Tp Icap Share Discussion Threads

[sick of it] 22/10/2020 12:26

They screwed up.The raise should have been done right after announcement. Now the price is drifting ever lower until it's done. It appears a little incompetent?

[spooky] 22/10/2020 11:44

I thought they mentioned January.

[dhoult12] 22/10/2020 10:51

Agreed. Although if that excessive demand was there you would have expected the book to be shut by now and the raise announced. Not to say it wont be close to market but rather wishful thinking IMHO that it will be a premium to current price given the timeframes.

[hatfullofsky] 22/10/2020 10:48

Well yes and no. You would not be able to buy $500m at the current market

[dhoult12] 22/10/2020 10:20

Well yes.. Question is how much? They had not as of last week built the book (otherwise directors could not buy shares). If you are currently being asked to take part in the placing you are not going to for a price higher than todays price, given the size you will be after a discount. How much is the question. Furthermore if you said "yes im in for X" before at 250p and now its trading at 200p you will only now do it for 190p etc. Shutting the book is key.

[hatfullofsky] 22/10/2020 10:07

Placing price will be a discount to the market price on the day it was first announced 29/09 - 280p

[sick of it] 22/10/2020 08:10

Under £2. That's crazy

[topvest] 21/10/2020 20:13

They need to get on with it. Not very happy with this.

[dhoult12] 20/10/2020 14:27

At a guess (as always) this will fall until the placing price is announced which given size / market cap, one assumes will be at a discount to market. Then people can asses the opportunity without the fear of a short term loss by placees just selling the share down to the placing price.

[sick of it] 16/10/2020 11:51

Good point.The mistake would be the voice purchase because it was a slowly declining business.Future is electronic.However, this is why tcap share price been poor for long time so I thought it should have been priced in - but I guess not.Luquinet is not a mistaken purchase to me it appears to recognize the future. And the share price gets punished because that's what ftse250 is like!UK market is not like the USA where even bad news is good news. In my view, this doesn't make the voice purchase necessarily a mistake - but it definitely was poor value for money. Now this looks like excellent value for money. Very simple. Market is confused but I think tcap is doing the right thing here.

[dhoult12] 16/10/2020 10:56

Lindowcross what do you mean by equal relationship with major banks? Tp icap are a supplier to them. You can't force someone to use a product. I get you can move all their liquidity onto it, which would then force them to go there however that has the impact of destroying their existing voice buisness. You don't do the same trade twice. I think the market has reacted the way it has because of that. Icap purchase was all about voice this is electronic. Okay, but which was the mistake?

[lindowcross] 16/10/2020 07:54

I understand one of the issues for Liquidnet was that powerful US banks were against it, for obvious reasons. So the banks certainly weren't supportive. Thus I agree with Justintime @ 140, the business is likely to do better within a more powerful group like ICAP which - hopefully - has a more equal relationship with the banks. I have topped up at this share price.

[bench2] 14/10/2020 21:09

Other board members have been allowed to buy shares ....... very strange given the imminent rights issue . Just imagine the reaction if the board decides to radically cut the rights issue size in favour of taking on more debt ........ It all smacks of insider trading .

[topvest] 09/10/2020 20:42

I suspect its the latter, but its a tad borderline in my view. None of us know the timing of the rights issue or pricing, but I suspect he has a good preliminary idea otherwise they wouldn't have announced the acquisition!

[dhoult12] 09/10/2020 20:34

Bscuit we get he bought in the market issue is if the raise price was known to him he couldn't or shouldn't have as that would be trading on insider information. Which suggests either he's breaking the law or they haven't finalised the book build or pricing as of today. Have a good weekend all.

[bscuit] 09/10/2020 17:39

Guys, director will have bought in the marker.

[dhoult12] 09/10/2020 17:01

Does he? Has the book been closed?.... Just regarding driving block trades to on screen. You need to be careful not to double count the revenue that gives. Risk is. Currently broker charges 10c a Lot to do a deal over the phone on a block. That moves "on screen". Trader, trades on the screen at 5c a lot... Whats the voice broker not doing now? Not to say that electronic cant be more profitable.. just it doesnt create the volume by itself. Driving their current trades onto a screen takes away from voice.

[spooky] 09/10/2020 15:42

Any idea how the Chairman can buy shares when we don't know the number of shares and the pricing for the share issue and he does.

[topvest] 09/10/2020 11:20

What's the timing and pricing of the rights issue?

[justintime9] 02/10/2020 12:03

I would have thought a $64m EBITDA on $339.2m of revenue was acceptable to Icap? That's a 18.86% margin. I would also expect the brutal management style of an Icap to lower costs within Liquidnet and drive block traded revenues. At $550m that is 8.59 years to return your invetsment.

[bench2] 02/10/2020 09:57

Sorry I missed them , thank you . I need to stop skimming on Investegate .

[justintime9] 01/10/2020 15:54

Bench2, the liquidnet numbers for 2018, 2019 and 12 months to end June 20 are detailed in the Icap documents? Is that not good enough, or do you want more.

[bench2] 01/10/2020 11:11

No dead cat bounce today , no one seems to like this proposed acquisition , we need more info on the profitability and stability at Liquidnet .... but looks oversold at 220p

[dmore2] 30/9/2020 23:30

Could get messy on ex div day :L Might take 12 to 18 months but real value here after purchase. Will take a while to get ducks in a row and show improved profits. Management seem very pro-active, nows the time to buy if your a cash rich company.

[bluemango] 30/9/2020 23:28

"The potential acquisition would be expected to transform TP ICAP's revenue growth profile, with almost half of the enlarged group's revenue coming from higher-growth businesses and the enlarged group's revenue growth profile expected to increase from low single digit to mid-single digit over the medium-term," the group stated. hTTps://www.morningstar.co.uk/uk/news/AN_1601402139435430400/tp-icap-in-talks-to-acquire-liquidnet-for-up-to-usd700-million.aspx