The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
I sold out and then regretted it a few weeks ago, in hindsight it looks like the right move - plenty other shares running higher just now.
On their website - voting documents out. and timetable
As described in the Scheme Document, to become effective the Scheme will require, amongst other things, the approval of AA Shareholders at the Court Meeting, the passing of the Special Resolution at the AA General Meeting and the subsequent sanction of the Court. The Scheme is also subject to the satisfaction or waiver of the Conditions and further terms that are set out in the Scheme Document.
Notices of the Court Meeting and the General Meeting, which will be held at Fanum House, Basing View, Basingstoke, Hampshire, RG21 4EA on 14 January 2021, are set out in the Scheme Document. The Court Meeting will commence at 11.00 a.m. and the General Meeting at 11.15 a.m. (or, if later, as soon as the Court Meeting has concluded or been adjourned).
In light of the Coronavirus (COVID-19) outbreak, AA Shareholders will not be able to attend the Court Meeting or the General Meeting in person. AA Shareholders are strongly encouraged to vote by appointing the Chair of each of the Court Meeting and the General Meeting as their proxy. The Chair of the relevant Meeting will vote in accordance with the voting instructions of the appointing AA Shareholder.
A conference call facility has been arranged to allow AA Shareholders, proxies (other than the Chair of each of the Meetings) and corporate representatives to listen to, and to ask questions in relation to, the business of the Court Meeting and the General Meeting.
1tommo1 You should see the advfn vrs board. That has been overun with them for years and one guy called andy even has his own BB and has no shares in the company. The world is full of crazies but they can hide behind keyboards.
Nor can I, we haven't had a date for the vote yet that I can see and also we haven't herd from ABC as to what they are going to do so my guess is all the time ABC haven't sold then we stand a chance of the bid being pushed up as they will not get the 75% they need to sell at 35p. So 45p-50p could still on the cards, let's sit back and wait a little longer.
cant bring mysel to hit sell button ...need it to do something
Has anyone yet seen a voting date for this takeover, I know it was meant to be sometime in Jan but not a word yet from the BOD's or ABC and their holding. Unless I am going blind.
Wou;ld be nice to get an up-date from the BOD's.
Davidson Kempner Capital Management LP now owns 17%+ shares purchased at 0.34.
You should see the AVCT board. Overun with trolls. This is sweet bliss.
I prefer it this way. Until there is an offer document out or Albert Bridge declare their intention, nothing to say or do.
is very quiet here
Thank you JJ, very informative :)
it would be a kin to investing in a private company. The shares you get will be unlisted and very difficult to trade. The Private Equity owners are likely to have pre-emptive and drag along rights therefore before you can sell you have to allow them to buy at that price (they have the right, but not the obligation to buy) and will likely have the right to sell your shares if they are selling a majority of theirs (at the same price).
There is likely to be no reporting requirements beyond UK law (albeit Company is likely to continue reporting results for bondholders) very limited control on shareholder votes etc.
But the main thing you will also have is an obligation to fund your pro-rata share of the new capital - which will be greater than the cash component you are likely to receive.
A lot of this information is available on the AAplc website under investor relations
Like - I would also like to know this TOPCO business, although I have not received such a letter from my brokers...
I noticed today that ( Connells ) have just increased their takeover offer for cwd by 30% because they have realised they couldn't get enough shareholders to agree the first deal terms.
So it's about time AA had a similar increased offer from their takeover people / guys. so come on wheres the 45p -60p offer, you know it's the only way the takeover is going to happen.
What does second option mean I.e TOPCO shares , forgive my ignorance as new to investing in shares
I got a letter from my broker which states 2 options:
1). Receive cash 35p per share (default option);
2) Alternative offer One new Topic unit ( 0.3181 Topco B ordinary shares and 2.8636 Topco B preference shares) for every share held. Resulting stock - to be advised.
Deadline to instruct - TBA
Above options are subject to final confirmation by the Company.
So still uncertain.
:)
If you are out I hope you made profit.
If you are in and down I hope you get to where you need to be.
Either way, even if it doesn't work out for you, best of luck in other things.
Taking one for the team, thank you!
I finally decided to get out this morning. I usually hold for too long or get greedy and hope for more but like many others I got in lower and i'm happy with 34% profit.
Naturally this means the share will jump as always happens. Or dip as soon as I buy!
RNS looks like DKC now have 17%, they have agreed to sell all to the consortium for 35p and it looks like they continue to buy for an extra 1p-2p.
I believe the AA was asset stripped to the bone the last time it was private equity owned by centrica.
Not sure it has much left except a very good insurance business.
But make no mistake its very unlikely this buyout will be good for the company. The new owners will have an angle.
Never let boredom get in the way of investments. You invested for a reason. If that reason is still valid today then stay invested. If it isn't then sell.
The likes of Debenhams had buildings which could be sold and leased back, the PE could then rip the money via divs, not sure AA has those kind of assets, but they do have proven cash flow and a robust biz. Isn’t the issue here that previous PE loaded debt and debt repayments before re- floating.
After 3 years, fed up now, I need to move on, I was expecting the SP to trail the offer, I’ve had a sell order just below the 35p for over a week, this is a small loss for me but I draw the line at letting them have the shares at 7% below the proposed offer. Of course if someone steps in with a counter might be less fed up.
There's a great article in the Mail today about private equity buyers over the last few years being that are buyout barons / vultures that have killed off stores like Maplin's , Comet, Poundland, and now Debenhams etc.
Could this be the outcome for AA under this new proposal, they put in some money but then strip it and off-load it again with even more debt until it goes under. If they can raise £300m on the market to reduce the next bonds due why can't the AA. board.?
Nothingwould suprise us in this world.
That’s why the priced dipped to daily low at that time.