Share Name Share Symbol Market Type Share ISIN Share Description
Touchstone LSE:IVO London Ordinary Share GB00B170L953 ORD 3 1/33P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 315.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
305.00 325.00 0.00 0.00 0.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 4.41 46.80 29.20 10.8 509
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.00 GBX

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Date Time Title Posts
27/10/201717:21Imperial Innovations Group plc53
23/10/201514:42Imperial Innovations ‘buy’ recommendation from Stifel -
12/1/201109:40INVESTING IN INNOVATIONS !!!!!!!7
27/1/200919:30on the up!!!!!!!!!!!!!!!!!!!!!!!!!!!!!7
26/11/200718:35i2india good investment-

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p1nkfish: Read as excellent results and IPO offer a steal at 2.2178x IPO shares per single IVO share. IVO look more succesful so what are IPO doing wrong?
stevedevuk: I see they are up for some kind of takeover by IP Group. Share price is way down too. Wonder if it is a bargain or another disaster like Telit or Carillion.
p1nkfish: luafc, your summary is excellent. Indeed, the major ivo holders also holding ipo leads to a convoluted situation with the normal demand to maximise the value of the acquired company going out the window. In your CGT hypothesis there is probably a root reason/incentive. I suspect IPO is being shorted or sold down with a knock-on to the IVO price at the conversion rate. 1p off ipo having a potentially larger impact on ivo so assisting some or other party possibly holding both ipo and ivo. The fact this isn't a great time to list holdings, or gain exits through trsde sales at good values, isn't helping ipo and the market is anticipating increased volatility. I also hold IPO and IVO. It's a good learning opportunity.
luafc: (Seems it’s just you and me for the moment p1nkfish…) Disclosure: have holdings in both IVO and IPO – only bought IPO because felt this might offer a way to compensate for the (likely) poor share price exit price of IVO. The thinking was that if the exit price of IVO achieved were low as seems likely, then that ought to be a better long-term situation for IPO to compensate. But both these holdings are immaterial within my total portfolio anyway. I am assuming any reader of this thread is familiar with the basic merger proposals between IPO and IVO. The main reason I’m looking at this is that this seems like an unusual situation. It intrigues me, but it is in many ways somewhat unsatisfactory. The latest NAV in IVO was 312p on 30th June. At Friday’s (25th Aug) closing IPO share price of 117p, this values IVO at 259p or thereabouts using 2.2178 IPO shares proposed for each IVO. This is a discount to NAV of almost 17%. Ordinarily the management of a company in the firing line would instantly dismiss such a proposal without a second thought. Indeed, the management of IVO has said the proposals undervalue the company and do not recommend acceptance. IVO shareholders have no obvious beef with IVO management. It appears to be proceeding because the majority of the owners of IVO do not seem to care that much about the IVO exit share price. Indeed, they, through IPO and as additional holders/owners in that company, have built an upper ceiling to the IVO share price exit price proposals at 330p, yet there is no downside limit protection on IVO. With no downside limit, they seem indifferent to a low and potentially lower exit price. Theoretically, underlying investment holdings within IVO could double overnight, materially boost the NAV, and it would make no difference to the merger terms the shareholders are supporting. So why is this? It’s because the owners of IPO and IVO are basically the same owners. So any low IVO exit price is offset by a favourable purchase price of IVO by IPO. Those owners are looking at the aggregate position of IPO and IVO. (6 + 4 is the same as 5 + 5.) But this is pretty shameful behaviour for 2 possible reasons: 1. Minority shareholders in IVO with no holdings in IPO are forced to give up their ownership for a material discount to NAV, and this also ignores the more mature nature of many of the holdings in IVO (compared to IPO) 2. Some of the big owners in IVO (many the same owners in IPO) participated in the last placing in IVO at a price of 425p. Is this the clue? They can presumably obtain tax relief on the IVO capital loss. If so, whilst technically not illegal I presume, would this not be morally unattractive behaviour? I wonder whether: A) the big owners of IPO and IVO (with reputations at stake) could be vulnerable to “aggressive tax avoidance” publicity. This seems the only possible avenue to try and address the bullying confiscation angle suffered by minority IVO holders. Remember, IVO management agree the proposals undervalue IVO B) legislation is required to protect minorities and HMRC in a situation where merger proposals across 2 or more companies are advanced by essentially the same owners in all companies Just thinking out loud after what seems like a dollop of unethical behaviour.
elgordo: Very downbeat article in the Sunday Times, behind its paywall at hTTp:// In essence, saying they haven't pulled off any mega-investments (with trebling their investment in Circassia the only biggish win) and as a result share price growth has been barely 3% p.a. over many years. It's certainly been very quiet for an extended period, hopefully there are a few future unicorns tucked away in the portfolio - full year results out on Wednesday so maybe some useful updates to come.
123prezzie: Not a lot of activity here. I am puzzled by the share price which is at a 22% premium to the net asset value of about 225p per share. Most Private Equity outfits trade at a discount of around 40%. Can anyone explain why IVO is so exciting?
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