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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Smoove Plc | LSE:SMV | London | Ordinary Share | GB00BNG8T458 | ORD 0.4P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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|---|---|---|---|---|---|
| 0.00 | 0.00% | 53.50 | 0.00 | 00:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 53.50 | GBX |
Smoove (SMV) Share Charts1 Year Smoove Chart |
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1 Month Smoove Chart |
Intraday Smoove Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 19/12/2023 | 14:06 | Smoove - digitally transforming the home purchase process ! | 275 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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| Top Posts |
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Posted at 19/12/2023 14:06 by masurenguy Scheme of Arrangement becomes EffectiveSmoove and Digcom UK Holdings Limited, an indirect subsidiary undertaking of PEXA Group Limited, announced that they had reached agreement on the terms and conditions of a recommended cash acquisition by Digcom of the entire issued share capital of Smoove. Further to the announcement made by Smoove on 15 December 2023, the Scheme has now become Effective in accordance with its terms. The entire issued share capital of Smoove is now owned or controlled by PEXA, and the Acquisition has therefore completed. Under the terms of the Scheme, Shareholders on the register of members of Smoove at 6.00 p.m. on 18 December 2023 will be entitled to receive 54p in cash for each Scheme Share held. Settlement of the consideration will be effected no later than 2 January 2024. Suspension and cancellation of admission to trading of Smoove Shares Trading in Smoove Shares was suspended from 7.30 a.m. today and the cancellation of the admission to trading of Smoove Shares on AIM is expected to be effective from 7.00 a.m. on 20 December 2023. |
Posted at 05/10/2023 19:28 by red ninja Investor's Champion comment on the offer (it's no surprise) :-"Formal offer (04/10/23) On 24 April 2023 the Company announced that it was in early discussions with PEXA Group Limited, regarding a possible cash offer for the Company. After several extensions of the deadline, PEXA has now formally made an offer of 54 pence per Smoove share valuing Smoove at approximately £30.8m. The price represents a premium of approximately 69% to the closing price of 31.9 pence on 21 April 2023, being the last business day before the commencement of the offer period. It looks another low-ball offer to us!" |
Posted at 05/10/2023 11:59 by yump Take away the turmoil of the last few years and the interest rate issue and SMV were in a great market for establishing a substantial business, that nobody else seems to be addressing. Unfortunately the gains from that are now out of reach, although given current housing market future it would have been a fair few years to wait.What’s the betting that if the market recovers in a few years, we’ll see the same business with a new title, floated at a premium ? |
Posted at 05/10/2023 00:58 by masurenguy A very disappointing acquisition price. At the year end in March 23 they had circa £10m in cash. Even if this has declined by say 20% to £8m on the half year at the end of September, the actual EV purcahase price of circa £31m would then effectively be 40p, which is the same price as the tender offer to shareholders last December. While I'll come out with a capital gain of circa 30% I was looking for a much higher premium based upon the investment in Digital Move and the recent deal signed with MAB. |
Posted at 20/8/2023 09:58 by aimsurfer Resolution 6 - on-market share buy-backNew 10% buy back capability. Just noticed interesting statement."'The authority sought in Resolution 6 will only be exercised if the Directors consider there is likely to be a beneficial impact on key shareholder metrics and that it is in the best interest of the company at the time"Won't take much buying to see share price creep up. Share price is beneficial to my portfolio metrics. |
Posted at 11/8/2023 12:29 by masurenguy I don't really understand why PEXA as the predator would be subject to an audit from SMV who are the target where an all cash offer was concerned. We also should assume that an offer is on the table, subject to a satisfactory DD being completed, otherwise why would SMV open their books and allow an evaluation of their software and development programs to be undertaken by a potential competitor. We just don't know what any such offer might be at this point in time.Kestrel may well desire a "decent premium for the last 5 years" but that does not mean that they are in a position to demand one. Just because they are the largest shareholder here is not necessarily the most judicious indicator where shareprices are concerned. In May last year they were (and still are) the largest shareholder in Aferian (AFRN) where they held circa 19m shares (22%) when the shareprice was circa 150p. Today, that shareprice is down 90% at 15p and AFRN raised £3.1m at 12p last month after having also secured a £3.25m loan from Kestrel a couple of months earlier. Kestrel must be sitting on a significant loss there at the moment and one of their managing partners, Max Royde, also sits of the AFRN board too. I used to have shares in AFRN but fortunately sold out at circa 140p in April 22. SMV were originally approached by PEXA and were not seeking to sell the business. That in itself should command a decent premium if a deal is consumated, as I indicated in post #236 above, but outside the current BoD's of both companies who knows what that premium is likely to be. |
Posted at 11/8/2023 09:47 by earwacks Masranguy. I was just reading through some of the takeover panels rules and regulations as I don’t recall this sort of situation occurring before without an actual offer on the table. It was a firm of lawyers that suggested both parties would be subject to an audit. Oliver is the main Kesterel guy and has the largest single stake in the company. He was buying heavily at the 70-80p level as was I after dumping the lot at well over £1 maybe 1.05. Unfortunately I got back on when I saw Oliver was purchasing weekly for about a year. Was that just to support the price? Obviously he didn’t want to push it up too quickly by buying too much in one go, but also stock dries up quite quickly in small caps. Strange history really especially the support from institutions that are probably at around break even now. Should think they would like a decent premium for the last or 5 years. Chris Mills of Harwood is a pretty tough nut, strangely he doesn’t tAlk much about Smv. With fixed mortgages set to relax again I guess there has been no hurry for either party to do a deal other than both realising this is a ticking gold mine! So Pexa are going to have to stump up a determined offer or miss the boat completely. There again there would be the monopolies hurdle to clear too. Would possibly also be under review? Finally the other point that evaporated is who are or were the other interested parties described by Sky as queueing up at Smooves door? If an offer is on the table they are obliged to notify the market, shareholders and other interested parties. The longer this lingers the more I think Smv board will hold out for a figure well north of £1. Take it or leave it and that is what Pexa are having to justify to their board and shareholders. Could yet turn out part share part cash offer although they ruled that out at the start of negotiations. |
Posted at 11/8/2023 08:50 by masurenguy That is a fairly logical assumption sidam. If an offer has been agreed between PEXA and Smoove, subject to the satisfactory completition of the DD process, the only question is the final price.SMV sold CAL in November 2020 for £27.3m in cash. At that time CAL's annual sales were £8.9m with pre-tax profits of £2.4m and gross assets of £2.0m. SMV (or ULS as it was still called) had circa £2m of debt so the deal resulted in a subsequent positive cash balance of circa £25m. Since then they have returned circa £3.7m to shareholders via a tender offer and have invested in the further development of eConveyancer and also in Digital Move. That has resulted in trading losses of £8.5m in the 2 completed trading years since then as those development costs were expensed. SMV still had net cash of circa £10m at the March 2023 year end. The net cash constitutes circa 15p per share leaving a current enterprise value of circa 32p per share. The big unknown factor is how to value the development of the business model over the past 30 months. There is no indication that SMV was seeking a buyer for the business and with the net cash on the balance sheet they were in a position to complete their development of Digital Move without requiring further funding. Therefore the approach must have come from PEXA and consequently any offer must be at a premium to the valuation that the SMV BoD must currently have placed upon the company. We can only wait and see what that might be. At the time of the PEXA approach in April the shareprice was circa 45p, roughly where it is now. Providing that the DD is satisfactorily completed, I think that a premium valuation of the EV could be at least in the region of 75%/100% to cover the value of the DM development or circa 56p/64p, plus cash of 15p, taking us up to circa 70p/80p. Without being able to determine the value of the DM development to date, or what valuation that may have to bolt onto PEXA's existing Leeds based UK operation, that is just my own guesstimate. PEXA have already invested over £50m in the UK, including the acquisition of Optima Legal last year and in the development of their own digital remortgaging process. Consequently, they will have to determine how easy it could be to integrate the developing SMV Digital Move and eConveyancing operation and software with their own existing model and also in the potential value in acquiring what could otherwise be a significant competitor. |
Posted at 12/7/2023 16:18 by sidam To be blindingly obvious. Three possibilities - bid, no bid or further deferral. Share price action suggests no bid. So I will have to remain a long term shareholder to benefit from the obvious medium term prospects. |
Posted at 05/7/2023 07:05 by aimsurfer Good to see share awards don't kick in unless they achieve 13m gross profit."During the year the Board adopted new share option scheme rules applying to future option grants and a Long Term Incentive Plan ("LTIP"). The Group made awards of 3,400,000 ordinary shares "Performance Shares" under the LTIP to its two Executive Directors and other senior employees. The vesting of all Performance Share awards is conditional on meeting both a performance condition relating to gross profit and a share price performance condition, both of which are measured three years from the award date. The gross profit condition specifies a target gross profit for the year ended 31 March 2026 of £13,574,000. The definition of gross profit used by the condition corresponds with that used in the Group's accounts. Provided that the gross profit condition is met, the share price performance condition specifies that shares will vest on a straight-line basis if the measured share price is between 55 pence (33% vesting) and 80 pence (100% vesting). If either the gross profit condition is not met or the measured share price is below 55 pence, then the awards will lapse. The awards are subject to a post-vesting holding restriction by which the holder may not dispose or deal in more than 50% of the vested shares until the fourth anniversary of the date of the award." |
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