Full Year Result out
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Full Year Result out
https://cdn-api.markitdigital.com/ap...2604-2A1526176
Anyone makes up mind to sell or take 50% each? I am not sure if PAR will have the future.
I don't know enough about PAR to comment, but the management of Task have let down me, as a shareholder for the quick benefit of the Houdens.
I asked Dan this question late 2023.
I am looking forward to the 6 month update and feel the share price is highly undervalued which hopefully will change after the 6 month announcement. I will be buying more if the share price keeps dropping. Another issue is if it carries on dropping, Task could be getting interest for a takeover offer which would not benefit long term shareholders.
Dan's response
Unfortunately, I can't comment on some of the specifics but what I can say is that given our share register and the largest shareholders interests, in my opinion we are well placed to prevent a hostile approach.
Look forward to providing more details at the interim.
80 cents is a steal for a takeover of Task and I do understand that I may have missed out on a bargain with PAR, but I don't like owning US shares, especially when FIF tax applies.
I'm out, after many years, managed to get a $0.845 exit which is above the buy out price of $0.82, and after looking into PAR in detail, even although they might do well, who knows, I don't want any of them.
GLTAH, I'm gone.
Thanks very much Baa_Baa and Ggcc for the thoughts.
Voss Capital on Par Tachnology.These guys are seriously switched on.
https://vosscapital.substack.com/p/pars-path-to-80-redux"
We have reentered PAR in a major way, making it an ~8% position at cost, buying in at a discount to the market pricein a recent PIPE that was done to fund two key TAM expanding acquisitions. The new management team spent thelast few years building a comprehensive restaurant technology platform just in time for an explosion of enterpriselevel RFPs. The bull case laid out by us and other vocal investors over the last few years is finally coming into focus.We believe PAR is poised to emerge as one of a few winners in the global restaurant POS and software market andwill be the primary winner in the very sticky, counter-cyclical enterprise market. The market especially loves techstocks that go from unprofitable to profitable, which we believe PAR will demonstrate on a sustainable basis withinthe next two quarters. In addition to the inflection in profitability, we believe there are several tangible catalysts onthe horizon, including a sale of their unrelated Government business (simplifying the company to a restaurant techpureplay), announcements of new Tier 1 wins that will accelerate organic ARR growth, and an investor day this Fall.Our base case price target is $80 (~90% upside), using 5x our 2026 sales estimate, a conservative ~40% discountto the most directly relevant trading comp AGYS (which is valued at 8.5x 2026 consensus sales despite growingsignificantly more slowly than PAR)."
the old 5x sales trick.
https://jpmorgan.metameetings.net/ev...ration/webcast
Nice to hear the Houden family rolling their stake into PAR
Not quite sure if I want to sell my remaining 50% or roll them into PAR, conundrum..
One probably silly question, can we still sell the shares of TSK before 28 June?
You all probably saw this notice earlier in the week (click the link), about Phil Norman the previous Chair and a current Non-Executive Director unloading a large pile of shares.
Since I sold mine, I didn't bother reconciling how many of his holdings that he sold, but I got this notice from SimplyWall St today:
"
Independent Non-Executive Director recently sold AU$3.8m worth of stock On the 11th of June, Philip Norman sold around 5m shares on-market at roughly AU$0.82 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade.
- This was the largest sale by an insider in the last 3 months.
- Insiders have been net sellers, collectively disposing of AU$3.7m more than they bought in the last 12 months."
Not good look imo when Phil, who has been around for donkey's years, has decided to quit TSK (and who before that were VML and PLX). He's happy to get out before the buyout at $AU 0.82 and doesn't want any part of a share in PAR.
Why is this interesting? Well, it's interesting to me because Phil has been there for many many years, currently is a non-Exec Director and a past Chairman of the company for many years. He obviously sees that it's all over for TSK, and his shareholding. (nice payout for him by the way, it's been all worth it)
The company however has said ALL Directors are in favour of the buyout by PAR. Well it seems that not all of them are in favour and have voted already with their shares prior to the buyout being approved by shareholders, or it happening.
Imo think carefully whether you holders are happy with being wholly forced into a buy out at $AU 0.82, or taking up the offer of 50% buyout and the other 50% in PAR Technologies.
There's not much time left to make a decision, and with an ASX market close at $0.855, the opportunity is there to beat the buyout offer of $AU0.82 if you want it.
After that, TSK will cease to exist, if shareholders approve the PAR buyout offer, and frankly, it's a given that the buyout will happen as the largest shareholders by far (the Houden family) support this exit strategy, for themselves.
Oops, actually it looks like SimplyWall St has got the maths wrong, Phil has sold a lot of shares, about 50%, but not all of them.
Need to look into the details a bit more, but he's unloaded a small truckload.
Actually on seconds thoughts, I don't care, there's a non-exec Director who is voting with his shares before the vote to sell the company. That's enough for me.
And interestingly, Morgan Stanley on behalf of Mitsubishi took up a substantial holdings of 25m shares. Maybe they want some PAR? Or a blocking stake to the buy out.
Thanks Baa and Snow L.
Big volumes being bid at 86c range. May hit 90c soon.
Morgan Stanley keeps buying from 6 to 17 June 2024. Substantial holding increases from 7.21% to 8.48%.
Sold my remaining half today at 86c. Can’t be bothered with US holding in PAR.
Based on todays ASX its a done deal !
Considering the heavily weighted shareholdings and their support, there was little doubt ever that the buyout would happen. Albeit now delayed a few weeks.
The conundrum for shareholders is whether to sell out at market (today $0.885) or take a 100% compulsory buyout at $0.82 a loss to market, or the 50% PAR/TSK at inferred $0.92 if you can believe it. A few larger shareholders and directors have voted with their feet and taken the market exit-now route.
Note the drop in PAR shares over night in the U S from $47 down to $44, is this because the agreement is certain to go through ?
Goneburger! Looks like TSK was delisted at the end of trading yesterday. I sold out about a week ago as I didn't want to deal with PAR shares. Has been the end of a long and mildly frustrating ride over the past 10 years or so.
TASK Group Holdings Limited (ASX: TSK) – Removal from Official List Description TASK Group Holdings Limited (‘TSK’) will be removed from the Official List of ASX Limited at the close of trading today, Monday, 22 July 2024, in accordance with Listing Rule 17.11, following implementation of the scheme of arrangement between TSK and its shareholders in connection with the acquisition of all the issued capital in TSK by PAR Technology Corporation through its wholly owned subsidiary PAR Global Australia Pty Ltd.
Sold out all last month. Good luck to all the converted PAR holders. An interesting ride from Plexure to TASK.
Tsk rip !