Photo-me Share Discussion Threads

[red army] 25/1/2022 22:18

Schroders may make one or two phone calls to encourage interest

[capercaillie] 25/1/2022 21:46

This looks like it has been very well played. Given the 28.8% start figure, gaining an extra 7.7% at a stroke puts the Offerers very close to the finish line from the off.If Schroder alone think the capital could be better employed at another opportunity then it is game over. Additionally there has been no news of any other player entering from the wings.

[essentialinvestor] 25/1/2022 21:27

trev, offer document available to read on their IR site.

[capercaillie] 25/1/2022 21:21

I believe an important issue is whether the Board approve the offer. My understanding is that if it is the case the Offerer can then purchase shares in the open market. Will be interesting how independent the Board is minus the three protagonists.

[tradertrev] 25/1/2022 20:58

COD not really sure what you're talking about - no offer document has been circulated yet.
Only when that is available can we assess whether this is a nasty lo-ball "squeeze out" or just an opportunistic attempt to buy more shares at 75p, offering liquidity as the only attraction.

[31337 c0d3r] 25/1/2022 19:36

It's clear the offer is a deliberate attempt to take over the company.

a. Appeasing voters. In the offer document, Serge set out commitments to retain employees should the takeover be successful.

b. Incentive payments. Serge will pay his advisor friend more than double the amount should the takeover be successful.

c. Nowhere in the document does it suggest the offer is accidental or procedural.

d. Phexit. The offer document highlights the low liquidity in PhotoMe shares and suggests the offer is beneficial to shareholders who would like to exit.

Some comments earlier suggested private investors can simply vote against the offer so it won't go ahead. That ignores the fact Serge controls 36.5% and therefore just needs 13.5% of shareholders to vote for the offer to go ahead. Note today's declarations from FPCI holding 9.80%, and Shroders holding 13%, for example. It just needs one or two institutions to take advantage of the exit opportunity - and it's a done deal.

[essentialinvestor] 25/1/2022 16:15

All but one of Murdoch's kids, from memory, are involved in family businesses
and he did dispose of SKY for a nice chunk.

[solarno lopez] 25/1/2022 14:23

Martin Sorrel ..Rupert Murdoch ......etc etc etc

[essentialinvestor] 25/1/2022 14:22

Mas is correct on this.

Find it an extraordinary move given his age - not intended in any way ageist.
Most would diversify investments in later life rather than further concentration.

Longer term value of PHTM looks heavily linked to b2c laundry, that's arguably the gem here.

[solarno lopez] 25/1/2022 14:18

Oh dear clearly your knowledge of what happens in these situations is negligble.

Of course he knew but he also knows that a bid is unlikely to finalise

[masurenguy] 25/1/2022 14:08

"the stake became available and Serge would have sensibly taken it to keep it out of others hands!"
Really - your actual evidence for this is what exactly ?

Furthermore, he knew that the share acquisition would put him over 30% at that point and he would be compelled to bid so I am not wrong that either.

[solarno lopez] 25/1/2022 11:39

You are wrong !

The reason being, the stake became available and Serge would have sensibly taken it to keep it out of others hands !

[masurenguy] 25/1/2022 10:57

He didn't "find himself over the limit", he knew perfectly well that his share purchase from DDF would put him over the limit and compel him to make a bid for the company. Whether or not he really wants that bid to succeed remains to be seen.

[solarno lopez] 25/1/2022 08:39

Spot on Tradertrev this a mandatory offer nothing more nothing less Serge was compelled to make an offer when he found himself over the limit !

[tradertrev] 25/1/2022 08:32

Serge bought a large block (c.7.5%) of the company at what was to him a very attractive price of 70p per share. London market rules compel him to make a general offer at 75p. There is nothing to compel anyone to accept that offer. End of.
He clearly thinks the company is worth way more than 75p and he probably knows a lot more about it than any of us, but I for one tend to agree with him on that!

[red army] 24/1/2022 22:10

Well he could be inviting other bids in which may presumably suit him.

[capercaillie] 24/1/2022 20:50

That could prove a risky game. Would be interesting if Mr Crasnianski wanted the bid to fail but then it went through. Potentially being forced to commit capital that you would prefer not to.

[napoleon 14th] 24/1/2022 20:12

IMO this bid will not make it, & that's the intention.
It's a proceedural bid, as said above.

If I were Serge Crasnianski I'd be more interested to do a BWNG & list on AIM,
thus avoiding death duties on PHTM. He is, after all, 79 y.o.

[capercaillie] 24/1/2022 14:21

Article on laundry machines at 11.15 mins

[31337 c0d3r] 22/1/2022 16:54

The offer price should at least be 77.5p, since that's the price paid by Jean-Marc Janailhac when he acquired 53,000 shares on 11 May 2021,

Somehow the takeover panel were persuaded to excuse this, even though Jean-Marc Janailhac is part of the Concert Party, and even though he's also the person advising the CEO on the takeover, and even though he will be paid a higher fee should the takeover be successful.

That takeover panel decision should at least be appealed by shareholders.

[red army] 22/1/2022 16:45

Lets hope that Andy from Schroders has the balls and willingness to block this together with other key holders. I am happy to show my hand but not sure how effective the communications are with small shareholders and nominee accounts?

[31337 c0d3r] 22/1/2022 16:07

That's very nice of the CEO; borrowing £202m from a French bank just so he can buy your shares to give your a chance to exit.

I'm sure it's nothing to do with his 22 years' insider knowledge as CEO, and the bargain price at the end of two-year pandemic restrictions, on the cusp of a global recovery.

Incidentally, the Times article says he paid 75p for the 29.1m shares, while Friday's RNS states 70p.

[lovewinshatelosses] 22/1/2022 15:07

The 'liquid opportunity' will be champagne at a discounted price for him, assuming he gets this take over away! Goodness me, I really hope enough shareholders resist this, to either make him put forward a reasonable offer or to be blocked in this effort. Grrrr!

[masurenguy] 22/1/2022 00:30

Photo-Me chief Serge Crasnianski puts company in City’s focus with takeover offer

The chief executive of Photo-Me International has tabled an offer to buy the photo booth operator. Tibergest PTE, wholly owned by Serge Crasnianski, has pounced on the company, triggering a mandatory bid by lifting its stake above 30% by purchasing a further 29.1m shares from the Dan David Foundation, another investor, for 75p apiece. Under City rules, Crasnianski’s company is obliged to make an offer to buy out the remaining shareholders in a deal that values Photo-Me at £284.5m.

It said that the deal would provide shareholders with a “liquid opportunity” that they would not get otherwise, given the low turnover of shares. Crasnianski, 79, became chief executive in 1998, holding the role until 2007 when he was ousted in a shareholder revolt after a series of profit warnings. He rejoined the board in 2009 and was appointed chief executive a year later.

[jsforum] 21/1/2022 21:40

Looks opportunistic - I'd he surprised if the offer is accepted