Syncona Share Discussion Threads

[chinese investor] 29/3/2012 14:31

MMCAP International Inc are Toronto based !

[chinese investor] 29/3/2012 13:17

SYNC wouldn't have been in this situation if Myriad hadn't made their move.
There would have been monies received and repeat orders.

[plunge] 29/3/2012 13:15

joestraughan

Now I understand why SW was so vociferous in his approach. He knew exactly who and what he was dealing with. Ho hum ...

[joestraughan] 29/3/2012 12:43

I'm astounded to see that rns from last night - what were they playing at?
I think the only reason they avoided admin last year was because it would have brought some of the BoD and advisers into a position of potential negligence and personal liability.

And to think they were paid millions in bonuses over the years - it styncs!

[eggflip] 29/3/2012 07:50

Q - It is one thing leaving the gate open, another thing as to whether anyone bothers to walk through it. Why would a potential bidder leave it this late when a lot of PI's have had to sign over already?

[chinese investor] 29/3/2012 07:26

If somebody wants to make an offer for SYNC they'll need to fork out £25m for SYNC, £3m to MYRIAD and £17m to NOKIA.

It ain't gonna happen !

[sdavis] 29/3/2012 06:42

I will give it 1 more day before I accept. If no RNS from SYNC or an offer from someone else happens today I think the game is up.

[quilarvium] 29/3/2012 04:20

Good Thinking.Matt.
Who indeed....Myriad should have gone the way of a big cash offer in the first place to save thier blushes. They did leave the gate open after all.

[mattab] 29/3/2012 01:17

The whole saga stinks. Myriad want and need us - that much is blantantly obvious.

Why do no other player in this Hot sector rife with M&A activity want us?

You would think the competitors in this market would not want Myriad/Sync as an enlarged group competing against them. Those with the funds the likes of Emblaze can buy us cash out of small change - why no interest?

Would not be difficult to beat. Almost want AD to get arrested for insider dealing and Myriad to get investigated by the Takeover Panel for their 'insider' knowledge.

Forgot - isn't AD something to do with the Takeover Panel/Standards.......well that explains it.

Again there is massive volume still to have ownership ascribed to them.

The day BZ sold 4.5 million shares well who bought them.

PI's buying under 1% in large numbers I do not believe to account for the best part of 50% of the share cap. in a few weeks.

The lack of RNS's suggest that - Oddo and RIM are recent crossings with RNS's out.

What about the volume up to the middle of this month?

[dr knowledge] 29/3/2012 00:47

Matt, the only twist I perceive here is just how well AD managed to look after himself (like his predecessor) at the cost of his shareholders, I remember posting weeks ago how I was amazed at the total lack of rebuff from what looked like a derisory MYR offer..............now, looks to me like a company saving and shareholder value saving deal. Unbebloodyleiveable in short. ;-)

[mattab] 29/3/2012 00:23

Well Canada has gone up with the news out to 20c.

Making Sync out to be totally inept - you are lucky not having to pledge until 2nd April.

'Following further investigation, Myriad can confirm that the Loan will not be sufficient to cover the working capital requirements of Synchronica during the Offer Period and that further funding may be required to cover the working capital shortfall. It is important that Shareholders are made aware of this and the increased importance of Myriad taking control of Synchronica at the earliest opportunity. The Board of Myriad therefore urges Synchronica Shareholders to accept the Offer without delay.'

What do the BOD of Sync say? Further investigation - looking at the books - from moles within Sync - pure speculation provoking strong arm tactics again?

Sync agreed the offer with Myriad - as for the working capital loan any CEO/FD would make damn sure it was easily enough to carry them through - worse case.

AD will never find employment again - maybe making the tea. He appears next door to useless - unless there is a twist in this saga.

[spekul8] 28/3/2012 23:21

The Myriad after hours RNS smacks of desperation to me!

All seems very strange, something going on in the background?

I trade with TD Waterhouse and have until April 2nd to pledge my shares.
Will wait until then to see what happens.

[mattab] 28/3/2012 23:01

Be interesting to see if Sync respond to the after hours RNS from Myriad.

20c in Canada - perhaps Sync may be moving up to close the gap?

Sync were basically supposedly to have balanced the books so any extra revenue goes straight through to profit.

2 million cost to save 12 million in costs I remember.

Will we get Q1 results I wonder?

Nokia had warrants exercisable at 16 pence. It is still not clear if a deal from the Int money - so much to Nokia to pay down debt and so much for working capital. Nokia did not say they would want it all but it seemed Sync did not want to ask and as a consequence they gave in to Myriad. What a crock.

At least those Institutions who had warrants at 16 pence will not be able to exercise them. PI's do not have that advantage so why should the Institutions particularly when they are all seem to be clipping Sync's wings in favour of Myriad.

If we had not had Myriads attention Sync under the radar could be 20 pence plus under their own steam.

Why in this Hot Sector is no other player interested in beating Myriad's poor offer? Still massive volume unaccounted for unless all under 1% in holding.

On strategic value Myriad are getting alot for the small paper cost.

Make no doubt Myriad want and need Sync badly. Why does no other player large or small fancy a nibble? That is the part that has surprised me the most.

[neubie] 28/3/2012 22:34

So if phoning doesn`t do it maybe an RNS will.

I am surprised and disappointed at how the BOD have dealt our hand here. Flip flops spring to mind and very poor quality ones too.

From a please wait for our instructions to an outright rebuff to a we are totally screwed financially acceptance announced by Myriad "As stated in the announcement made on 7 March 2012, at the request of Synchronica," to todays RNS complete capitulation of we are even further screwed financially RNSd by Myriad again...at precisely what point in the last few weeks/months were the BOD aware that we didn`t have any money in the bank at all...during my student days I knew when the you are overdrawn letter was going to land on my doorstep because I knew in advance when I was going to be overdrawn...I usually got it right give or take a day or so!

[mattab] 28/3/2012 20:39

Dr Knowledge,

Oddo yesterday and Radiant Investment Management buying today both purchasing and on both exchanges.

Canada at 19.5 and LSE at 12.25 Ask according to the Sync Website.

Who are Radiant Investment Management? Oddo?

Where are the other RNS's these are very recent crossing. Where exactly are the others where the massive volume has been traded?

Is it just PI's buying large amounts under 1% - doubt that but that is how it seems?

Myriad - well is it true? Perhaps a retort from Sync tomorrow.

I have already pledged to Myriad - stuck in my throat but if SW continues been this ruthless that will bode well for Shareholder Value when we are Myriad.

They can be a ruthless as they like with the Sync carcass as far as I am concerned if they provide that Shareholder Value.

Running with the wolves is far more comforting.

One other point do we still get the Q1 results? If so when mid-April perhaps.

[dr knowledge] 28/3/2012 18:52

Re Myriad's new RNS...........................it just gets better eh! ;-)

How the f..k was Angus recommending non-acceptance when even with a loan they cannot finance the pay-roll?????????????????????

[neubie] 28/3/2012 12:18

joe..not at all...o/t have you looked at ENRT/HYR recently? If you are interested in eco stocks those are two. ENRT large BOD buy just recently...HYR consolidating nicely also with BOD buys...very large...definitely different to here.

[joestraughan] 28/3/2012 11:15

neubie - I hope you don't mind me saying this, but don't waste any more time on sync. They didn't give us a second thought!

[neubie] 28/3/2012 10:51

Answer from Mbilmoan

Industry contacts as usual - I presume he wasn't very pleased about being exited so soon, so word's got out. Sync. wouldn't need to announce it on the wires as the FD hadn't been appointed to the BOD, just as they didn't announce him joining at the turn of the year once the AppDNA deal with Citrix had been completed and the tidying up done.

But I've have thought such a senior and prestigious hire would be good to announce for shareholder confidence anyway even if it wasn't required to by Exchange rules. Perhaps, though, the BOD saw another side - that making the announcement might have got tongues wagging about a real intention to sell given Thorne's recent track record at a time when the BOD were noisily rejecting the Myriad approach?

On the other hand his skills would have been useful in doing the financials around the Intertainment rescue deal so perhaps that was it. He only really surfaced in the documentation that revealed he'd been promised 2.5 million shares options along with the chairman being promised 1 million.

You're right, Angus could handle the ex-FD's duties with ease given he was the CFO before and, depending on how shareholders vote on the Myriad issue, my guess is that he might not have to do the job for very long anyway . You're right too - why would the BOD want to hand out 2.5 million shares now, I presume it means they now avoid potential dilution of the BoD's shareholdings?

Thorne might think differently depending at what price the options were intended to be awarded. But given Thorne's apparently short tenure why would they have given him 2.5 million in the first place, they must have thought he was a good hire with that sort of sweetener, so why has been exited so soon? He'd have to be an employee to realise them so it doesn't look like he was a just contractor brought in to do the financials whilst Angus handled the various negotiations that have gone on since the beginning of the year.

Interestingly, he doesn't even look to have bothered to change his LinkedIn entry - perhaps he saw it coming and never bothered to update it or he's hurriedly changed it to cover his tracks?

[neubie] 28/3/2012 09:16

From Mbilmoan on LSE..thoughts?

I hear that the Sync. BOD has fired its Financial Director - Simon Thorne - just months after hiring him and promising him 2.5 million share options. Immediately before he joined he was the CFO at App-DNA that did the deal late last year to sell the firm to Citrix, so presumably he was brought on board to help sell Sync.to Myriad or someone else. Seems like a strange volte-face, why the sudden change of heart? And why fire a new CFO at this point weeks before potentially closing a deal and presumably with year end results also not yet closed?

[joestraughan] 27/3/2012 13:58

neubie - M's big stakeholder used to have a big stake in UBS - I'm not sure what he holds now - but when you have a stake in UBS you are mega-rich!