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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Pilat Media | PGB | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 93.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 93.50 | 93.50 |
| Top Posts |
|---|
Posted at 21/5/2014 13:29 by mattisian2 Just had a note from self trade, they are crediting the w/holding tax to my account today.As a long term s/holder in pgb and having read this bb from when it began, good bye and good luck to all contributors. |
Posted at 02/3/2014 18:39 by smithie6 solooking at the results it looks to me like PGB - generated 4.5M of cash - after investing 4-5M in R & D ie. it generated 9M of cash or if say that 2M was needed to 'tread water' then 7M of cash hence imo the takeover price of 95p or 60M squid. is derisory...and should be rejected. A ratio of only 9 or 10 wrt real cash being generated. Derisory for a high software tech. company that is -global and - growing - in a high growth sector (providing streaming services to existing broadcasters) - with clients like BSKYB, Starz, Network 7 etc. This company is signing new global clients....that want more and more services....and PGB is almost g'teed (repeat G'TEED ) to get the add on work. Hence PGB has a high chance of a rosy future for years to come.... 2 Analogies..... imagine you have a garage that services your Porsche...and is authorised service co......and that is required to maintain mfr 5 yr g'tee you have signed up for. You pay a monthly fee and so any labour costs are free. You have been very satisfied with past 10 years of their service. If the car start to suffer from a mis fire on cold mornings...... or you want the car modified to add a turbo or you want the car modified to have the barrels bored out or you want the car modified with high lift camshafts where going take the car ? To the garage that has been servicing it for years and done a good job and meets all the factory reqts.....or some competing garage that you dont know ? Clearly, for add on work you will 99% probably stay with the existing garage. ---- Or you have a service contract with say SAP for their software for a large business. To add different facilities/applicati ==== I am concerned of the risk that the big shareholders of PGB are NOT in fact selling....but are selling only to re-invest into the new company that is buying PGB....in order to get tax relief and to allow the new company to get tax benefits (amortisation of some of the cost of buying PGB) if personal investors then sold those shares....they might perhaps just pay the cap. gain on "that" gain ....which would be much smaller...and not on the PGB gain Any views ? |
Posted at 24/1/2014 16:52 by alter ego You're welcome. I bought PGB several years ago expecting one day that one of the major stakeholders would bid. Shame it's not more but they will want to gain from the deal too. I know how it feels to be "robbed" by a takeover. In my case it was PIZ, years ago. There are too many vested interests and small shareholders are too far down the pecking order to be considered. Best to take the money and find a good home for it and not beat yourself up. Life's too short. Best of luck. |
Posted at 23/1/2014 19:52 by smithie6 alter egoYou know about CGT ? If sell PGB shares in normal dealing account at 91p (bought at 35p)...and then buy back same number of shares within 30 days in a SIPP or ISA account..... if there is then a compulsory purchase of those shares (if the vote is "yes") ...the money is then paid to the SIPP or ISA account Does the normal dealing account avoid making any gain ? ----- If a company wants to sell itself....perhaps there should be some rules... such as making an RNS and inviting offers....or making private approaches a year before...incl. in USA and then shareholders would know that the best offer is received. With an agreed offer and the MD getting 300k extra and any other conditions... one is never sure if it is/was the best deal possible. ----- Ah, by the way other takeover that were also underpaid...that I have 'suffered' ! Dawson Holdings, Boomerang System C If pay say 80p for shares and if company does badly they could go to 0p .... or if the co. does well they go to 100p due to a takeover offer ..... then it makes investing a waste of time !. |
Posted at 23/1/2014 19:42 by smithie6 I see your point but !"Only a higher bid will do that and the share price says there isn't one coming." the takeover has weeks to go yet....I think March was mentioned....no date yet for the voting ---- 2) Do you think it is correct that Sintec makes an offer knowing the results for 2013....while the people receiving the offer do not know the results for 2013 ? seems very strange imo 3) Do you think there is a chance that the claimed 'sellers' are in fact re-investing in PGB by providing the new money needed by Riverwood (USA) to put into SMS Ltd ? (tax advantages/avoidance by buying new shares in a company maybe some big sellers put in just the CGT amount, or 50% of sale cash while some, like Eurocom might want to put all their sale money back in) (just look at the history for OCH and INVU if you doubt me, that Shore Capital companies are often involved in questionable share capital 'games' INVU Plc had an USA part.....raised 4M pnds at a high share price, around 25-30p...and a large part of that cash went to buy shares from INVU inc holders at 0.53$ (some exchanged for 1 INVU Plc share) ...not much later INVU declared its accounts were false... arguably intentionally false....the share price collapsed... rescues around 2p per share...and de-listed around .3p around 1/100th of the price that UK investors paid) (on AIM; if one assumes the worst, one is often right !) |
Posted at 21/1/2014 13:36 by smithie6 "Simon Thompson in today's IC says....on the basis that I think that a valuation of 88p is full, and the cash offer on the table is 95p a share, then I am more than happy to recommend banking the gains..." Simon T. ....no logic at all to that sentence a premium over value of 7p, 88p to 05p, less than 10%. For a takeover it is not a premium. I think that ALL 'advisers' would advise in a takeover situation to ..... sit on your hands and wait.... if another offer arrives (Liberty ?)...or if Sintec for some reason increase their offer.... or if offer a share offer instead of cash....or it would only be provided to shareholders.....not to anyone that has sold. and if it does not happen, then you should get the 95p anyway. ----- 'If' Eurocom and/or others is/are re-investing by investing in Riverwood..(as I suspect).(providing the cash for SMS).....then perhaps the regulators will prohibit that....or require it to be disclosed in the offer doc. and for the non-exec. and co. broker to declare that the offer is insufficient...since a major investor is not in fact selling out but staying on board (since they think the future is good and that the premium is negligible) and then the offer process could change in an instant. ---- and/or the regulators require that the co. reveal to the market the summary of results for 2013. and bang....no-one wants to sell ! the buyer knows the results and contract news (since sits on the bod)....but the shareholders dont !! good old AIM. farce imo ! Simon Thompson ignores this important point ??......asleep ?? ---- "back log" of work...ref. RNS.... but the company has not issued an RNS about any contract win or extension for donkeys... ...fishy imo ---- previously MD gave his option shares to...imo Sintec....around 1M shares and now Sintec give him 300k now mutual back scratching imo....bit fishy perhaps (the MD giving away his 1M shares around 30p, when he knew the share price was set to rocket....fishy imo....MD had worked hard for at least 10 years to grow PGB...and when the share price is about to rocket....he gives away 1M shares at 30p !, not logical imo....unless you knew the buyer would 'scratch your back' later) |
Posted at 20/1/2014 15:31 by smithie6 anyone think there is a chance of an offer from another co. in the sector ??forcing Sintec to then make a higher offer....since it wants to slot PGB products together with its own...and cross sell...as would any other buyer... |
Posted at 17/1/2014 15:29 by obiterdicta I sold out today. I held a substantial amount of PGB in my SIPP. I had spoken to my broker and he said that if your shares were held in a crest account you would have 25% tax withheld by the Israeli Government and could not give me any assurances that the sum withheld was reclaimable. He said that he had spoken to his tax department. I therefore sold at a 6 p discount {89p}to the offer rather than run the risk of having a substantial sum withheld in tax. Even if the tax is reclaimable it will still take some time to recover.I do think that the offer was a low ball but there you go what can we do. In reality not much as I think Sintec have 75% in the bag. |
Posted at 16/1/2014 15:15 by smithie6 "however given the level of irrevocables plus the institutional support which will come, there is zero chance that this will not happen."'irrevocables'- the papers include the word "except" and list the names of various large shareholders PGB has no institucional support imo, see the shareholder list 2009 offer from Sinntec lapsed since they did not get over 75% there is imo a lot of small print to go with this offer as well, so nothing is decided imo until it is decided.... (imo a lot of investors will not want to vote yes) ...noting that PGB at the offer price is still cheap imo compared to anything else in software sector that you can buy using the money and who knows, maybe the offer will get cancelled for using insider info (contracts, year end turnover and profit data) not available to shareholders |
Posted at 16/1/2014 12:02 by smithie6 My vote ?is NO !....seriously ------ The offer price imo - gives no real mark up in the price - is too a low multiple of earnings after remove cash - is opportunistic noting that the co. has stated that results are well up and results have not yet been published - gives no mark up for the future of PGB including streaming, internet TV, advertising via TV, advertising via internet TV, streaming to mobiles/tablets - is a bargain price.....otherwise the offerer would not be making it - possibly uses insider information since I think they have board presence at PGB - ignores contract expansions which have taken place but not revealed to the market since not considered material in their individual right - ignores that the profitability is rocketing...due to the operational gearing of the co. (small increase in long term fixed costs but with large increases in turnover and license income-.....so nett profit % increases a lot) Internet TV, streaming.....now is not the time to get out of it ! imo competing bids may arrive.....such as from USA competitors - in TV sector - in internet TV sector, exploding sector - perhaps from companies like Liberty Media ...with content to manage and stream and sell and maybe the complete offer does not go thru....and only X people sell up.....the same as the same offerer did in 2009....at around 26p....bet the people that took up that offer dont feel to clever ! |
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