Author Topic: MITK - Mitek Systems  (Read 16295 times)

Castanza

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Re: MITK - Mitek Systems
« Reply #30 on: March 11, 2019, 07:09:10 AM »
Shareholders did not approve amending MITK's stock incentive plan that would have allowed more shares to be issued. I take this as another sign that shareholders are out of patience with this board.


https://www.sec.gov/Archives/edgar/data/807863/000080786319000018/mitk-20190307x8k.htm

Can you expand upon this a bit? In regards to the patience comment. I think shareholders are content with either a sale or continued growth. I would be unhappy to see the company prematurely sold without realizing the full value Mitek's product is worth.
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Foreign Tuffett

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Re: MITK - Mitek Systems
« Reply #31 on: March 11, 2019, 07:33:08 AM »
Shareholders did not approve amending MITK's stock incentive plan that would have allowed more shares to be issued. I take this as another sign that shareholders are out of patience with this board.


https://www.sec.gov/Archives/edgar/data/807863/000080786319000018/mitk-20190307x8k.htm


Can you expand upon this a bit? In regards to the patience comment. I think shareholders are content with either a sale or continued growth. I would be unhappy to see the company prematurely sold without realizing the full value Mitek's product is worth.

I don't have much to add except that if you look at the events of the past year it's fairly clear that MITK shareholders have grown increasingly restive. If shareholders were happy with the status quo, they wouldn't be voting down the board's proposals.
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GregS

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Re: MITK - Mitek Systems
« Reply #32 on: March 11, 2019, 10:07:06 AM »
The Board's communication regarding the CEO's and CFO's departure was atrocious.  No surprise they aren't getting deference from shareholders even if things look better now than 6 months ago.

writser

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Re: MITK - Mitek Systems
« Reply #33 on: March 12, 2019, 09:38:43 AM »
Stock ran up to ~$11.60 today - maybe because of optimism due to the results of the shareholder vote? I don't know, but I sold the majority of my position. Probably too early, but $11.50 is the only firm bid that I am aware of. Let's see if the market offers another buying opportunity soon.
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Castanza

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Re: MITK - Mitek Systems
« Reply #34 on: March 12, 2019, 10:50:18 AM »
Stock ran up to ~$11.60 today - maybe because of optimism due to the results of the shareholder vote? I don't know, but I sold the majority of my position. Probably too early, but $11.50 is the only firm bid that I am aware of. Let's see if the market offers another buying opportunity soon.

Didn't management way there were multiple parties interested? Why would they turn down an 11.50 bid if there weren't better offers on the table? Even if they dont selel I think there is still plenty of room for Mitek to grow.
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writser

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Re: MITK - Mitek Systems
« Reply #35 on: March 12, 2019, 11:25:23 AM »
I'm not in this name for the organic growth - no views on that. I'm all for the quick gain! As I said before, consider me skeptical about management. The board gets paid way too much and hardly owns shares. $11.50 is the only firm bid we've seen, despite all the big talk about "interested parties". Yes, there is a possibility that a higher bid will emerge but there's also the chance that other parties aren't as interested as management portrays them to be, not to mention that there's a chance that the board decides to do something stupid. I'll gladly lock in my gains when this is trading near the Elliott bid and leave some money on the table for those with a more optimistic outlook (or more knowledge of the company!). It is just my simplistic view that given the facts I know MITK looks like a way better proposition at $10.70 than $11.40. The market has given me the opportunity to bet on this view a few times. Keeps me off the street.
« Last Edit: March 12, 2019, 11:29:12 AM by writser »
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Castanza

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Re: MITK - Mitek Systems
« Reply #36 on: March 12, 2019, 11:44:41 AM »
I'm not in this name for the organic growth - no views on that. I'm all for the quick gain! As I said before, consider me skeptical about management. The board gets paid way too much and hardly owns shares. $11.50 is the only firm bid we've seen, despite all the big talk about "interested parties". Yes, there is a possibility that a higher bid will emerge but there's also the chance that other parties aren't as interested as management portrays them to be, not to mention that there's a chance that the board decides to do something stupid. I'll gladly lock in my gains when this is trading near the Elliott bid and leave some money on the table for those with a more optimistic outlook (or more knowledge of the company!). It is just my simplistic view that given the facts I know MITK looks like a way better proposition at $10.70 than $11.40. The market has given me the opportunity to bet on this view a few times. Keeps me off the street.

Fair enough, I respect that stance.
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Schwab711

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Re: MITK - Mitek Systems
« Reply #37 on: March 13, 2019, 07:01:47 AM »
Maybe not my best idea ever but I switched to Apr10 calls. If there's a deal at $11.50, I lose roughly what I made going from $10.60 ish to yesterday. If there's no deal, I lose quite a bit more. I think there's a fair chance of an increased offer. MITK is an in-demand asset and they could potentially generate a lot more cash with greater scale.

It's a gamble. I think there's a high probability a deal is completed. I have very little experience chasing dimes so I might look like a fool being so confident. I also think there's a meaningful chance there's a higher bid, with the chance of a higher bid > the chance of no deal at all.

LightWhale

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Re: MITK - Mitek Systems
« Reply #38 on: March 14, 2019, 03:42:11 AM »
Why April?

Schwab711

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Re: MITK - Mitek Systems
« Reply #39 on: March 14, 2019, 06:39:18 AM »
https://seekingalpha.com/news/3430254-mitek-attracting-pe-interest-thedeal

I assume this is a roughly true timeline. Even among bets, I'm not sure it's a great bet.