What is currently known about HAYS. I have been tempted to buy a few times over the years but have always missed a buying opportunity.

As far as I can see they look like a buy to me. They have stated that results will in line with expectations. There are possibilities of them selling off a part of the company for a good price. They make good revenue and profits. They pay a reasonable dividend.

This looks good also

3 June 2004

"LONDON (AFX) - Hays PLC plans to return cash to shareholders from the
demerger of its DX mail business announced today.
Speaking to newswire reporters, outgoing chief executive Colin Matthews said
that debt put into the DX group on demerger will liberate cash for return to
shareholders. DX will be demerged by issuing current Hays shareholders with
shares in the new mail group.
Hays has promised cash returns to shareholders from disposals of property
and other assets as part of its restructuring into a standalone recruitment
specialist agency.

Hays has promised that surplus cash from its disposals will be returned to
shareholders and Matthews said Hays will give further details in September."

http://www.citywire.co.uk/instrument/default.asp?vid=66566&kid=23&uid=&cid=&ctid=&sid=&fid=&iid=&type=&dateEnd=04/07/2004%2023:59:59&rurl=/instrument/default.asp

A buy note from SUNDAY TELEGRAPHL -

Buy Hays at 123.25p

HAYS up today

What's the guess it's all eyes and little real substantial
movement until the announcement in Sept.? I just hope they don't
stall on the DX division decision (again)as they did before,
would really like to
turn this one for a profit in the next few months - it's been hanging
about in my portfolio for longer then it was supposed to already!! (lol!)

It is up nicely over the last few days. Now almost the resistance point of about 128p.

You know I was hunting about earlier today trying to find this thread
and couldn't so thanks for digging it out Haystacks.
Yes been steadily on the rise now for a little while, if it keeps
the momentum up until results in Sept could be good!!

The problems is that I put the wrong Epic code in the thread. I put HAYS instead of HAS.

Maybe it needs changing.

That's why I couldn't find it then - not sure what you do about it
though if you want to change it...guess you'll have to enquire with AM
It's still going good this afternoon!

Haystack,

I have amended the epic code for you to HAS

Ian

Thanks. What service.

Haystack,

We aim to please :)

Ok so the big question is when will they hive off the DX service??
Rumour (or possibly assumed fact) that they will have it as a listed co,
with existing shareholders getting shares, we should know tomorrow.

This is looking very strong now with good volume. Very good results recently and the prospect of money returned to shareholders.

Well to be honest Haystack, I'm looking for a decent rise and I'm out,
I have no great urge to own a handful of shares in DX when they float
it!!! (1 dx share for every 20 Hays ones was the last thing I heard)

News released actually yesterday, but only spotted it today.

Hays PLC
27 September 2004


27 September 2004



DX Services plc - Publication of Circular and Listing Particulars


Hays plc announces that the Circular and Listing Particulars in relation to the
demerger of DX Services plc (the 'Demerger') were published today and are being
posted to the shareholders of Hays.

An extraordinary general meeting of Hays to approve the Demerger has been
scheduled for 28 October 2004. Subject to shareholder approval, it is expected
that the shares in DX Services plc will begin trading on 1 November 2004.

Have been looking at the proposed Hays - DX Demerger - it appears that Hays have been trying to sell the DX business for 18 months but have ended up deciding to demerge - Does this mean that there arent any buyers for it? Consequently why would the shareholders want it? Current management have been there for around 2 years but it has largely gone nowhere during that time. On the other hand if you look at the Hays business as a whole the reported profit margins from the DX business are much higher then the actual Hays business - so is it worth buying Hays shares to get some cash and shares in DX? - Strikes me as too many unanswered questions at this stage - Interested in any one elses opinion

SDB
On your thoughts above of buying Hays for cash and shares in DX - I
haven't seen any cash on the table, so I'd check that if I were you
before committing yourself on that basis. The divi is very 'average' so
I can't think you are viewing that as a 'cash' component so can't
quite work out where the cash element is from?

Remember the split mentioned so far has been 20 Hays shares for
1 DX one - so you have to believe in the other side of Hays business
for it to make sense to buy in at this stage - after all you will
after the de-merger have a lot more shares in Hays then DX.

The recruitment side has been holding the rest up for a long time,
that is the core business and they are well placed in that sector
so compared to other recruitment co's, they could be considered as
a good bet, but it is a very up and down competitive sector!

If the DX side really interests you more - why don't you consider
holding off and buying into that alone when it floats?
As ever DYOR and Be Lucky!!

Actually I was mainly interested in possible short term gains from a demerger transaction. Funny how we always get back to money.

As to the divi - I was really looking at a cash distribution from Hays - they have been selling all non-core businesses and I was hoping that eventually some of that would come out.

I have now got hold of the demerger document published yesterday and the listing particulars for DX - as I read it good news and bad news - good news for those who want to hold Hays - the DX business has been geared up to the high hilt and all the cash stripped out into Hays - Could there be a pay out coming?

Bad news for the DX business - current management although stated as 'experienced' have never worked in the mail sector before and have resided over a company going backward in profitability for the last two years - stated objective is to reduce costs but employee numbers go up while revenue is going down - no real clear strategy as to how to increase revenue

Think I will stay out of this one - and look for another quick buck

Cheers

SB
There's been speculation on Hays returning cash to share-holders
for at least a year...and so far we haven't seen any...actions can
speak louder then words at times. Nice to know the demerger paperwork is about
I'm still waiting for mine to turn up!
Be Lucky!

OK for info. if anyone else is holding these and has recently rec'd
the doorstop material about the DX float.
Currently there does
not appear to be a float price set for DX and if as a result of the
share consolidation (1 Dx for every 20 HAS)you are left with a
useless amount of DX shares (under 500)it suggests they will run a
share-dealing service for offloading the unwanted shares. However again
there are no definite details yet, those will be sent later on.
Lastly there is a helpline in place for help on the demerger doc.

I tried the helpline - not much more than a guide to points already raised in the Listing Particulars - expecting broker research to give a view on pricing pre-listing