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Sorry if this comes across as a daft question, but are there any dates out for the above?
Instadeth,
Trading in newly merged company set to start on Monday.
Proposed Buy Back:
"Taptica announces that it is the intention of the Enlarged Group to launch a $15 million discretionary share buy back programme to purchase shares in the market, commencing immediately following the completion of the proposed merger. "
https://www.investegate.co.uk/taptica-int--ltd/rns/recommended-offer-for-rhythmone-plc-by-taptica/201902040700059109O/
stt1 could no more run a company than fly to the moon...
Stt1, thanks I have read the RNS already, but I was wondering when the merger completion might be? I take it this is something that is open ended? Or is there a fixed date? I would imagine it won't be public anyway? Sorry but I am not too good with business theory and terminology.
Taptica RNS:
R1 to be de-listed and new Taptica Shares issued to RhythmOne Shareholders by 8:00 a.m. on 1 or 2 April 2019' according to Posting of Shareholder Circular & Notice of Extraordinary General Meeting by Taptica on February 14th.
The plan is to launch a US$15mln buy-back when the merger has been completed.
Times and dates may vary...
https://www.proactiveinvestors.co.uk/LON:TAP/Taptica-International/rns/LSE20190214180723_13970195
instadeth - as far as I know, merger completion will be the same as the Effective Date of the Scheme, which should be Monday.
I expect an rns on Monday from Taptica, after delivery of the Court Order to the Registrar of Companies, confirming that the Scheme has become effective and so the merger has completed. They may also announce the details of the share buyback in the same release and perhaps the actual buying back of shares will start on Tuesday which is when the new Taptica shares are expected to be admitted to trading.
One wrinkle on the actual buying back of shares is the rule on the maximum price that can be paid, which is normally 105% of the average closing price over the preceding 5 trading days.
So if there's a burst of enthusiasm on merger completion and/or buyback announcement and the share price jumps, then they will have to wait until it gets into the permitted range before they can buy.
For example, according to the Yahoo! finance prices, the current 5-day average is 205.4, so if they were buying back on Monday the maximum price they could pay would be 215.7p per share.
OK Thanks for the replies. I wasn't sure if the first day of trading as Tap/R1 counted as merger completion. And thanks for that little insight into buybacks 1GW.
It's worth bearing in mind that Yume also announced a buy back and paid out a special dividend just weeks before the rthm/Yume takeover...
It didn't help.. The results show Yume's revenues were in decline...
Just months before the rthm/Yume deal was announced, Yume also announced a $10m buy back.
For fy2016, their results were : ** shows Rthm H1 results inc Yume...
Revenue: $160m (2015 $173m) ** rthm H1 Yume contribution $58m
Gross Margin 50% (2015 45%) ** rthm H1 margin 45%
Cash (and equivalents) $65.7m ** rthm H1 cash $22m
Their buy backs were around $3.61-$3.64..
https://www.businesswire.com/news/home/20170216006240/en/YuMe-Reports-Fourth-Quarter-Full-Year-2016
There was also a special divi of $1 a share, just before the rthm/Yume deal was announced...
Yume's last sp on Feb 1, BEFORE RTHM/YUME completion closed at $3.70. Compare that to the buy back prices, of $3.61-$3.64.
https://finance.yahoo.com/quote/YUME/
Special Divi announcement:
https://www.businesswire.com/news/home/20170622005385/en/YuMe-Declares-Special-Dividend-Quarterly-Dividend
Same old repetition within repetition stt1,
It is either worth a lot of money for you to keep up this frantic cut-and-paste job up or you have completely lost your marbles.
One suspects you are paid to bombard the 'boards' with donkey-droppings.