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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Tyman Plc | TYMN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 398.00 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 398.00 |
| Industry Sector |
|---|
| CONSTRUCTION & MATERIALS |
| Top Posts |
|---|
Posted at 05/7/2024 08:43 by glavey But it's not though, is it! It's not the bidder who is putting up the special dividend but Tyman - the proposal comes from the Tyman board. It's the Tyman board who are 'keen' to push this deal though, lead by the new CEO (likely under 'instruction' of the activist shareholder.)As part of the Quanex offer is shares in the combined entity, extracting 15p/sh from Tyman leads to a weaking of the value of the resulting consolidated group, so TYMN shareholders are effectively being asked to accept partial set-off elsewhere (or think of it as being asked to give part of that 15p back). Smoke and mirrors! It was a part cash, part stock offer. Meantime, the Quanex share price has also dropped since without any compensatory proposal from them (in fact, quite the opposite), all suggesting they are already stretched. The TYMN share price action is suggesting that other shareholders are not overly impressed and are not convinced that this deal will proceed. Who can blame them, it is, shall we say, somewhat unattractive. If the deal is so great, why don't the Quanex shareholders think so either? It is hard to be persuaded to vote in favour. CDIs are UK securities representing an underlying interest in an overseas security. They 'mirror' the underlying interest, hence can be affected by exchange rate movements, are subject to witholding taxes on dividends and other restrictions. W-8BEN does not "deal with it", it enables a reduction in U.S. withholding tax from 30% to 15%. |
Posted at 28/6/2024 10:54 by jeffian Nice surprise that the bid has been sweetened with a 15p Special Dividend. I'm not sure I've ever come across an uncontested bid where the bidder has voluntarily increased the bid! I understand the reason (weakening of Quanex share price/$ weakness) but with foreign bidders it is always going to be a 'moveable feast'. Let's hope the $ doesn't go up sharply again and they ask for their money back!Re the comment above about withholding tax, the plan is to give UK holders CDI's (which HL have confirmed to me can be held on their platform inside or outside an ISA) but I'm not sure whether these are treated as 'UK shares' or whether US withholding tax will apply. If the latter, just a 'heads up' to make sure you have a Form W-8BEN in place to deal with it. |
Posted at 24/4/2024 14:12 by glavey Was reflecting upon historical performance. But yes, at appx. hypothetical bid price, although that would assume things over the pond hold up and TYMN holders cut and run.Otherwise 'new NX' likely considerably lower and subject to withholding tax... Generally I think the offer has a whiff of contrivance about it. |
Posted at 24/4/2024 10:49 by jeffian Not sure I get that, Glavey. Last TYMN full year div was 13.7p/bid price 400p = 3.425%. Anyway, the point is that for income investors, the equivalent dividends if they accept Quanex shares will be considerably lower than they get now. |
Posted at 22/4/2024 15:03 by jeffian Mind you, another issue to be considered is the dividend. I note that the yield on Quanex is 0.92% compared to about 3.5% for TYMN at the bid price. |
Posted at 25/7/2023 18:09 by dunns_river_falls Paul at Stocko covered this today. Summary is"moderately positive, at a quick glance. A PER of about 10, divi yield of 4.7%. Upbeat-sounding outlook comments today, and a cyclical recovery to factor in at some later stage." |
Posted at 02/3/2023 09:50 by jeffian Solid enough but my experience of Mr. Market is that he takes any positive news as a given but focuses on any hint of negatives, so using a word like "challenging" in the Outlook statement will set the tone IMO.I have held this share since Lupus Capital days and happy to continue to do so. I'm at a stage (retirement) when I'm not looking to substantially increase capital wealth, just preserve what I've got from inflation and get a steadily rising dividend income. |
Posted at 02/3/2023 08:46 by brucie5 Reasonable results afaics, with 6% raised dividend. No market interest apparently. I no longer hold. |
Posted at 15/12/2022 19:16 by sphere25 Phew, it saved the post!Mentioned posting in TYMN last time when the tinternet went off, and this time when posting on TYMN....almost finished it....and the power goes off! Things break around this company - might be a sign to stay away! ha Fortunately...the post got recovered. I was going to send this hours earlier. Price 229p. Closed my trades early here for a small gain. This looks a fail in terms of the follow through momentum expected, but an example of what has been happening in this market. As per the post above, the bounces don't last long. If this was a bull market, that pop up toward near 238p on Tuesday would have held, and 240p would have cracked, with an intraday close near or bang at the highs with the high likely made in the closing auction too. There would have then been further momentum the next day. TYMN moves an easy 5-10% higher numerous times in a bullish market. In this bear market, it does what it has done, with tentative short term bullish moves that get sold as the market continually worries about profit downgrades on the back of such an uncertain macro environment. Also watching the US closely now as the S&P 500 is showing more weakness after the recent bullish moves and testing key support levels, which could result in further downside that affects short term positions like TYMN. I play it safe and close my trades and reduce exposure when I see moves like that - that doesn't mean it is the right move, but I'd rather miss out on abit than get walloped in a market like this. It is risk management. Furthermore, noted the S&P500 has repeatedly knocked its head against that 200 day moving average and cannot break through. That is definitely not a good technical sign. The algos then see that and the market sells back down (which has been a recurring theme) and then you have weak retail sales in the US today too, so the overall bearish theme continues. That is not to say another whopping big sell off happens. They might just end up range bound between 3600-4100, that is in light of recent bullish moves despite all the bad news out there, and uncertainty to come. So it is back to treading even more carefully after this recent bullish move. All imo DYOR |
Posted at 17/11/2022 10:12 by sphere25 Well, the tinternet has gone down so trading blind for now. Good job it has been alot calmer of late out there. May as well type a longer post here whilst it is down, which is applicable to TYMN and alot of the market really.Interested to see how TYMN reacts today and whether anyone comes in to make a big move soon. On one hand they're trading in line, the valuation has been beaten up and there are some more bullish spirits out there of late with inflation topping out, interest rates topping out and falling away (which will be a major relief) and ultimately shares catching some demand and even causing some speculative buying in the higher risk loss making growth companies. On top of that the US market is trying to at least form a bottom and there have been some very sharp moves higher in the DAX and CAC with some nice bounces over here too. It remains to be seen how these hold depending on how long and deep the recession is. On the other hand, you are sat there thinking how the earnings are going to hold up next year and how the debt will come in to play here and elsewhere. You have all kinds of forecast of house price drops in the UK and one in the US yesterday was suggesting a 20% move down. So how deep and long will this recession be, can employment hold up and what does that mean for earnings and valuations? That all remains to be seen. If the price has been decimated, the company keeps performing or doesn't miss forecasts by too much, it is risk to the upside. If they keep downgrading (and substantially), the market could take fright with the price going lower. Clearly it is all relative. If the debt comes into play too, then the opportune time to buy might be on a discounted placing that reassures the finances and recovery of the company. The other thing is we don't know here and in the US how these aggressive rate hikes are going to eventually feed through into the economy. The markets are suggesting any recession won't be severe and earnings will hold up or most of it is in the price. Europe does not move like this otherwise. I would also say the US would have gone to test the low 3000's (based on earnings falling to somewhere around $200 and much more realistic multiple, though it can go under 14 if it were to get really bad) if they anticipated a much more severe downturn. I thought the US was headed to the low 3000's but it only fell to just under 3500 so I was miles off. Their bond curve is so inverted that a recession is on its way so are they being too optimistic into year end (seasonal short term bullish move?) with the reality hitting home hard next year as earnings fall more than they expect or the FED overdo it with QT also coming into play? Can the markets also bottom at this early stage without the full brunt of the earnings recession yet to be felt? It would be peculiar. Quality companies with good balance sheets will shine through. Not suggesting TYMN is going to be amazing, just using it to post the dynamics out there and it has been a nice trading share too. It is riskier with the debt, but when risk on returns, it just goes nuts higher (often on nothing volume once sellers have been exhausted) too so it will be a call on when bullish spirits firmly return. At the moment we have these rather unconvincing and tentative type bounces, where it doesn't take much for downtrends to resume or the price to go back into a range near the bottom without the continued bullish trend to the upside. You also already have continued warnings that are blocking the upside moves with Q3 being the highest for profit warnings since 2008: Fundamentals: Edison have some research here to form a picture of the fundamentals and multiples. Technicals: - Trend is clearly down and trying to consolidate near the bottom - 220p is firm resistance and a break of that would at least suggest a short term bullish move - A few decent blocks with 2.6m exchanged early on, nothing substantial as yet. Blow out volume could send a signal and an attempt at a trade to see if the key resistance levels can be tested. - Some decent buyers at around the 208p-209p level but nothing that says it can't keep falling from here either Leave it there. All imo DYOR |
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