Tom Winnifrith Bearcast: Should Dad's funeral be in the White Bear and is Network International a stonking short?
From the FCA's spreadsheet of short positions required to be disclosed to it, the following shows the shorted AIM shares with positions from 2018 and thus far in 2019 (by net short position %, those in bold not on the list at the start of 2019) – and if this position has increased (red), reduced (green) or remained unchanged (black) since last week...
“iomart Group plc (AIM:IOM), the cloud computing company, is pleased to provide its pre-close trading statement for the six months ended 30 September 2019” – but the shares are currently in retreat…
Given the shocking state of the stock market over recent days, to see any stock maintain a decent uptrend is quite a rarity. This thought comes to mind with the recent charting history of Iomart Group.
What is interesting about the daily chart of Iomart (IOM) is that the way that the September gap to the downside still influences the price action some nine months later.
If you want me to analyse a stock for you just drop me a line at firstname.lastname@example.org - Today I look at Iomart (IOM), Parity (PTY), San Leon Energy (SLE).
Commenting on the announcement of a bid approach for iomart Group plc (IOM) I concluded that ‘the price action suggests that shares in iomart would materially drop back on a takeover agreement not now being reached and, whilst the long-term investor may be content to hold, those with a shorter-term horizon should be cognisant that a financial interest here currently looks to effectively be a bet on whether or not a takeover can be agreed’. The following updates with the offer talks now terminated and the shares, having been over 280p, currently trading at 226p.
Glasgow-headquartered provider of cloud computing and managed hosting services, iomart (IOM) has announced that “following receipt of an indicative proposal from Cinven regarding a possible offer for iomart at a price of 300 pence per share in cash… at the request of its independent directors… the Panel on Takeovers & Mergers has consented to an extension of the relevant deadline, until 5.00 p.m. on 16 September 2014”. Shares in iomart soared from below 50p in May 2010 to trade now at roughly 279p, having briefly exceeded 300p in September 2013, but are they now worth buying?
Shares in Glasgow-headquartered provider of cloud computing and managed hosting services, iomart Group plc (IOM) have continued rising, to a current 260p, following an announcement from Host Europe Holdings Ltd, “a company controlled by funds managed by Cinven Capital Management” that “it has approached Iomart regarding a possible cash offer for 285p per Iomart share”. Iomart has rejected Cinven’s approaches thus far after concluding that they undervalue the shares. What next?
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