In the recently announced half year results, Infinis' CEO noted that the company had put in a "resilient performance". It seems only commonsense that Monterey / Terra Firma must believe that they will in due course turn in a profit when they buy in the shares at the £1.85 we are being offered.
The takeover is being made via a scheme of arrangement, so to receive the Court's approval, Monterey has to secure at least:
1. A majority in number of the shareholders present and voting in person or by proxy at the Court meeting and 2. not less than 75% in value of the shares voted.
The Court meeting is being held on 4th December, and votes have to be received by no later than 2nd December, so time is of the essence.
It may, therefore, be possible to prevent the takeover if enough private shareholders take the trouble to vote against the resolutions. I have done just this. I found the process quite straightforward, even though my shares are held in a nominee account. I think with schemes of arrangement, the acquirers often rely on investor apathy to secure their aims.
If you are lucky enough to have exited from this without losing money or having made some take the money and run.
I lost 10 k earlier on in the year when the SP was driven down the day before XD despite there being 6 times more buys than sales. I sold after watching a 35 k investment reduced to 23 in 1 day but got a 2 k dividend, wahoo !!
This is the last time I will ever invest in shares as the smaller sahareholder clearly has no control when market makers and w*nkers are manipulating the market for there own financial gain at the expense of the shareholders.
Taking the small loss (after divs 240 quid).. made half of that back on the first trade.. learning curve for sure on this stock .. I suspect the company is going places - liked the financials. Fenewables subsidy was a removal of a cherry off the icing... fundamentals very good long term) - no wonder the VC's want it
SP wont move from 183.5 until either 185 is paid or it all collapses..
interesting, thanks for pointing that out - but the price is at 1.30 well below the 185. the takeover panel is on 0207 382 9026 - they are a friendly bunch and clear up any questions/queries you may have give them a call
I have just spoken to a very nice man at the Takeover panel in London, and he informs me : The reason TF can offer 185 is because Monterey Capital or TF or any other company associated with TF haven't acquired any shares in INFI in the last 12 month period and therefore are able to offer any price they wish for the shares. The board still need to vote and the Monopoly comm and all the other regs etc etc need to approve it but this is why they can offer 185.
Another unusual thing is, This morning Investec, pulls down its estimation for Infinid from 250p to 185p. Usually when this happens the mms pull down the SP 20-30 % below of the newer value. This morning the mm's upped the SP to 185p. Where is the FSA in all this? They appear to want our shares desperately, wonder why the manipulation.
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