TX2
18 Jan 2018
Re: I'm out After reflection I did!Thanks I owe you a pint!
Another Jacko
17 Jan 2018
Re: I'm out Hi TX2You should have followed me out!These seem to have been trading in something of a range for a while. If the price falls back below £2 i'll buy back in again.
TX2
16 Jan 2018
Re: I'm out Yes,same here although I still hold,something of a mystery why the price has increased.......
Another Jacko
15 Jan 2018
I'm out Sold out today. That's the third time i've successfully traded these. Made 50p a share in about 3 weeks. That's over 25%.
TX2
04 Jan 2018
Re: Overhang I only bought shares yesterday so the rise was unexpected......Possibly there has been a fair number of reluctant holders & hence sellers following last years company purchase.We hope progress is being made in turning round the new businesses.
swiftbird
04 Jan 2018
Re: Overhang I did buy at sub 180 good decision for a change.
Another Jacko
03 Jan 2018
Overhang Is that an overhang cleared today? Could be the reason for the recent price weakness.
swiftbird
28 Dec 2017
Share price Total mystery why the price has plummeted. Any ideas anyone? Strong company, no debt, just confusing why the share price has reversed.
Another Jacko
26 Dec 2017
Bought back in I bought back in to these just before Christmas as I feel given the quality of the management and the potential for a turnaround of HT these could look very cheap in a couple of years time.
Lion Rock
28 Jul 2017
Bit of a lift! A reason for the recent uptick maybe due to the recent tip in Chronic Investors:As expected, Avingtrans (AVG:223p), a maker of critical components and services to energy, medical and industrial sectors, has launched a recommended takeover bid for specialist engineer Hayward Tyler (HAYT:44p). I highlighted this possibility a month ago when I rated shares in Avingtrans a buy at 218p (‘A trio of small-cap buys’, 27 June 2017).At the time, I believed there was scope for Avingtrans' shrewd management team to replicate their success on previous turnaround situations and create significant value for shareholders by exploiting the recovery potential of the indebted bid target. Under the terms of the All-Share acquisition, Hayward Tyler’s shareholders receive one new Avingtrans share for every 4.755 shares held, which means that Avingtrans will issue 11.53m new shares to give Hayward Tyler’s shareholders 37.6 per cent of the enlarged share capital. On completion of the takeover, the company will have a market value of £68.5m. The terms being offered seem sensible to me and to the 45 per cent of Hayward Tyler’s shareholders who have already decided to back it. That’s understandable as there are justifiable reasons why this deal should be value-accretive to shareholders of both the companies.Firstly, Hayward Tyler is heavily indebted with net borrowings of £22.1m, implying balance sheet gearing of 100 per cent of shareholders funds at the end of March 2017, a level of indebtedness that is also significant in relation to the £25.8m equity value of the All-Share bid. In stark contrast, Avingtrans’ finances are in a rude state of health as the company has net funds of £26.2m on its balance sheet. Therefore, the combined entity will have modest levels of gross borrowings in relation to pro forma combined net assets of £67.2m, and retain cash in the bank and ample headroom on existing banking facilities to pursue growth opportunities, both organically and through further acquisitions. Removing duplicated costs will result in a slimmer cost base, too.Secondly, both businesses enjoy strong positions in their respective energy market niches, in particular the nuclear sector, so there is a healthy crossover of business activities. Moreover, in the power sector, Hayward Tyler’s core business should see the benefits from the increased scale resulting from being part of an enlarged entity, not to mention funding is on a better footing to enable its management to target investment. In addition, the enhanced scale of the business and greater access to the Chinese energy market should enable the enlarged group to make inroads into the Chinese nuclear energy market and achieve critical mass.I also feel there is a great opportunity for Avingtrans’ management to work their magic and build up margins on Hayward Tyler’s record order book of just shy of £50m, and return that business to sustained profitability following mixed trading last financial year when it reported cash break-even on revenues of £62.7m following a difficult first half.It’s the type of deal I was hoping Avingtrans’ shrewd directors would pull off when I recommended buying the shares at 200p in my 2017 Bargain share portfolio, and still believe that the share price should be trading at a decent premium to the combined group’s pro forma book value of 219p. In fact, I have a conservative-looking target price of 275p. Interestingly, it’s possible to buy Avingtrans shares on the cheap by purchasing Hayward Tyler’s around 44p in the market, and then accept the All-Share offer, to give an entry point of 209p, or 14p lower than Avingtrans current offer price. I would recommend doing just that given that earnings upgrades look firmly on the cards after the deal completes at the end of next month, after which the embargo on analysts publishing forecasts will be lifted.
Bobtheretiredbroker
16 Jun 2017
Re: ...or maybe a placing. Good point. But shares have fallen 20% in the last 4 weeks which ought to prompt some questions from the LSE authorities and a response from the company.
swiftbird
15 Jun 2017
Re: ........or maybe a placing On the other hand, why would they implement a placing when they have just returned cash to shareholders on a buy back? Why not just use their credit facilities, they already have a healthy cash pile of about 28 mil.
swiftbird
15 Jun 2017
Re: ........or maybe a placing I think you are bang on with your assessment and according to previous commentary by Lion Rock below, I believe this possibility was mentioned at the AGM. I'll wait while the dust settles before committing more funds.
Bobtheretiredbroker
15 Jun 2017
........or maybe a placing Down another 8% today. Could be a share placing going on behind the scenes to fund the takeover. As ever, private shareholders left in the dark!
Bobtheretiredbroker
14 Jun 2017
Are the talks off? AVG price noticeably weak today, down 11p @ 215p, though declared volume only 34500.Should we conclude that the talks are off? I think failure to do the deal would be seen as negative for AVG. They can always argue that they won't overpay, but it just looks such a good fit that it would be a shame if the chance was missed.
