Titan Europe Share Discussion Threads

[neg] 18/7/2012 06:45

Smicker....the press speculation was in the Telegraph yesterday morning. No numbers were mentioned just vague speculation.

[smicker] 17/7/2012 23:11

North of 2 pounds per share etc etc

[smicker] 17/7/2012 22:30

Cant understand how this RNS can be worded like this. I have not seen any press speculation and the share price has collapsed in the recent past so it looks like no one else was any better informed. It seems clear that this is opportunistic based on the Italian problems. I've never been happy that the board directors are linked to Titan Inc and have looked to the presence of Mefro to keep things honest for other shareholders. Having said that it really does come down to price and i dont think anyone following this company over the past few years could have any doubt that the end game was likely to be a takeover.

With the price at 1.10 when the offer was announced i would have assumed there would need to be at least a 50% premium before an offer would be seriously considered. Given that Titan recently announced they were raising funds to make acquisitions and this is the second time that Titan have had a look, the likelihood that they will again pull out of a deal seems extremely small.

Anyone expect Mefro to put in a counterbid?

[eddie catflap] 17/7/2012 21:03

So, RNS states Titan Int have 44,092,997 shares;if the 87,642,988 share capital figure is correct, thats just over 50%.

Unless, of course, you know differently?

(I wish they'd make it clearer!)

[eddie catflap] 17/7/2012 17:07

brief comment which includes the statement "As of the close of business on 16 July 2012, Titan Europe's issued share capital consisted of 87,642,988 ordinary shares with a nominal value of 40 pence each."

[kimboy2] 17/7/2012 17:01

21.7% see above

[eddie catflap] 17/7/2012 16:45

From Titan Europe website.

Investors – Shareholdings
The number of shares not in public hands amounts to 59.2%.
Interests in 3% or more in the ordinary share capital of the company as at 25 June 2012.

Fund Manager No. of Shares %


Mefro Wheels Gmbh 22,788,853 26.0
Titan Luxembourg SARL. 18,993,821 21.7
AXA Framlington Invest 8,584,440 9.8
Griffiths R Esq 6,602,139 7.5
Henderson Global Inve 3,862,667 4.4
60,831,920 69.4%

I'm not sure how the "59.2% not in public hands" equates to the "69.4% of major shareholdings" in the list but i presume Mefro will want decent price?

Anybody know what Titan Internationals current holding is? (if any)

PS Darcon, that's grim. I've been there myself.

[shanklin] 17/7/2012 15:44

How very irritating :-(

[kimboy2] 17/7/2012 14:57

I can't think of any reason why the board should agree to sell out at 130p. TSW would only be on a p/e of 6.5 with a P/TBV of about 1.

What price would be acceptable and would Titan Int pay it ?

[eddie catflap] 17/7/2012 09:08

Only a recent shareholder and I'm at breakeven.

From memory, I'd anticipated (Italian earthquake disruption apart) 20p in forward earnings and a 'fair' p/e of 10, giving 200p.

I would be disappointed to be pushed out of this at much less but disappointed is a common theme with investments these days.

GLA

[davidosh] 17/7/2012 08:16

I did not see any press coverage nor movement in the share price to suggest a bid approach ! I wonder if they are putting immediate pressure on to extract other interest in the company at an early stage rather that Titan Inc setting the price based on the current share price.
The company was in bid talks with Titan Inc in 2008 before I took a shareholding and before Mefro swallowed up 28% of the company. At that point the indication was that well north of £2 was required and I see no reason why it would not be needed again this time

[eddie catflap] 17/7/2012 08:03

Did anyone stumble across the "press reports?"

Never saw them myself and would be interested in a read.

TIA

[smicker] 17/7/2012 07:46

offer from titan international



I'm also sure that Mefro have indicated that they reserve the right to bid etc in the event of a rival offer. Roll on a bidding war

[aleks_atanasov] 17/7/2012 07:46

lets see if this time the T/O works.

[mr. t] 15/7/2012 14:45

A 7th July article of TSW's big brother, Titan International:



Nice Wheels, Lovely Ride
By CHRISTOPHER C. WILLIAMS | MORE ARTICLES BY AUTHOR
Titan International may be small, but its tires and wheels are mighty-and mighty popular with farmers, miners and construction firms. That's good news for investors.

[darcon] 29/6/2012 14:09

Yes, Thanks c1d!

[c1d] 29/6/2012 14:06

Darcon,
The accounting rules over recognising things like insurance recoveries are very strict.

It is likely to be considered a 'contingent asset' and if so, it cannot be included in the balance sheet until receipt is virtually certain. Depending on the detail of where TSW are in reaching an insurance settlement it might be a while before they can include the recovery in the balance sheet. So there might be a period where they have to include the increased costs but can't include the expected recovery in the results (although they will be able give details of what they expect the recovery to be).

Hope this helps.

[darcon] 28/6/2012 17:40

At what point will the potential insurance recovery be shown in the balance sheet? Or will it only be covered in the Notes if at all? Could the potential insurance recovery be used to provide an adjusted net debt figure?

[kimboy2] 27/6/2012 23:15

Well Maurice taylor is CEO of Titan Int and non exec chairman of TSW and Bill Billig is Vice Chairman of Titan Int and a non exec of TSW.

I don't what the relationship with Mefro is.

[smicker] 27/6/2012 22:56

Re sourcing from 2 large shareholders.

Does this throw some light on the reasons for Titan and Mefro continuing to hold shares in the company. Does anyone know to what extent the company did business with these 2 shareholders before the special circumstances of the earthquake.