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No need to be too concerned here in my opinion. The Takeover code protects shareholders like us in situations like this. In short, if Crown want to make an offer they can do so at any time or buy through 30% and are compelled to make an offer under the Takeover Code at a price which is at least the highest price they have paid for the shares in the past 12 months as Indridcold has alluded to. In situations like this, Crown's Investment Bank/Broker will be in touch with the Takeover Panel (and I suspect they have already on a no-names basis) to establish exactly what their obligations are as they appear to be on a mission. They will know what they have to offer as a minimum but they will also be acutely aware that the other 70% on the share register know that the value of the company is at least 50p or higher so it would be pointless making a derisory offer of say 40p as it would be costly and would achieve nothing. The Code is also very clear that Crown could not be acting " in concert" with others to acquire more shares than 30% " under the radar" as that would be a clear breach of the Code and advisers would be severely sanctioned, so unlikely to be the case. Company will be aware of this so may sit back and wait for an offer or if they don't want to settle for as little as 50p may have more ambitious plans but so far no indication as to what that may be. Will we have to wait another year.............hope not?
Logic would say, and we would all hope, that for COC to get to 30% they'd have to pay more and more for the shares. Unfortunately they have just picked up 1.5% of the company between 29-32p and the SP has fallen to 29p. You couldn't make it up. Dark forces or at least corrupt ones at work.
IndridCold I sure the market is well aware of the situation with COC, 28 % is one hell of a holding and the market is still asleep.... .. what we need is for people to stop selling... they are the ones in control the sellers... 90 million shares have been sold... COC are not to blame the week sellers are..
COC can�t �force� anyone to sell at any price at all, COC can offer Xp per share for all outstanding shares as part of a takeover but that offer has to get votes off enough of us other shareholders to push it through If they breach 30% they (under UK rules) have to make formal offer for the whole company and the lowest price they offer has to be above the highest price they paid in the preceding 12 months, however as mentioned above enough other shareholders still need to approve the offer So we will just have to see if they can get 30% without bumping the price up, surely once they get around the 29% mark the market is going to wake up and realise there is money to still be made in the high 30p�s and the price should head north, and hopefully with that last % or so COC will hav to be paying around 40p and an offer will come in above 45p Therefore the offer has to be a decent enough one to get approved......I can�t see that happening on anything below 45p Another question is can COC do this on their own or do they have a third party helping them? I would have thought they don�t have the financial firepower to afford the whole of BLVN on their own......
Any other company, there is no way an activist shareholder could gain 30 % so easily.. people are fed up with BLVN and this is the only way they have managed to accumulate such a holding... Sad really, see an offer coming at 37p... share is worth so much more..
Thirty percent and they can make an offer. They would need ninety percent of votes to win.
that is a concern considering what they offered for us guys to oust the old board :((
That explains the price manipulation and drop in sp so they could load up. How corrupt is AIM.
Does anyone know the rules under which COC are entitled to force us all to sell our shares to them? I seem to rember they can force us to sell at a fixed price when they get over a certain % holding? 30% holding rings a bell? And somthing about them having to offer a minimum fixed price based on the highest share price over the last 6 months or something? I may be wrong, but if not I feel this scenario is fast approaching and is indeed their singular aim. Only once they have 100% control as sole owner will they get things moving for themselves -- and we will be left with none of the spoils.
They keep buying
doesn't make sense. why would KH sell now? he believed in the success of etinde and that the appraisals will bring a lot more volume. nothing has changed about that except that he lost his job...
That 3 mill shares looks like the number of shares kh had? Can’t see this moving much until some real news
Big sell and and solid buyer..
no, i agree ,it looks like some of the trades might be delayed ,so will show up later, im seeing 1,5 mill traded but notshowing that amount here yet
no, i agree ,it looks like some of the trades might be delayed ,so will show up later, im seeing 1,5 mill traded but notshowing that amount here yet
This share tends to have little spasms. I've often topped up on the strength of these sudden flurries of activity only to look back an hour or so later and find the activity had stopped right after my trade and the last buy was mine so I don't get too carried away these days.
looks like they are all buys as the 46k buy was just before at same price
trouble is ,we have no idea whats going on and cannot really try to guess ,
unusual activity for this mostly dormant share last few days ,bigger movement and more activity ,
I was just thinking the same thing
a lot of trades going through at the minute
back to square one again
Wondering if someone is looking to add or buy in before news that will hopefully come soon if FID still on for next year?
Disappointing? Corrupt I'd say. Massive drop on hardly any volume but thats AIM for you.