Syncona Share Discussion Threads

[sharejock] 30/5/2012 19:28

grannyboy: Good to hear from you. Not heard of MAGP. One broker recommendation on MAGP, and that's a "BUY"! I'll add them to my list. Cheers! Meantime, Chesapeake got probs and just released rns re sale of assets. Seems low natural gas price in US isn't helping them.

[grannyboy] 30/5/2012 15:05

Sharejock like you i sold up, more in disgust at both Myriad and more importantly with the management of SYNC..

Most of the proceeds went into a gem of a little company MAGP, It just floated in November 2011, its business plan has been to take small % in wells operated by larger companies like Marathon and Chesapeake etc, and build upto larger holdings, they're definetly worth a look and doing some research on...

[sharejock] 30/5/2012 14:38

Now the dust has settled I'm interested in what ex holders of Sync think and what experiences you've had. Have Myriad monetised the Sync assets?

For my part, I chose to sell up. This showed as profit in my ISA and a loss in my gen a/c. Overall I was a grand up.
The outcome here gave me a bit of a scare and I haven't reinvested these proceeds.

[johndee] 16/5/2012 18:32

Sad for the investors here as it got taken out cheaply.

[mattab] 14/5/2012 20:28

One final point is having over 90% - why do they just close the offer and compulsory purchase the rest (as they are intending to do)?

Why extend the offer to the 15th June? Is there a reason for that - Fidelity break pledge perhaps?

They can compulsory purchase the rest of the stock and that is under process (the 6 weeks) - Myriad would close the offer if they could I would imagine so they must be a reason why they have not closed the offer.

Any thoughts?

[mattab] 14/5/2012 20:03

Thanks Joe and GL in your trading endevours.

On an all Share offer I am amazed at the level of buying between the 12 and 13 pence level by the wider market - with the vast majority of PI's exiting.

I hope Fidelity who pledged early to Myriad know something in the pipeline for Myriad - perhaps uncoming litigation in Myriad's favour?

I note that even Myraid have stated Synchronica is a profitable business now they own it - did not state that when they were trying to buy it lol. Admin was mentioned more than once.

Seems all done and dusted now. They have acquired us on a poor paper offer and we all know the twists and turns in the saga.

Know we all feel cheated. Been left alone and likely we would be much higher on our own.

Why only Myriad want and need us and no other party is interested in beating their offer I think has surprised the majority of us. However such is life.

Get more in an ordered sale or even in Admin perhaps however there only seems one very interested party who even though they raised 20 pence on paper at the EGM want and only have to pay much less.

ATB all - Matt

[joestraughan] 10/5/2012 16:17

t-b-p - no way! I took the cash a couple of months ago.

All the best to you - I shall be following the technical analysis thread!

[the_boy_plunger] 10/5/2012 11:56

hi joe

presumably u took up the offer.........good luk with it

al the best

[joestraughan] 08/5/2012 11:49

matt - just to update you - GLG are part of Man group, not Fidelity. They did own here a few years ago and got out at 1.25p old money, around 20p in new money - so they did call it right all those years ago. That glg holding looks like old share (pre-consolidation) numbers to me and should have been removed.

On taking sync private, this is standard practice for subsidiary companies. There is no longer any need to keep it public as its stock will no longer be traded. If only it had been private in the first place!!

[mattab] 06/5/2012 18:51

'Myriad's compulsory purchase order is dated 30 April and by law they have to give the remaining shareholders six weeks' notice to apply to the courts to contest the compulsory purchase, which takes us to 15 June. However, as Sync will be de-listed on 15 May this board will still disappear then and Sync will be re-registered as a private company to tidy up any loose ends I expect.'

From Alo on LSE.

Do they have to keep the offer 'open' until 6 weeks from the 30th April?

I thought having over 90% they could close the offer (totally done deal) and compulsory purchase the outstanding shares with 6 weeks notice). Why does the offer have to be open if they state it is under the same terms and conditions as those already pledged?

Does leaving the offer open - is that the Fidelity clause perhaps - the break? Under the Takeover Code if by some miracle - and it would be - another player makes a BID with the offer 'open' what happens?

Is it only when unconditional and closed is it truly game over?

Oldtown?

With the majority of the stock traded at between 12 and 13 pence sterling. With the Myriad share price falling - compounded with the currency risk holding the Myriad stock. It does not make any sense. Very few would have benefited from the Myriad CDI's conversion from Sync stock. So why the huge appetite for the stock by the wider market?

Must be a reason(s) - not apparent at this time.

Probaly a mistake on iii but 14.5 Ask 13 share price and 11.5 BID

Now thats a wide spread lol

[mattab] 06/5/2012 06:47

On 30 April 2012, Myriad announced that the Offer was extended to 1.00 p.m. London Time (corresponding to 8.00 a.m. Toronto Time) on 15 May 2012. Myriad today announces that the Offer will now remain open for acceptances until midnight (London time) on 15 June 2012.

'It is also proposed that Synchronica be re-registered as a private company under the relevant provisions of the Companies Act following the cancellation of trading of Synchronica Shares on AIM which it is anticipated will take effect at 7.00 a.m. (London time) on 16 May 2012.'

Why is the offer still open until the 15th June. Is it normal custom and practice to close the offer and compulsory purchase the rest?

Why is Synchronica to be re-registered as a private company? Myriad have bought us with over 90% acceptances and therefore unconditional but still the offer is open until 15th June. One would expect that Myriad have the ownership of the Synchronica name - so why allow Synchronica to be re-registered as a private company? Who wants that to happen and why is it allowed? If Myriad do not want the name is it not up to them to confine it to history if they so wish?

[mattab] 03/5/2012 20:29

Change in the Board of Directors of Myriad Group AG

ZURICH, Switzerland – 03 May 2012 – Myriad Group AG (SIX Swiss Exchange: MYRN), the company powering billions of rich mobile social and web experiences on any connected device, today announced that Loek van den Boog won't stand for re-election at the Annual General Meeting on 29 May 2012.

Loek van den Boog was elected to Myriad's Board of Directors in March 2009 and has been acting as its Chairman since September 2010. He decided to leave the Board in order to pursue other business interests that prevent him from remaining on the Board of Myriad Group.

Simon Wilkinson, member of the Board of Directors and CEO of Myriad Group AG, commented: "On behalf of the Board of Directors and the entire Senior Management team, I would like to thank Loek for his tremendous commitment and leadership. His expertise has been a strong asset to the company and he has been very instrumental in the success and development of Myriad over the past years. We all wish him the very best for his future."

The company will be seeking for another Board member and will make further announcements in due course.

CB written all over this appointment to be announced?

Myriad were too well informed about Sync - with NM working for Myriad and possibly CB in the background - no wonder Angus is fuming wanting his 600k payoff. Lucky to get what he got with his performance!

Would not rule anything out in this saga. The information which should be sensitive has been instrumental in making Sync not only being sold but at a level which is a disgrace. Left alone - would we be 20 pence on our own steam perhaps?

Matt

[mattab] 03/5/2012 20:09

Rest - they have halved their loss. Cost cut markedly over the last year and will no doubt keep the best and bin the rest with the integration of Sync.

They have Sync very much on the cheap. Woeful on Strategic Value and the Sync BOD could have got much more in Admin and should be ashamed of themselves.

That said following the class leading technology, worldwide footprint, patents and something obviously Myriad need to integrate into their business now the largest in the field.

It is a giant leap of faith - that the vast majority of PI's have bailed been replaced by the wider market with Fidelity pledging early on - question has to be asked what do they know/see in Myriad in the future as regards Myriad's prospects?

Knowing much more than the average PI - they obviously see Myriad as the way forward.

Tax losses going forward from both companies? Litigation to Myriad's benefit? Synergy? - biggest in the field of operations?

Possibly a combination of all. Fact that the vast majority of Sync were trading between 12 and 13 pence with those buying paying hard cash should in theory bode well and provide a platform to build from.

Noted a couple on lse have sold their Myriad CDI's. Think about 2 on there still hold lol.

End of the year - much higher than current valuations I personally believe - for those who don't join the vast majority who have sold out and move on.

We all stand and fall by our decisions. Maybe at the AGM may provide more insight.

I see Loek van den Boog has not stood for re-election because he's pursuing other interests that mean he can no longer be involved with Myriad.

Is their a job for a ex-Sync BOD - in this saga nothing would surprise me.

Enter CB? Wanted a much larger arena to play in. Any bets who will replace?

[restassured] 03/5/2012 12:57

The way Myriad's share price is falling just shows it was blatantly manipulated up to 4.50chf to try and tell Sync shareholders the bid was worth 15p.
Curent value is nearer to 12p
The Sync Bod may have been onto something warning about currency risk.Also Myriad is heavily loss making.An investment in them is one giant leap of faith.All that happened was one piece of paper was swapped for a far higher rated peice of paper.Smoke and mirrors.

[joestraughan] 03/5/2012 10:53

Matt - it was a done deal at 50%, as myriad have operating and financial control at that level. At over 75%, no one can out-vote them on anything. And at over 90%, they have total legal control - any minority under 10% can't do a thing.
I don't think nok put the boot in - it was just a case of them protecting their interests - although the amounts are trivial for them, and they have enough woes of their own without getting embroiled in a tiny microcap battle. It will be interesting to see if nok survive themselves or whether msoft just buy their IP on the cheap, or make a move on RIM.

[restassured] 03/5/2012 09:13

I think you are dreaming.

[mattab] 02/5/2012 22:02

Wonder why Myriad have left the offer open until the 15th?

Now over 90% just - why did they just not close the offer and compulsory purchase the rest as they are entitled to do?

Is it because of the Fidelity break clause and percentage they own?

3% down today - would expect it to rise with the news.

All routes blocked for the Sync BOD's and propelled into the snare of Myriad.

Why did Fidelity pledge so early on? Do they know that with Myriad they will be much better served in their investment?

Sync has being in a much more dire financial position at a much higher valuations in the past - for some working capitial short term - well to sell to Myriad at the level of offer - wonder if Fidelity are still as keen with the Swiss Franc fall against the pound?

As for the Takeover Code rules - presume over 90% and it really is game over even though the offer is extended to the 15th.

It would be an absolute miracle but would it be possible with the offer still open for a better offer to come along breaking Fidelity's clause and loyalty to Myriad and making the Myriad percentage around 81% and under the 90% unconditional level?

Or is it far too late and a totally done deal.

[restassured] 02/5/2012 10:07

The other worry holding Myriad shares is the pound is now above a 6 month high against the swiss franc.

[mattab] 02/5/2012 04:14

Tages-Anzeiger Online - Google Translated

Myriad holds 90.3 percent of Synchronica


Updated on 30/04/2012


The mobile software manufacturer, Myriad has held in late April by 90.3 percent on takeover target Synchronica, as the company announced on Monday evening.


To come into possession of the remainder, Myriad extended the offer to 15 May
For the sale of remaining shares in Myriad has claims to be on firm commitments. The 15th May is expected to be the last trading day for the Synchronica shares.

Myriad Myriad continues to offer 4.83 new shares for each 100 shares. The offer values ​​each Synchronica shares at 15 British pence and the entire company so with 23.85 million pounds (35.1 million francs).

Myriad says the offer had already been concluded for mid-April. By the end of September, the integration of Synchronica to be completed, it was said a week ago. It was "definitely" be assumed that already in 2012, Synchronica can operate profitably.

Synchronica develops software for mobile phone manufacturers and mobile operators, including those for receiving and sending e-mails, instant messaging and the use of social networks.

Posted: 30.04.2012, 19:44 clock

'It was "definitely" be assumed that already in 2012, Synchronica can operate profitably.'

Is it can operate profitably or profitable in 2012 already?

Myriad have stated that Sync have paid more of the Nokia debt than Myriad have stated previously in a recent RNS.

Does make you wonder - on the cusp of profitability for the first time in the companies history and we get taken out with such a poor offer. Fidelity pledging early on - they must think/know that Myriad is the way forward for them.

Will not be published but Q1 results would be an interesting read.

Fidelity et al including Nokia have forgone their warrants. With Nokia supposedly putting the boot in (but not asked apparently) ending an independent Sync. With the Intertainment Deal they would be buying in at 16 pence the warrant price you could argue share price would be around 16 pence if that had gone through.

So there must be very good reasons why those with the power and influence (particularly Nokia with the charge on Sync's assets) steered Sync into Myriad's clutches.

The continuing Lawsuits perhaps? Synergy?

Is it with the Fidelity break clause (the reason) - even though they have over 90% - why they have extended the offer yet again?

Thought they would want to compulsory purchase the remaining shares and end this ASAP?

[mattab] 01/5/2012 16:49

Indeed - just noticed the date - 30th.

Labour Day today.

Matt

[restassured] 01/5/2012 15:08

Switzerland is shut today.

[mattab] 01/5/2012 14:59

Myriad SP

CHF 4.00 Up 1.27%

Now they have over 90%. Wonder why the offer has been extended? Suppose it makes sense day after Sync will no longer exist on AIM.

SW stated Sync shareholders where backing the wrong horse........lets hope they can prove where it matters - Shareholder Value.

Majority of the issued share capital of Sync traded between 12 and 13 pence. Wider market bought - should provide a floor and hopefully onwards and upwards.

Myriad know the business better than the Sync BOD's that were - SW will no doubt be sweeping changes at a rapid rate.

Rest - the value of the Lawsuits is perhaps what attracted Fidelity et al who have given up their warrants on Sync?

Supposed to be a update on those by the middle of this year by your post. SW and Myriad have proved brutal - would not bet against them winning.

As for turning a profit - there are serious cost savings integrating the two businesses - I would not again bet against the head wolf.

Matt

[restassured] 30/4/2012 15:00

The problem with Myriad as I see it is they are only going to break even in the next couple of years.So you are effectively buying a lawsuit.
Wilkinson comes across as a nasty piece of work.

[mattab] 30/4/2012 14:17

Know the level of acceptances by 18:30 then. Likely they have not got the 90% perhaps?

Offer extended to the 15th May where the it is anticipated that the Sync shares will cease to be in existence from the 16th onwards.

Who has not pledged and why........that is the question.

Wonder if Fidelity regret pledging - with the 15% break of course?

I imagine many PI's wish they had not pledged - looked like it was game over the first time when they just got 68%. Very few would imagine the offer would be extended to the 15th May - surprised me certainly - the offer extended at all from the first deadline.

With Myriad at the EGM raising the equivalent of 20 pence a share on paper. Would the Institutions not want much nearer that level?

Many...well near all of the Shareholders feel on Strategic Value we have been sold out way too cheap. Why do Myriad want and need us so much when no other seems interested in this Hot M&A sector........offer would not be difficult to beat.

Does beggar belief when Broker targets - 2 at 20 pence - 2 at 24 pence - 1 at 32 and 1 at 38 pence. Does no one else want this projected upside - or is it that Myriad are the biggest bully in the playground lol.

Nokia sealed Sync's loss of independence and lost their warrants in the process as the other I.I.'s have. Did Sync ask Nokia for some of the Intertainment monies for working capital? Inference from the RNS is that they did not ask...did not like/want to ask - sealing fate - strange.