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No volume now.
It looks like those in are staying put including Octopus.
Fsp update should be soon
These tiny trades at the full ask are Octopus repositioning across their funds I suspect.
A bidder picking up their holding at a sensible price would probably = game set match
Thanks for that D-G.
That rallies with my research too - a bit like going fishing and you just going to see what you could catch even though you not particularly hungry.
If you only get a few bites or a small fish it doesn't matter that much as you can throw it back. But you may just happen to catch a big fish ?? that you would want to keep!
I asked another dad at school who works in M & A about the FSP and if it is only used by companies on death-row. What he replied is not much new to us but the bit about 'suiters that may be toying with the idea but don't want to get tied in' is something we haven't overtly discussed on here. I think that's new as I didn't realise there were break-fees with a traditional bid. That would have put the brakes-on in the past.
Anyway, this is what he wrote to me:
'I have done a little reading and digging and the term FSP is relatively new, basically it ironically is a LESS formal version of the UK takeover code that has a very cut and dried approach. Ie deadlines, break fees and cut offs where you are unable to bid for a company for many months if you don’t formally state your intentions. This puts off many possible suiters that may be toying with the idea but don’t want to get tied in.
Basically it’s like saying we are interested in selling or some kind of joint venture but we don’t want to disclose whether we are currently in talks with anyone. They can talk informally with possible bidders without having to declare names etc.
This is my take on it so don’t make an decisions on what I have said please!
It doesn’t necessarily mean the company is desperate for help although that is a possibility
Hope this helps a little'
So I wonder will there be an ‘ Outing’ any time soon?
( EVE would announce the details of interested parties - if any).
As suggested per FSP info link:-
https://www.gibsondunn.com/uk-public-ma-uk-public-companies-up-for-sale-strategic-reviews-auctions-formal-sale-processes-does-it-matter-new-guidance/
Maybe by the end of this month DGU?
If the sales improvement mentioned in the RNS from May, halting the previous 4 month decline has continued, then by the end of July, would be 3 months or a 1/4 and therefore significant I think?
If no update by say mid August, then I would presume sales are still pretty rocky.
Difficult to judge what EVE "have" to say about the rest of it, ie potential sale or further investment.
I think it just is as it is. You hold buy or sell on whatever you think is most likely and pretty much stay with it to see how it pans out.
And shareholders have been told nothing to date!