Share Name Share Symbol Market Type Share ISIN Share Description
Sunkar LSE:SKR London Ordinary Share GB00B29KHR09 ORD 0.1P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 1.805p 0 06:30:09
Bid Price Offer Price High Price Low Price Open Price
0.00p 0.00p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 9.0 -2.5 -0.8 - 6.16

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06/4/201608:24Sunkar Project Milestones9,216
17/7/201417:06options for SKR shareholders-
07/3/201315:45SUNKAR RESOURCES15
23/7/201219:02Sunkar - Significant Undervaluation59

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oilbethere: Sent today Dear Mr William McDonald I understand that you are the contact regarding investor complaints regarding the proposed takeover of AIM listed Sunkar Resources. I would like to add my name to the other private investors, who have asked for the takeover to be investigated. The share price has been manipulated to a fraction of its IPO price. Responsible advisers have valued the resource as worth £2billion. Sun are attempting to get to a position to enforce a compulsory purchase valuing the company at aprox. £5million. The directors have persistently promised sales and revenues over a number of years, which have consistently failed to appear. Personally I have seen a paper loss of over 95% amounting to £60,000. I, like many private investors, feel that the share price of Sunkar has been artificially managed to permit a low price takeover and delisting, following which if successful the true value of the asset would be realised for the new owners. As an investor in this AIM share, I would be grateful if you could fully investigate this company and its activities before it is allowed to delist from AIM! Yours sincerely,
paulb10: Can anyone post a link to the skr share price on the KAZ exchange.
paulb10: I THINK that it is not possible to do anything now as tomorrow is the deadline either they have 90% of the shares or not. If they do then we are forced to take their price i.e. 1.835p if they DONT then what PERSONALLY I want to see this Britsh company liqidated. But I don't fully understand if they can still take the company private or not with not having 90% of the shares. ITS a bit late in the day but I think that if a liquidator is appointed for 100% of the company he could get a better price for the shareholders for the asset than what is on offer. Your probably all fed up with this situation I am but below is interesting If a company's assets are worth more than it's market cap, can one say the shares must be undervalued? up vote 2 down vote favorite Imagine a company sold a 10% stake in one of its assets to a 3rd party for $100 million. It would be fair to assume that the asset is worth $1 billion. If that company had 200 million shares issued, and were trading at a price of $4/share, then its market capitalization would be $800 million. Does that mean the share is undervalued, because its market cap is only $800 million but yet by outsiders/a 3rd party transaction, one of its assets alone is worth $1 billion? Hence, the share price should be worth at least $5/share? Else, what am I missing? stocks stock-analysis assets value-investing shareimprove this question edited Jan 12 at 20:58 Chris W. Rea 16.8k851125 asked Jan 12 at 18:05 Nathan 533 add comment 3 Answers ACTIVEOLDESTVOTES up vote 4 down vote accepted You haven't mentioned how much debt your example company has. Rarely does a company not carry any kind of debt (credit facilities, outstanding bonds or debentures, accounts payable, etc.) Might it owe, for instance, $1B in outstanding loans or bonds? Looking at debt too is critically important if you want to conduct the kind of analysis you're talking about. Consider that the fundamental accounting equation says: Assets = Liabilities (debt) + Capital (equity) or, Assets - Liabilities (debt) = Capital (equity) But in your example you're assuming the assets and equity ought to be equal, discounting the possibility of debt. Debt changes everything. You need to look at the value of the net assets of the company (i.e. subtracting the debt), not just the value of its assets alone. Shareholders are residual claimants on the assets of the company, i.e. after all debt claims have been satisfied. This means the government (taxes owed), the bank (loans to repay), and bondholders are due their payback before determining what is leftover for the shareholders. shareimprove this answer answered Jan 12 at 20:48 Chris W. Rea 16.8k851125 1 +1 for the accounting axiom. Don't forget that market capitalization is only common stock. Any preferred stock (which sometimes is issued like debt) is also going to reflect enterprise value but won't show up in market cap. – THEAO Jan 13 at 16:17 @THEAO That's a good point. Thanks. – Chris W. Rea Jan 13 at 16:17 add comment up vote 2 down vote Look at Price/book value and there are more than a few stocks that may have a P/B under 1 so this does happen. There are at least a couple of other factors you aren't considering here: Current liabilities - How much money is the company losing each quarter that may cause it to sell repeatedly. If the company is burning through $100 million/quarter that asset is only going to keep the lights on for another 2.5 years so consider what assumptions you make about the company's cash flow here. The asset itself - Is the price really fixed or could it be flexible? Could the asset seen as being worth $1 billion today be worth much less in another year or two? As an example, suppose the asset was a building and then real estate values drop by 40% in that area. Now, what was worth $1 billion may now be worth only $600 million. As something of a final note, you don't state where the $100 million went that the company received as if that was burned for operations, now the company's position on the asset is $900 million as it only holds a 90% stake though I'd argue my 2 previous points are really worth noting. The Following 6 Stocks Are Trading At or Below 0.5 x Book Value–Sep 2013 has a half dozen examples of how this is possible. If the $100 million was used to pay off debt, then the company doesn't have that cash and thus its assets are reduced by the cash that is gone. Depending on what the plant is producing the value may or may not stay where it is. If you want an example to consider, how would you price automobile plants these days? If the company experiences a reduction in demand, the plant may have to be sold off at a reduced price for a cynic's view here. shareimprove this answer edited Jan 12 at 18:48 answered Jan 12 at 18:34 JB King 5,2001515 Thanks, the price to book ratio is roughly 0.9, and the 100 million was used to reduce it's leverage. The company isn't making losses. Can I view this positively, and "should" the share be considered undervalued? The asset is something like production plant/factory, so I think the value should stay around the same as it produces x amount of the goods yearly. – Nathan Jan 12 at 18:40 2 @Nathan If you say "the 100 million was used to reduce its leverage", then that means the company has/had debt. See my answer. – Chris W. Rea Jan 12 at 21:01 1 It doesn't deserve being placed in a separate answer, but keep in mind as well that actually liquidating an asset will frequently diminish its value. For instance, your home may be worth $400,000, but if you go to a realtor and say "I need to sell it tomorrow," you might only sell it for $300,000. – Benjamin Chambers Jan 12 at 21:16 add comment up vote 2 down vote Imagine a poorly run store in the middle of downtown Manhattan. It has been in the family for a 100 years but the current generation is incompetent regarding running a business. The store is worthless because it is losing money, but the land it is sitting on is worth millions. So yes an asset of the company can be worth more than the entire company. What one would pay for the rights to the land, vs the entire company are not equal. shareimprove this answer answered Jan 12 at 20:00 mhoran_psprep 18.1k11948 Thanks, if the entire company is valued (from the stock market) less than the value of the land that the company owns, can't someone just buy the company at the undervalued price and sell the land to gain a profit? – Nathan Jan 12 at 20:24 1 @Nathan Buying an entire company looks easy on paper, but when you actually start trying to buy up all of the shares for a company, the share price quickly gets driven up in the market, perhaps even to a premium. Once you own a certain percentage of the shares, you also have to disclose that fact. Additionally, many companies have provisions to prevent a hostile takeover, such as "poison pills", dual-class or multiple voting shares (putting control in the hands of a minority shareholder or family), etc. It does happen, but it isn't easy enough to say somebody can "just" do it. – Chris W. Rea Jan 12 at 20:50 This is the closest to the point I wanted to make... the value of the asset licensed at a $1 billion valuation is the value to the entity buying the license. The owning company might not have the capabilities to unlock the $1 billion value an asset represents. An argument can also be made that the licensee probably sees very much more than $1 billion in value from an asset, or they wouldn't have paid the price. – THEAO Jan 13 at 16:22
paulb10: Takeover From Wikipedia, the free encyclopedia This article is about the business term. For the science fiction series, see Hostile Takeover Trilogy. For other uses, see Takeover (disambiguation). This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (March 2008) The examples and perspective in this article may not represent a worldwide view of the subject. Please improve this article and discuss the issue on the talk page. (December 2010) In business, a takeover is the purchase of one company (the target) by another (the acquirer, or bidder). In UK, the term refers to the acquisition of a public company whose shares are listed on a stock exchange, in contrast to the acquisition of a private company. Contents [hide] 1 Types of takeover 1.1 Friendly takeovers 1.2 Hostile takeovers 1.3 Reverse takeovers 1.4 Backflip takeovers 2 Financing a takeover 2.1 Funding 2.2 Loan note alternatives 2.3 All share deals 3 Mechanics 3.1 In the United Kingdom 4 Strategies 5 Agency Problems 6 Pros and cons of takeover 7 Occurrence 8 Tactics against hostile takeover 9 See also 10 References 11 External links Types of takeover[edit] Friendly takeovers[edit] A "friendly takeover" is an acquisition which is approved by the management. Before a bidder makes an offer for another company, it usually first informs the company's board of directors. In an ideal world, if the board feels that accepting the offer serves the shareholders better than rejecting it, it recommends the offer be accepted by the shareholders. In a private company, because the shareholders and the board are usually the same people or closely connected with one another, private acquisitions are usually friendly. If the shareholders agree to sell the company, then the board is usually of the same mind or sufficiently under the orders of the equity shareholders to cooperate with the bidder. This point is not relevant to the UK concept of takeovers, which always involve the acquisition of a public company. The are also manager a good team for business lead generation. Hostile takeovers[edit] A "hostile takeover" allows a suitor to take over a target company whose management is unwilling to agree to a merger or takeover. A takeover is considered "hostile" if the target company's board rejects the offer, but the bidder continues to pursue it, or the bidder makes the offer directly after having announced its firm intention to make an offer. Development of the hostile tender is attributed to Louis Wolfson. A hostile takeover can be conducted in several ways. A tender offer can be made where the acquiring company makes a public offer at a fixed price above the current market price. Tender offers in the United States are regulated by the Williams Act. An acquiring company can also engage in a proxy fight, whereby it tries to persuade enough shareholders, usually a simple majority, to replace the management with a new one which will approve the takeover. Another method involves quietly purchasing enough stock on the open market, known as a "creeping tender offer", to affect a change in management. In all of these ways, management resists the acquisition, but it is carried out anyway. The main consequence of a bid being considered hostile is practical rather than legal. If the board of the target cooperates, the bidder can conduct extensive due diligence into the affairs of the target company, providing the bidder with a comprehensive analysis of the target company's finances. In contrast, a hostile bidder will only have more limited, publicly available information about the target company available, rendering the bidder vulnerable to hidden risks regarding the target company's finances. An additional problem is that takeovers often require loans provided by banks in order to service the offer, but banks are often less willing to back a hostile bidder because of the relative lack of target information which is available to them. A well known example of an extremely hostile takeover was Oracle's hostile bid to acquire PeopleSoft [1] Reverse takeovers[edit] A "reverse takeover" is a type of takeover where a private company acquires a public company. This is usually done at the instigation of the larger, private company, the purpose being for the private company to effectively float itself while avoiding some of the expense and time involved in a conventional IPO. However, in the UK under AIM rules, a reverse take-over is an acquisition or acquisitions in a twelve-month period which for an AIM company would: exceed 100% in any of the class tests; or result in a fundamental change in its business, board or voting control; or in the case of an investing company, depart substantially from the investing strategy stated in its admission document or, where no admission document was produced on admission, depart substantially from the investing strategy stated in its pre-admission announcement or, depart substantially from the investing strategy. An individual or organization, sometimes known as corporate raider, can purchase a large fraction of the company's stock and, in doing so, get enough votes to replace the board of directors and the CEO. With a new agreeable management team, the stock is a much more attractive investment, which would likely result in a price rise and a profit for the corporate raider and the other shareholders. Backflip takeovers[edit] A "backflip takeover" is any sort of takeover in which the acquiring company turns itself into a subsidiary of the purchased company. This type of takeover can occur when a larger but less well-known company purchases a struggling company with a very well-known brand such as Texas Air Corporation takeover of Continental Airlines but taking the Continental name as it was better known. The SBC acquisition of the ailing AT&T and subsequent rename to AT&T is another example. Financing a takeover[edit] Funding[edit] Often a company acquiring another pays a specified amount for it. This money can be raised in a number of ways. Although the company may have sufficient funds available in its account, remitting payment entirely from the acquiring company's cash on hand is unusual. More often, it will be borrowed from a bank, or raised by an issue of bonds. Acquisitions financed through debt are known as leveraged buyouts, and the debt will often be moved down onto the balance sheet of the acquired company. The acquired company then has to pay back the debt. This is a technique often used by private equity companies. The debt ratio of financing can go as high as 80% in some cases. In such a case, the acquiring company would only need to raise 20% of the purchase price. Loan note alternatives[edit] Cash offers for public companies often include a "loan note alternative" that allows shareholders to take a part or all of their consideration in loan notes rather than cash. This is done primarily to make the offer more attractive in terms of taxation. A conversion of shares into cash is counted as a disposal that triggers a payment of capital gains tax, whereas if the shares are converted into other securities, such as loan notes, the tax is rolled over. All share deals[edit] A takeover, particularly a reverse takeover, may be financed by an all share deal. The bidder does not pay money, but instead issues new shares in itself to the shareholders of the company being acquired. In a reverse takeover the shareholders of the company being acquired end up with a majority of the shares in, and so control of, the company making the bid. The company has managerial rights. Mechanics[edit] In the United Kingdom[edit] Takeovers in the UK (meaning acquisitions of public companies only) are governed by the City Code on Takeovers and Mergers, also known as the 'City Code' or 'Takeover Code'. The rules for a takeover can be found in what is primarily known as 'The Blue Book'. The Code used to be a non-statutory set of rules that was controlled by city institutions on a theoretically voluntary basis. However, as a breach of the Code brought such reputational damage and the possibility of exclusion from city services run by those institutions, it was regarded as binding. In 2006, the Code was put onto a statutory footing as part of the UK's compliance with the European Takeover Directive (2004/25/EC).[2] The Code requires that all shareholders in a company should be treated equally. It regulates when and what information companies must and cannot release publicly in relation to the bid, sets timetables for certain aspects of the bid, and sets minimum bid levels following a previous purchase of shares. In particular: a shareholder must make an offer when its shareholding, including that of parties acting in concert (a "concert party"), reaches 30% of the target; information relating to the bid must not be released except by announcements regulated by the Code; the bidder must make an announcement if rumour or speculation have affected a company's share price; the level of the offer must not be less than any price paid by the bidder in the three months before the announcement of a firm intention to make an offer; if shares are bought during the offer period at a price higher than the offer price, the offer must be increased to that price; The Rules Governing the Substantial Acquisition of Shares, which used to accompany the Code and which regulated the announcement of certain levels of shareholdings, have now been abolished, though similar provisions still exist in the Companies Act 1985. Strategies[edit] There are a variety of reasons why an acquiring company may wish to purchase another company. Some takeovers are opportunistic - the target company may simply be very reasonably priced for one reason or another and the acquiring company may decide that in the long run, it will end up making money by purchasing the target company. The large holding company Berkshire Hathaway has profited well over time by purchasing many companies opportunistically in this manner. Other takeovers are strategic in that they are thought to have secondary effects beyond the simple effect of the profitability of the target company being added to the acquiring company's profitability. For example, an acquiring company may decide to purchase a company that is profitable and has good distribution capabilities in new areas which the acquiring company can use for its own products as well. A target company might be attractive because it allows the acquiring company to enter a new market without having to take on the risk, time and expense of starting a new division. An acquiring company could decide to take over a competitor not only because the competitor is profitable, but in order to eliminate competition in its field and make it easier, in the long term, to raise prices. Also a takeover could fulfill the belief that the combined company can be more profitable than the two companies would be separately due to a reduction of redundant functions. Agency Problems[edit] Takeovers may also benefit from principal–agent problems associated with top executive compensation. For example, it is fairly easy for a top executive to reduce the price of his/her company's stock – due to information asymmetry. The executive can accelerate accounting of expected expenses, delay accounting of expected revenue, engage in off-balance-sheet transactions to make the company's profitability appear temporarily poorer, or simply promote and report severely conservative (e.g. pessimistic) estimates of future earnings. Such seemingly adverse earnings news will be likely to (at least temporarily) reduce share price. (This is again due to information asymmetries since it is more common for top executives to do everything they can to window dress their company's earnings forecasts). There are typically very few legal risks to being 'too conservative' in one's accounting and earnings estimates. A reduced share price makes a company an easier takeover target. When the company gets bought out (or taken private) – at a dramatically lower price – the takeover artist gains a windfall from the former top executive's actions to surreptitiously reduce share price. This can represent tens of billions of dollars (questionably) transferred from previous shareholders to the takeover artist. The former top executive is then rewarded with a golden handshake for presiding over the fire sale that can sometimes be in the hundreds of millions of dollars for one or two years of work. (This is nevertheless an excellent bargain for the takeover artist, who will tend to benefit from developing a reputation of being very generous to parting top executives). This is just one example of some of the principal–agent / perverse incentive issues involved with takeovers. Similar issues occur when a publicly held asset or non-profit organization undergoes privatization. Top executives often reap tremendous monetary benefits when a government owned or non-profit entity is sold to private hands. Just as in the example above, they can facilitate this process by making the entity appear to be in financial crisis. This perception can reduce the sale price (to the profit of the purchaser) and make non-profits and governments more likely to sell. It can also contribute to a public perception that private entities are more efficiently run, reinforcing the political will to sell off public assets. Pros and cons of takeover[edit] While pros and cons of a takeover differ from case to case, there are a few reoccurring ones worth mentioning. Pros: Increase in sales/revenues (e.g. Procter & Gamble takeover of Gillette) Venture into new businesses and markets Profitability of target company Increase market share Decreased competition (from the perspective of the acquiring company) Reduction of overcapacity in the industry Enlarge brand portfolio (e.g. L'Oréal's takeover of Body Shop) Increase in economies of scale Increased efficiency as a result of corporate synergies/redundancies (jobs with overlapping responsibilities can be eliminated, decreasing operating costs) Cons: Goodwill, often paid in excess for the acquisition Culture clashes within the two companies causes employees to be less-efficient or despondent Reduced competition and choice for consumers in oligopoly markets. (Bad for consumers, although this is good for the companies involved in the takeover) Likelihood of job cuts Cultural integration/conflict with new management Hidden liabilities of target entity The monetary cost to the company Lack of motivation for employees in the company being bought. Takeovers also tend to substitute debt for equity. In a sense, any government tax policy of allowing for deduction of interest expenses but not of dividends, has essentially provided a substantial subsidy to takeovers. It can punish more-conservative or prudent management that do not allow their companies to leverage themselves into a high-risk position. High leverage will lead to high profits if circumstances go well, but can lead to catastrophic failure if circumstances do not go favorably. This can create substantial negative externalities for governments, employees, suppliers and other stakeholders. Occurrence[edit] See also: Golden share Corporate takeovers occur frequently in the United States, Canada, United Kingdom, France and Spain. They happen only occasionally in Italy because larger shareholders (typically controlling families) often have special board voting privileges designed to keep them in control. They do not happen often in Germany because of the dual board structure, nor in Japan because companies have interlocking sets of ownerships known as keiretsu, nor in the People's Republic of China because the state majority-owns most publicly listed companies.[citation needed] Tactics against hostile takeover[edit] There are several tactics, or techniques, which can be used to deter a hostile takeover. Bankmail Crown Jewel Defense Flip-in Flip-over Golden Parachute Gray Knight Greenmail Jonestown Defense Killer bees Leveraged recapitalization Lobster trap Lock-up provision Nancy Reagan Defense Non-voting stock Pac-Man Defense Pension parachute People pill Poison pill Safe Harbor Scorched-earth defense Shark Repellent Staggered board of directors Standstill agreement Targeted repurchase Top-ups Treasury stock Voting plans White knight White squire Whitemail See also[edit] Breakup fee Control premium Revlon Moment Scrip bid Squeeze out References[edit] Jump up ^ hxxp:// Jump up ^, LexUriServ-PDF External links[edit] Jarrell, Gregg A. (2002). "Takeovers and Leveraged Buyouts". In David R. Henderson (ed.). Concise Encyclopedia of Economics (1st ed.). Library of Economics and Liberty. 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danandrews: I would ask do we have flexibility on whether this is the highest acceptable share price sapc need to pay. I understand that for takeover they should pay highest price paid over last 3-6 months. Do we as shareholders have access to any others bids or interest regarding takeover. Further if rejection takes place is there any protection for shareholders on being squeezed out with clear share price under valuation. My other area of concern is the nomad I am interested to know how quickly we as shareholders have to be informed of price sensitive information. Transparency has been appalling. The take over panel appear quite a helpful group keen to maintain a fair market for investors.
jojo_binks: damac, oilbethere, faza and others, I have 2 million shares (showing a significant loss) and also believe that due to the various events that have taken place, and particularly recent events relating to the earth moving contracts and loans from SAPC and how the RNS relating to them were released resulting in the share price moving down, that this is a clear case of share manipulation to get the share price price down for the offer. I am not experienced in this particular type of situation, however, I would have thought that our best course of action would be to contact the FCA and the FOS with a view to registering a complaint against SKR and have the matter investigated, and as poppa wobbler suggested contact and get some advice as to what our rights actually are. None of these options cost us any money and would give us a clearer picture of our rights, as opposed to b/b chat. SKR must have indemnity insurance and that would cover company negligence, and the events that have led us to this sorry state, which surely must constitute at least negligence by the company, if not possible fraud/criminal intent. I would support action to have the matter investigated and would also welcome contact from other investors to hear there views. I do work long hours, so if others would like to suggest the events that we need to bring to the attention of the above regulators/organizations, I will make contact with them and present the information, or equally, I am open to other's suggestions, however, I do think that we need top be proactive if we are to improve this situation. As an aside, agustusgloop has plagued this board for a very long time (previously as Elban) and has continuously criticized SKR, now give us reasons for not fighting the takeover. I had originally thought that he was just a disgruntled investor who had lost money, however, in hindsight, is it possible that he has have been working for SAPC for a long time to get the share price down to it's present level to enable the offer to be made at this ridiculous price, why else would he still be around?
paulb10: YES YOU ARE RIGHT gerryjames WHY WAS NO INFORMATION GIVEN via RNS ON SKRs no payment of its loan repayment to Asia Credit Bank on Febuary 26th 2014 surely this could have been relevant to factors that may affect share price under the aim disclosure rules. And Why have SKR not been paid by the Kaz government i.e. millions of dollars for work they have carried out. ( One could even believe a delusion and think that SKR don't really want to be paid at the moment for the work they have done or at least not until the time is right LOL except its not funny)
whine: SP2 Your favourite share SKR share price says it all for posters like you Looks like again the volume is so huge LOL
jxman: Agree Faza: MM must be short of shares to be offering over the bid! Any good news will put SKR share price back to where it should be at least 20p!
whine: Wilba Everyone should filter u Look at SKR share price Were u in hiding?
Sunkar share price data is direct from the London Stock Exchange
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