I see Taya Communications have invested another £277,890 in Avesco at £1.57 per share. Ami Giniger, a non-executive director of Avesco, is the chairman and controlling shareholder of Taya. That brings their stake up to 29.99% the maximum amount they can hold before making a formal bid for the company (pedants might argue that they could add a further 0.00999 recurring percentage worth).
Taya had a bid for the company rejected when the share price was bouncing up and down in the 20p-30p range in 2009. The derisory offer at the time was in the range 28p-35p and summarily dismissed. It wasn't a difficult decision given that NTAV even at that time was north of £1.40.
The recent purchase seems interesting to me given my article "something on my mind" http://michae1mouse.blogspot.co.uk/2013/01/something-on-my-mind.html. If Avesco eventually receive their $60m from Disney and they distribute most of it to shareholders (as they have already indicated) then nearly a third will be pocketed by Taya. What will they do with that money? Will they come back with another bid for Avesco?
One thing is for sure, it would have to be a high multiple of their original offer. I firmly believe that Avesco is still priced well below fair value even without a payout from Disney. NTAV is £1.52, the company is profitable and growing and has an excellent reputation in its field. See link below for two recent awards received by Creative Technology:-
http://www.ct-group.com/news/ct-awarded-gold-twice-two-weeks
Avesco has done exceptionally well to grow organically into the teeth of a considerable economic storm. As economic conditions improve this company can only continue to prosper. Any prospective bidder would need to make a very generous offer indeed!!
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