Baltimore Tech.(BLM)...

[Riz]

We'd better start a BLM thread here to follow developments and identify speculative opportunities as they arrive...this entry of course speak for itself, for the time being it's only speculative opportunities for those looking for speculative short term trades, too risky for investors...

Summary of News:
BUY reccomendation by HSBC with a target price of 117...

Chief Executive Fran Rooney's resignation might help with investors confidence....

JP Morgan believes investors should take advantage of the “bounce” and sell now before the price falls further...

The Sunday Times reports American software giant Computer Associates is in advanced takeover talks with Baltimore....

Price doubled last week on bid rumours and the above developments...

Major resistance levels are 40 and 45...40 was tested last friday and a break through failed as the reverse takeover approach was not taken seriously by the city...

BLM will certainly be on the focus of traders next week and I'll be keeping an eye on them...

Riz

 

[Riz]

Baltimore denied takeover talks...

LONDON, July 15 (Reuters) - Irish Internet security firm
Baltimore Technologies denied a press report on Sunday
that it was in takeover talks.
"The company confirms that it is not in advanced takeover discussions with Computer Associates or any other company," a statement said. The Sunday Times reported that the world's fourth largest software maker, U.S. firm Computer Associates , was talking with Baltimore about a takeover bid.
Last week Chantilley, an unlisted British encryption company made a reverse takeover approach for Baltimore but the Irish firm said it did not view Chantilley's approach as a formal offer and did not expect it to lead to formal talks.
"Whilst the board of Baltimore Technologies would consider any option that would be in the best interests of shareholders, the focus of the board and senior management team of the company at this time is on delivering the restructuring plan," the company said in response to the press speculation.
Baltimore announced on July 5 a major restructuring of its business operations to manage the company within its current cash resources and last week parted company with its chief executive Fran Rooney.

Riz

 

[Riz]

Note that BLM says "The company confirms that it is not in advanced takeover discussions with Computer Associates or any other company," and not denying any offers altogether...

Meaningful, this can also mean that they have received an offer/offers but they are not in advanced discussions yet...

What're they tring to do? Waiting for all offers to arrive, implying they're still open to others, etc...

This is not the first time Sunday Times bid news are denied, it's time the readers call upon them to disclose their source when such news are denied...

Well as I said this is a speculative one...

Riz

 

[Mooringsman]

This is not a stock I would trade in. BLM's largest asset is a cash pile of £54 million which it is burning through at a massive rate.

Simon Cawkwell "Evil Knievil" took a 300,000 share short position on Friday on BLM.

I have always lost when playing this type of game, but I am sure others can make a fortune.

 

[shelman]

Lets see if the MMs mark up the price at the bell tomorrow, just like Friday. I felt certain what would happen and i bet a lot of punters got caught out.

Steve

 

[Riz]

Up today +3 (9.7%) at 34..after trading at 35.75 for a while...

In the mean time "The Capital Group cut its stake in the company to 4.4%, or 22.6 million shares, from 7.9 percent"...

And CSFB analysts said "they continued to believe a reverse takeover bid by small privately-held London encryption company Chantilley was unlikely. They added that a bid by the likes of Computer Associates was possible in the longer term but probably at a lower price than its current £150 million market capitalisation."

For further speculations see
http://www.ftmarketwatch.com/news/story.asp?guid={AC389FAE-AD09-496F-80B1-6D085EF675AB}

Riz