Videndum Share Discussion Threads

[bigbobjoylove] 15/3/2006 11:11

bid coming???

[swalker] 15/3/2006 10:46

And away we go through 500p. Quite a little surge this morning all driven by a voracious bidder in the book (well, voracious in the context of VTC's low volumes anyway). All the interest coming in a sudden burst just around 10am.

Up 7.9% at 516p

Something brewing?

[swalker] 13/3/2006 20:59

Hi Ian

No, I dont think the full potential is in the price. Ive always viewed it as a perfect MBO/PE deal and must admit to be staggered that no one has tired to date. The costs are comign out and cash conversion is excellent. Still scope for a push over 500p IMO.

Darron

[ianmckean] 06/3/2006 10:31

Well full year results out. Solid but not brilliant. But then this isn't a shooting-star company.

Does the panel think that the improvement is already in the price or can we expect 500p soon?

Ian

[Abuse team] 04/3/2006 01:38

Post removed by ADVFN

[gorse] 04/3/2006 01:35

"Hey Gorse - I thought you had cleared out."

No, I added a third to my holding on 1 Nov at 353.35p.

Results are 6 March - Monday

[swalker] 03/3/2006 15:01

Hey Gorse - I thought you had cleared out.

Aint it always the way - the quieter boards seem to have some nice companies on them. A good rise over the course of the year (320 - 480) and here we sit.

Surely there must be a resolution some time? There aint a lot of stock in free float anymore. Just need to find the right Private Equity provider. Mind you, Im so surprised the management didnt try an MBO last year.

[stokeite] 02/3/2006 20:04

I too have noticed this trading pattern which has persisted for some time now.
I was alerted to this share by the John Lee column some time ago in the FT.

[gorse] 02/3/2006 16:30

Hey Darron - I'm still interested. Results are 7 March, I think.

[swalker] 02/3/2006 15:45

Hi Ian

I think Im probably about the only person showing any real interest in the stock at the moment, which is kind of surprising given the performance of late. Now approaching 500p and soon be headed for a five year high?

The action appears only to be in the afternoon. Someone stick in a decent bid in the morning but only appears to get stock in the afternoon. Im of the opinion, as I think Ive said in the thread, that someone will take Vitec out due to its cash flow generation (phenomenal), modest rating and domination of a niche market.

[ianmckean] 01/3/2006 20:37

Evening all (probably not very many reading this judging by the lack of interest here)

Notice that up 9.25 today even though mostly sells.

Strange pattern towards the end of the day. I don't subscribe to L2 but maybe someone else can cast some light on the situation???? Please????

[swalker] 17/1/2006 10:26

Well no one ever said VTC woudl make you rich quickly.

Just revisiting the scene now that we are approaching 400p.

Good Trading Statement. Currencies going in the right direction. Sensible bolt on purchase.

Major holdings keep on creeping up and there is someone still quietly working away on the bid - all the ATs working through the system. Surely there is going to come a point when it all happens? There cant be amny shares left out there now.

[gorse] 01/11/2005 12:43

I picked up a few more today. Finance director and other director(s) have been purchasing shares in the last couple of days.

[swalker] 17/10/2005 16:39

Interesting volumes today. Cant see that these were T trades or Crosses, they appear normal:

12:03 750k at 350p

16:35 791,760 at 350p.

Some meaty volume and an interesting bid in the L2 at around the close

[swalker] 19/8/2005 16:57

And now an RNS



Harris Associates now up to 9.99% 4,108,107 shares.

Thats up from 3,698,904 (9.014%) as of 7/4/05.

Wonder why they are buying?

[swalker] 19/8/2005 16:37

Right so we had the big Cross trade (184,000) but the Uncrossing trade at the end of the day, whilst only for 1,910 shares was at 385p.

[swalker] 19/8/2005 12:16

Thanks Gorse - 98? Good god, I think that even predates our interest in VTC.

Of course I could always be wrong on this. Somehow though it just doenst feel right.

It always helps having the Level 2 data on the screen but there is absolutely no stock comign in to the market.

Results in 2 weeks. Maybe we will learn more then?

[gorse] 19/8/2005 12:06

Darron - 'fraid I'm not at level 2 sophistication. I simply accept price rises and, usually, grit my teeth through price falls ... sometimes, averaging down. It's worked fine for me every year since 1998.

Always felt sure you were correct on this one!

LSFM

[swalker] 19/8/2005 11:55

That big bidder doesnt want to be knocked off and keeps upping his price. Two other reasonable size bidders beneath him then a whole 10.25p to the MMs.

[swalker] 19/8/2005 09:38

Gorse - dont you find it odd the presence of that bidder in size and premium ?

Actually, there is another there as well now, albeit lower size.

EDIT:

Interesting - the 25k has upped their price to 380.5 to put them over the smaller 4,382 book order that bested them. Given that a small 722 shares get snapped up at 381.09p they definitely are bidding up.

[gorse] 19/8/2005 09:29

Darron

500p - that'll be another piece of "they all lived happily ever after" scenario, then.

Gorse

[swalker] 19/8/2005 09:16

And our friendly bidder is back again.

A very quiet open in typical VTC style then up pops matey boy with an order in the book for 25k at 380p, a full 10p over the pack and what 25x the NMS?

Someone definitely wants stock.

Hmmmm

[swalker] 18/8/2005 16:54

Interesting to look at the trades.

Ok there is no volume but there is a persistent bidder for stock in the book.

[swalker] 18/8/2005 16:38

Hi Gorse

Sorry for not getting back to you. This is such a slow thread I havent swung by to check.

I did post something over on TMF:



Specifically this post:

Hi Ant

Well following on from:



I dont see it as a break out as such, just a growing realisation that the price had got too low.

From ON Line Refs:

EPS 05 24.2p
EPS 06 27.9p

Yield 4.1% prospective

So the 06 PE is 13.4x and (based on the data from my source showing 07 consensus of 32.97p eps) 11.4x.

Cashflow figures:

05 19.78
06 24.97
07 54.43

This 07 figure is more in keeping with the traditional figures for the groups and makes the shares look very attractive on cashflow basis.

We have held VTC for so long now, it would be hard to see it go but if I was the management or a private equity house I would be seriously contemplating taking VTC private.

Not much debt, great cashflow to service debt driven takeover, no dividend to pay after takeover, world leader in niche markets (great barriers to competition) and improving fortunes following the actions taken by the managment and now the movement of the Euro/Dollar.

As to what price? I would guess, and it would have to be a guess, that a price of 510p (15x 07 eps) would be cheap but acceptable to the institutions. So thats about a 36% premium to current price.

It was funny to see that I thought a deal had been done yesterday since I got a price alert when a trade went through at just before 3pm at 509.25p for 1,000 shares. Unfortunately, it was cancelled.

Hope that ramble makes some sense.

Darron


So I guess Im looking at 500p plus. Cant see a competive bid battle givent he high concentration of the shares in a few hands. Any bidder would line up all the irrevocable acceptances from just a few sources. Still 500p after all those divis would be a veyr nice return.

[gorse] 15/8/2005 14:03

380-382p now, Darron. Wonder what price would be offered in an MBO?

Gorse