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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » HAYLEYS PLC (HAYL.N0000)

HAYLEYS PLC (HAYL.N0000)

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26HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Tue Sep 27, 2011 11:11 pm

snowball5


Stock Analytic
Stock Analytic
Thanks Market Palyer for sharing this with us. It is really inspiring.

27HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Tue Sep 27, 2011 11:34 pm

sachithgh


Equity Analytic
Equity Analytic
thanx marketplayer sharing with us.

28HAYLEYS PLC (HAYL.N0000) - Page 2 Empty 2.2 Million HAYLEYS transected @ 380. Tue Nov 01, 2011 11:42 am

sriranga


Co-Admin
Two transections @ 380.00.
1,325,000 @ Rs380.00
875,000 @ Rs 380.00

http://sharemarket-srilanka.blogspot.co.uk/

29HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Tue Nov 01, 2011 12:01 pm

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
@sriranga wrote:Two transections @ 380.00.
1,325,000 @ Rs380.00
875,000 @ Rs 380.00

Is it another internal transfer or Mr. K.D.D.Perera & Group increase there control

30HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Tue Nov 01, 2011 12:21 pm

rijayasooriya


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Gaja wrote:
@sriranga wrote:Two transections @ 380.00.
1,325,000 @ Rs380.00
875,000 @ Rs 380.00

Is it another internal transfer or Mr. K.D.D.Perera & Group increase there control
May be that mandatory offer.There is a announcement in cse web site.

31HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Tue Nov 01, 2011 12:56 pm

chamith

chamith
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
how come i cant see this crossing on DFN?
There is only one crossing so far, but that is JKH

32HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Tue Nov 01, 2011 1:04 pm

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
It is not in crossing list but in normal list.

33HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Tue Nov 01, 2011 2:36 pm

chamith

chamith
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@rijayasooriya wrote:It is not in crossing list but in normal list.

TA mate

34HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Tue Nov 01, 2011 5:00 pm

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@rijayasooriya wrote:
@Gaja wrote:
@sriranga wrote:Two transections @ 380.00.
1,325,000 @ Rs380.00
875,000 @ Rs 380.00

Is it another internal transfer or Mr. K.D.D.Perera & Group increase there control
May be that mandatory offer.There is a announcement in cse web site.
Mandatory offer not trade in market floor.Thanks for mentioning that Gaja.

35HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Tue Nov 01, 2011 10:23 pm

mark

mark
Expert
Expert
less TO is not good for the market existence,hope investors would hold on without be panic,bcoz a major sell off can crash the market down. Rolling Eyes

36HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Thu Nov 03, 2011 10:02 pm

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
What is this....buying and selling ?
http://www.cse.lk/cmt/upload_cse_announcements/5391320309007_.pdf

37HAYLEYS PLC (HAYL.N0000) - Page 2 Empty What will happen to Hayleys? Wed Mar 27, 2013 10:27 am

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
What's happening to Hayleys PLC
Its going good , but share price remaining depressed, its trading about 10X PER(adj)
its subsidiaries are doing good

38HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Wed Mar 27, 2013 10:40 am

Jeremy

Jeremy
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Can I tell you what's going to happens to Hayleys.

A) Dammika Perera will sell all his anciliary companies (except casions) that he owns to Hayleys at a price above the market pice. He will then become cash rich. Just the same way he sold his building to LB Finance.

B) Hayleys management and shareholders will be very happy thinking that Hayleys is expanding and diversifying into various business. Few will understand that they are borrowing and gearing the company balance sheet to acquire these companies at at premium prices. Hayleys will show a growth in turnover but a decline in profit and ROI due to high borrowing and acquiation costs. Eventually the share price will suffer.

C) Sampath bank and Pan Asia bank would provide financing to Hayleys to acquire all Dammika Perera Companies.

D) Due to high cost of borrowing and lower profits Hayleys PER will go upto 20x times. Some shareholders will consider this as a sign of high growth potential and end up investing more money expecting high growth from acquired businesses.

E) Before the eventual crash of the Hayleys share price, (after a substanial increase from the current share price) Mr Dammika Perera would exit from Hayleys at a Preimuim leaving minority shareholders high and dry.

F) After the crash of Hayleys share price, Everybody including Dammika Perera would blame Hayleys management for the poor performance and reason for his exit. Dammika Perera would be considered as a smart investor!!! As always!! A Hero!

This is an hypothetical scenario and investors are advised and warned not to panic or make buy or sell decisions based on this.

39HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Wed Mar 27, 2013 11:34 am

RIO

RIO
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Hats off to you GMNet...you spot.....

This DP and the clan will take the retail investors [ some foreign & local big guns will too fall into the trap ] for a joyful ride... DP is doing it smarter than DJ the Advertiser turned self proclaimed "Investor" .....bounce bounce

......... affraid



Last edited by RIO on Wed Mar 27, 2013 12:43 pm; edited 1 time in total

40HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Wed Mar 27, 2013 12:03 pm

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
"E) Before the eventual crash of the Hayleys share price, (after a substanial increase from the current share price) Mr Dammika Perera would exit from Hayleys at a Preimuim leaving minority shareholders high and dry".GMNET

In your hypothetical scenario, how would DP exit from Hayleys. who would buy ?

41HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Wed Mar 27, 2013 12:18 pm

wiki


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
I thought he is acquiring Hayleys to acquire the prestige which cannot earn from the casinos.. When you come to a certain level money and power is not enough no.. Very Happy

42HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Wed Mar 27, 2013 1:29 pm

knockknobbler


Manager - Equity Analytics
Manager - Equity Analytics
@GMNET
E) Before the eventual crash of the Hayleys share price, (after a substanial increase from the current share price) Mr Dammika Perera would exit from Hayleys at a Preimuim leaving minority shareholders high and dry.-GMNet

Even Mr Dammika perera find a buyer to sell his majority holding in Hayleys at a premium price , the buyer has to offer the same price to minority shareholders ( mandatory offer ).
Then what's the meaning of ... "leaving minority shareholders high and dry" ?

43HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Wed Mar 27, 2013 1:53 pm

Jeremy

Jeremy
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@knockknobbler wrote:@GMNET
E) Before the eventual crash of the Hayleys share price, (after a substanial increase from the current share price) Mr Dammika Perera would exit from Hayleys at a Preimuim leaving minority shareholders high and dry.-GMNet

Even Mr Dammika perera find a buyer to sell his majority holding in Hayleys at a premium price , the buyer has to offer the same price to minority shareholders ( mandatory offer ).
Then what's the meaning of ... "leaving minority shareholders high and dry" ?

Hey, You guys must be really kidding to think that Dammika Perera and his heirs are not going sell Hayleys shares one day and will hold them for rest of their life. Companies bigger than Hayleys have changed hands and this is no big deal. Just have a look around, you will see plenty of such transactions. Further what is the value of 43% Hayleys compared to 20% block of JKH that was purchased by Kazana few months ago??

Do you really want to know answer how he is going to divest without the mandatory offer?
First he will sell 29% and then sell the balance 15% to another. No mandatory offer. Minority is not left high and dry???

44HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Wed Mar 27, 2013 2:09 pm

seek


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
He entered HALY at 380 which is also a premium at that time. DP is not normally entered and exit from companies frequently like captains. I cannot recall any exist other than NDB and REEF in recent history.

45HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Wed Mar 27, 2013 2:15 pm

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Well no need to panic as GMnet is talking about a possible scenario.

HAYL is trading at Rs 295 now. He made a madantory offer around Rs 380.

So he is not going to let go of HAYL without considerable gain. When/if that happens minority can made a big gain too if they watch their shares carefully.

46HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Wed Mar 27, 2013 2:50 pm

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@GMNet, I think you misunderstand my question - In your hypothetical scenario PT E, you state that DP would exit at substantial premium and then share price would crash leaving minority shareholders high and dry. I am not questioning the mechanism by how this could happen, i am asking how will DP be able to exit at a substantial premium if Hayleys intrinsic value is not reflected in this price.Who will buy at a price way above its intrinsic value for control if its not worth it ? or are you subscribing to the bigger fool theory even for controlling interest ? (i thought the bigger fool theory applied to only minority interest ?).

47HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Wed Mar 27, 2013 2:59 pm

Jana1


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@slstock wrote:Well no need to panic as GMnet is talking about a possible scenario.

HAYL is trading at Rs 295 now. He made a madantory offer around Rs 380.

So he is not going to let go of HAYL without considerable gain. When/if that happens minority can made a big gain too if they watch their shares carefully.

Ya exactly said.
I know the same scenario of JKH during 2006-2008. But what happened now? Everything turned around still foreigners favorite kid...Always there must be smart people than heros.
And DP interest would be getting prestige of being CEO of well reputed company.

48HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Wed Mar 27, 2013 3:04 pm

Jeremy

Jeremy
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@The Alchemist wrote:@GMNet, I think you misunderstand my question - In your hypothetical scenario PT E, you state that DP would exit at substantial premium and then share price would crash leaving minority shareholders high and dry. I am not questioning the mechanism by how this could happen, i am asking how will DP be able to exit at a substantial premium if Hayleys intrinsic value is not reflected in this price.Who will buy at a price way above its intrinsic value for control if its not worth it ? or are you subscribing to the bigger fool theory even for controlling interest ? (i thought the bigger fool theory applied to only minority interest ?).

DP need not sell Hayleys shares above the purchased price to make a profit (unlike other shareholders) because he would have already made profit from the sale of his ancillary companies to Hayleys. Further (D) in my original answer above would provide the answer to your question.

49HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Wed Mar 27, 2013 3:26 pm

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
GMNet wrote:
@The Alchemist wrote:@GMNet, I think you misunderstand my question - In your hypothetical scenario PT E, you state that DP would exit at substantial premium and then share price would crash leaving minority shareholders high and dry. I am not questioning the mechanism by how this could happen, i am asking how will DP be able to exit at a substantial premium if Hayleys intrinsic value is not reflected in this price.Who will buy at a price way above its intrinsic value for control if its not worth it ? or are you subscribing to the bigger fool theory even for controlling interest ? (i thought the bigger fool theory applied to only minority interest ?).

DP need not sell Hayleys shares above the purchased price cause he would have already made money from the sale of his ancillary companies to Hayleyes at a profit. Further (D) above provides the answer to your question.

But if he dosen't sell above the purchased price, it could not be at a substantial premium as you state, could it ? Furthermore, any potential buyer / buyers would do due diligence on value of Hayleys / Ancialliary companies he sold (to Hayleys etc), regardless of price he received from selling them to Hayleys.

Quote " D) Due to high cost of borrowing and lower profits Hayleys PER will go upto 20x times. Some shareholders will consider this as a sign of high growth potential and end up investing more money expecting high growth from acquired businesses." UNquote

I think your pt D is when your interesting hypothetical scenario becomes a fairy tale ! high borrowing costs / lower profits etc are never reasons when stock prices are rewarded by a high earnings multiple. the reverse is true. lower profits = lower p/e multiple = lower price.

50HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Wed Mar 27, 2013 3:27 pm

knockknobbler


Manager - Equity Analytics
Manager - Equity Analytics
GMNet wrote:
@knockknobbler wrote:@GMNET
Do you really want to know answer how he is going to divest without the mandatory offer?
First he will sell 29% and then sell the balance 15% to another. No mandatory offer. Minority is not left high and dry??? [/b]

So ,we agree that Dhammika Perera might not be able sell 51% to a single buyer at a PREMIUM PRICE compared to minority share holders.
Now, lets examine the second option you have mentioned above.

Step 1 - He will sell 29%, first. Now the question is... will there be a buyer to buy 29% paying a premium price. He doesn't get management control. He has the option to buy from the market also(49% held by others). Though he may agree to a premium price it can't be that much. Pay attention to the question raised by Alchemist also.

Step 2 - sell the balance 15% to another - Now this second buyer who is willing to buy 15% has three options., to buy from Dhammika Perera, or from first buyer or minority shareholders ( who still own 49%) . But Mr Perera has only one option. So it is not logical to assume he can get a premium price over minority shareholders.

The conclusion is,..., it is not logical to expect Mr Perera to get PREMIUM PRICE for his 51% leaving " minority shareholders high and Dry".

51HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Wed Mar 27, 2013 3:32 pm

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
GMnet has a point when we think about the LB finance and the Casino building.

Regarding HAYL. I think minority holders should not be panic. As sls mentioned this is just a possible scenario (Just something to entertain when the market is not moving)

If he exits who would be buying.. Well………. That’s a very good question.

My Sri Lankan mind thinks below possible option.

As far as I can remember Delmage was bought by VONE & the Delmage IPO is due soon. So with this IPO money, VONE have the cash to buy HAYL shares from DP?

Easiest possible way to sell DP’s HAYL shares is to sell it to his own company.

52HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Wed Mar 27, 2013 3:34 pm

Jeremy

Jeremy
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@slstock wrote:Well no need to panic as GMnet is talking about a possible scenario.

HAYL is trading at Rs 295 now. He made a madantory offer around Rs 380.

So he is not going to let go of HAYL without considerable gain. When/if that happens minority can made a big gain too if they watch their shares carefully.

More than 25% of Hayleys were bought by DP at prices below Rs 150/=. His average cost is extermly lower than one wold think. This would make his exit lot more easier.

53HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Wed Mar 27, 2013 3:36 pm

seek


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Vallibel Two will be formed as the holding company of HALY.

54HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Wed Mar 27, 2013 3:43 pm

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
GMNet wrote:
@slstock wrote:Well no need to panic as GMnet is talking about a possible scenario.

HAYL is trading at Rs 295 now. He made a madantory offer around Rs 380.

So he is not going to let go of HAYL without considerable gain. When/if that happens minority can made a big gain too if they watch their shares carefully.

More than 25% of Hayleys were bought by DP at prices below Rs 150/=. His average cost is extermly lower than one wold think. This would make his exit lot more easier.

But then the price could not be a premium price substantially higher than current market price as you state. so then what's the fun for DP ?

55HAYLEYS PLC (HAYL.N0000) - Page 2 Empty Re: HAYLEYS PLC (HAYL.N0000) Wed Mar 27, 2013 4:12 pm

knockknobbler


Manager - Equity Analytics
Manager - Equity Analytics
GMNet wrote:
@slstock wrote:
More than 25% of Hayleys were bought by DP at prices below Rs 150/=. His average cost is extermly lower than one wold think. This would make his exit lot more easier.

Yes....., there are many ways he can exit easily, if that is the objective.
As you say, If his average cost is extremely lower ( than one would think) , then he might even be able to sell below the market price and exit with a profit.

However , what we were discussing was your hypothesis which was rested on following conclusion.

E) Before the eventual crash of the Hayleys share price, (after a substanial increase from the current share price) Mr Dammika Perera would exit from Hayleys at a Preimuim leaving minority shareholders high and dry.

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