Redde Northgate Share Discussion Threads

[sphere25] 29/11/2019 09:35

Very disappointing. NTG has been a serial disappointer and highly mismanaged, leading to shareholder value destruction.Crystal Amber have been trying to enforce change their for a while. Some recent comments here:"In March 2019, for only the second time in its eleven-year history, the Fund judged it necessary to requisition a shareholder general meeting to effect change at the board of an investee company. This followed extensive attempts to engage with Northgate's executive and non-executive directors since the Fund's investment in April 2016. In response to the meeting requisition, Northgate announced the resignation of its chairman, Andrew Page, with immediate effect."Perhaps the future can be brighter but there is a lot of caution in that NTG report today too and they could be setting up for a warning IMO.I had hoped for a standalone recovery at Redde with the the expectation of the stock moving significantly higher from these depressed levels (due to well publicised sellers), not a shoddy merger with an outfit with poor form.Perhaps the directors weren't confident in the recovery then? I still feel we've been shafted here, but still managed to make gains here with numerous trades highlighted here down around 105 recently (posted the other day) as well as posts highlighting buys around £1 too.Ultimately, not happy so realising gains on all the recent positions at much lower levels than I thought.Perhaps it won't go through so will watch from the sidelines. Let's see how it goes

[alamaison5] 29/11/2019 09:12

bc4 Indeed and a nice consolidation at 115p for the same price...
Shame I sold half of my holding yesterday.

[aleman] 29/11/2019 09:11

Still 10p short of the merger price. Market seems sceptical.

[bc4] 29/11/2019 08:16

Will this flush out anybody else?

[trickyricky] 29/11/2019 08:03

Well the NTG share price hasn't reacted well so far, it's also there interim results this morning

[gary1966] 29/11/2019 07:45

At current share price it values Reddes shares at around 128p.

[alamaison5] 29/11/2019 07:45

Share price movement today? Would anyone dare speculate?

Don't forget that now are the proud owners of 0.36 NTG share for each REDD we own.
Funny enough, I sold half of my stock yesterday, cashing in a small profit.

[donemyhomework2] 29/11/2019 07:34

£10m pa cost savings are expected as per the RNS

[carcosa] 29/11/2019 07:34

NTG net tangible assets per share of 414p (CoB 350p)
...expect that the Merger will generate pre-tax cost synergies of at least £10 million per annum.
Cross-selling each other's services

[toffeeman] 29/11/2019 07:19

In theory, if it's a merger of equals - absolutely no effect whatsoever.

I can't see a big back office saving.

[trickyricky] 29/11/2019 07:16

Hmm, not sure what to make of this. NTG have too much debt for my liking?What impact will this announcement have on the REDD share price?

[skinny] 29/11/2019 07:05

.

RECOMMENDED ALL-SHARE MERGER
of
NORTHGATE PLC
and
REDDE PLC

Summary

· The Boards of Northgate plc ("Northgate") and Redde plc ("Redde") are pleased to announce that they have reached agreement on the terms of a recommended share-for-share merger of Northgate and Redde (the "Merger"). It is intended that the Merger will be implemented by means of a Court-sanctioned scheme of arrangement of Redde and the Redde Shareholders under Part 26 of the Companies Act, with the entire issued and to be issued share capital of Redde being acquired by Northgate.

· The merged entity, to be called "Redde Northgate plc", will be a leading integrated mobility solutions platform with the scale, reach and resources to provide customers with a comprehensive suite of mobility services and the potential to deliver substantial benefits to shareholders, customers, employees and other stakeholders.

· The Boards of Northgate and Redde believe that the Merger has compelling strategic logic and represents an attractive opportunity for both Northgate and Redde to enhance their proposition in the vehicle life-cycle and to deliver synergies, customer benefits and shareholder value.

The Merger

· Under the terms of the Merger, each Redde Shareholder will be entitled to receive:

0.3669 New Northgate Shares for each Redde Share

· Immediately following Completion, Northgate Shareholders will own approximately 54 per cent. and Redde Shareholders will own approximately 46 per cent. of the share capital of the Combined Group (based on the fully diluted ordinary issued share capital of Northgate and the fully diluted share capital of Redde, in each case as at the date of this announcement).

[toffeeman] 29/11/2019 07:04

Bloody el! where did that come from!?

[anothercoffee] 28/11/2019 14:52

That's a large opening position. Very encouraging.

[skinny] 28/11/2019 12:36

I assume this is a new position as there is no previous notification (unless they held less than 3%) ?

[sphere25] 28/11/2019 09:57

Interesting little move higher this morning. It's trying to move higher folks. Just have to wait and see if all the lines of stock have now been placed at 105.

[miti 1000] 27/11/2019 10:54

Likely that link(Woodford's stake ) have dumped their holding today.

[bc4] 27/11/2019 10:14

Also there will be a end of year trading update in just under 3 weeks,46 million shares traded is over 15% of REDDE

[cariley] 27/11/2019 10:00

We have seen this level of volume in the past and yet it subsequently transpired that neither Woodford nor Invesco had sold a single share at that time.

In saying that, I may top up a little today.

[alamaison5] 27/11/2019 09:48

REDD:
My guess is that one of them, Invesceco or LINK, is done.

They had respectively between 23% and 18%+ shares remaining in their portfolio on the 20th of Nov.

Half of that has been traded today.
Not rocket science, is it?

[sphere25] 27/11/2019 09:22

Volume is climbing - up to near 40m now, but nowhere near enough yet. Ex Woodford and Invesco stock was near enough 130m at the last count

Getting interesting now though...volume keeps climbing as I type. Had to edit that volume figure a few times :-D

Nibbled a few more. It's enough volume now to suggest a significant clearing of the overhangs here. As per the post above, hard to say how many Invesco want to lob, but with such a clearing and demand for stock, once the lines of stock have been placed, it will be very hard to buy and the stock will spike higher rapidly so best to acquire now and sit on them rather than chasing them like a lemon