Brief Financial Management excursion for Share holders (1)
Mergers & Take-Overs can take place in several ways. If “A-plc” (investor) has decided that its business can profitably be combined with that of “B-plc”, it can:
(a)§buy the assets of B for cash. B would then be wound up and its shareholders would receive the proceeds.
(b)§Buy the shares of B for cash. This has much the same implications as (a) for the existing shareholders of B but B retains its legal identity which, if it has a well-known name, may be valuable.
(c)§acquire the shares of B, by exchanging for them, on an agreed basis, new shares of its own. The previous shareholders of B then become shareholder in A.
(d)§form a holding company, e.g. C, to issue its own shares in exchange for the shares of both A and B. All existing shareholders of both companies then become shareholders in C.
Some mixture of methods might be used, e.g. acquisition of shares partly on an exchange basis for cash. However, probably (c) is the most common form of a merger.
There are various ways for the “Financial Basis for the Merge or Take-Over”:
1.§Net asset value = Value attributed to equity / Number of ordinary shares
2.§Earnings per share = Total earnings attributed to equity / Number of shares
3.§Market value = the current market price of “A’s shares” and “B’s shares” in relation in order to maintain market value of any individual’s holding.
4.§Financial Analysis = Earnings of B / Cost of Capital
(1) Source: Financial Management, 5th Edition R. Brockington 1990, ISBN 1 870941 551
If our new investor A, chose option (c) above, than we might all become shareholders in B. The new investor A does, of course, have an interest to keep B share value as low as possible in order to “pay” as little as possible for B.
Possible investors considering THIELERT will look after a “strategic fit” in order to capture growth possibilities in the UAV market such as MALE and HALE.
Link: http://ec.europa.eu/enterprise/policies/security/..._element_2_en.pdf
Rough Order of Magnitude (ROM) investor A has to pay – estimate only! (Ohne Gewähr / keine Haftung!)
+ Immaterielle Vermögen* € 80,2 Mio.
+ Sachanlagen (Gebäude/Maschinen) € 55,0 Mio.
+ Finanzanlagen € xx,x Mio. (Schätzung)
+ Vorratsvermögen € xx,x Mio. (Schätzung)
+ Kundenforderungen € xx,x Mio. (Schätzung)
+ Sonstiges Vermögen € xx,x Mio. (Schätzung)
+ Liquide Mittel € xx,x Mio (Schätzung)
(-) Kurzfristige Schulden € xx,x Mio (Schätzung)
(-) Langfristige Schulden € -50,0 Mio
(-) IV Verwalter Honorar 2x jeweils €10,0 Mio € -20,0 Mio
§
Summe geschätzt: € 118,0 Mio
§
€ xx,x Mio. - Werte aus laufender Geschäftstätigkeit geschätzt um den Betrieb am laufen zu halten!
*Immaterielle Vermögen aus THIELERT Geschäftsbericht 2006, Goodwill geschätzt auf Basis Austro Engine’s Ausgaben um eine Luftfahrtbetrieb zu gründen – DOA-Wert!
*Immaterielle Vermögen
+ PMA - Goodwill € 6,5 Mio
+ PMA (zertifizierte Ersatzteile) € 1,4 Mio
+ Software Lizenzen (FADEC) € 1,5 Mio
+ Einbauanleitungen Retrofit-Kits € 0,8 Mio
+ Goodwill UAV Markt Potential € 10,0 Mio (Schätzung)
+ DOA*** Goodwill € 60,0 Mio (Schätzung)
Summe geschätzt: € 80,2 Mio
***DOA - zugelassener Luftfahrbetrieb für Konstruktion, Fertigung, Betrieb/Wartung & Reparatur von Luftfahrtgeräten/Motoren und Teilen. Design Organizational Approval (DOA)
PMA – Parts Manufacturer Approval – Lizenz für das Herstellen- und Reparieren von Luftfahrtgeräten/Teilen.
Source: Some data from THIELERT Geschäftsbericht 2006, rest estimate – especially Goodwill!
Link: http://www.thielert.com/typo3/fileadmin/...hielert_gb_2006_de_sec.pdf
Calculating with the Net Asset Value formular above = 118,2€/21,4 Mio shares = 5,50 € per share
Any comments? Enjoy!
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