Photo-me Share Discussion Threads

[jonals] 21/1/2022 19:48

The highest price Serge has paid in the last 12 months is 75p for 3m shares on 4th May. As I understand rule 9, by taking his holding over 30% he had to make an offer and it had to be over 75p. Not sure anything else can be inferred at this stage.

It might be worth noting that the Dan David Foundation sold around 3.5m shares earlier in the week which it would seem Serge did not buy.

My instinct is to think it's procedural, but having put the offer out there who knows what will happen.

[lovewinshatelosses] 21/1/2022 18:43

I am not selling out, even if it were to rise to 80p or so on no further news. Will also vote no, even though the number of shares in question is absolutely tiny, so of zero consequence. Oh well, have a good weekend all.

[masurenguy] 21/1/2022 14:51

It is a main market listing.

[napoleon 14th] 21/1/2022 14:44

I thought PHTM is/was main market, not AIM?

[capercaillie] 21/1/2022 14:23

Are people currently selling out at 76p simply as they see this as a bargain to receiving a protracted 75p via the offer?

[digger18] 21/1/2022 13:39

He has been accumulating for some time now, during a very difficult trading and sentiment period for this line of business.
However thing are looking a lot better and the business performance has also improved to a point where he can get the financial backing required. As others have said, it’s a stupid price but meets the Aim rules, so we should all vote NO and hope that other major holders do the same. However, I can’t see there will be enough votes to stop it.
The only unknown, is are there any cash rich prospectors out there to make a counter offer?

[lovewinshatelosses] 21/1/2022 13:03

All of which points to a desire to actually buy the thing, not a reluctant offer triggered on an accidental tripping over of regulatory obligations. Or am I missing/misunderstanding something here?

[31337 c0d3r] 21/1/2022 12:53

As mentioned, it is mandatory that they make an offer.

But there is also a rule about the "derisory" offer price which must be at least the highest price they paid in any of their recent transactions.

[lovewinshatelosses] 21/1/2022 12:32

The threshold did not have to be reached in the first place, 2magpies. I cannot imagine one could accidentally do this, as an experienced businessman and long-standing major shareholder of said company.

[thorpematt] 21/1/2022 12:31

Correct, it's, er mandatory. That does not mean he wants to buy it all.

If the majority says no to 75p (which obviously would be the sensible thing to do) then we carry on as before.

It's down to the IIs really, I have seen some do strange things over the years, so we'll see in due course. Shroders have about 14 % and ANdy Brough is pretty logical in my experience.

FWIW I will be voting no (because I am extremly sensible, most of the time).

[2magpies] 21/1/2022 12:19

lovewinshatelosses

offer was only made because it had to be.

[lovewinshatelosses] 21/1/2022 12:12

Hope you are right, slogsweep. The current offer is an absolute disgrace and a betrayal of the general shareholder base, IMO. Hopefully the shorter gets squeezed while we wait for the outcome, but cannot help but feel it is a fait accompli. In all seriousness, how could anyone consider the offer to be at a premium with any real credibility? If the offer had been made shortly after the share price crash, I would have been more generous of spirit - even though I did not sell back then either, because I retained faith in the longer term prospects of the company.

[knowing] 21/1/2022 11:59

Photo-Me's Independent Committee has noted that the offer price represents a "very small discount to the closing price of a Photo-Me share on 20 January 2022" and therefore advises shareholders "to take no action before they have had the opportunity to consider the Independent Committee's full response to the mandatory offer".

[red army] 21/1/2022 11:38

Not sure I agree as this could generate bucket loads of cash when marker resumes normal service.

Just sold a small percentage (5%) of portfolio and got 76.1p. Not sure how that works and telling me this could well rise.

[slogsweep] 21/1/2022 11:33

Agree I cant see many holders being temped at 75 also does Serg have a spare £150m to buy the shares. I think he was required to make an offer because of the size of his holding so set it low hoping no-one would accept. After all If he wants the whole company why wait until the price has risen, he could have got it for 56p in November, surely its prospects have not changed materially in 8 weeks

[kaffee] 21/1/2022 11:27

Not sure why everyone thinks Pizza makers, Juicers and Washing machines are going to propel this company into the stratosphere. Let them have it at 75p.

Half the machines will be back in the workshop at any given time being fixed under the supplier guarantee. Have you ever made a pizza and squeezed fresh OJ ? Takes longer to clear up than make and consume !

[red army] 21/1/2022 11:22

Does anyone know of an investors group that is working against this as the price is ludicrous at this level??

[weatherman] 21/1/2022 10:44

One might think the main man wants his mandatory bid to fail by such a low-ball offer. Otherwise, in terms of cash flow and a recovering market it is opportunistic.

[2magpies] 21/1/2022 10:31

"6,418,214 1.6970%"

short position

At some point this will have to be closed.

%tage-wise not that big at all, but an awful lot of shares (for PHTM!).

Any prospect of a hostile bid could force a short-squeeze, to boot!

[2magpies] 21/1/2022 10:24

prokartace, no, I did see it, and yes, I agree with your analysis.

I've often found an IHS to be a very good one to watch. Doesn't ALWAYS work out, but it's been pretty good, on the whole in my experience.

Never a guarantee, as we all know, of course.

[prokartace] 21/1/2022 10:15

2magpies totally agee although I guess you missed my chart as per post 8942 days ago

[petes5] 21/1/2022 10:11

Had been looking to get back into this share for a while as was once my largest holding, use to be good special divis. Serge has been accumulating the shares for many years and I was a little shocked to see just how many he had in the weekend article. First thing that came to mind was takeover but I ignored it. I believe he is not a young man anymore so who knows what will happen. Its a real bummer for any holders as there is lots of up side to this. I will stay out for now and see what happens. However Ithink small holders will be shafted, reminds me of Paysafe.

[lovewinshatelosses] 21/1/2022 09:55

The chart looks great! Hence why some of us are miffed at the idea of having to leave the journey at this stage. I wonder what Schroders feel about this? Surely they would want more for their holding? Not that they hold enough to perhaps do that much about it. Maybe/hopefully in the background, with their influence, I might be wrong about that. No idea. A watching game in the meantime I guess.