Share Name Share Symbol Market Type Share ISIN Share Description
Tyman Plc LSE:TYMN London Ordinary Share GB00B29H4253 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 179.40 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
176.40 178.20 0.00 0.00 0.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 613.70 24.80 9.08 19.8 352
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 179.40 GBX

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Date Time Title Posts
10/6/202013:18Goodbye Greg; hello Tyman166

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Tyman (TYMN) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2020-07-13 15:56:07179.2865116.53O
2020-07-13 15:36:08179.401,9023,412.19AT
2020-07-13 15:35:15179.407,62013,670.28UT
2020-07-13 15:29:51178.20500891.00AT
2020-07-13 15:29:51178.20712.47AT
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Tyman (TYMN) Top Chat Posts

Tyman Daily Update: Tyman Plc is listed in the Construction & Materials sector of the London Stock Exchange with ticker TYMN. The last closing price for Tyman was 179.40p.
Tyman Plc has a 4 week average price of 175.20p and a 12 week average price of 145p.
The 1 year high share price is 292p while the 1 year low share price is currently 133p.
There are currently 196,232,876 shares in issue and the average daily traded volume is 63,936 shares. The market capitalisation of Tyman Plc is £352,041,779.54.
a0148009: Small shareholders overlooked, fund raising explains weakness of share price recently. Book building - cannot find any indication of placing price.
jeffian: I suspect it's more fundamental than that. He built quite a substantial stake when he became Executive Chairman and had ambitions to rehabilitate himself in the City by building 'Tomkins Mark II'. After he was removed from the Board and failed in a bid to reinstate himself, that wasn't going to happen. He then found himself with a substantial stake in a company in which he had no executive power, whose management he had largely fallen out with and which - in turning itself from a 'conglomerate' in the Hanson/Tomkins mode to a single-focus building supplies company - was going in a direction he did not like. He was clearly always going to sell in those circumstances and the recent share price strength and current corporate action provided the opportunity to do so. Tax may be an issue, but I suspect it is secondary to these more fundamental issues. Edit: Now I think about it, the thread header says it all - rather more succinctly!
a1samu: Just shows how one can use charts to prove anything. I have been into TYMN from the beginning and went through a roller coaster time with Hutchings and I am just getting my money back! I have been there when the share price was just 5p. I wish I would have had the sense to have been with RCP the same. I would be much better off today, and RCP never asked me for an extra penny. But there is no question in my mind that these bunch of directors will not achieve anything earth shattering and will produce a pedestrian, jobbing return for their shareholders, while having an easy and good time for themselves and their city buddies, awarding themselves massive wages, bonuses and options, on the back of this "splendid" new acquisition and on the back of their shareholders. Neither do I listed to unsepcified, unknown contributors as to what to do with my wealth, but rather, I am writing these notes, so that if there is someone out there wanting to know about TYMN, they might have an input from the point of view of a small shareholder. By the way instead of beef I prefer goulash!
jeffian: "...the shareholders can wait almost 10 years, just to recoup the additional capital demanded of them in the form of dividends". What's your beef? Nothing is "demanded" of you - it's an Open Offer - and if you choose not to participate you will simply end up with a proportionally smaller slice of a larger company (i.e. it shouldn't make much difference to you). If your investment criteria is that any new capital has to pay for itself in dividends within 10 years, I imagine you are struggling to invest as I cannot think of anything that fits that bill at the moment. In the meantime, I note that Greg Hutchings continues to reduce his stake and I imagine that will continue until he is out altogether. Standard Life, who are supporting the Open Offer, are increasing their holding. Share price holding up well, so the market still seems to like it.
a1samu: The mistake people make on this thread is to think that anything has to be understood. What is, what is, what is. It can be left at that. Certainly, no energy is spent in putting words into people's mouths, for there have been no EBITDA forecasts included in the prospectus and no one knows what the 2013 numbers will be. The historical 2012 EBITDA numbers are summarized in the prospectus and since the Truth profits have been volatile, according to the prospectus, page 251, over the last three years, they could be anything for 2013. This acquisition is unlikely to be setting this company on fire and sending the share price into the stratosphere, for the very reason, that the directors seem to have created for themselves a very cushy situation, in which over the coming years, they will be the main beneficiaries, with increased wages, bonuses and options, while the shareholders can wait almost 10 years, just to recoup the additional capital demanded of them in the form of dividends, for this company is unlikely to be ever in a position to hive off cash back to the shareholders or buy back shares or any other ways to enhance returns to them.
jeffian: a1samu, If you had "carefully researched your numbers", why did you use the Net Profit figure of £3.665m in stating that "This profit level will hardly pay for the interest associated with the costs of this increase in loans" without taking account of the fact that that figure was struck after deduction of £6.2m interest on loans to Truth which will be repaid prior to Tyman taking over? I don't really understand your beef. You don't like being asked to increase your investment by 23.4%, having just pointed out that Truth will increase Group EBITDA by about 52%. You say that the alternative is "if you do not like it, you can always sell your shares" but, of course, the third alternative is to hold onto your existing shares but not take up your entitlement to additional shares under the Open Offer. As with every takeover involving an invitation to shareholders to subscribe, the options are to accept some dilution (a smaller slice of a larger cake) or invest more to maintain the same percentage of the enlarged Group. 5 of the largest shareholders have declared that they intend to take up slightly less than their entitlement; 1 is taking up rather more. Greg Hutchings says he is not taking up his entitlement but this is no big surprise given his 'history' here and that fact that he was a substantial seller before this deal was announced. You will remember, incidentally, that there were 2 substantial Rights/Open Offers to shareholders in the Hutchings era in connection with acquisitions, investors in which have only recently got their heads above water again. If you don't like it, don't take it up. Simples. We'll have to see how well take-up goes but, as the share price has nudged up to new highs since the announcement, it doesn't feel as if the market is anticipating any significant overhang.
a1samu: Presentation shows combined 2012 EBITDA as £42.4, with Truth contributing £14.5M in the year. Acquisition cost is shown at 8.9 times EBITDA. I have carefully researched my numbers and do not quote stuff plucked out of thin air, but nevertheless cannot help feeling that the presentation is self serving and the directors have chosen themselves an easy way of enhancing their own positions. For an ordinary shareholder with 1000 shares, who will be entitled to subscribe for a further 252 shares, it will take almost 10 years to recoup the capital, in dividend receipts over this time, that he is asked to invest now, share price fluctuations ignored, for the price could well go down as well. To expect ordinary shareholders to cough up further capital of 23.4% of the value of their investments is self serving and the company should have found a more pleasant way for shareholders to be earning returns, rather then expect them to part with massive sums of additional capital. Neither is the answer to say that if you do not like it, you can always sell your shares. This is not about liking or dislike, but it is about the board respecting the shareholders and providing shareholders with regular returns, rather then expect them to search for new monies to mollycoddle and to make the challenges easy for the directors of the company. In this company, the directors cannot go wrong in enhancing their own prospects and I am not sure that I share their view, that by enhancing their own prospects mine will be as well as a small shareholder. From the behavior of the major shareholders, it would appear that this is not a resoundingly welcome deal, which will send the prospects of this company sky high. Unfortunately, I have been with this company long time before any of the current directors and perhaps I will take the lead of Greg Hutchigs, after all, who is not taking up any of his entitlement and the other four of the seven major holders who are committed to subscribe for less then their entitlement, as shown on page 289 of the prospectus.
jeffian: Not much interest here then! This deal looks like good news for the company and the fact that the Placing has got away at only a very mild discount to market value even after the sustained rise in the share price over the last 18 months suggests that it has good institutional support. Onwards and upwards, I hope.
Tyman share price data is direct from the London Stock Exchange
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