Paysafe Share Discussion Threads

[pbutterworth1] 25/7/2017 09:07

pshevlin - 'Still manipulation on a grand scale here'.

Yes. Price action (or lack thereof) not making much sense at the moment. I think its only a matter of time before next leg up, so as promised, increased already large position this morning GLA

[pshevlin] 25/7/2017 09:03

Still manipulation on a grand scale here.

[eh9] 25/7/2017 07:35

hxxp://www.4-traders.com/PAYSAFE-GROUP-PLC-4004643/consensus/

You can see the Barclays 700p target on here 25/7 - hover over the grey dot $909/1.3=700p

[charker] 25/7/2017 01:36

"If the FCA don't do anything......". Well that's a given then.

[callmebwana] 25/7/2017 01:11

The Stock Market and the various Sharks that lurk in the murky waters of the Stock Market feed on PI's.
We are in the murky waters at the moment.Perhaps we will hit cleaner waters??
It all now depends on the BOD. What their risponce is to this takeover bid.
Who knows?? FCA at best is useless.So who can we turn to??
GLA.

[jozo] 24/7/2017 18:57

Thank you for correcting me - my mistake!!!!

[lomax99] 24/7/2017 18:45

Well when they bought Meritus, comparative profits would have been restated from $1.1M to $13M by the time they removed management drawings and other non-recurring costs.

[nurdin] 24/7/2017 18:29

I feel EBITDA is bit of a con metric Lomax!I usually base my valuation on either operating margin or casflow, neither of which are available.Pretax profit is the nearest metric here which makes any sense to me.

[nurdin] 24/7/2017 17:50

Interesting to note that we are paying more than 25x pretax profit for MCRS,which recorded a profit of $18.4m on revenues of $446m in 2016.That is a pretax margin of some 4.5%.Paysafe achieved operating margin of 19% in the same year.

[stuart37] 24/7/2017 17:39

Jozo,
different department of Blackrock - remember those impenetrable chinese walls between the Proprietary trading desk and the M&A depts - that'll be the one then!

[wolfhound1] 24/7/2017 17:37

you might be mixing up Blackrock ( $4 trillion powerhouse out of Princeton NJ) and Blackstone ($300bn PE firm from Manhattan) - it is the latter we are dealing with as part of the consortium.

rocks are always bigger than stones :) is how I remember the difference

As for the long and short - as I mentioned some time back on this BB - Investment Manager can be short in Fund A and long in Fund B - they just need one shareholder with one share difference between the two funds and you don't net off - that gives the impression there is negative sentiment against the company - v useful if you want to hold down the share price say ahead of a bid..........

[jozo] 24/7/2017 17:21

Got it in a nutshell wolf!I see on bb that Blackrock long and short!!!Surely a potentially purchaser cannot go short on target company to hold price of equity down?jozo

[wolfhound1] 24/7/2017 17:15

When all this is said and done I think the FCA will need to have a very deep look at what happened with PAYS short attack and whether it was used as a means of :
a) holding down the share price ahead of a bid or
b) more damagingly prevent pays from executing a merger with a target company due to softness in sp

- the coincidences here are just too big to be ignored and only the FCA have the full disclosure of who the shorting entities really were.

Coincidences:
1. A short of over 6% was built up on a company growing at 30% p.a. and successfully delivering on integration of its acquisition - no indications to the contrary
2. Spurious "research" issued on 13 Dec 2016 - spotlight research with pure lies published
3. Only one fund was in and out either side of the release of research report - sandgrove capital management - I wonder if it is this lot ? hxxps://www.endole.co.uk/company/OC394221/sand-grove-capital-management-llp?page=people
4. shorts held pretty steady at 4.5% til MAY
5. PAYS is forced to commence a share buy back programme - restricting its ability to pursue M&A activity
5. We now know - CVC and Blackstone were making offers to the company from May
6. Shorts start reducing rapidly from start/mid May until all material exposure closed ahead of the deal announcement

This is just too convenient a coincidence to actually be a coincidence in my books - perhaps if FCA won't do anything then we should start considering a class action for damages if we get taken out below £8

[ralphmalph] 24/7/2017 17:06

Blackrock has announced their holdings They are long but they are also short 1.6million shares.
wonder what they are playing at.

[mip55] 24/7/2017 17:06

22. What action is required to de-list a company? Main Market A Main Market company with a premium listing that wishes the FSA to cancel the listing of any of its equity shares with a pre- mium listing must: Obtain shareholder approval. It must send a circular to shareholders which must: „ fulfill certain content requirements; „ include the anticipated date of cancellation which must be at least 20 business days following the date of the special resolution to be passed (see below); and „ be submitted to the FSA for approval prior to publication. „ Pass a special resolution approving the de-listing. „ Notify a RIS of the intended cancellation and also of the passing of the special resolution. However, a circular need not be sent to shareholders where that listing is intended to be cancelled, and shareholder approval need not be obtained, when, in the case of a takeover offer, the following both apply: „ The bidder has by virtue of its shareholdings and acceptances of the offer, acquired or agreed to acquire issued share capital carrying 75% of the voting rights of the target. „ The bidder has stated in the offer document or any subsequent circular sent to the shareholders that a notice period of at least 20 business days before cancellation will start on the bidder attaining the required 75%.

[ralphmalph] 24/7/2017 16:54

@stuart - Isle of Man

[stuart37] 24/7/2017 16:46

Wolfhound, Standard drag-along rights are normally set at 75% but obviously can be amended up or down as required. We would need to check their company articles to be sure but i assume that as they are based outside of UK we will not be able to see their articles like you can at Companies House.

[slaccs] 24/7/2017 16:45

mip55

That is classic! I would be embarrassed to put my name to that statement.

[ralphmalph] 24/7/2017 16:40

With respect to the percentage required. They would make an offer to buy shares at a set price. This is usually set at 50% plus 1 share. If they get this level they can then move onto the next stage which is to allow time for the holdout shareholders to consider whether to accept or not accept.

What is key here is that they want to take PAYS private i.e delist. For this to happen they need to get acceptance that 80% of shares. At 90% they can force the remaining 10% of shareholders to sell there shares at offer price.

Sp Bidco needs 80% to fulfil their stated goals.

[pbutterworth1] 24/7/2017 16:39

Already overweight in PAYS. Having mulled over the variables and todays position announcements I will be increasing tomorrow morning. GLA DYOR

[pshevlin] 24/7/2017 16:28

Macquarie. Ozzies aren't they? If so, says it all.