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ClickSoftware Technologie (CKSW) Message Board

  • pajacobsen pajacobsen May 15, 2013 12:38 AM Flag

    Expiry of Shelf-filing

    All,

    The first time I saw investor panic and panic on this board related to ClickSoftware was at the issuance of the F3 shelf-registration in April of 2010, allowing for the issuance of 15 million shares, or so.

    Over a period of two months, or so, of the date of the totally immaterial filing, the per share price fell from $7 to less than $5.

    The registration, which I believe was filed under Rule 415, has now, effective as of April 26, 2013, silently expired without being effectuated. However, we have not seen a $2 appreciation to balance out the silly panic of 2010.

    It is remarkable how yesterdays crisis, averted today, is not embraced as good news.

    Best,

    pajacobsen

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    • PA,

      Thanks for the heads up on the shelf registration expiring. In my opinion the shelf registration was a practical tool in the event a "wow" acquisition opportunity emerged. What was stupid (but not at all unusual) was the investor panic in response to it.

      The fact ClickSoftware didn't make a big acquisition, and has made only 3 trivial ones in the past 15 years, is a reminder of just how inherently conservative the leadership team is. They don't have a track record of doing anything rash. Every step in the business plan has been based on careful evaluation, planning and execution.

      Thus their decision to aggressively ramp staff levels which is pressuring margins, the current source of investor panic, is not being done from irrational exuberance. Neither is the guidance of 20%+ revenue growth in 2013. They clearly see the near market opportunity and believe the ramped investment will pay off for investors.

      The other challenge is Moshe, Hannan and Shmuel, all of whom have considerable skin-in-the-game, are clearly building for the long term. Much of the Wall Street herd struggles to think past in 90 day increments.

      Good luck to everyone.

      Fujigrower

      • 1 Reply to fujigrower
      • Fuji,

        Where do you get the confidence in Click's management?
        The stock is trading at the same levels as 3 years ago, when the company sales were 60M per year.

        I asked you many times and I will again, why they needed to guide for 20%+ growth?
        You should guide for 20%+ growth only if you can beat it easily. The day they announced their guidance, early January, Roth downgraded the stock and many assumed they will miss their 2012 guidance.

        In fact, the same day they gave their 2013 guidance, the stock was down big.
        Most software companies are guiding to 3-5% growth in 2013 and guess what? Their stock price is hitting 52 week highs.

        They don't act like seasoned executive management. They are acting like rookies.

        The Gunner

        Sentiment: Buy

    • Thanks Pajacobsen, I for one am glad to see it expire....it was a stupid thing to do... I am guessing there must have been some hostile acquistion threat on the horizon that the board felt they needed a posion pill... Let's hope they don't repeat yesterdays mistakes...

      Cheers

 
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