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This will help offset any merger costs - it is approx 1/10th of the joint annual profit....
That was because RWS was at a lot higher price when they announced the takeover than it is now.
'Based on the Exchange Ratio and the Closing Price of 741 pence per RWS Share on the Latest Practicable Date'
If you multiply this price by 1.2246 you end up around 907
Well, I agree, however, I am still confused about the initial announcement which values SDL at 907 pence per share?
At the moment - not a lot.
You need to multiply RWS share price by 1.2246 to get the value of SDL so they are about where you would expect relative to one another (at the moment SDL should be 758)
I am lost. SDL is at 746, RWS is at 616. What will happen with the share price at the time of the merger?
To be perfectly honest no...
RWS's is just over 600 at this price, they are paying a premium for SDL but then their price has dropped since the news. The FTSE index change rather muddies the water but I it looks like the market has settled on something around the current level.
Both companies held up OK through the lockdown and both indicate that things have picked up well since .
Originally I held SDL as a FTSE250 punt, picked up some more in the dip then sold out on the news of the takeover. Back in now that the price has settled. RWS has a good track record of growth and the fit between the business is good so I have decided to buy and hold for the midterm at least.
The combined company will have a lot of potential as an important global player in translation services.
I am not clear what to expect on the SDL's share price after the merger. Any ideas?
After that it did make it in. Will be interesting to see how this goes over the next few weeks; will the index's buy sdl also pull up rws as they are now linked?
It was not on the Russel indicative list so I assume that the corporate action excludes its elevation even though its MCap ranking would be enough to gain entry.
At least it keeps it simpler this way and means that the rise today was not just index linked.
This should go into the 250 at the next rebalance which will, I assume, be ahead of the merger. Not sure how this will play out on the share price as rws is listed on aim I guess the indexes funds will have to buy in but then will they reduce from rws post merger? .
I think that the combined company could have good potential going forward- I will probably buy back in once the price has settled.
I saw that but I am happy with what I got
Based on the Exchange Ratio and the Closing Price of 741 pence per RWS Share on the Latest Practicable Date, the Combination values each SDL Share at 907 pence and SDL's existing issued and to be issued share capital at approximately £854 million, representing a premium of:
· 52 per cent. to SDL's closing share price of 598 pence on 26 August 2020.
Well that was a nice surprise. Out at 865...
And it's still going strong...
Mcap is getting into the FTSE250 range which will drive it up further.
Monkshood ,istill rising further ,and hoping much more to move up
Well, that went up quite nicely...
Now it has shown that it had resilience of earnings during the lookdown I can see the price rising further still. Plenty of cash accruing for paying a divi at year end as well.
My only grip is that they always exclude PI's from webinars/conference calls, I really do not understand why they do this; if they engaged more with PI's it may help increase liquidity in the shares and would stop the spread being as large as it often is.
Pretty good set of results.
This has been sold down but with the performance being close to last years, given the backdrop of covid, it should re-rate going forward.
It certainly does have a large spread!
This is one of very few of my holdings which has held up this week so not surprised to see that M&G have been building up a stake. I added a few extra as well. Perhaps the large spread stops people trading them as much as some other shares (HAT is a bit like this at times)?
For example, spread is showing as 6.76% right now, 562-600 , and only 5 trades by lunch time on a Monday! Am I missing something?
This is a weird stock. Spread is huge and opened up on a daily basis to discourage trading it seems, hence no trading volume on a day to day basis punctuated by bursts of back to back deals.
You would think this was an illiquid £5m AIM stock not a £0.5Bn company.
The top 20 owners have only 48% of the stock suggesting a lot of small holders with the other half, but why so little trading?
At a glance it looks like a squeeze play.
Just in case anyone else owns this on LSE, anyone got any thoughts on the large trades yesterday followed by a 5% jump today?
07-Jan-20 13:24:30 585.00 214,908 Sell* 574.00 598.00 1m O
07-Jan-20 13:23:58 585.00 134,992 Sell* 574.00 598.00 789.70k O
07-Jan-20 13:23:42 585.00 77,287 Sell* 574.00 598.00 452.13k O
07-Jan-20 13:02:30 585.00 50,000 Sell* 574.00 598.00 292.50k O
07-Jan-20 13:01:53 585.00 50,000 Sell* 574.00 598.00 292.50k O
07-Jan-20 12:35:50 585.00 100,000 Sell* 574.00 598.00 585.00k O
Near £3m traded in half an hour.
On top of that, results due in a few weeks, the H1 looked very good on a YoY basis and had some additional positivity looking at H2. Recent broker consensus is 25% up from here, looking at the growth rate that may be a little conservative.
I think this means that whereas previously R and D costs included an element of allocated indirect/overhead costs, R and D costs are now only the direct costs of R and D.
Could anyone explain the following from note 3:
Following the capitalisation of research and development cost in 2017, the Group has changed the basis of research and development cost disclosure of amounts charged to the profit and loss account above. These costs are now disclosed on the basis of direct costs only, in line with the capitalised costs basis. In prior years, the costs were disclosed on a fully absorbed basis.
The impact of this change has been to reduce research and development costs in 2017 from £15.9m to £10.8m for Continuing Operations and from £17.0m to £11.9m for the total Group. Management believe that the presentation of consistent research and development disclosures provides more meaningful information to the users of the Half year financial information.