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Yep, ripped the security over the company off Hanover and put it straight into their pocket!!
Check mate for the fooking BOD - if they had offered 20p could have gone through but they are greedy and trying to profit by deceit or ineptness.
P45s incoming imo.
This is a brilliant story and barely anybody posting! Well done to the large share holders.
And what a pathetic bod, they will be out shortly I imagine.
This is very positive news for pi's --still some of us left!
Kestrel/Coltrane alliance accounts for almost 50% of shares so impossible to override,
and BOD hold no shares at all.
Obviously Hanover bid will lapse but will there be another in the short term?
My view is that K /C will continue to work together to sort out financing and now with
3 months or so in hand will seek to find a permanent partner from the tech industry to
carry forward Brady development.
Kestrel have been a major shareholder for many years and have a much higher entry level
than current sp and I would expect them to work [hopefully with a new CEO] to maximise
return from the Brady expertise in a niche market.
I would also expect present employees to be delighted at the news today, a boost to morale.
You can see that was written with gritted teeth!!
Back of the net. The boys came through - left it a bit late !!
That has thrown the cat amongst the pigeons a bit. More time for a revised offer to come in now..
Max buy below 11p is 75k shares.
Anything over is 12.4999p
Max buy reduced to 250k at 13.9999p [ sell price upped from 6.3 to 9p now]
As Hanover have admiited via a RNS they would increase the offer, one resolution I see is the iis - [Kestrell and Coltane specifically] tell them they need to up the offer - unless of course a white knight is waiting in the wings till the last minute.
It may appear boring but I'm sure it ain't - the BOD have been very busy after all - and job retention will be at the forefront of their mind
So now we know terms for £1.25m loan from Hanover.
B of E rate + 2.5% [fair enough]
+Arrangement fee £37500 !
+ Fee of £3750 per quarter [why?]
+ £100,000 + VAT "facility fee" to inc legal costs etc
+ more fees [presumably] if loan is increased to £4m
From £4.8m cash in balance sheet 31st Dec 2018 to this, and BOD want to preserve
their positions. Quite unwarranted imv, failure must not be rewarded.
Let us hope for a new offer and an owner with some financial control ability.
BODs biggest mistake was to threaten the market with "little or no value to shareholders" comment, when the offer RNS plainly states they may increase the offer should another one appear.ergo, it's worth more than 10p and from the buyers own admission!
Exposes the BOD's integrity completely and questions whether they are in breach of their fiduciary duty to shareholders.
well its 12.9499 for 100k - higher than Friday!!
It ain't going below 10p cause you aren't going to have the company destroyed so from an investment / punt viewpoint, its a no brainer esp given the price evidence above.
If it was a done deal quotes for 100k should be 9.7 v 10.1 - not 13p.
Well I managed to add a few this morning. Have been invested here for many years, since change of
Board approx 3 years ago company has been poorly managed.
Nevertheless a good product range and loyal customers. Do not see Kestrel and other ii's taking a
passive view. We are in for an interesting few weeks--employees [not BOD] deserve a better future.
Depends on what I said their view is in my last post.[and whether they have been actively seeking alternative offers.].
As you say, if they give up, 10p it is.
But Hanover need 50.1%.
Big holders could easily inject funds to stave off liquidity problem and prevent it going under - although that may have a price - a BOD exit!
This RNS would work if loads of PIs - but there aren't any here.
This has only just begun imo. - virtually all recent stock has been taken by iis and not Hanover - wielding a charge over the assets may be one aggressive step too far
I'm pretty sure the institutions will take what they can if they're backed into a corner. They know how the game works, some you win, some you lose.
There isn't really enough time or general interest in the stock now to requisition a EGM to bin the board. They'll run it into the ground first and allow their pals to get the company for nowt. Either way the people who want this will apparently be getting what they want for either 10p or virtually nothing if this goes to the wall.
Trading still showing mostly buys? lol.
The BOD here really are a bunch of tosspots.
"Should either the Offer not become effective or additional third-party funding not become available, in each case, before Brady requires additional working capital, there is a risk of the Offer lapsing and Brady shareholders receiving no or little value."
Yea, right - along with your jobs! Don't think that bit will intimidate the iis - clearly a hostile sentence.
Battle lines well and truly set - it all depends how aggreived the iis are - how cohesive a few are and how proactive they are.
This stunt no doubt due to Hanover not being able to buy any shares - I wonder why.
And suprise suprise, max buy is 250k and 14p [ 6.3 to sell]
As Harry Hill would say...FIGHT!
Looks like they've done what I said they would. Backed shareholders into a corner. It's a case of accept the offer or lose everything. Further extension of the loan facility dependent upon the measly offer being approved as I read it anyway. They're running down the clock and keeping everyone in the dark on purpose. Can't see what shareholders can do other than accept the offer now to be honest.
This has pushed the shareholders into action - the BOD have thrown the gauntlet down.
This is going to be exciting
showing 109% iis!!
If that doesn't tell you games afoot, dunno what will
110p should be 11p!!
If the "market" [and I use the word loosely as there isn't one] thought 10p is the final outcome, you should be able to buy loads above 10p, say 110p - as your throwing 10% of your money.
110k - 12.93
250k - 14.999
We have a horizon event that will cyrstalise the mcap within the next 10 days
Updated FT holdings showing 89% but without Warrington's 6% - and the latest RNS holdings of 3% ish?
You wouldn't believe it but these shares are as rare as hens teeth.
Dull trading but you can bet its busy behind the scenes. Anytime from today and the next 12 days
Yep, smother the co with your own overhead, slash the mcap by 90% , someone pops up via the old boy network offering a disgraceful amount but says it will go higher but the bod think the initial offer is fair for the company they have ran into the ground sp wise only.
But since the offer we have had 10% of the company being bought by iis at around 15p - Warrington for one and some others - and Coltrane increasing to 20% post offer. And Cenkos reducing thier short at arounf 15p [wink wink].
The iis must be fuming with this - I just hope they are wound up and don't suffer from lathargy and let these directors basically steal the company
Given the trades this week, there should be more 8.3s so we have some naughties there!
And that 12,571 buy pushed the bid for 100k up from 10.2 to 11.6p.
Its all a mirage and great fun cause I can't work out how they are going to get 50.1% to agree
@jimzi with you all the way---I purchased more earlier this week.
FD has been in the job for quite a few years. Nevertheless I cannot understand
how company has managed to have negative cash flow of around £500k
per month for this year. Any DD should easily answer that.
Directors recommending offer to save their employment imv. They do not deserve to
be rewarded for the recent incompetence. Brady has good list of existing clients and a
firm foothold in a niche market. Must be on the radar for a higher offer.
1] Hanover have indicated they may raise the offer if a counter bid comes - i.e its worth more than 10p
2] Business model is superb - £19m recurring rev pa at 60% GP. Very attractive for another player who can slash the overhead / directors who seem to be the problem
3] Hanover ain't going to get 50.1% vote given ii stake building post offer announcement [ collectively they are around 98%]
Not sure why there are no PIs having a go here - its soooo much safer than 99% of the crap on AIM
1p downside, could double your money this month