National World Share Discussion Threads

[rivaldo] 10/12/2024 11:39

Quite a big difference between 20p/21p and 23p. I'll leave mine here either to sell for 23p or thereabouts or with still the (slight) potential for a higher bid.

[qs99] 07/12/2024 14:05

depends on you horizon. A TO will take 3+ months to complete, I have sold a few at near 21p to deploy elsewhere, have left rest in for the 23p in due course....DYOR

[thaiger] 06/12/2024 10:13

Surprise people are happy to sell at 20p when offer of 23p is going to be accepted!?!

[qs99] 06/12/2024 09:04

23p is a low ball offer without doubt IMO< but the board are "minded" to recommend it so not really sure there will be a better offer out there? DYOR

[red army] 06/12/2024 08:13

Someone is waiting in the wings before pouncing me thinks.

[red ninja] 06/12/2024 07:56

Agreed may be the best we get.

No sign of another bidder.

Depends if the fund managers are happy.

[flyer61] 06/12/2024 07:46

Agreed RN, question is, is there anyone else waiting in the wings to take a pop.

[red ninja] 06/12/2024 07:24

Latest RNS gives final possible improved offer of 23p and halt to dispute between companies while offer discussed.

The offer only becomes firm if Media Concierge is happy On conclusion of discussions.

Nwor still thinks it has an exciting future as independent company.

23p still a low ball offer.

[red ninja] 29/11/2024 20:59

Business as usual for NWOR on the acquisition trail :-



National World acquires business magazine group

News, Publishing
Picture of Stephen Chapman
by Stephen Chapman
November 29, 2024


National World has acquired The Business Magazine Group, which owns 7 titles in the South of England.

The deal has been done via Newsco Insider, the owner of National World’s business events and publishing division, Insider Media.

“We are delighted that the Business Magazine Group is joining our growing portfolio of events and business titles,” said David Montgomery, Executive Chairman of National World.

“TBMG perfectly complements our existing portfolio of Insider brands in the South East and South West of England. Events in particular are a key growth category for National World and the BMG events will help accelerate that growth and strengthen our market position in a key geographical territory of the UK. We look forward to welcoming the BMG team into the Insider Group in the coming weeks.”

TBMG is based in Camberley and also operates 2 regional business magazines and websites.

“It has never been more important for regional businesses to have a voice and presence, to be heard and to be seen,” added Peter Tracey of Hurtwood Capital Limited, which owns TBMG.

“The Business Magazine has been a trusted business brand for over 30 years, with a clear purpose of championing regional businesses and issues in the South of England. I am confident that this acquisition by Insider, part of the ambitious National World group, will continue that purpose and be of great benefit to colleagues, advertisers, sponsors and our audience.”

The deal was completed earlier today.

[red ninja] 27/11/2024 09:55

National World shareholder calls on board to engage with £56mn takeover bid

Harwood Capital says newspaper group should negotiate a higher offer price

One of the biggest shareholders in National World has called on the company’s board to enter discussions over a potential sale to Media Concierge, which last week made a £56mn takeover approach for the listed newspaper group.

National World, which is one of the UK’s largest regional newspaper owners with The Yorkshire Post and The Scotsman, is at the centre of a takeover battle between its board, led by veteran media boss David Montgomery, and Media Concierge, its largest shareholder, run by Malcolm Denmark.

Harwood Capital, which is the sixth largest shareholder in the company and an investor since its initial public offering in 2019, has pushed the company to engage with Media Concierge to try to negotiate a higher price than the 21p a share offered last week. 

Richard Staveley, a partner at Harwood, which owns more than 5 per cent of National World’s stock, told the Financial Times that Media Concierge could “pay slightly more” for the business, which could make the deal acceptable.

Harwood has met with the company this week to discuss the bid. “We are keen for National World to engage with the offer,” Staveley said. “We are encouraging the board to engage fully and agree on a price to vote on.”

Media Concierge, which owns 28 per cent of National World, offered 21p a share for the business, a 40 per cent premium to its closing price before the bid was made public on Friday. 

Staveley said he was concerned that the board might not engage fully with the approach, given the two sides are already locked in a commercial dispute that erupted last week in a series of accusations and counter claims.

“It is not good to see this commercial dispute to come up at this point,” said Staveley. “We don’t want to see this dispute frustrating the chance to give shareholders the vote on an offer for the company.”

In a statement, National World said that it had undertaken a “significant amount of work with its financial and legal advisers to evaluate the possible offer”.

It added: “The board has confidence in National World’s strategy for value creation as an independent business, but acknowledges the potential merits of the possible offer. The work to evaluate the possible offer continues and further announcements will be made as and when appropriate.”

Over the weekend, Media Concierge said that National World’s advisers had indicated that they would provide access for “limited and confirmatory due diligence” but that this had not yet been provided. Media Concierge said that it was “unclear whether the board of National World has any intention to engage meaningfully”.

The approach from Media Concierge last week prompted National World to reveal that it was investigating “a potentially systemic pattern of historical invoicing irregularities in relation to the activities of entities affiliated with Media Concierge”, relating to an advertising deal between the two companies. Entities affiliated with Media Concierge were also withholding revenues of £4.4mn, it said. 

Media Concierge said the allegations were “completely baseless and are strongly denied in their entirety”. It added that National World had provided no evidence to support the allegations, and noted that the timing coincided with the initial takeover approach.

The amounts that were allegedly “withheld&rdquo; by Media Concierge were subject to a “substantial counter-claim&thinsp;. . . for a number of breaches of contract by National World”, the company said. A spokesperson for National World said it was “untrue for Media Concierge to assert that no evidence has been presented”.

National World said that for Media Concierge’s potential offer to be evaluated, it had requested access to historical records to facilitate the investigation, but these had not yet been provided.

Copyright The Financial Times Limited 2024. All rights reserved.
Reuse this content(opens in new window)CommentsJump to comments section

[red ninja] 25/11/2024 12:03

Approximately 2 years ago NWOR pondered a bid for RCH.
It never struck me as serious and came to nothing :-

[napoleon 14th] 25/11/2024 11:43

Thanks for that, Tole.

I'll bet REACH are keeping a close eye on this, but I don't expect a fast reaction.

[simmsc] 23/11/2024 02:36

Reach would have bought Johnson Press when it was sold for a low amount to Montgommery a while ago if they were interested in that asset. So, unfortunately, unlikely that they will get involved here. But who knows ... Things can change.. And when things are shrinking sometimes consolidation gets triggered.

[red army] 22/11/2024 20:37

Maybe REACH might wake up to an offer.

[red ninja] 22/11/2024 15:56

Looks like the basis for this takeover is unsound.

I wonder if it will just unravel next week.

[napoleon 14th] 22/11/2024 14:31

For those who subscribe....




I don't, so would appreciate a C & P of said article.
________

13:06 RNS says it all.

[death by donut] 22/11/2024 13:37

I'm guessing the 500k sell had whiff of that one lol.DbD

[hastings] 22/11/2024 13:18

I think it already is!

[jimmywilson612] 22/11/2024 13:17

WOW - What a response... Could get dirty.

[qs99] 22/11/2024 12:46

Interims showed c.£5m EBITDA & progress, £13m net cash so market cap now £40m, EV £27m and FY could therefore be c.£10m+ EBITDA....no wonder they want to buy it!

Someway to go lads I'm afraid to get this and even if they pull out, more than happy to continue to add....DYOR

[red army] 22/11/2024 11:42

I dont understand as to why they think that people would buy into this statement. Its pathetic to try and sell it to shareholders from this angle.


The Possible Offer values National World's entire issued, and to be issued, ordinary share capital at approximately £56.2 million, and implies an enterprise value of approximately £43.2 million.



The Possible Offer provides shareholders with a significant premium to the standalone price of National World shares, representing a premium of:



· 40.0 per cent. to the closing price of 15.0 pence per National World share on 21 November 2024;



· 37.0 per cent. to the volume-weighted average price of 15.3 pence per National World share for the three-month period ended 21 November 2024;



· 42.1 per cent. to the volume-weighted average price of 14.8 pence per National World share for the six-month period ended 21 November 2024; and



· 16.7 per cent. to the 52-week high price of 18.0 pence per National World share for the period ended 21 November 2024.

[qs99] 22/11/2024 10:20

Low ball as you say. EV/EBITDA still v compelling so will need to be north of 35p at the v least

Let’s see what the boards response is and go from there

DYOR

[hastings] 22/11/2024 10:16

Agree riv, looks like an opportunistic move.According to this link they hold 28%, not sure if that is correct though!https://www.holdthefrontpage.co.uk/2024/news/irish-newspaper-publisher-makes-56-2m-offer-to-buy-national-world/