"You don't know how lucky you are.".....!!!
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Makes sense ... Spark should be able to integrate the business quite easily and will have no problems in funding the debt.
Actually - 80 cents is in my view a quite gracious offer - but they probably just don't want to get into a long takeover war.
I'd see this as win-win-win - while most shareholders will take a significant loss ... its better than losing it all. Glad for the employees - I assume they will keep their jobs.
Discl: hold neither TTK nor SPK, but used to hold TTK some years ago (and exited slightly above 80 cents with a big loss as so many).
Agree with above I'm going to take a loss but if the takeover hadnt happened could have ost all my shirt!
The late Rene Rivkin reckoned best place to park spare money was in takeover target 1st offer not often last and sometimes 2nd bidder comes along looks like buyers taking that view nice upside for them even if 80c successful.
Did Rene die broke in or out of jail?
ps.Did he set it on fire?
Loved a nice fire too.!!
I think a lot of employees will lose their jobs. From what little I have read, this is effectively an asset and customer purchase. Takeover synergies come from stripping out all headoffice/admin costs and I assume even operation staff will be superfluous in an org as big as Spark.
Its a very generous offer. Vodafone the only natural competitor with big pockets (?) and it is in the middle of the Sky merger so probably a bit distracted. Plus TT fibre network must duplicate its cable network?
Actually I had an idea on how to significantly reduce my 37k potential loss should the takeover offer be confirmed. Buy a mega block to reduce my average buy price right down. Too tired to do the figures right now but will get onto it soonish. Any other holders thinking along these lines?
You guys and Cats need to think outside the square sometimes, I can turn my 37k loss into an 4k-8k loss upon a confirmed takeover offer if I so choose. PS-No risk move actually.
You can buy mine for 79c ;)
Seems like a good strategy, no risk of getting those shares tomorrow first thing, under the Spark buyout price right? Less brokers fees of course, maybe a dual trade fees to work up the capital (also at a loss?) or possibly margin interest if the bank lends that much, and of course theres zero risk of Spark not buying TTK and the SP going back to .40 in a heartbeat, so must be a dead certainty. Anyway, whats another circa half $mill at risk (~15x) on top of invested loss position anyway. [sarc]
I feel ill.
Just a small parcel. I did try to buy some on open but missed out
Once it is a "done deal" or it is "confirmed" you will not be able to get any TTK shares for 75 or even 76 cents. It will be a discounted cashflow type situation. Like if payment is in 3 months time, then the sellers/buyers/market will price these things at about 2% (risk free rate) divided by 4 so at about .5% or the quotes will be 78/79 or 79/80. Your best bet then would be to be on the bid at 78 but you might be waiting for a while. All the while if you do get some you will miss out on 3 months (or whatever the timeframe is) of interest/loss of other potential earnings elsewhere..... :)
What if it's not a done deal?
ATM the only thing supporting the share price is the deal.
Couta1 reckons he is on to a 'nice little earner' and who are we to try and convince him otherwise?
Lovely Jubbly
Paper Tiger
Wise men.........................
The plot thickens
Its also possible that the offer is deemed not sufficient and Spark has to raise the offer...how often do you see that happen? Yes occasionally. And if you were looking to buy something in a negotiated environment (not a liquidation) you would be usually coming in with a low offer first and then negotiate upwards depending on situation. Conceivable that TTK will come back with "we do not feel this is a fair offer and we see fair value at (0.90 or whatever) So early days yet. Couta has a plan and its not as crazy as some posters seem to think. Risky maybe but he will evaluate risks accordingly.
Lads, Im out at 75 lads for a small profit. Can't trust the board to not screw this up.
Good luck
I'll hang out for 80 cents or more which would mean a small loss of $1750 (not counting opportunity cost).
I'm guessing Spark would love to get their hands on something like CityLink to build up their fibre clients, without having to pay anything to Chorus.
Chair Roger Sowry is telling us not to sell, well not yet anyway. Below is the end of TTK's media release.
The TeamTalk board advises shareholders do not sell their shares or enter into a commitment to accept any proposed offer from Spark New Zealand Trading Limited (Spark), pending further
communication from the TeamTalk board.
In addition to Cameron Partners, TeamTalk has appointed Crengle Shreves & Ratner as its legal adviser to assist the TeamTalk board in evaluating and responding to any Spark offer
and any other proposals that may be forthcoming.
Money for jam, those Cameron Partners, and Crengle Shreves & Ratner. Wonder if they will have the guts to say 'you didn't need us to tell you that you're incompetent and if you replaced yourselves with a decent Board, they'd see that the Spark offer is ridiculous, albeit you seem inept at realising or recovering shareholder value and encouraged by being shown an exit door, by selling out on your shareholders one way or the other'. Disgraceful, another NZ tech sacrificed at the alter of incompetence, Director looking to get themselves off the hook, and shareholders being sold down the toilet at the behest of a corporate raider.
^ my thoughts
Let the games begin....how badly does SPK want TTK and what's their "best" offer? Buying in at 74 current price and then having the offer upped from 80 would be a nice little profit for a trader with some cast iron cojones. What are you men/women or mice? I thought this was a sharetraders forum LOL
Re due dilegence
"We are in the early stages of a process that could take some time depending on how things play out."
Are we going to see a TWR situation but who could be next bidder? Management buy ou possible?
Hardly - just have a look at what pittance of shares the board is holding. These guys know just too well what their company is worth and so is management. Why should they get now into a bidding war at 80 cents if they didn't bother to buy their company shares at 40 cents?
Expect the unexpected - anything can happen. Why didn't AIG offer $1.17 for Tower before Fairfax and have a good chance of success? Its like a piece of real estate that sits on the market for years, someone suddenly buys it and then 5 other clever guys were going to buy it - happens all the time. 17
Spark very critical of TTK Board.
This could get dirty.
What happens now? Does Spark send TTK shareholders a letter? How does the deal go down?
Judging by the present position of the TTK board it would appear that they are confident that the offer of 80 cents is "woeful" . They appear to be confident of a better outcome and higher value from Grant Samuel. My initial feeling is existing SH will agree with the woefulness and will hold on...if they have sat out the previous poor performance then surely most will be not desperate to sell...and why would you ever sell into a first offer anyway? If TTK board was ready to give up they wouldn't be quite so adversarial. Methinks they really do see better times ahead and are understandably not anxious to rollover and give up.
Yes, I'll keep mine and see what happens.
I hope i am proved right i made a comment in an earlier post on this or TWR post hat the late Rene Rivkin said parking your $ in a takeover target was often a good strategy - got a couple of comments discrediting Rivkin but if SPK increase offer his theory will be right on both situations
Hah...are we looking at the same thing? "patently absurd" was the considered response (well they would say that wouldn't they, by Spark as to independent valuation of 1.52 to 2.11 of "true" value of TTK by Grant Samuels. Well even if Grants daughter is engaged to the new TTK CEO Andrew (just kidding folks....), there is the usual disconnect between what I see and what you see LOL. However apparently no shareholders have sold into the Sparkless offer so it would appear that Spark is going to have to up the gunpowder level considerably to get some buy in. As I said before the existing SHS have apparently come to terms with any losses and are willing the somewhat hobbled nag to rise, phoenix like, from the arse bitten era to a new improved steroid enhanced version.
But Spark don't need to anything. They can just laugh uproariously and let TTK continue towards inevitable failure and bankruptcy. TTK are only a fleabite and it doesn't really matter what they do or say. Let them swing and suddenly the rats will be jumping and asking Spark if it's offer is still open!
That's right, Spark can play the long game, meanwhile TTK shareholders sitting on a windfall unrealised SP gain can be strung out wondering whether to cash in on the speculation or hold out for an uncertain outcome - could be higher, could be back where it started.
However Spark obviously want TTK's market share, of rural broadband and city fibre etc, but they're not about to pay an unjustifiable premium.
What TTK needs is competitive bidders to shore up their belligerent stance, without that, and with no obvious reason why or how TTK will organically achieve a SP even remotely in the region of Sparks current offer, they're in a very weak position.
Clearly SPK want TTK its small beer to them I say come up with a fair offer $1.20 at least otherwise what wax the point.
Dont make me laugh. The Spark price is fair.The TTK board has not done anything to enhance value since the change in major shareholding years ago
Yes, interesting alright.
Spark would love to reduce the amount of cash it has to pay to Chorus for the use of it's network. You see this with its campaign to promote its wireless 4G over VDSL (VDSL is almost always a better way to go by the way). Spark's desire to get it's hands on TTK's fibre network shouldn't be underestimated.
I hold Spk, TTK, and CNU. I like Spark and get where they are coming from but fibre networks don't grow on trees. Perhaps a more competitive offer would be reasonable.
Very entertaining reading the previous days posts...do I hear the low pitched hum of various posters attempting to eat barbequed crow kebabs? LOL It aint over till the ghost of David Ware is exorcised from the TTK corridors.
Good luck BB. I seem to remember you've held TTK all the way through as a very good provider of divs which however stopped in April last year; are you ahead with s/p gains?
Ahead..behind... these are just transitory and arbitrary terms applicable to specific points in time and are not to be talked about in polite households. There are three things you never divulge if you are a gentleman. One is the size of your...yes, correct your shoes (but I can tell you that they had to breed selectively for several years to harvest sufficient leather for the project). Two is tattling about whether the lady you went out with recently was in a generous frame of mind at the end of the evening..... (opening the car door for you) .. and lastly boasting to others about the size and contents of your wallet. (That's the other use for the afore mentioned selectively bred cattle). So hopefully that answers your question :p Oh yes I am still a SH and hoping for a re-instatement of the dividend...which after all is what I am about. Some you win some you lose but over all B Boys gross dividend haul last year ending Dec 2016 are within a whisker of previous years and enable us to continue with the cattle (and cat) breeding. Good luck to all holders.
Certainly changes the situation, and to think it was only last night that I suggested TTK would require a competitive bidder (lol), or be strung out. Looks like the tables have turned rather quickly on SPK's offer (maybe they knew Voda was in the market when they pitched for the whole company).
Not sure how this will affect the SP (albeit up today [on what basis?]), now that the SPK buyout offer is at risk (possibly off the table but if still interested in the remaining assets will bound to be revised lower)? TTK get $10m in the bank, but lose 70% of the returns from Farmside.
Anyone willing to speculate on where to from here?
Probably no reason to accept any offer unless it reaches the moon. Board happy to carry on with their strategy. I actually thought the half yearly report was quite good. Shareholders should be happy and from reading the report it looks to me that there was going to be a dividend at the end of year. Now maybe a special as well.
You can't argue its fair when independent valuation says its not and the market things its not also best volume in years today QUOTE=horus1;660309]Dont make me laugh. The Spark price is fair.The TTK board has not done anything to enhance value since the change in major shareholding years ago[/QUOTE]
cannot everyone just get along?
seriously tho, I wouldnt have thought Spark would have wanted Farmside, they just want the Welly fibre, so TTK sell the Farm, Spk own the company at whatever price is agreed on (obviously still some discussions in this area)
First of all, my apologies for the length of this post but I have thought of a number of different facets around the SPK bid and the latest TTK/Voda play.
Interesting situation and the TTK board has thrown up a redoubt whilst under attack and fired a howitzer out of it with the sell-down of Farmside to Vodafone. All credit to Andrew and his team for this initiative.
As a key player in the Rural Broadband Initiative (RBI) funded by the Government, Voda can integrate Farmside into its overall rural offering and provide satellite service to those locations where their RBI wireless/cellular does not reach. SPK is not part of RBI except insofar as it purchases RBI services off Voda/Chorus at a wholesale level. Under RBI, Chorus provides fibre connection to rural hubs (usually adjacent to a rural school) and Voda connects cellular services to the fibre for interconnection with the national network.
I note that there is a call and a put on each side (Voda and TTK respectively) but the conditions of those arrangements have not been stated, unless I missed something in the announcement.
If SPK succeed in their bid (presumably with an increase in their offer), then they could quit Farmside altogether with the put on Voda, or Voda could take 100% control with their call. Presumably Voda will make the call in the event of a SPK buyout with $3M going to SPK, or 11c/share. That still leaves SPK with the fibre and urban ISP services within TTK along with the radio fleet services that TTK are moving to make increasingly digitalised and hence capable of being integrated with SPK's digital services. Whether Farmside was a critical element of the deal to SPK I doubt, but we will have to wait and see.
I wonder if some of the attraction to SPK from TTK is in its radio services that address trucking/taxi fleets, civil authorities, and other organisations that want widespread communications using frequencies that provide service outside the more restricted cellular frequencies. Back in the 1990s (I think) Telecom decided that VHF services were not worth their effort in maintaining and so sold them off to what is now TTK. TTK proceeded to make it a profitable niche and now that SPK has been separated from the local loop (ie Chorus) it wants to compete against Chorus using wireless services. This brings VHF services back into play. Recognise that technology has provided many more ways of providing digital services through VHF than were apparent when SPK sold this arm of their business off back in the 90s.
It is hard to see that SPK will fail to increase its offer (unless it abandons it all together) but since Voda have not moved in as a white knight for TTK as a whole, then we could still see SPK succeed with its bid even while (reluctantly) conceding Farmside to Voda.
As to the Grant Samuel valuation, in the absence of an alternative bidder for TTK as a whole it is hard to see even the minimum value of $1.51/share being realised, although a lift from SPK is most likely, even in the face of the Voda deal. Also, I do not have a lot of confidence in TTK peforming at a level whereby the market prices TTK at the Grant Samuel valuation within the next two years. One of the key drivers for TTK share price in the past has been its high div yield which has been abolished with a delayed return for it to recommence. Interesting to see in the latest announcement from TTK that more emphasis is being placed on restoring the dividend. If I get a decent price from SPK then I am happy to reinvest the proceeds in SPK with today's yield of 7.37%.
As for Andrew and his management team, it is likely that SPK will carry them on to manage the operation while introducing its own control at the board level. In other words, expect a number of the existing TTK board to be replaced by SPK appointees but it is up to Andrew & co if they want to work under the new regime. I suspect that this is likely since Andrew comes from a large corporate background at Alcatel and must have had many dealings with Telecom (now SPK) in the past.
Very interesting reading Silverback. Thanks for taking the time to set that out. Good Saturday morning coffee reading :)
"The deal values Farmside at $13 million, a premium to the $9.6 million-to-$12 million range placed on the unit in the independent adviser's report by Grant Samuel"
From: http://www.sharechat.co.nz/article/9...k-circles.html
I hadn't realized that the Vodafone deal was higher than the Grant Samuel valuation for Farmside by quite a big margin. Does this mean that the Grant Samuel valuation range ($1.52 to$2.11) for the whole shooting works might indeed be accurate?
It really highlights how woeful the 80c offer is Vodafone must be enjoying annoying SPK given the resistance to their merger with Sky.
I reckon $1.40 is fair value for this company given risk, assets and future forecast countered by bad prior history. TTK has stable assets, new management in place and its only the beginning of the fibre network.
Firstly when I talk about fair value I actually mean intrinsic value, just to clear that up. Yes I'm a holder of this stock so perhaps a bias were to arise from this (and take my words with a grain of salt), but through some reasoning maybe you might see what I see or on the contrary something entirely different. At the end of the day share price is the metric in which a buy and sell will exist, but hardly in some cases a true and fair assessment of the underlying value of the business or else such opportunity of buying undervalued stocks would not exist for us (and we know these opportunities exist).
At 38 cents this company was in a shambles, a badly managed business that failed to generate appropriate return on assets for the past few years. Not to mention the heavy debt burden of $35 million played on the minds of investors. Through my time as an investor and watching companies fall apart nothing quite does it like massive debt on the balance sheet and secondly failing to even generate appropriate profits to service that debt. So yes at that time a terrible company in the view of everyone, with an uncertain business direction, uncertain debt management given earning power and just generally bad sentiment all round. #TourismHoldings
What changed? All recent developments show signs of progress.
Firstly we have a new CEO in Andrew Millar, which means a new direction.
Bank facility has been settled with Westpac, along with trend of debt reductions being made slowly, which meant no dividends for a while until a great signal for me was when they sold Farmside to Vodafone, not only to getting a possible $13 million in cash to reduce debt, but a good sign of starting anew and focusing on the core business in which TTK did well in.
I knew people who use to work at Farmside and the stories of management there never gave me anything positive, they had a very high turnover in staff and management and was always a loss making division for TTK, not to mention the investment and time that it required to turn the boat around. Before taking over Farmside, TTK was actually a thriving business, it really shows how a bad investment can drag the whole boat down #AlliedFarmers #HanoverFinance
We have a new valuation report that at the very least values assets at $1.50 per share, but of course asset values aren't exactly the thing to go on unless its very liquid when needed and their network value is only valuable to telecommunication companies willing to pay #NotSpark. Also management could easily erode this value down, so we can never place too much certainty on this, but its good sign of value in the company. I like that the fibre network is something that would be very hard to replicate without a lot of time and intensive capital cost, almost like the railway network and we know how well that does for Buffett.
The current business forecast $2 million in profit and next year to be $4-5 million, with the reduction in debt $2 million generated isn't too bad at present times and given improving business on their fibre network and possible cut in expenses it looks very good going into the future. Fibre is still making progress, but as we can witness with Chorus the profit is in Fibre and once everyone in Wellington converts to Fibre its only going to improve TTKs revenue and possibly profits (I hope). I'd expect their radio network business to decline slowly overtime unless tech is improved.
All these developments are quite recent, so yes you have share price jumping all of a sudden thanks to Spark's well you know spark on their share price (see what I did there^^). You have new management looking to change things up and focus on the core business, a road out of debt, better business focus with better profits on its way, a large asset base with a strong moat and good confirmation by Spark and Vodafone that TTK is still a competent business with assets still worth acquiring.
I hope that enlightens you and anyone else who is unsure of my view of this company. =)
Good post and answer - cheers.
While I didn't check your data (TTK is not any more on my watchlist ...), you do raise some valid points, and yes getting rid of Farmside must definitely be a huge gain for them given that they didn't manage to make it profitable (though remind me how much they paid for this lemon in the first place - wasn't it something like 30 million?).
On the other hand ... providing access to remote rural places was in my view (when I still watched the company) their only realistic chance to survive ... what else is left? A bit of fibre? Sure, but then, they are a dwarf compared to Chorus, aren't they? And I am not even sure, whether their one and a half fibre spots are compatible and complementary to the Chorus system ... are they?
I don't see a future for them stand alone, but sure, current strategy must be to sell themselves as dear as possible to the highest bidder.
No view on the incumbent CEO, but agree that David Ware had his shortcomings (management style of the 1960'ies ..) - i.e. glad to hear that things are improving.
GLTAH!
Yeah Farmside has been a big $30 million lemon to swallow, thats part of the reason confidence in the company has been rather low, sometimes bad decisions are made, whats important is the progress that can be made in the future. Farmside was actually getting slaughtered by Rural Broadband and its actually more endangered itself, if other network providers continue to upgrade their coverage it could signal an end to Farmside.
Actually Fibre is the future of this company. Chorus maybe big, but if you do some research into how Com Com has actually been trying breakdown Chorus's monopoly in the area by letting other smaller players gain control over networks. As you see TTK have parts of the network in Wellington and Auckland, another example would be how Enable run the network in Christchurch. Once the network is in place it makes it much harder for other players to come in and all internet providers in the area will have no choice but to use theirs unless they build their own. Its almost to say if Chorus owned a bridge in Auckland and Teamtalk own a bridge in Wellington, just because Chorus might own a bigger bridge in Auckland its has no relevance how big this bridge is, unless Chorus decide to build one in Wellington, which it then needs consent to do so and that will be another consideration in the future.
Another day in paradise. However, I'm starting to get twitchy.
Just read the traget company statement which came in today's post - SPK have no hope at 80c and the market clearly thinks so too
Demand not short for a undervalued turn-around. Share price doing exceedingly well and likely to continue.
Interesting comment from Spark about the valuation report, which for an investor I want to face-palm myself (if price were everything then premium prices on tech companies would be absolutely justified instead of fundamentals! I believe the famous saying is, price is what you pay, value is what you get)
"We believe the valuation lacks real world credibility," said Spark chief financial officer David Chalmers. "The top end of the range represents a premium to the last trading price before the Spark notice of intention of 369 per cent, which is patently absurd."
http://www.nzherald.co.nz/business/n...ectid=11824006
LOL Bobdn...make sure you don't suffer pre share jaculation:p (if you be man) or of course if a woman it could be a multi-orgasmic going on for days or weeks? However your call of course....I'm riding this one out whatever happens but love seeing some action finally.
Isn't hindsight a bugger sometimes....I remember looking seriously at this when it was languishing in the 40's and thinking..wow what an opportunity to average down my buy price quickly and for very little money. Unfortunately at the time cash was a bit short so I let it go. Wow what a mistake that was. As I've said before the DeLorean is always in the flippin garage when I need to borrow it:(
Don't beat yourself up. I reread the whole thread last night and see you picked some up in the 50 cent range. Excellent buying and combined with the mega dividends over the last 10 years I'm sure things are working out just dandy for you now.
Looks like Team Talk is a goner from the price behaviour over the last 3 days. A major holder/holders must have seen sense and made some promises to Spk - anyone have any info on that?
I don't see how you can say TTK is a "goner". The SPK offer at 80c is still on the table unless you have knowledge that they are going withdraw their bid in view of Voda buying 70% of Farmside? If that should happen then it is back to the long wait for the new management to turn the company around and restore dividends. Even then, I very much doubt if the share price will head back to 40c odd since, if nothing else, these corporate actions are showing that the company has more value than that.
As to the radio network, it may seem "old hat" and a sunset technology but fleets still find it a good form of communication and organisations wanting alternative comms with a better reach than cellular are going to remain interested. As to sunset technology, that is not really the case because there is continuing development for it, which is why part of Andrew's strategy is to increase value by applying digital services over it. This requires investment in new equipment and services. Has anyone researched what transfer speeds can be achieved over radio these days? I don't have time right now to do that.
My understanding from what I've read is that the Farmside deal doesn't go ahead if Spark takes TTK out and of course in that case TTK will no longer be quoted i.e. no share price. I think the days for assuming business as usual are gone.
Ok, sold 25 per cent of my shares (6600) for $1. That means a nice little profit. I bought at .93 and have received three dividends. High roller!
Now that I've relieved some tension, ill hold the rest to see what happens. I enjoy an adventure.
That's probably a lot better than most investors Bobdn. There has been (relatively speaking) a lot of action in that 80 to $1 range and there wont be too many holding at a lower price than yours so your downside potential is low in my opinion. Certainly the independent valuers would support that as well. As you say interesting and adventurous times ahead. I must admit most of my mistakes have been selling earlier than I should rather than later. Hope I am correct this time but nothing is guaranteed in the share market.
Spark playing hardball, 80c offer is the final one and it will lapse if the Vodafone deal goes through. Good on them for remaining firm, and taking no notice of that inflated independent valuation. The important bit from Sparks release is when they say, Teamtalk shareholders should carefully consider whether they prefer a clear exit with the Spark offer, or to continue and invest in Teamtalk and rely upon the board and management to deliver the turnaround they have talked about.
Everybody loves a bargain and SPK is no different...they are playing a game of poker and trying to be staunch but I find it hard to believe that SH's will accept that the SPK offer is so far off the independent valuers report. Just saying its worth 80 cents simply is an indication of what they would like to spend NOT what its worth. As is usual with these camel markets it all comes down to perception and who is "selling" their position in the most effective manner. Having originally offered 60 cents and now upping it to 80 cents is just indicative of a negotiating manoeuvre. if they had upped it to 65 then this is saying "we are almost at our limit" so your counter offer better be close. Going from 60 to 80 is just saying "ok we know that the 60 was a "cheeky" offer...our bad but here is our real bid 80 cents. This indicates to me that they are willing to pay more..maybe up to a $1 however I would guess that if they cannot get it at a "steal" they will just ditch it. This of course brings the situation back to whether you as a SH can buy into the new improved management structure and hint of a turnaround. Grant Samuels didn't pull that valuation out of their A***. It may well be a little rosy but they examined the whole shebang and wouldn't be hugely out.
3 since Jan-15
https://nzx.com/markets/NZSX/securities/TTK/dividends
BW
PT
Yes, 3 x $930 net dividends for me. Such a sucker for a good yield. Oh well, nice while it lasted.
Remember TTK has indicated it would consider reinstating dividend in 2018..of course that could be or should be regarded as a possibility as opposed to a certainty and also of course the size of the dividend is unknown. Since this has always been regarded as a dividend stock it would be fair to say that there will be a certain degree of pressure on the board to reinstate to a decent amount. Failure to do this would cause a massive loss of existing SH (including myself). Patience is one thing but failure to get some work done and produce results is terminal.
Well guys, TTK shares are currently crossing at 80cps....what does this mean?
It probably means nothing..this and most of the previous recent couple of weeks would appear to be all traders trading. All it reflects is the expectation level as to whether SPK will up the offer. It would appear these punters think not. It doesn't change the situation as per major issue which is... are SH going to agree to TTK selling a portion of Farmside to Vodaphone. In my HO this will go ahead and SPK will fall away and TTK will go back to business ..hopefully more successfully and with 10 million less debt. Regards all the new holders holding between 80 and $1 some will dump and run and some will stay. This could mean SP may fade a little but I cannot see it going back down to 40 again. The Grant Samuels report hopefully has sunk that possibility.