Enough reasons for punters to reach for the sell button .............and hedge funds loving that and mopping up whats offered
https://www.nbr.co.nz/hunters-corner...nt-on-pushpay/
Prob paywalled
Printable View
Enough reasons for punters to reach for the sell button .............and hedge funds loving that and mopping up whats offered
https://www.nbr.co.nz/hunters-corner...nt-on-pushpay/
Prob paywalled
https://www.nzx.com/announcements/402029
Pushpay 2023 Interim Results Announcement
9/11/2022, 9:30 amHALFYRPushpay 2023 Interim Results Announcement
Auckland, New Zealand | Redmond, Washington; Colorado Springs, Colorado; Plano, Texas, US – 9 November 2022 (NZT)
Summary
- Positive year on year growth in key metrics albeit at a lower rate than anticipated due to investment for future growth, the go-to-market strategy reset and broader macroeconomic factors presenting ongoing challenges.
- Operating revenue of US$103.0 million, up 10% on prior comparable period (pcp).
- Underlying EBITDAF of US$26.8 million, down 10% on pcp.
- Total Processing Volume increased to US$3.6 billion, up 2% on pcp.
- Increase in Customer numbers (+4% to 14,602 Customers compared to 30 September 2021).
- Strong operating cash flow resulting in net debt of US$35.1 million, down from US$47.2 million as at 31 March 2022.
- As updated on 28 October 2022, guidance for FY23 is Underlying EBITDAF of between US$54.0 million and US$58.0 million. Pushpay continues to forecast positive operating revenue growth but has lowered expectations to be between 4% and 8% for FY23.
- Medium-term growth outlook (>US$10 billion in Total Processing Volume and >20,000 Customers) impacted by current operating trends and expected to take a further 12 - 18 months to achieve.
https://www.nzx.com/announcements/406248
Independent report has valued it at between $1.33 and $1.53 - conveniently captures the $1.34 bid!
I'm voting against it
https://www.nzx.com/announcements/406301
7/2/2023, 9:59 amMKTUPDTEPushpay reconfirms and narrows FY23 guidance range
Auckland, New Zealand | Redmond, Washington; Colorado Springs, Colorado; Plano, Texas, US – 7 February 2023 (NZT)
Pushpay Holdings Limited (NZSX:PPH, ASX:PPH, ‘Pushpay’ or ‘the Company’) has today reconfirmed and narrowed its previous guidance range for the year ending 31 March 2023.
In October 2022, the Company provided updated FY23 guidance for Underlying EBITDAF[1] to be between US$54.0 million and US$58.0 million, with positive operating revenue growth to be between 4% and 8% for FY23.
Following completion of month-end processes, Pushpay today advises that its trading performance for December and January was in line with its expectations and the Company has now narrowed its guidance range for Underlying EBITDAF to be between US$55.0 million and US$57.0 million. Pushpay expects positive operating revenue growth of between 5% and 6% for FY23.
The Company’s strong operating cash flow continues to enable Pushpay to pay down its debt facility, which was obtained to partially fund the Resi Media acquisition in August 2021. Pushpay’s net debt balance has reduced from US$35.1 million as at 30 September 2022, to US$22.2 million as of 31 January 2023.
ACC reported in NBR as intending to vote NO to acquisition
Doesn’t matter though right? Only 6.2%
depends how many friends they can collar into the huddle of similar thought :)
Wonder what sort of additional increment would assist in helping change their mind ?
In the meantime the fat lady might get to spit out a few new numbers while
gliding along the top of the piano & dodging the donation boxes :)
Nikko say they goingbto vote NO as well …1.3% ….NBR
Remember sections 110 and 111 of the companies Act to all minority holders. If you hold out, you may get more. Not that difficult a process to complete either.
https://www.nzherald.co.nz/business/...MCJCOKVHTEZ64/
ANZ, ACC and Nikko to reject church donation company Pushpay takeover offer
(Sorry folks - NZH Premium cover needed to view the nuts and bolts)
That's another 2.7% in the No side
Egg on the face of the PPH board which said it was attractive ? :)
Out with the cheque book, more needed to sweeten the bottom of the rangel offer - Sixth Street and BGH Capital ;)
More needed in the Giving bowl :)
The fat lady is busy practicing her new numbers for the next piano performance :)
Unfortunately it's the fineprint in the Act that makes sections 110 & 111 unhelpful. the Act requires the company to offer a fair and reasonable price as at the close of business on the day before the resolution was passed. That will inevitably be less than the offer price that is being made, however low.
The faint smell of an arbitrage opportunity starting to strengthen, me wonders....
Jungle drums seem to be starting to make a little more noise. Within next 7 Business Days, a 'twist' to the plot may be revealed'?
What are the chances that the offer gets withdrawn as a result of the NO vote exceeding 25%?
The 20% who can't vote aren't included in the numbers able to vote on the day. To pass the resolution requires 75% of those actually voting on the day. The numbers of shareholders not voting on the day reduces the base number on which the percentages for and against are calculated. It's quite possible that the 7.6% no votes effectively becomes 12.7% on the day if the total number of votes reflects only 60% of the total available votes; likewise if there are 50% votes cast for that effectively becomes 83.3% on the day - each percentage increasing by 67% due to the smaller number actually voting compared o the total available to be voted. Still could pass.
Correct. That those in favour (the 20%) can't vote helps the NO cause in this one. Of shares cast 75% need to be in the affirmative. The 7.6% No can become even higher due to apathy. Looks like Sharesies voting rate is about 7% so not many of those shares are likely to vote. I have not seen how many they hold. This one could be quite close.
What happens in bigger offer and takeover voted down?
Sounds of desperation and sweating from BOD by the looks. Incompetent bunch..
Shoeshine at NBR says deal is dead and speculates what might next
Possibly no higher offer
They going to tell us proxy position soon
Interesting
PPH says the announcement re proxy vote circumstance, still expected this morning, will not end the current trading halt pending yet a further announcement. This must surely tell its own tale!
Exciting, this could go both ways
I took from the announcement that PPH were going to update on the proxies this morning but mum is the word.
Morbidly curious how this saga will turn out despite not being a holder
It does not look as though the scheme/bid has sufficient numbers to proceed at the current offer - good news or not depending on your perspective - and whether there is a revised offer or not:
https://www.nzx.com/announcements/407698
If deal doesn't go through (which is most likely now), sp will get hammered down in the short term. But eventually someone will have to front up with bit more, say another 20-30% more to gain any decent traction. Amongst all this where does the latest guidance (which wasn't that great) put sp at, that's the Mln$ question.
Shaw says no Board resignations if scheme fails
Just have to deliver on the 'optimistic' outlook now eh
As expected, back to the negotiation table - or back to business as usual (with a drop in the share price no doubt):
https://www.nzx.com/announcements/407798
Those who voted down the low ball offer to takeover Push atr probably really happy now
They might even to get to vote on $1.60 offer soon but if that doesn’t eventuate they can buy more Push shares really cheap for a while ….. and then enjoy the ride as Push delivers on its strategies and shares go to 2 bucks plus.
No doubt the likes of ACC, Nikko and Milford enjoying this moment
All quiet so far, no news is good news or…
Looks like hammer time as suspected. Wonder where to from hereon....back below a buck?
I voted against the takeover and was happy to pick up as many shares today at $1.12 as I sold for $1.28 a few months ago. The aribitrage fund being forced to sell is a rare opportunity.
I still retain a bunch with a significant negative holding cost as a result of being an early investor and selling some at the high points.
At virtually every stage of the last 8 years, there has been a lot of negative sentiment about PPH. The SP has been volatile too. Look at the 12 month graph to see when the SP was at a brief low point and the PE investors made their bid.
Fundamentally they have good products, that they've broadened through acquisitions and can now cross-sell, they have high margins, and the ability to scale more, especially into the Catholic sector where they're already making inroads. Molly and and the CRO need to prove themselves and their ability to deliver. Or, the board need to replace her/them.
No company ever has a smooth ride.
Is this Molly’s bonus for doing a good job?
http://nzx-prod-s7fsd7f98s.s3-websit...916/390178.pdf
Extension to timeframe to agree an alternative proposal - 5pm, Monday 13 March.
https://www.nzx.com/announcements/407992
From KFL monthly update. Revised offer gotta be at least 1.50+ to gain any meaningful traction from big boys imo.
Pushpay (−2%) released the Independent Adviser Report inrelation to the proposed scheme of arrangement during themonth. We also engaged meaningfully with the company andits board of directors. Contrary to the recommendation of itsnon-conflicted directors, we voted against the scheme. Our viewis that the offer price of $1.34 per share does not representcompelling value for shareholders. We also note the offer pricewas at the lower end of the $1.33-1.53 independent adviser’svaluation range.
Wonder what's going behind those closed doors, very light volume so far on NZX and not even a share got traded yet on ASX in the first 2 hours.
Still no news yet, deadline COB Monday
$1.42 Yeah / Nah .. Nah .. might require another shake of the giving bowl to look
more respectable ;)
Don't think your NO vote will make any difference
Give credit to the Board ... they seem determined to sell the company and they have succeeded eh
and $1.42 is HUGE compared to $1.06 when first offer made ... take it and run ... remember all the company's forecasts are very optimistic
Even the NZX owned funds voted FOR the first time to lose another listing of the NZX
$1.42 is OK I guess. Glad I added more at $1.12 last week.
And if you check out the latest SPH Notice it's another win for the ACC investment team. Always worth respect IMO.
Possibly got lucky …..
I do admire such outfits as ACC when they say things like for June 22 year the negative 9.2% return was a commendable effort relative to the negative 10.3% benchmark return
Must be hard invention those zillions over so many stocks but I suppose every penny counts ….and the ACC managers are very well rewarded
Papers on a the new scheme sent out today. Went to vote and you can't do it, either by the link in the papers or from my Link market services account - fail!
For posterity sake here’s how PPH share price went over the years
There was a 4 for 1 I 2016 and again in 2020
The high point on the chart is $2.31 …….pre split 10 bucks odd.
I expect you meant "posterity", but "prosperity" wasn't completely inapt, at least for some.
Anyway, gone now and done and dusted from the NZX. I guess we will never know how it goes from here. Interesting niche to have built an international business. Opportunity is always there to be grasped.