Tribe Technology set to deliver healthy pipeline of orders from Tier-One miners. Watch the video here.
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If London’s “hot money” is right, then Publishing Technology appears considerably more adept at furnishing the publishing industry with technol-ogy know-how than keeping the stock market appraised. Those fast chaps who hunt lucrative takeovers are convinced that PTO — like many other companies, this one is known colloquially in the market by its ticker — has received not one, not two, but three separate approaches about a possible takeover and has not disclosed any of them. The rules on disclosure could not be simpler. If takeover talks stay secret, fine. There is no need to say anything. However, if they leak, the target company is obligated to tell the Takeover Panel right away. It is the Panel’s job to make sure the market is properly informed when secret deals do not remain quite so secret, to prevent any false market in the shares when some become privy to sensitive information unavailable to all. No distinction is made between formal and informal approaches. Rumblings about takeover app-roaches to PTO have done the rounds since about mid-August, when the shares were changing hands for roughly 260p. Yesterday, they rose a further 1½p to 547½p, within touching distance of their best. Another rule that the Panel is supposed to enforce states that the target company must make contact if its share price rises by a meagre 10 per cent from its nadir since talks started. Whether the Panel then demands disclosure is a subjective judgment. It can hand the target company a pass for any number of reasons. It is perfectly possible that just such a pass has been handed to PTO. Cold comfort to frustrated professional investors, who believe that the latest approach, reckoned to have been from Reuters, the financial information provider, was pitched north of £10, valuing the company at more than £80  million. China National Publications Import and Export (Group) Corporation was said to have been behind an earlier approach at a lower price still substantially above where shares currently trade. If this manner of premium sounds far-fetched, then speculators explain it like this. PTO, so the story runs, is sitting on two thumping new contracts, which its chairman, Martyn Rose, thinks are game-changers that should re-rate the shares to somewhere near £10 anyway. Little incentive, then, to sell the business for that sort of price. Yesterday, PTO did not return a call about the matter.