StatPro has received a recommended all-cash offer at 230p per share (a 54.9% premium to the closing price) from Confluence Technologies, a private equity-backed (TA Associates) US-based provider of solutions to the global asset management industry. The offer is recommended by the board and supported by shareholders representing 65.2% of the shares. At the interims, management confirmed its focus on driving sales, having established the building blocks for growth (consolidation of the Revolution platform, new divisional structure) over the last few years.
Written by
StatPro Group |
Recommended cash offer at 230p |
Recommended offer |
Software & comp services |
20 September 2019 |
Share price performance
Business description
Analysts
For the purposes of the Takeover Code, Edison Investment Research is deemed to be connected with StatPro Group. |
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StatPro has received a recommended all-cash offer at 230p per share (a 54.9% premium to the closing price) from Confluence Technologies, a private equity-backed (TA Associates) US-based provider of solutions to the global asset management industry. The offer is recommended by the board and supported by shareholders representing 65.2% of the shares. At the interims, management confirmed its focus on driving sales, having established the building blocks for growth (consolidation of the Revolution platform, new divisional structure) over the last few years.
Year end |
Revenue (£m) |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/17 |
49.3 |
3.3 |
5.8 |
2.9 |
25.6 |
2.0 |
12/18 |
54.8 |
4.8 |
7.1 |
2.9 |
20.9 |
2.0 |
12/19e |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
12/20e |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
The offer price represents a 54.9% premium to the closing price of 148.5p, a 76.4% premium to the 130.4p weighted average price for the six months prior to the announcement and a 23% premium to the shares’ all-time high closing price (March 2018) of 186.5p. The acquisition values the entire issued and to be issued share capital of StatPro at approximately £161.1m on a fully diluted basis. The acquisition will be effected by way of a scheme of arrangement (or with the consent of the Takeover Panel, by way of a takeover offer) and is expected to close in Q419. Together with other conditions precedent (no material change, etc), the offer is subject to approval by a majority in number of StatPro voting shareholders, representing at least 75% by value of StatPro shares.
For the purposes of the Takeover Code, Edison Investment Research is deemed to be connected with StatPro plc. Under Rule 20.1 Edison must not include any profit forecast, quantified financial benefits statement, asset valuation or estimate of other figures key to the offer, except to the extent that such forecasts, statements, valuations or estimates have been published prior to the offer period (as defined in the Takeover Code) by an offeror or the offeree company (as appropriate) in accordance with the requirements of the Code.
Consequently we have removed our estimates until the Offer Period ends.
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