I Wish I Knew The Answer
10 Nov 2015
Re: Platform Q3 results out tomorrow - II in... Results out already and will disappoint analysts as eps lower than forecasts 6c s opposed to 10c analyst consensus so will probably go lower tomorrow.For the three months ended September 30, 2015: • Pro forma net sales for the third quarter 2015 were $597 million, a decrease of 15.5% on a pro-forma as adjusted basis compared to third quarter of 2014. Pro forma constant currency net sales were $602 million, an increase of 2.2% over 2014 constant currency sales of $590 million; ◦ Performance Applications segment: Sales were $180 million, a decline of 8.7% from $197 million in the third quarter of 2014. On a constant currency basis, sales for this segment were essentially flat, declining 0.2% or $0.4 million; ◦ Agricultural Solutions segment: Pro forma as adjusted sales were $418 million, an 18.1% decline from $510 million in the third quarter of 2014. On a constant currency basis, pro forma as adjusted sales grew 3.2% or $13 million; • Adjusted EBITDA for the third quarter 2015 was $115 million, a decrease of 18.6% compared to the third quarter 2014 on a pro-forma basis, but was essentially flat on a constant currency basis, declining 0.4%; ◦ Performance Applications segment: Adjusted EBITDA was $55 million, a decrease of 2.3% from $56 million in the third quarter of 2014. On a constant currency basis, adjusted EBITDA for this segment grew 8.1% or $4 million; ◦ Agricultural Solutions segment: Adjusted EBITDA was $61 million, a decline of 29.2% from $86 million pro forma as adjusted EBITDA in the third quarter of 2014. On a constant currency basis, pro forma as adjusted EBITDA declined 6.9% or $5 million; ◦ Pro forma as adjusted EBITDA margin was 19.4% compared to a margin of 19.9% in the year-ago period on a constant currency basis; • Reported net loss attributable to common shareholders was $122 million, compared to net income of $12 million for the same period in 2014; ◦ Net income decreased primarily as a result of increased interest expense, foreign exchange losses and acquisition related expenses; • As adjusted diluted earnings per share were $0.06 compared to $0.18 per adjusted diluted earnings per share in the same period of 2014; • Adjusted recurring free cash flow was $67 million, or $0.28 per adjusted diluted share compared to $36 million or $0.25 per adjusted diluted share in the same period of 2014.
I Wish I Knew The Answer
10 Nov 2015
Platform Q3 results out tomorrow - II increases stake Q3 results out tomorrow before US market opens. Large investor (Wellington Management Group LLP) significantly increases their stake to 24,599,623 11.67%). Report filed after market close today.Some interesting links below (DYOR)[link]
sapito
24 Oct 2015
Re: Mayhem Today PAH Thanks IWIKTAFound this: "However, Mr Franklin added that, with finalisation pending on the takeover of Alent, the UK-based coatings group, "we respect Dan's decision that it is the right time for a new generation of leadership to continue the vision"."So every intention of completing the takeover.
I Wish I Knew The Answer
23 Oct 2015
Re: Mayhem Today PAH "High drama indeed. Judging by the Alent drop today, there must be a fear that PAH will pull out. I don't know if that would be possible. Anyone else know the position?"Hi SapitoI very much doubt it, given the break clause and the amount they would have to pay and what that would say about their strategy. The shell company (PAH) was formed to create a global major chemicals company and there is no going back with Alent for this reason.I think today is solely about the CEO announcement today and I remember a similar sudden announcement at Alent a year ago, so nothing new here for me. I think the market is asking was he pushed or did he walk thus the reaction. These guys are highly paid and incentivised and the backers take no prisoners should they believe a change is needed.
I Wish I Knew The Answer
23 Oct 2015
Re: Mayhem Today PAH Hi NKI don't think the timing has helped the share price given the global market concerns that has happened since the takeover and now there may be concerns that they have overpaid for Alent, and the others, given the general market decline since.Their debt may also be a concern if the companies they have bought are going to suffer, profit wise, since the global trade decline that follows.I think the panic today is solely due to the announcement of the CEO retiring and what that spells for the company, but I believe its much an overreaction (I hope). I was going to buy some more for a short term trade when they were about 9.50 but in the 2 minutes it took to fund my IG account the price had gone back to about 10.4. There have been 2 suspensions so far today due to the volatility triggering the stock circuit breakers so expect a rocky ride from here. My plan if these stay around the same level at Alent closing in December is to do a Bed and Breakfast of these to my ISA so that I will generate a paper loss, to Avoid CGT on the gain on my Alent holding I have outside my ISA which I have now as platform shares.Good luck
sapito
23 Oct 2015
Re: Mayhem Today PAH High drama indeed. Judging by the Alent drop today, there must be a fear that PAH will pull out. I don't know if that would be possible. Anyone else know the position?
nk1999
23 Oct 2015
Re: Mayhem Today PAH Thanks for the info.Could this be related to Alent takeover (PAH SP slide since then) or possibly impact it?nk
I Wish I Knew The Answer
23 Oct 2015
Mayhem Today PAH Ceo retiring once replacement found announced today. Shares plunged by over 20% and temporarily suspended. Trading resumed now 8.5% down.Hold on to your hats, & watch your stop losses.
I Wish I Knew The Answer
21 Oct 2015
Re: Alent buy out NKSurprised you took the plunge. I thought you may have been undecided due to the sharp decline. I believe that the sum of the parts minus the debt (which is quite substantial) must be worth more than the current share price.What it does allow me to do is get out earlier should the share price recover. My current break even is now about $14 so may sell my last 2 pah holdings at about 15 to take some profit should it recover quickly.November 11 is when Q3 results are due.B.T.W November 23 is the last day of trading in Spent shares.Good luck.
nk1999
21 Oct 2015
Re: Alent buy out IWIKA,My investment style seems to be similar to yours (that is some comfort to know). I have bought Platform with 1/2 the proceeds of selling Alent today. I am prepared to wait.nk
I Wish I Knew The Answer
21 Oct 2015
Re: Alent buy out No dividend I believe I think that's why they want it wrapped up before year end. A lot of PAH stock loaned out to short sellers but don't know why the big drop today. Taken the plunge and bought some more. Only time will tell but I'm prepared to hold long term. I always do my buying when shares I like are falling rather than rising.
sapito
21 Oct 2015
Re: Alent buy out Don't think there'll be a valedictory dividend now.Platform down a further 5% today. Have Cevian got it wrong this time - even Buffett can blunder (Tesco).
I Wish I Knew The Answer
21 Oct 2015
Re: Alent buy out Timetable published.Finalised 1 DecemberPayment 7 Decemb
I Wish I Knew The Answer
17 Oct 2015
Re: Alent buy out NK I can see why you've sold and backed the profit, and the hit you’ve taken is minimal at less than 0.5%I think however the deal will certainly go through because of the £27M break clause Platform has to pay if it does not complete (see below) and the fact the share price is so buoyant as news always leaks out."Alent has been advised by Rothschild and UBS while Platform has turned to Credit Suisse. Platform is liable to pay a £27m break fee if the deal does not close within a year's time or it fails to receive regulatory clearances." I believe Cevian will be happy with the profit they have made so far and will look at the new investment with a long term view (as will Bill Ackman of Pershing). These 2 companies make very few investments a year and look to hold for 3-5 years typically so I suspect they will merely see this as a further buying opportunity.I also imagine they will end up with all the new shares in Platform unless some private investors are unaware of the platform shares dip, but who knows in 3 months time they may well have recovered.
nk1999
17 Oct 2015
Re: Alent buy out The fall in Platform shares is, frankly, making me nervous. Deal is so close, but I still fear that somebody may try to throw a spanner in the works.After all, why would Cevian or other people take Platform shares at $24.76 each when they are quoting at a/2 that price in US? They will certainly wish that deal is stopped on some pretext or some lega ground, or even by paying a break-out fee?On that basis I have sold my long term holding in Alent, taking a small hit compared to 503p offer price.nk
