Bigtincan Holdings Limited

ASX:BTH
Deleted on 2025-04-30 00:30:03

Bigtincan Holdings Limited

ASX:BTH
Deleted on 2025-04-30 00:30:03
$0.220 (+2.3%)
Last close price
--
Rank
0
Held by
42
Followers
Reports (8) My Report Forum Investors
Forum Topics BTH BTH Potential LVT acquisition
PinchOfSalt
Added 3 years ago

Two possibilities to explain this, both bad. Either:

  1. The board arranged with Farouk for SQN to make the non-binding offer to jack the price ahead of the cap raise. Higher price for the cap raise means less dilution or more cash. The announcement sets an anchor at 80c, and the mention other interested parties could have sent the price above that. Seems like the cap raise was already ready to go. Or
  2. There is a boardroom tussle going on. Perhaps the next acquisition and cap raise was discussed and Farouk on behalf of SQN said, no way. Don't dilute us any more with acquisitions that destroy value. In this case the takeover offer was real, in order to take control of the board.


Which do you prefer: a board pump-n-dump or a boardroom battle?

Price will probably fall to the raise price of 60c - with a placement of $25M and $5M SPP. If you didn't sell above 70c between the takeover ann and the CR ann then I'm sorry, you missed your chance.

21
loshell
Added 3 years ago

@PinchOfSalt Where did you source the 60c cap raise price info?

8
nerdag
Added 3 years ago

AFR is reporting capital raise for an acquisition.

We will see tomorrow.

11
wtsimis
Added 3 years ago

Too many questions to be answered for me to consider holding .

Massive red flag when Livetiles acquisition was announced and this never eventuated.

The 76c was opportunity to exit this week after only having small positions.

Will watch from the sidelines on how this plays out.

No longer a holder


15
loshell
Added 3 years ago

Yes, but the announcement did not mention the institutional share offer price. I'm guessing @PinchOfSalt may have access to a sophisticated investor platform where the raise price would have been visible?

10
nerdag
Added 3 years ago

@loshell, $0.60 also being quoted elsewhere. Dunno the source or if it's accurate, and could be a case of rumour being treated as fact, but there you go.

11
loshell
Added 3 years ago

When I googled around last night I didn't find any mention, but admittedly didn't try hard. At any rate, I screwed the pooch and didn't sell out completely in real life at 75c+, only on Strawman. Suspect I'll have to eat a s$!t sandwich when the trading halt is lifted in order to get out given the very dodgy odour coming from the string of recent announcements :/

13
loshell
Added 3 years ago

@PinchOfSalt looks to have been on the money with door #2 per the following which just showed up in my BTH news feed:

  • SQN SENDS LETTER TO BIGTINCAN BOARD OBJECTING TO RUMORED CAPITAL RAISE
  • SQN - VIEWS FURTHER ACQUISITIONS AS DISTRACTION THAT OBSCURES SLOWING ORGANICGROWTH CHALLENGES
  • SQN- CONFIRMS OFFER TO ACQUIRE BIGTINCAN FOR A$0.80 PER SHARE IN CASH

15
zerocool
Added 3 years ago

Thanks for the heads up, here’sa link to an article about SQNs objections:

https://www.bloomberg.com/news/articles/2022-12-08/bigtincan-s-biggest-shareholder-sqn-objects-to-capital-raising

14
loshell
Added 3 years ago

S$!t sandwich consumed (yummy) and managed to make it out with a small profit which covered holding/brokerage costs and a bit extra. Will now be watching from the sidelines with interest (and popcorn).

13
loshell
Added 3 years ago

https://www.youtube.com/watch?v=w83LZ1g0BeQ

10
nerdag
Added 3 years ago

Glad I exited earlier this week with news of a cap raising whilst seeking suitors for a buyout.

Management have clearly demonstrated that they don't have a clear plan and cannot execute on what they have said they would do.

Livetiles was a disaster and a risky thought bubble. Goodness knows what is next.

Disc: no longer held.

16
AUROPAL
Added 3 years ago

Great news that BTH is walking away from LiveTiles acquisition!

a bullet dodged I am certain. LiveTiles is an awful company and I’d like to see BTH management concentrating on organic growth instead of being so acquisitive.

16
mikebrisy
Added 3 years ago

I agree with this, but it gives me major concerns about the board and the management that they were contemplating the acquisition in the first place. What was the strategic rationale?

The whole thing is a red flag for me.


Disc: Not held

(exited in RL in May 2021 as part of my portfolio-wide review of cash burners)

17
PinchOfSalt
Added 3 years ago

BTH doesn't have organic growth or positive cash flow. Acquisitions distract from this and allow them to show top line growth.

Also, management of a larger business so can pay themselves more.

19