Learning Technologies Share Discussion Threads

[hazl] 23/11/2024 12:08

Yeah, there seems to a bit of a push in denegrating AIM even more than there has always been.
I believe it is the start in the direction of private investors, not being able to trade in the longer term.
It is like the car industry I feel, or the insight into the idea of choosing your own time to die. It's usually what our dear leaders want and they'll present it in a way to make it seem acceptable at the time.
Surely it would be a tragedy if small companies haven't got a market that's affordable for them.

I do see that there are some very poor aspects, to the market.

It is not the small companies fault quite often it seems to me.
How ridiculous, is it, that a company that's pre revenue, can be bet against by individuals, effectively shorting them in practise,and that it is even allowed?
Companies are crushed and if have any value are bought up on the cheap.
An unfair market, in my opinion.
IMO

[zouppy] 23/11/2024 08:58

Thanks for sharing your perspective. Agree they have not been faultless in their execution, but who is? That may have impacted their rating but fact that they have been trading on an EBIT multiple of c6 means that AIM is not able to act as a source of capital to continue the buy and build. So what value does AIM provide to the business in return for the financial and administrative burden? I cannot see any. So go private where the capital is available.

[jeffian] 22/11/2024 17:20

I don't think you can blame AIM as the principal factor. Looking back at the graph, the reactions can be quite specifically linked to the company's own actions - the sale by Directors of £40M worth of stock at 130p/share in 2019; the disappearance of a cfo and subsequent discovery in 2022 that the accounts for several previous years would have to be re-stated and re-audited and the latest situation (yet to be resolved) that there appears to be a problem with their suitability to handle sensitive US Govt contracts.

AIM took the shares from the 42p I bought at up to well over £2 with several institutional Placings along the way, so I don't think there is anything wrong with the market per se. This looks self-inflicted.

[zouppy] 22/11/2024 16:20

As well they should. AIM does not serve LTG as an effective capital market. So logic would drive them to private equity providers who can see an opportunity. Those who see it as buying 'on the cheap' presumably filled their boots 2 months back at 65p and are therefore delighted. If not then why not?

[jeffian] 22/11/2024 12:52

Agreed. It looks as if they are determined to pursue this through to a conclusion if possible which doesn't suggest much confidence in their ability to progress as an independent. Disappointing.

[bsharman3] 22/11/2024 12:15

Talks ongoing. Looks like the board will give this away on the cheap unless there is another bidder.

[zouppy] 22/11/2024 07:23

Another extension to Dec 5. RNS says due diligence is complete. Given the responsibilities of the independent Board members, they should have evidence of this and been reassured that it has not thrown up deal blocking issues. So on balance, a positive message about a bid being made in due course.

[cyberian] 18/11/2024 17:28

Looking more encouraging today and end of last week. SO fingers crossed for this Friday.

[hazl] 18/11/2024 07:46

Well see how it goes, it has made a bowl shape on the chart give or take a few blips, so good that we have the interest.

[cyberian] 15/11/2024 12:02

I am feeling a little bit nervous on what will happen in a couple of weeks with respect to the tentative T/O. The reason is the uncertainty over the role of Elon Musk with the stated policy of cutting-out some key Government programs. Not sure whether this will impact LTG who are keen to secure more US Government contracts. I have lightened my holding slightly just in case. The Trump moves are worrying but I believe that he will have to cut his cloth in due course and believe that the Egos of Trump and Musk do not sit comfortably together as Justin Webb predicted on Radio 4 this morning. SO fingers crossed that all will remain positive over the next few weeks.

[indiestu] 14/11/2024 16:07

Where is Gordongekko when you need him?

[indiestu] 14/11/2024 15:56

Dave - An interesting little rally following Octopus upping their stake yesterday. Maybe they are targeting a quick profit believing the deal will close next week or maybe they heard a rumour of a counter offer? Perhaps they expect the deal to fall through but anticipate a return to growth at FY. Who knows, fun speculating.

[davemac3] 14/11/2024 15:17

is news forthcoming? haven't seen a move like this since the takeover announcement

[zouppy] 14/11/2024 13:24

22nd Nov at 5pm

[davie6] 14/11/2024 11:09

When's the deadline

[hazl] 07/11/2024 13:14

There are shares being comprised everywhere.
It is a sign of the times.
I personally don't like to sell at a low and unless unsaveable...if that's a word...then hope to eventually see it at a better value.


Clearly a market of great divergence.

[cyberian] 07/11/2024 12:56

T/O appears not to be that promising seeing how the share price has fallen recently. Maybe for the better?

[jeffian] 25/10/2024 13:24

It's inevitable that no bidder would proceed without the support of the main shareholders and irrevocable undertakings, at least from the Directors. I'm disappointed, though. If Brode and Satchell can't see value above £1, one wonders about all the bullishness in the run-up to over £2 and what makes them think £1 is a reasonable offer? I wonder (again!) whether there is more to this American business than meets the eye; maybe US Govt simply aren't going to give 'sensitive' contracts to non-US companies which impacts their forward valuation?

This was one of my buy/hold/increase shares in which I was building quite a substantial holding, so although my original holding at 42p is well in profit, subsequent acquisitions at 130 and 160 are not (only the latter two in ISA, too! Ouch!). I'll come out ahead, but only just. Makes me fear for RWS as well, where I am in a similar position. The Brode 'magic' is beginning to wear off!

[indiestu] 25/10/2024 07:44

When ADVT made an approach to Saatchi they offered to pay part in shares. Investors did mot want the ADVT shares and it all went sour. ADVT just didn't have the means to pay in cash in full. The approach was therefore opportunistic when the Saatchi share price was depressed. Vin Murria (ADVT) had a large stake in Saatchi and still couldn't get it over the line. Seems like a similar situation here. Institutions are not biting. The Saatchi price recovered to the offer price ultimately and some and they are doing well, likely better than if they had been part of the ADVT group. The ADVT price dropped to rock bottom although granted it has recovered somewhat, you would not of been impressed if you had taken that offer. The price action here says the market smells a rat.

[hazl] 25/10/2024 06:47

It's upto people what they do at this point.

[indiestu] 25/10/2024 06:44

Surely if a higher all cash offer was to materialise from another suitor they could quickly change their allegiance. I don't get the value in the unlisted shares for shareholders. Maybe they don't have the cash to pay in readies for the whole company. Think it's going to go sour.

[zouppy] 25/10/2024 06:40

A 4 week extension. Probably a positive sign the deal will proceed as the Board would not have consented to an extension without assurances from GA around their intent. The requirement for irrevocables from mgt to ‘roll’ is standard practice for private equity style transaction, as is the splitting of the Board.

So steady as we go.

A counter bid was never likely when mgt control c25% of the shares IMO.

[hazl] 25/10/2024 06:38

In discussions on the full terms of the Possible Offer, General Atlantic has indicated that the Possible Offer is conditional on the receipt of irrevocable undertakings to support a transaction and elections for the Unlisted Alternative from Andrew Brode and Jonathan Satchell. In this context, the Board has formed an independent committee to consider the Possible Offer consisting of all members of the Board excluding Andrew Brode and Jonathan Satchell.


'Possible offer' note!

This is just an extension.

I disagree with poster in 3114.