Trafficmaster Share Discussion Threads

[restassured] 05/7/2010 11:00

Our fate will be known anytime soon.


Is it all over for TFC shareholders?

[restassured] 05/7/2010 07:21

Last weeks FD comment in the Times.




Is private equity picking up Trafficmaster on the cheap? Its former finance director believes so.
Nigel Bond, who left the maker of sat-navs and fleet tracking technology in 2008, said: "UK shareholders are being short-changed. They don't appreciate the true value of Trafficmaster's American fleet tracking business, Teletrac, which has grown strongly for the last five years and is now making more profit than the group as a whole."
A month ago Trafficmaster agreed a £73.3 million sale to the UK arm of the American private equity group Vector.
The company insisted that the deal, worth 47p a share, represented great value for shareholders and emphasised that its adviser, Canaccord Genuity, had been thorough.
Shareholders will be asked to approve a scheme of arrangement on Monday. The biggest - Schroder Investment Management, with 16.5 per cent, and Aberforth Partners, with 15.5 per cent - have already given their blessing.
However, investors controlling three quarters of the company by value must approve for the scheme to pass. Should that backing not be forthcoming, there may still be an outside chance that a long-rumoured counter-bid could yet emerge.

[restassured] 05/7/2010 07:01

Maybe Vector were also eyeing this prize. Anyway I think today's the day!







Road pricing 'inevitable', says RAC
Charging motorists for each mile they travel is ''inevitable'' if future traffic gridlock is to be avoided, a report from the RAC Foundation said.

Published: 6:00AM BST 05 Jul 2010

Comment on this


Road pricing is 'inevitable' Photo: PA A ''pay-as-you-go'' system could be the answer to congestion, said the report from the foundation's director Professor Stephen Glaister.

What was needed was a fundamental shift in the way England's roads were managed and paid for, he said.


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Prof Glaister's report identified a series of problems facing road users and governments in the future.

These included a lack of vision for the road network, a 33 per cent increase in traffic by 2025 and reduced spending on road infrastructure because of financial and political constraints.

He said a system of charging motorists per mile travelled had to come with:

:: A cut in fuel duty and road tax;

:: A governing body to develop and implement a long-term strategy for maintaining and enhancing the road network;

:: A guaranteed sum of revenue put aside to pay for the work and a regulator to ensure the work was done efficiently;

:: More reliable journey times and compensation for delays.

Prof Glaister said: ''Some form of 'pay-as-you-go' system is inevitable because of the benefits it will deliver for motorists and the country, and the lack of a credible alternative.

''Our poll shows that most people are instinctively opposed to road charging when they think it is an extra tax. But when the details are explained and they realise the benefits then the opposition falls away dramatically.

''It is also telling that less than 1 per cent of those opposed to pay-as-you-go see invasion of privacy as a major reason for objection.''

He added: ''Motorists are resentful of the relentless rise in the cost of fuel and feel short-changed by the amount spent on the road network. But these proposals address such issues. People are very familiar with the principle of pay-as-you-go. For example we are already charged for gas and electricity on the basis of how much we use.

''If politicians shy away from making difficult choices then so be it, but it will be the next generation which has to live with the consequences

[tratante] 02/7/2010 12:25

With everything else in my portfolio taking a downward turn yesterday, a fixed price for tfc is beginning to look attractive - despite my belief that it's worth more. Perhaps that's the mentality they are hoping for!

[restassured] 02/7/2010 10:05

I think we are fighting a losing battle because when the management recommend a bid,few will challenge it.

[sdavis] 02/7/2010 09:58

Seems like people are taking 46.75 now rather than wait for the full 47p. Hopes of counter bid receding fast.

[sfloyd] 02/7/2010 09:40

As it currently stands , the existing bid os beign reccomended by the board

Therefor it seems that any counter bid at this stage is unwelcome despite the fact that it is everyones interests.

The costs alone in making bid must be high and perhaps any prospective suitor is holding off to see what happens.

If the vote goes agaisnt TFC and existing offer rejected, but not a close call then any new bidder may take the view they will not ahev to bid as much and save money..... if close then they will have to be more realistic , which i would hope be in the 60p-80p range

Since I got it at 79p in one batch, the best i can hope for is close to break even

[restassured] 01/7/2010 13:53

I am just not sure why the "counter bid" would wait if they were really interested.

We have to assume to co is telling us the truth about not receiving any other approaches.

[veldt] 01/7/2010 12:10

If you hold your shares through Hargreaves Lansdown it is very easy to vote against the proposal. All you have to do is telephone [phone] and ask for a very helpful lady called Fiona Price. She can organise your vote for (or against) the proposal over the phone. (Obviously this only applies if you purchased your shares through Hargeaves Lansdown). You'll have to get a move on though - we've only got until the 5th July, which means you'll probably have to vote before the end of tomorrow, Friday 2nd July.

[chorister] 01/7/2010 09:22

Headline in the Times today "Trafficmaster being sold on the cheap" quoting Nigel Bond as saying the value of Teletrac isn't appreciated. They say that if Vector do not succeed then there is an "outside chance" of the "long rumoured" counterbid emerging.

[restassured] 30/6/2010 08:55

Somebody happy to pay 47.5p this morning

[tom306] 29/6/2010 16:25

Agreed Gerd but shareholders also have a responsibility to keep an eye on their investments. Unfortunately too few do and then they are surprised when they lose money!

[gerdmuller] 29/6/2010 15:58

Many shareholders don't follow day to day activity and many might not even be aware of this takeover. On an issue as important as this all shareholders should receive a posted voting form and should not have to go chasing it themselves. But of course all the firms holding your shares want to do is charge you an annual fee and do nothing for it.

[tom306] 29/6/2010 15:36

I don't think there is any significance at all in this. As is usual, too many shareholders don't take the opportunity to vote at company meetings. 45% of shares were voted at this AGM compared with 41% last year. Whilst the percentage will increase at next weeks meeting, I think you will find that many won't bother to vote at all.

The most recent example was the voting on the scheme of arrangement at Cybit where 59.60% of issued shares were voted by only 305 shareholders (the percentage was not disclosed). Whilst 94% of the shares voted were in favour of the scheme, that only represented 56% of total issued shares - such are the rules of governance!

[gerdmuller] 29/6/2010 15:25

I thought the details on how to vote would have been sent to me but just phoned Barc and they said they no longer send out this type of document so I had to vote against over the phone.

Maybe time to move accounts.

[estienne] 29/6/2010 13:58

83 Million shares or 55% unaccounted for. What are the consequences?

[argylerich] 29/6/2010 10:22

So sell next time it edges above 47pence then :p

[chorister] 29/6/2010 09:19

This is all cloud cuckoo land. Read the whole of the AGM statement - there isn't another offer anywhere on the horizon. The only chance is Vector improving the offer by a few pence.

[restassured] 29/6/2010 07:55

Just a thought...


At the AGM the number of shares that voted to agree on the resolutions amounted to 67 million.(See below)

That is only 44.6% of the 150 million shares outstanding.

Schroders and Aberforth would have accounted for around 28% of that.


For this scheme to go through,they need 75% (112 million shares.)

Maybe that is why I detected a note of desperation in yesterday's statement.
Mentioning this shareholder proxy co seems to be an acceptance that they have a lot of unconvinced shareholders.









Resolutions | Votes | % For | Votes | % | Votes | % |
| | For | | Against | Against | Withheld | Withheld |
| | | | | | | |
+-------------+------------+-------+-----------+---------+-----------+----------+
| Ordinary | | | | | | |
+-------------+------------+-------+-----------+---------+-----------+----------+
| 1 | 67,328,923 | 99.88 | 27,680 | 0.04 | 55,162 | 0.08 |
+-------------+------------+-------+-----------+---------+-----------+----------+
| 2 | 64,651,765 | 95.91 | 2,661,815 | 3.95 | 98,185 | 0.15 |
+-------------+------------+-------+-----------+---------+-----------+----------+
| 3 | 67,074,222 | 99.50 | 313,351 | 0.46 | 24,192 | 0.04 |
+-------------+------------+-------+-----------+---------+-----------+----------+
| 4 | 67,074,642 | 99.50 | 313,880 | 0.47 | 23,243 | 0.03 |
+-------------+------------+-------+-----------+---------+-----------+----------+
| 5 | 67,081,301 | 99.51 | 301,988 | 0.45 | 28,476 | 0.04 |
+-------------+------------+-------+-----------+---------+-----------+----------+
| 6 | 67,298,649 | 99.83 | 60,746 | 0.09 | 52,370 | 0.08 |
+-------------+------------+-------+-----------+---------+-----------+----------+
| 7 | 67,268,307 | 99.79 | 87,309 | 0.13 | 56,149 | 0.08 |
+-------------+------------+-------+-----------+---------+-----------+----------+
| 8 | 66,961,929 | 99.33 | 359,725 | 0.53 | 90,111 | 0.13 |
+-------------+------------+-------+-----------+---------+-----------+----------+
| Special | | | | | | |
+-------------+------------+-------+-----------+---------+-----------+----------+
| 9 | 66,901,489 | 99.24 | 399,378 | 0.59 | 110,898 | 0.16 |
+-------------+------------+-------+-----------+---------+-----------+----------+
| 10 | 64,782,710 | 96.10 | 211,635 | 0.31 | 2,417,243 | 3.59 |
+-------------+------------+-------+-----------+---------+-----------+----------+
| 11 | 64,778,265 | 96.09 | 2,563,643 | 3.80 | 69,857 | 0.10 |
+-------------+------------+-------+-----------+---------+-----------+----------+
| | | | | | | |
+-------------+------------+-------+-----------+---------+-----------+----------+

[tom306] 29/6/2010 07:18

If Blackrock were buying on behalf of Vector, then under the takeover rules Vector would need to pay all shareholders the highest price they had bought at, so I don't see it happening. On other schemes of arrangement, hedge funds and the like have bought a stake to put pressure on the 75% shares hurdle and thereby force the bidder to up the offer. Because of the cash offer of 47p, few holders will sell at less than that so the price stays high. If the bid fails, the price will fall in the short term and so they can average down if they want or take what to them is a small hit

[tratante] 29/6/2010 00:59

Could Blackrock be buying on behalf of Vector? Not sure how they would gain by this, but it doesn't seem to make sense otherwise.

[tratante] 28/6/2010 16:34

But they are getting awfully close to the wire. I can see you might have bought some on the off chance a couple of weeks ago, but to keep buying now seems pointless unless they know much more than us.

[daveys] 28/6/2010 15:43

Can't get my head around this. Why are investment companies buying TFC stock at or above Vector asking price? Maybe no smoke without fire.

[mrbt] 28/6/2010 15:43

They obviously not happy about comments being made about them.

[restassured] 28/6/2010 15:34

And BR buy again....



DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

(a) Purchases and sales

+----------+---------------+------------+--------+
| Class | Purchase/sale | Number | Price |
| of | | of | per |
| relevant | | securities | unit |
| security | | | |
+----------+---------------+------------+--------+
| 5p | Purchase | 151,117 | GBP |
| Ordinary | | | 0.48 |
+----------+---------------+------------+--------+