Van Lanschot Kempen Investment Management NV
A little helping hand from ASML under the radar or am I just jumping to conclusions? |
Customer destocking in the Industrial Technology and Healthcare sectors continued throughout the year, with a slightly faster pace in the second half, and continued for longer than expected, but improved order intake as the year drew to a close suggests channel inventory is moving closer to equilibrium. |
1950 on the table. today less than 10 quid. last august they said “it remains difficult to be precise about the timing of the recovery and the duration of channel destocking in particular”
today was almost a cut and paste. if it carries on for another year or two whats to say there wont be another rights and further dilution. then that 1950 pre dilution will be skys away. |
The price is only back where it was before the bid came in thus reflecting no material improvement in the macro in the last twelve months. Doesn't mean it won't turn around. It's just taking longer than we would like. They fended off a predatory bid. Good for them. The bid undervalued the company at the time which is clear as the bid didn't receive support of the institutions who have a longer term view and better understanding of the circumstances than us mere mortals. The company is still undervalued in context of a recovery in the macro. |
I'm not sure you can call their judgement into question. I own a number of UK mid and small caps in similar industries. They are all bombed out due to an exceptional set of circumstances following the post Covid boom. They can't sell if there is no demand. |
of course its not all over but its clear mistakes have been made and so their judgement can be called into question. less than a year on the shares are at 50% of the bid offer that was turned down. who knows what could have been on the table with full engagement. |
Well that was nearly a year ago following the Feb 24 update and outlook for the year ahead. They said at that point that they did not expect a recovery until 25. It doesn't seem to be happening yet and they are now guiding toward the second half. There is an exceptional reason for the fund raise today. Pay off legal fees and commission the Malaysia factory, have some working capital to keep within debt covenants. Conditions could of course get worse who knows. If the recovery comes later this year there is a chunk of liquidity sitting somewhere that could help the share price run for a decent recovery. It's disappointing for sure but it's not all over. |
its all in the rns. early last summer they were offered 1950 by Advanced Energy which was rejected by the board which argued the price not only undervalues but "fundamentally undervalues" the company. yet here we are today with another rights and under 10 quid and mostly imp today the board isnt able to give any pearls of wisdom as to the timing of any recovery. |
Where is the evidence of recent takeover approaches? |
Used to be a decent well run business under Duncan Penny. |
in theory the sectors it operates in are cyclical and should gain at the bottom of cycles and suffer when those roll over. the problem here has been execution. i think if you switch out the management/integrate it into a bigger group youll see better results. thats why a couple had been looking at it but it appears the management wont engage. you wonder why that is(a rhetorical question). so for now the underlying business and how its being run gives no reason to invest here, but there is always the poss of more bidders and thats whats keeping it on folks screens. |
Bookbulid already finished. So must have had decent interest. |
Now you know why they didnt want bidders sniffing around their books . |
Of course you are entitled to your opinion based on careful research of the company the sector and the current macro environment I am sure. I don't agree with you that it is a disaster but you are welcome to preach if you feel you know better. At least it's not a personal disaster for you if you are not invested. |
I'm sorry but this company is a disaster. Very badly managed. It was on my watchlist some years ago at around £20 but the relatively high debt always stopped me buying. I definitely dodged a bullet... |
Bid coming again soon. This time it could be hostile |
Someone wants this lower |
It's not great but it's not a disaster. It's a small discount and they need the cash to get the Malaysia factory over the line. They say they will return the cash when they are in a position to do so. XPP will be at the front end of the semi cycle. So it would be reasonable to assume they will benefit early when the next technology cycle begins. I see TMSC are to invest 100 billion in US fabs. If the UK dodges tariffs it could get interesting. At least they are giving shareholders the option to participate. I quite like the boards proactive action here. Better than to use expensive debt refinancing. |
What a disaster! To think these shares were £50 a few years ago... |
Not good, xpp will go a lot cheaper before a recovery. I don't understand how xpp can struggle amid a booming semiconductor/chip market. |
40m placing |
Well that tops off a fairly miserable week. 28,000 shares traded and the price drops 10%. |
Got fed up with this and sold. Held for 10 years and sold the majority at much higher prices (c 5000p ) a few years ago - with hindsight should have sold completely at that time. |
Comet legal fees more than expected
ruh roh |
Well, it has recouped all losses from yesterday's poor update. ? Someone still sees it as a target? |
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