Author Topic: CSU - Constellation Software  (Read 186442 times)

SlowAppreciation

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Re: CSU - Constellation Software
« Reply #540 on: February 25, 2019, 05:36:29 AM »
https://www.csisoftware.com/wp-content/uploads/2019/02/ASDP-press-release-Feb-2019.pdf

Quote
Toronto, Ontario – February 25, 2019 - Constellation Software Inc. (“CSI”) (TSX:CSU) announced today that Mark Leonard has notified the Company that he or entities controlled by him (“Leonard”) intend to enter into an automatic share purchase and disposition agreement (“ASPD”) with a registered broker in Canada.
Under the terms of the ASPD Leonard will sell 100 CSI common shares per week when the price exceeds $1,000 per share, and intends to purchase 100 common shares per week when the price is less than $800 per share. Leonard anticipates starting the ASPD shortly, and continuing it for one year.


Liberty

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Re: CSU - Constellation Software
« Reply #541 on: February 25, 2019, 06:02:11 AM »
He's mentioned in the past that too high stock price has implications for employee retention. Clearly his way of trying to keep itk in a range where he thinks that won't be a problem. But if Mr. super-conservative thinks the stock is a good buy for employees at this price, fair value is above... I don't know if the market will realize that, though.

Not the first time this has been done, example from 2007:

https://twitter.com/JerryCap/status/1100031865908588544
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Broeb22

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Re: CSU - Constellation Software
« Reply #542 on: February 25, 2019, 08:11:38 AM »
Is he talking CAD or USD terms. CAD terms, the stock is above $1,000...

Liberty

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Re: CSU - Constellation Software
« Reply #543 on: February 25, 2019, 08:12:48 AM »
Is he talking CAD or USD terms. CAD terms, the stock is above $1,000...

I'm sure it's CAD. The stock officially trades on the TSX in CAD.

He's talked down the price of the stock many times in the past. You just have to keep in mind that he's the most conservative person  in the world financially, though.
« Last Edit: February 25, 2019, 08:34:36 AM by Liberty »
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bizaro86

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Re: CSU - Constellation Software
« Reply #544 on: February 25, 2019, 12:47:28 PM »
MTY.TO would be another one that's done very well with acquisitions the last decade.

Liberty

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Re: CSU - Constellation Software
« Reply #545 on: March 13, 2019, 05:02:02 AM »
Jonas acquisition (in Australia this time):

https://www.jonassoftware.com/About_Us/Latest_News/Jonas_Software_Announces_the_Acquisition_of_Happen

Quote
acquisition of Happen Business Pty Limited. ("Happen"). With its sophisticated Enterprise Resource Planning (ERP) accounting software, Jim2, Happen delivers complete business management software solutions to an extensive regional and international customer base. [...]

Happen was founded in 2001 in Mortdale, New South Wales, Australia. Happen was established to fill a growing need in the market for a comprehensive accounting and business workflow solution. The company rapidly established a strong following for its Jim2 Business Engine software, and now has an extensive customer base in diverse industries such as managed print, managed services, importing, distribution, sales and service, specialized retailing and manufacturing. Happen’s in-house team of professional consultants, development experts and support engineers are ready and resourced to ensure businesses using Jim2 Business Engine maximize their return on investment.

H/t @pearnick
« Last Edit: March 13, 2019, 06:58:45 AM by Liberty »
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Liberty

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Re: CSU - Constellation Software
« Reply #546 on: March 14, 2019, 05:55:18 AM »
COO Mark Miller doing something similar to what Mark Leonard did (but this one not over a year, just over a couple months, but with higher number of shares per month):

https://www.globenewswire.com/news-release/2019/03/13/1752885/0/en/COO-of-Constellation-Software-Enters-into-Automatic-Share-Purchase-and-Disposition-Plan.html

They really want to keep the price down. Which ironically is kind of a bullish signal, as you want management that focuses on talent retention and not the stock, and a stock that is high can be a problem for that. But at the same time, these guys (Leonard and Miller) are so financially conservative and probably have such high hurdles that what they consider fair value is probably lower than what most people would consider fair... We'll see how the market reacts and whether the gambit works or if the market sees things differently.

The timing to May 31st makes me wonder if this is because employee bonus open-market stock purchases are mostly during this time of the year...

Btw, the stock is going ex-dividend for the $20US special dividend today, so about $26CAD of the price move today is because of that.
« Last Edit: March 14, 2019, 07:34:30 AM by Liberty »
"Most haystacks don't even have a needle." |  I'm on Twitter  | The importance of saying 'oops'