Telit Communications Share Discussion Threads

[weatherman] 27/5/2021 09:46

Barry St seem to be increasing their holding - above offer price.

[muchodinero] 26/5/2021 21:27

Actually it could be someone else according to the recent article?

[muchodinero] 26/5/2021 21:22

Maybe a white knight will come to the rescue? I believe there has been talk of a Canadian company on the prowl.

[beergut] 26/5/2021 21:19

If an offer came in at 1p more the board would have to recommend it given they have recommended an offer of 2.20 that undervalued the company.

[muchodinero] 26/5/2021 21:04

What happens if another cash bidder emerges?

[beergut] 26/5/2021 20:53

This tells the small investor all you need to know.

On behalf of funds managed by us, Berry Street Capital Management LLP owns over 1% of Telit Communications Plc.



We were disappointed by the Telit Board’s recommendation of the Cash Offer from their largest shareholder, DBay Advisors, at a price that even the Board recognises undervalues Telit and its longer-term prospects. The Telit Board has justified this recommendation by, amongst other things, the fact that 58 per cent of Telit’s share capital supports the Acquisition. This fails to highlight that, of that 58 per cent, over 41 per cent is owned by the bidder, the CEO and other shareholders who will be accepting the unlisted stock alternative offer and will be able to continue to benefit from any subsequent increase in the value of Telit. This unlisted stock alternative is unable to be held by most of the independent minority shareholders and, as the Board recognises, is unrecommendable for minority shareholders to accept.



Yet again, the Board of a UK listed company has recommended an offer structured as a scheme of arrangement at a valuation that does not reflect the true value of the company, with a stock alternative that is not a true alternative for the majority of independent shareholders. In our view, when such a structure is contemplated, the Board’s fiduciary duties should be focused solely in protecting the rights of the minority holders who are only able to accept the Cash Offer and should not be swayed by the desires of the few shareholders who are party to the creation of such an unfair structure.



Berry Street Capital Management LLP

[muchodinero] 26/5/2021 16:14

230p that is?

[muchodinero] 26/5/2021 16:14

Why did we have buyers at 2.30 this afternoon? What's going on?

[beergut] 26/5/2021 10:34

At 2.27 something tells me there is more to come

And I don't think Griffiths got in on the basis of a 2.20 valuation

[weatherman] 25/5/2021 21:35

hxxps://theshotcaller.net/iot-in-utilities-market-is-booming-worldwide-with-telit-abbtrilliant-waviot-rayven/

[ny boy] 25/5/2021 19:42

SIXH is an excellent recovery play too, whilst sitting this one out

[brucie5] 25/5/2021 19:27

I understand Griffiths hold almost 10% of the company. I wonder if he's making his view known either way?

[weatherman] 25/5/2021 19:04

The market seems to think there will be a counter offer, by closing above the offer price. The failure to reach a deal with U-Blox was on the basis of no clear business plan from a merger - and yet DBAY may only asset strip the company. I'll await developments.

[brucie5] 25/5/2021 14:20

This is disappointing. Are we likely to attract a counter offer? Having said that, only bought in last week.

[beergut] 25/5/2021 09:38

Weatherman this bit didn't make sense to me either

"The Telit Directors, who have been so advised by Rothschild & Co as to the financial terms of the Cash Offer, consider that the Cash Offer undervalues Telit and its longer-term prospects. In providing advice to the Telit Directors as to the financial terms of the Cash Offer, Rothschild & Co has taken into account the commercial assessments of the Telit Directors"

[weatherman] 25/5/2021 09:24

So, Telit management have been advised the offer undervalues TCM, but recommend it because they think it offers an acceptable exit route for shareholders. Hmm?

[weatherman] 25/5/2021 08:51

Didn't they walk away from the 250p paper offer from UBLOX?

[ny boy] 25/5/2021 08:36

Just sit and wait it, chill, I am on a Greek Island, everything is quiet and gentle, early summer mode kicked in yesterday 28c

[beergut] 25/5/2021 08:12

IG quoting £2.2001 to sale

SO could be a higher offer in the background

[techno20] 25/5/2021 07:40

Disappointing, but no surprise given DBays approach all along. The fact that it’s taken so long suggest to me the BOD have been looking hard for a white knight to save them from DBays clutches, but failed. Will hold on for now, in case - but wouldn’t put the chances of this flushing out another bidder at much more than 20%. Hope I’m wrong!

[beergut] 25/5/2021 07:31

If £2.20 is acceptable to the board then clearly the board have misled shareholders over the growth prospects of this company.

We can only hope for a higher offer from a third party.

Any comments on this from brokers would be interesting

[timmy11] 25/5/2021 07:16

disgusting to say the least

[bigbigdave] 25/5/2021 07:08

220p offer, looks a bit mean to me.

[brucie5] 21/5/2021 15:00

Come to join you today.

[ny boy] 20/5/2021 14:32

300p, coming up, stay patient imo