Probably the right course IMO, i will be ringing my broker up this morning to find out whats going on. Finding out how AMED plan to "enhance" shareholder value when the company is delisted and well off the radar is more than a little bit risky.
I have this morning heard from my broker about the offer. You have to physically accept the offer, it appears that if you don't contact them to accept that will mean you are rejecting the offer. I am accepting it, I have up to 14 th April to formally accept it.
No doubt when Redbird invested in BAO they stipulated that two of their management we elected onto the BOD of BAO as non-executive directors. But the whole thing does smell rotten. Just in the same way that Redbird are picking up BAO of a 'song' - no pun intended. Despite the low iron ore price, 6p a share is a bit of an insult and total diservice to shareholders. The BOD just seem to be showing their own self-interest - don't do as I do (which is intend to keep my shares) do as I say: shareholders sell you shares for a loss or very little gain as compared to the value of the assets. Unfortunately, this deal is typical of what seems to go on in AIM and yet nothing seems to be done by the regulators. The wording in the press releases is also very unhelpful and confusing - apparently deliberately. And who has been punished for their 'inadvertent' mistake? No-one...I don't believe there are such things when NOMADs are supposed to be on the case of the BODs and their releases and activities.
Still holding in SIPP, ISA and personally, but becoming confused. To ensure receiving 6p, do we (1) have to vote in favour of the proposals and then (2) formally accept the offer ? Is there any way this sale consideration offer can be lost, other than failing to meet stated datelines? Incidentally, am still pondering retaining a block of shares!
"Normally within 14 days of the publication of the offer document, the target board must publish its views on the offer to its shareholders (Rule 25.1 of the City Code) and must make known in the document circulated the substance of the advice given to it by its independent advisers (Rule 25.2(b) of the City Code). In the case of a recommended offer (including an offer to be implemented by way of a scheme of arrangement) this is done in the offer document. Otherwise, such views will be published in the defence document. " From P23 https://www.slaughterandmay.com/media/39320/a-guide-to-takeovers-in-the-united-kingdom.pdf Nothing in the offer document, so I await what the BOD has to say with interest. Very much DYOR....
"The dispensation from the obligation to make a mandatory offer in accordance of Rule 9 of the Code is also subject to Redbird having agreed with the Panel that, in the event that the Offer does not become wholly unconditional, Redbird will dispose of the Shares acquired pursuant to Market Purchases following the lapse of the Offer in a manner satisfactory to the Panel" So they are buying shares, but only up till 50.01%, and then they are going to get rid of them? This is as clear as mud.
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