Sepura Share Discussion Threads

[gregsc] 09/1/2017 15:59

Glad someone else is still on this BB. I have rather a lot (>1M), luckily at average 18.5 so I am relaxed about staying.
There is a lot of discussion on the lse board about the actions of Cigogne but Cigogne's own web-site explains what they do, and I quote:

The choice of the assets is guided by an arbitration of mergers and/or acquisitions, consisting in benefiting from the price differences which can appear at the time of takeover bids or exchange. In that end the investment strategy is to lock in or otherwise trade in the spread by purchasing (selling) securities of the target or subject of an announced merger, acquisition or contest for control and selling (buying) the deal consideration. Specifically, in case of tender offers, the investment strategy is built up to lock in the spread by purchasing securities subject to a cash or a mixed tender offer and tendering such securities while hedging the resulting long position until the term of the offer. The investment strategy is essentially limited to the operations of declared mergers and/or acquisitions and is based on a solid and detailed analysis of the economic, legal and competitive frameworks.

[peterfos] 09/1/2017 14:35

Jan 16 shareholder being sent information. My votes a No and I will take my chance.i only have a small holding @ 21p

[peterfos] 09/1/2017 14:35

Jan 16 shareholder being sent information. My votes a No and I will take my chance.i only have a small holding @ 21p

[gregsc] 04/1/2017 11:00

Hytera EGM moved forward to 5th

[loss-leader] 29/12/2016 15:28

I am betting on the words "irrevocable commitment of support for the Acquisition" in the RNS. .. but there could be factors which I do not understand. Do tell!

[investment dave] 29/12/2016 15:15

Loss - what if the deal falls through though? Management have practically said 20p is a good deal ??!!!If the deal falls through it could be single figures

[loss-leader] 29/12/2016 15:12

so .. lowering my sights a bit. I have bought SEPU @19 in the expectation that I will sell @20 or just possibly win from a counter bid. The 5% win (with hardly any risk apart from the opportunity cost) is better than any bank. LL

[1gw] 29/12/2016 14:23

My understanding is that as the offeror, Hytera has to give daily 8.3 dealing updates on any change in long or short positions held (irrespective of whether they are above the 1% interest threshold).

In the 16th December document, there was a section on "Disclosure of interests in Sepura" which stated that as of 15th December (and apart from the irrevocable undertakings and letter of intent) none of Bidco (the legal entity making the offer for Sepura), or any director of Bidco or, so far as Bidco is aware, any person acting...in concert with Bidco had an interest in or a short position in relevant securities of Sepura.

[mortimer7] 29/12/2016 10:29

I think Hytera are allowed to buy shares in the open market after their 20p bid, but there are conditions:
Buys below 20p are not subject to any restriction.
Buys above 20p would mean they have to increase their bid to the level paid.

Anyone with experience know if this is correct. Also, assuming they have been buying below 20p do Hytera have to issue an update of the percentage held before the shareholders vote on the offer.

[gregsc] 22/12/2016 10:19

I wonder why ODDO is continuing to increase it's long position

[shroder] 21/12/2016 16:29

ODDO possible arb on Dee Valley

[l0ngshanks] 20/12/2016 17:00

Newbie,

I don't believe that Ericsson has been a major player in Private Mobile Radio (PMR) for some years. The following are the biggest Land Mobile Radio (LMR) suppliers, as they are called in the USA, where there is little TETRA in the USA and none in public safety, (it is not approved), (whoever said the USA was an open market):

Tait Radio, 
Raytheon, 
Harris, 
Motorola Solutions, 
JVC Kenwood, 
Sepura PLC, 
RELM, 
Thales, 
Simoco, 
Hytera,


The biggest TETRA suppliers in the world, systems as well as devices/ terminals are,

1. Motorola 
2  EADS
3  Sepura
4  Teltronic
5  Rohill
6  Selex Communications
7  Rohde & Schwarz
8  Artevea
9  Damm

In my view, Harris, JVC Kenwood, EADS and Thales would be good, if not better, partners for Sepura and transformational for these companies.

Hope this helps.

[newbie_1] 20/12/2016 13:59

Ericsson... = big PMR players in Europe and the USA?

[l0ngshanks] 20/12/2016 13:13

I hope another bidder appears. 20p is a derisory amount. Motorola is highly unlikely as Sepura wouldn't give them much than they already have. However, there are some successful, big PMR players in Europe and the USA, where acquiring Sepura would be transformational.

I think Sepura should be the subject of a stock market enquiry, examining share trading over recent months and weeks, the "preliminary approach" announcement on July 28th and the Sepura's "successful" £65M [35p} cash call that was followed in less than 2 months by a profit warning.

[flagon] 19/12/2016 23:36

This is not a done deal.

Owners of 75% of the outstanding shares need to vote for the offer for it to go through. At present 28.13% of holders will vote to accept and Hendersons with now 13.84% say they are likely to (but not certain to). Even if Hendersons vote to accept that equates to only 41.97%.

Someone else can table a bid.

2 of the former owners Jonathan Green & Michael Sherwood who floated the company in 2007 own just over 40M shares or 11.05%.

Post the offer Hendersons who were sellers have turned buyers.

Oddo Meritan Assets Managers have also taken a position post the offer of 13.3M shares or 3.59%.

[khan2952] 19/12/2016 23:10

offer 20p cash ! is it a done deal ? or have loose end? can someone out bid? is any body have better knowledge? please comment.

[garking31] 19/12/2016 18:19

It was ODDO.

[gregsc] 19/12/2016 16:05

Agreed 1gw.
Interesting to see if any more 8.3s appear tomorrow.
Who bought the 5M chunk this morning?

[1gw] 19/12/2016 15:58

I'm not sure about ODDO. It strikes me that as a Franco-German investment house they would be well placed to make a call on the chances of a European player counter-bidding. So institutions may well be buying in mainly on the arbitrage play (20p in the future being sold for 19.xp today with relatively low risk of the acquisition failing) but I would be surprised if the possibility of a counter-bid is excluded from their calculations.

Hendersons of course are now big enough again as a shareholder in Sepura to be a first port of call for any third party wanting to secure a reasonable holding ahead of launching a counter-bid. They might also see fit to take the initiative and approach one or two third parties proactively with the idea of a counter-bid supported by Hendos. They have after all only given Hytera a "letter of intent".

[shroder] 19/12/2016 14:47

I would guess ODDO are arbitraging the trade, Henderson buying in by the look of it.

[gregsc] 19/12/2016 14:10

Yes. I think Hendersons have been one or more steps ahead of us the whole time.
If there is another bid they are going to be quids in.
If there is no other bid they will be quids in.

[chadders] 19/12/2016 14:05

Is that Henderson piling back in?

[gregsc] 19/12/2016 13:33

Interesting if we get another RNS from ODDO tomorrow.

[gregsc] 19/12/2016 10:32

This race may not be over just yet.

[shroder] 19/12/2016 09:29

Has anyone tried accessing the PRC web site this weekend?