Recent Insider Transactions • Sep 09
CEO & Executive Director recently sold UK£315k worth of stock On the 3rd of September, Philip Thomas sold around 55k shares on-market at roughly UK£5.69 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Philip's only on-market trade for the last 12 months. New Risk • Aug 01
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 17% Last year net profit margin: 131% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (17% net profit margin). Reported Earnings • Jul 31
First half 2024 earnings released: EPS: UK£0.15 (vs UK£0.064 loss in 1H 2023) First half 2024 results: EPS: UK£0.15 (up from UK£0.064 loss in 1H 2023). Revenue: UK£157.8m (down 49% from 1H 2023). Net income: UK£58.8m (up UK£75.3m from 1H 2023). Profit margin: 37% (up from net loss in 1H 2023). The move to profitability was driven by lower expenses. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Media industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Price Target Changed • Jul 25
Price target increased by 38% to UK£5.36 Up from UK£3.88, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of UK£5.62. The company is forecast to post earnings per share of UK£1.71 for next year compared to UK£0.016 last year. 공시 • Jul 25
Informa plc (LSE:INF) made a conditional proposal to acquire Ascential plc (LSE:ASCL) for £1.15 billion. Informa plc (LSE:INF) made a conditional proposal to acquire Ascential plc (LSE:ASCL) for £1.15 billion on July 23, 2024. A cash consideration valued at £5.68 per share will be paid by Informa plc. As on July 24, 2024, The boards of Informa and Ascential are pleased to announce that they have reached agreement on the terms of a recommended cash offer for the entire issued and to be issued ordinary share capital of Ascential. The Offer values the entire issued and to be issued share capital of Ascential at approximately £1.2 billion on a fully diluted basis. In addition, Informa and Ascential have agreed that if the Hudson Disposal completes prior to the date of the Sanction Hearing, Net Sale Proceeds will (subject to the approval of the Ascential Board) be returned to Ascential Shareholders by way of a cash dividend and Ascential Shareholders will be entitled to keep that dividend without any reduction of the Cash Consideration payable under the Offer. Accordingly, the Ascential Directors intend to unanimously recommend that Ascential Shareholders vote (or procure votes) in favour of the Scheme at the Court Meeting and to vote (or procure votes) in favour of the Ascential Resolution(s) at the General Meeting as the Ascential Directors who (or whose immediate family) beneficially hold Ascential Shares have irrevocably undertaken to do (or procure to be done), in respect of 602,718 Ascential Shares in total, representing in aggregate approximately 0.3 per cent. of the ordinary share capital of Ascential in issue as at the Latest Practicable Date. A resolution to approve the Scheme is passed by a majority in number of the Scheme Shareholders present and voting (and entitled to vote) at the Court Meeting, either in person or by proxy, representing at least 75 per cent. in value of the Scheme Shares voted by those Scheme Shareholders. The Cash Consideration payable by Informa pursuant to the Offer will be funded by a dedicated Offer finance facility of up to £1.25 billion provided by Morgan Stanley Bank, N.A. pursuant to the terms of the Facility Agreement. The Cash Consideration payable under the terms of the Offer will be despatched to Ascential Shareholders within 14 days of the Effective Date. The Scheme will also be subject to the applicable requirements of the Takeover Code, the Panel, the London Stock Exchange, the Financial Conduct Authority and the Listing Rules. It is intended that the Offer will be implemented by way of a Court sanctioned scheme of arrangement under Part 26 of the Companies Act.
BofA Securities, Goldman Sachs International and Slaughter and May is acting as advisers to Ascential. BofA Securities, Inc. acted as financial advisor and corporate broker to Ascential plc. Morgan Stanley (NYSE:MS) acted as financial advisor to Informa plc. Clifford Chance LLP is acting as legal adviser to Informa.