Themutual.Net Share Discussion Threads

[omlaysause] 04/3/2009 08:49

FraileLittlePetal I've PM'd you.
5P!!!! no chance!

[username] 04/3/2009 08:13

Okay

The word on the street is danson to do a buy out for 5p . yes 5pence.

We will need everyone to reject this!

[8trader] 03/3/2009 23:52

Definately worth saying twice :-))

I agree, with two stakebuilders in operation and a total
squeeze in the stock the price was only going to go one
way short term so to suspend indeed was to stop the price
moving towards double figures.

[fragilelittlepetal] 03/3/2009 23:44

They suspended the shares for two reasons:-

1) Because they want to acquire it cheaply and the price had started to rise from its ridiculously low levels.
2) People who understood the company had started to buy shares and could have blocked any inequitable bids had they bought many more.

I don't think the board (exec and non-exec) have acted very "honourably" at all. Still when did that matter when $$$ was at stake?

[8trader] 03/3/2009 23:37

I had a email reply today from one of the board saying there was nothing
to report at this stage.

Maybe i'm being impatient but why suspend the shares in the first place
unless as others say it was to stop the price going too high.

They could have left the shares trading until they have or have not sorted
something out then suspend them and offer the deal to the shareholders to
accept or not !

[fragilelittlepetal] 03/3/2009 23:34

At the risk of sounding repetitive it does appear that it's Mr Danson or one of his vehicles....
By all rights he should be paying iro 45p/share, but I think he can side-step the 12 month rule by a reverse takeover. It makes sense, as he's such a large shareholder that anyone else bidding would pretty much have to have his approval anyhow (and he paid a reasonable chunk of change to acquire his 29% so is unlikely to accept a deal that compromises his position). Still, my understanding suggests that "a related party" would have their vote excluded from the voting process.
It's unlikely to be a cash offer, particularly as they're allegedly negotiating respective valuations at the moment, so imho its likely to be a dilution. And probably a heavy one!
The specifics of the deal aren't clear as yet ... but a few substantial shareholders are trying to get support together if the deal isn't favourable/in the shareholders best interests.
What does seem clear is that the current executive management should be "reviewed" and the exact financial position of the company "investigated".

I REALLY BELIEVE WE SHOULD ENSURE THAT THE CURRENT OFFER / MANAGEMENT / BOARD SHOULD BE WORKING IN THE BEST INTERESTS OF THE SHAREHOLDERS AND NOT THEMSELVES. AN EGM WILL BE CALLED SHORTLY IF DETAILS ARE NOT FORTHCOMING VERY SOON ... OR IF THE OFFER IS NOT EQUITABLE

Anyone with a reasonable shareholding, say 100k or more, or ex-director/staff etc please feel free to pm me on [e-mail] with your details you'll be kept up to date ...

[8trader] 28/2/2009 12:31

Take it nobody has heard nothing, no leaks, no newspaper snippets ?

Most unusual

[the analyst] 24/2/2009 20:24

Like I said, Stemis, just me having fun in putting that suggestion into the pot :)

With respect to your comments though, I seem to remember plenty of smaller, listed companies taking over larger ones where the smaller company management are retained and it being 'technically' termed a reverse takeover.

Hypothetically, I wonder whether the LSE would see MDC as the bigger of the two due to the £4m cash MDC have, as opposed to the debt that TMN have. Is it just market cap they look at, or net asset value?

[stemis] 24/2/2009 20:12

I think its unlikely to be MDC because

1. MDC is quoted so why would it need to be a reverse takeover. MDC could just take over TMN.
2. MDC isn't perceptively bigger than TMN (about the same size market caps)

[the analyst] 24/2/2009 18:35

LOL, thought you might like that suggestion of mine!

Only in jest, honest...

[hirschnathan] 24/2/2009 18:33

I think maz is struggling with his new ventures and wont be trying to run anything else.

I hear tmn fell out with maz, thats why all his programmes had to move to por. I dont know how true it is but that is what I heard

[old boy returns] 24/2/2009 16:51

NOOOOOOOOOOOOO !!! I had the same horrible thought this morning and have managed to blank it out since. I was hoping nobody was going to post that. Better bloody not. I have just cancelled an application for a seemingly good value prepay Euro FX Card because I happened to spot that one of the Drummonds is a director of the issuing company.

"the analyst - 24 Feb'09 - 13:28 - 2022 of 2023
I remember that Maz was acquiring MDC shares a while back, they are up 80% today.

Would be strange if a merger between those two companies was on the cards

Stranger things have happened, though..."

[baheid101] 24/2/2009 15:18

it better bloody not, MDC is and always has been a disgrace with management who have raped the company of its cash

[the analyst] 24/2/2009 13:28

I remember that Maz was acquiring MDC shares a while back, they are up 80% today.

Would be strange if a merger between those two companies was on the cards

Stranger things have happened, though...

[old boy returns] 24/2/2009 09:08

I would love to know what Danson's involvement with TMN has been since his appointment as a non-exec. He has such a large holding invested at much higher levels that I would have expected him to be pretty active. He well knows how to steady the ship and steer it through the current storm and I hope that is what he is pushing for. We have already lost out hugely once because Maz and the other IBG directors did not take the logical step of bringing someone in who could manage the business at high level and city relations.

[warrhead] 24/2/2009 08:41

The danger here is that a totally different business gets parachuted in and the old TMN business gets sold to Danson and the management who then exit and current shareholders end up holding a small stake in something unrelated.

If the core business stays then that's all well and good but if this is just a cheap way of doing an MBO then that stinks IMO.

[davidosh] 24/2/2009 01:01

Whatever the approach and discussions I will be amazed if either Maz or James Morris are linked to it purely because of their very recent purchases. I do however expect that along with Danson they will be seen as the key parties to get onside in the deal.

In many ways the board have messed up here. The previous posts and especially the excellent post by fragilelittlepetal have covered most of the history. Sadly the MBO was never going to be the saviour for longstanding holders and it merely gave us hope when we should have been selling. Meanwhile the TMN directors had taken there eye completely off the ball.

The problem will be agreeing something with a new unknown entity when most of us will see these lows as a price at which dilution of any kind is simply not a good option. We shall have to see what is crafted on our behalf !

[old boy returns] 23/2/2009 13:33

God this share is a nightmare. Have to live in hope that this latest twist is not another rape and pillage raid on the holdings of ex-IBG investors. I cannot believe that independent TMN shareholders would sell out to an offer (paper or cash) priced anywhere near current levels.

FWIW I reckon the most likely explanation is an approach from a credible (ie not Maz's latest fledgling plaything) established private company (such as Affiliate Window) looking to obatin a listing on favourable terms.

If Maz or James Morris were involved I doubt they would have been buying in the market as that would clearly have been insider dealing so close to the announcement and suspension. Looks fishy for them to have been buying whoever the approach is from.

As a non-exec director Danson is supposed to be looking after us poor b*ggers interests. So if it is related to him I would have expected him to have stepped down and be replaced as a non-exec before cooking up an approach to steal our shareholdings.

For management for entertain the approach I think it must be credible. They have laready wasted too much time and resource farting around with the Tangent approach and MBO. Best strategy imho would be to scale back the e-mail marketing / agency side so that it can operate at least breakeven and is ready to go when ad spend picks up again (it will) and keep devloping AF which is clearly still doing OK. Then the business (and our shareholdings) should all recover nicely over time.

[bonio10000] 23/2/2009 09:05

I would have thought a strategic review would be in order?

[muffinhead] 22/2/2009 18:01

I know some commented on the interim results being very poor. Looking at the numbers, amortisation of intangibles 1.67 mill is useful from a tax mitigation point of view. However from a cash flow perspective, TMN is doing ok and a shareprice down to 3.57p was plainly irrational.

[8trader] 21/2/2009 14:49

FragileLittlePetal.

Now that is what bulletin boards are for, brilliant post, thank you
very much for that effort.
Sorry everybody seems to be on such large paper losses here but anybody
who bought at 4p or below recently are sitting pretty, my view only :-))