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Thanks BB, i will contact my broker on Monday.
BR - sorry missed your question. As has been suggested there is no vote yet to accept the 20.9p as that is not yet a formal bid and JB already declared against. My online vote was on the original proposal of TRG (JB) to remove the Directors. I can only attest to the ii procedure that I have followed but I would anticipate that everyone should now be able to vote. ATB
Betright. If you Reread RNS"Richmond has placed all of its shares in Amigo with a broker, with irrevocable instructions to sell 1% of the company every trading day until Richmond's stake is reduced to zero". It states of the company as in Amigo. That will be 4.5 million shares a day. So would take 60-61 days to clear.
If I was those guys that own 9-10% (can’t remember the name now) I might think well sod it, let’s vote against JB, let the SP drop and pick up a good chunk of the company on the cheap?
I haven’t had any corp action come through on mine so I’m going to email them now
JB decision to sell 1%-a-day kind of automatically means accepting offer even below last bid. He will be selling into current market dropping sp further down, whoever buys it gets premium between market sp and offer.
It it also controlling lot, therefore someone else might be here to pick it up and take over the company last moment (changing decision upside down via EGM)..
HH, I completely agree with you. Have you vote online?
Doesn't the largest shareholder have to agree to the 20.9p offer? He has said on twitter he wont agree to it. Has that been stated in a RNS?
On twitter he said he would sell 1% of Amigo per day, he owns 61%, so 61 days i presume, if the vote goes against him.
What I understand to the last RNS:
1, I think there will be at least 2 different votes: if accept 20.9p offer and if remove the entire board.
2, I believe JB will reject the 20.9p offer. If he accepted the offer, he has no shares to sell after the general meeting.
3, JB can vote to reject the 20.9p offer of cause, but for some reason he agreed not to vote down the entire board by using he’s 61% right, and he needs other share holders to vote the board down.
4, IF the current board sill rule AMIGO after the general meeting, JB will sell he’s 61% shares about 290m in 100 trading days, that’s 2.9m a day, twice more than average trading volume.
I don’t want to see this happen, I also don’t want to see the board and the dominant stockholder fighting continually, thus for just littlie help I intent to vote against the board; also because current board useless, AMGO lost huge percentage of SP.
BigB, I use Barclays broker, online cooperation action says “You have no active corporate actions.” Should I wait for new action coming or contact my broker now?
Ex dividend date is in around 6 weeks time I believe.
Secondly could he be doing this to smoke out the supposed company that made the offer? Would they not have to declare their holding over a set percentage if they start buying daily? There has to be a logical reason why JB is doing this rather than accepting the offer that's been proposed? The share price could drop lower than the potential dividend payment if that still goes ahead.
Judge mental. It would be around 4.75 million shares a day. 475 million shares for entire company. Richmond group proposing to sell their 60% at 1% of Amigo a day. About 60 days of selling around 4.75 million shares into the open market daily. Or have I read it wrong?
the mms still have to make a market and if he goes at best with what the mm know he will effectively create a sub 1p sp and ill buy a couple of million then until he is done :)