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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Kape Technologies Plc | KAPE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 285.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 285.00 | 285.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 21/4/2023 08:57 by ali47fish i encourage investors to subscribe to sharesoc to defend out rights and the iniquities of aim |
Posted at 21/4/2023 08:46 by wad collector The majority shareholder situation is not one that I realised gave such vulnerability to other investors. I suspect the rules are slightly different for FTSE companies , the AIM rules were always meant to be slacker. I used to think that significant family ownership in a company was a good thing as it put their skin in the game, but then saw the ruthlessness that it could sometimes create. But seeing this manipulation of the rules makes me wonder about other companies with a single majority holder.Personally I am 11% up here so not losing sleep , but understand why other holders are more annoyed. I guess it shows the illusion of fairness and protection in the market; it will always be a jungle. |
Posted at 20/4/2023 09:53 by ali47fish why do other managers like slater(institutional investors) declare their position in order for all parties intersted including retail investors can judge the likelihood of sagi obtaining or not the requisite votes |
Posted at 28/3/2023 08:53 by adamb1978 AliSimply that a company like KAPE (industry, addressable market, metrics etc) would be more highly rated (trade on higher PE or EBITDA multiples) if it was listed on the main market in London or Nasdaq. So all I mean is move from AIM to one of those markets - the share price would be higher as investors on those markets would rate it on a higher multiple. The reason this happens is simply that certain institutional investors are not allowed to invest in AIM companies, and some private investors won't touch AIM because of the various frauds/scandals over the years. I asked KAPE management 12-18 months ago on an investor call about such a move and they said that its something which the board has discussed or were discussing. I'll ask them again on the next call I join. THe challenge which KAPE might have is that (i) I'm not sure whether other markets permit a >50% shareholder given the ability for that party to throw their weight around and (ii) other markets require higher free floats, and depending on how you view some of the other large investors in addition to Sagi, KAPE might not reach that level. Therefore it could be that in order to move market, Sagi might needs to agree to sell down part of his holding - possibly not by much, and actually he'd get the value uplift on most of his holding via a re-rating Adam |
Posted at 28/3/2023 07:58 by adamb1978 What next? A few things:- the offer needs to remain open, I believe til day 60, and they cant otherwise close it early without giving 14 days notice - there will be another announcement same time next week re acceptance level - the acceptance condition was 70%, meaning that unless they get to that level the offer fails In most offers, institutional investors will have accepted by now so we can safely assume that those won't be doing so. Similarly with the other two large private investors around the 5%-6% levels. Therefore unless they change the offer value, its going to fail |
Posted at 20/3/2023 17:33 by adamb1978 elbrusTaking your points in turn: - "Why are you so sure that unikmind's offer will fail?" The next 3 largest shareholders after U together account for c.18% of the register. Those parties aren't supporting the U offer given that, if they were, U would have announced it. From there, the maths is very difficult for U to get to the 75% to delist. Smaller institutions will likely take the same/similar view to Slater and most private investors from what I've read are against this too. Its hard to see how Unikmind get to 75% - "Why do you think an offer of 285p on the table would somehow prevent KAPE from pursuing any acquisition?" I'm not sure who said that it would however the difficulty for them would be the Frustrating Action rules in the takeover code. They'd need to seek consent from the Panel to make an acquisition - "Why would KAPE want to pursue an acquisition to dilute Unikmind's holding? If I was management and the largest shareholder wanted to take the company on the cheap (and we know taht is the Board and management's view given previous announcements), then I would probably want to reduce U's influence. Obviously they're not going to do a daft acquisition just to dilute U, but a deal which diluted them would be a plus - "How would it dilute them anyway as won't unikmind be given non-dilution rights?" U dont have anti-dilution rights any more than you or I do. They have the same class of share - "Won't management judge any acquisition on economic strategic reasons as usual? (Especially as they would presumably need Unikmind's support to proceed with any substantial acquisition.)" Clearly would be judged on financial effects. re U's support for a deal - as Kape is listed on AIM rather than the main market, requirements for shareholder support are lower as the class tests arent the same. The restrictions would more come from things which required a shareholder resolution under the companies act Adam |
Posted at 11/3/2023 13:46 by ali47fish if the requisition by sagi to delist will happen regardless of the outcome- is this open for shareholders votes/ or is it a decision for the board- are we retail investors left guessing? any clarification by people who might heve experienced this before with other companies please! |
Posted at 27/2/2023 11:24 by poggio Hi AdamBWe should discuss the key shareholders that we know. By my reckoning I think that Sagi is pretty much at the 75% level already. There are however 2 unknowns that I can see. So the current key shareholders are: KAPE Key Shareholders SII 424,236,246 Name Shares % holding AKA Unikmind 232,330,111 54.7643237 Teddi Sagi Dir PDMR Slater 28,279,765 6.666041685 Barnyard 24,320,814 5.732846787 Peter Burchhardt - is a PDMR Pintardo 24,165,514 5.696239826 ? Not on Companies House Dan Pomerantz 25,375,642 5.981488437 Dir PDMR Other Staff & Dirs 3 Other investors 18.15905957 Against motion 24.82510125 Other Investors and Slater So 2 uncertainties are: 1) Who is Pintardo and are they related to Sagi or work for KAPE. 2) How large is the staff and director holdings. I've guessed 3% would be about normal but clearly be more or less with significance. I'm also assuming that all staff and other directors will continue to hold their shares after going private. So is this your understanding - are there errors with this analysis? Cheers Poggio |
Posted at 13/2/2023 20:40 by checkers2 From ft today:Most tech investors are not used to low valuations. Teddy Sagi’s minorities should not settle for one either. The Israeli billionaire is offering to buy out minority shareholders in Aim-listed cyber security group Kape Technologies, valuing it at £1.25bn ($1.5bn). With more than half the shares already in Sagi’s hands, minorities should contest the skimpy 13 per cent premium to the three-month average price. A cheap pound and low valuations have encouraged foreign investors to gobble up UK-listed tech companies. Kape, an acquirer of virtual private networks for mostly retail customers, is the latest. Disappointing results have weighed on the share price, down by half in dollar terms since the start of 2022, and underperforming the Nasdaq Composite by a third. At least the offer is higher than Kape’s most recent fundraising price at the end of last year. Not that Kape is doing so badly. Purchasing Express VPN at the end of 2021 nearly trebled Kape’s revenues, estimated at $626mn last year. Express’s integration is progressing with $30mn of cost savings expected to be realised this year. Organic earnings growth is running at 17 per cent annually as of the first half of last year. Sagi’s offer for Kape is worth 8 times forward ebitda, and in price terms still about 20 per cent below last year’s peak. Concerns about customer churn and cash conversion do weigh against Express VPN’s racy revenue growth profile. Yet earnings per share growth could average 30 per cent between 2021 and 2024 assuming consensus forecasts are correct. That would suggest an attractive price/earnings compared to growth (PEG) ratio of 0.3. Usually, below 1 is attractive. UK-listed tech peer Avast was bought out by Norton LifeLock on a PEG ratio of 1.8, or an enterprise value to ebitda of 15 times in 2021. Shares on Monday traded above the offer price. Even if Sagi controls most of the shares, Kape minorities still deserve more for their holdings. |
Posted at 17/1/2023 12:58 by rivaldo A final nice extract from Shore Capital's new note:"Perspective on 2022 The full year earnings growth, 122% on a pro forma adjusted EBITDA basis, reflects an unswerving commitment to driving organic growth from new customer acquisition and upsell opportunities whilst also successfully executing on a highly ambitious M&A programme. Over a longer period, Kape’s development is also impressive. One key metric – the SaaS user base – has advanced 28x in the past five years, from 260k at year end 2017 to c. 7.4m as at 31 December 2022. Such growth reflects Kape’s proven ability to leverage its digital marketing engine in addition to its capacity to execute on strategic acquisitions. Notably, both Private Internet Access (in 2019) and ExpressVPN (in 2021) had the effect of roughly doubling the user base while also building out a strong presence in North America (now c. 47% of users). At the same time, Kape’s revenues and adjusted EBITDA continued their rapid ascent, as reflected in FY19A-FY22A CAGRs of 111% and 128% respectively. Clearly, share price performance is another important metric. From c. 40p in early 2017 to 299p today – a CAGR of c. 40% - Kape has delivered outsized returns for investors reflecting strong strategic execution. Below we contextualise both subscriber growth and share price performance. While Kape has made remarkable progress to date, the ambition, focus and drive within the company remain as high as ever. These should not be underestimated. As the Company continues to scale up, both organically and in-organically, it ought to generate an even stronger platform for delivering growth and shareholder value. Valuation and view In our view, Kape continues to tick many boxes for investors as a high-growth SaaS business with market leading brands in a global target market, providing exceptional midcap exposure to one of the key themes in IT – digital privacy and security. The Company also deserves credit for consistently strong execution and profit delivery versus market expectations. At 299, Kape trades on 8.5x EV/EBITDA for FY23F (versus 5-year mean of c. 13x) and a PE ratio of 9.4x (versus 5-year mean of c. 20x). The upside potential continues to be supported by cash flows and the earnings growth potential coming from secular organic growth in digital privacy and security, through acquisition potential and through further leveraging business performance driving margins higher. Altogether, we view Kape’s current valuation as extremely modest for its growth prospects and strategic sure-footedness." |
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