: 28/11/2004)

Ringing the changes

Chime and Incepta ponder PR merger
Over the years, the public relations industry has often been guilty of making mergers and acquisitions at the top of the market. So here's an idea: why not do a deal now when the industry is recovering after a few tough years? I have to confess this is not my idea, but one hatched by Chime Communications, the listed group led by Lord Bell, and Incepta, its larger quoted rival, which have held merger talks.

A merger would make sense in an industry which still suffers from overcapacity. The two groups, which have some talented individuals in their ranks, have been increasingly confident in recent months - Chime returned to the black with an interim profit of £3.2m, while first-half pre-tax profits at Incepta, owner of Citigate, the financial and corporate communications company, more than doubled.

But a big issue in any deal is the amount of debt in the combined group. Incepta has been reducing its net debts from around £65m to £55m (after a £6.7m share placing two weeks ago).

Meanwhile, earlier this year Chime raised £18.4m through a share placing to cut its debt to £8m. Perhaps the best way to fund a combined group would be through a deeply discounted rights issue of around £30m - a move that would be backed by WPP, the advertising giant led by Sir Martin Sorrell, Chime's largest shareholder with a stake of about 20 per cent. This would create a merged group worth more than £200m with the financial strength to exploit a long-awaited upturn.

[master rsi] 19/11/2004 11:32

a further move up on the offer to 74p now is the point of strenth and show if it can break the 72p of 9 days ago       

[master rsi] 19/11/2004 08:34

The follow through is happening

70-73p +1p

up at both sides

The 3er wave UP developing since yesterday

[master rsi] 18/11/2004 21:59

do not worry too much about last comments

just happens "Haytack" had a bad week during those days

Up on he day and two large trades at full price by the end of the day, could be a follow throgh for tomorrow.

[haystack] 12/11/2004 12:33

This looks to be pretty much in a solid downtrend. A few up days but still heading relentlessly DOWN.

A company that made several takeovers too many.

[master rsi] 10/11/2004 14:02

Further improvement on the offer price to 73p

volume growing OK

[master rsi] 10/11/2004 12:08

Price now 71-72p +4.5p

some large trades are now shown as delayed trades and MMs were buying earlier

[master rsi] 03/11/2004 10:59

Price now 67-69p +1p

Level 2
2 MMs on the bid for 3 at offer

A further move up on the price this morning after the MM went into the Market to buy more shares (MM was getting short on the book ? ) to push the offer price higher from 68p, after 2X100K buys, now showing as delayed trades.

[master rsi] 02/11/2004 15:54

Well boys and girls , did someone open (its) BIG mouth once too often ?

is going places today, up again on the bid to 66p

The over normal volume helps the move up on the share price