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Mills in the news in mail today - He bought 300k shares in M J Glesson - he is NED there- at £6. Purchase via Harwood capital.
Shares down from £10 a year ago.
Lots of good analysis and comment guys :-)
Bit frustrating that the Easter weekend has interrupted the news flow!!
If the board can batter old **** mills up to 40p I’d be a happy investor.
The question is does our board have the minerals for a good fight? I’d like to think so!
I don't understand the Turner link up.
Turner is not into digging and contracting and assessing risks - his father was - but he is now into conference facility lets , retirement properties - a wind down. Into commission- cards and gas supplies etc and easy earnings.
So why did he agree - or did he? Comment was that Turner would not sell his shares. Strange - even odd.
Should this have been written on the first day of April I might understand
jl, you're right, this offer is a joke and has no chance of success, which, given Mills is not a fool, begs the question why is he trying it on? And why did he choose this structure?
The answer to the second question appears to be that he sees this as a cheap way to gain control of the business. If it was taken private he can do whatever he wishes with the company without any real sanction or scrutiny...this is totally unacceptable. He and Bayford may also see this offer as a way to flush out any other bidder and allow them a profitable exit.
I'm guessing, but I'm not sure how much fight the management team have in them and they may well be preparing to sit down with Mills to agree a more palatable deal. The problem is, as far as I can see, none of them are particularly experienced in corporate activity and would be trampled to death by Mills, who is an expert. (I'm afraid our new NED, although having corporate finance experience, is no match for Mills)
We can only hope our corporate finance advisors are up to the job and are able to extract fair value.
One thing's for sure, this has got legs and we can be assured of plenty of bitter fighting.
Sorry seems the trades were c 10m! not 6
E
These guys think they can get current shareholders to accept delist.
Do not know if the late trades are real sells - but a lot of them 6mil+
There is clearly a plan - when Blackrock dumped and Bayford picked up a load there was talk about T/O - but the Bayford of old do not appear to be the current bayford retirement lots etc.
Mills saw an opportunity - and got some mates together to mount an offer - drawing in Bayford.
IMHO this is just a joke - but when PIs sell some one will pick up.
We have come quite a way from the original spin off - shame to get it all spoiled by a greedy bod who wants to put governance and value of pipeline assets as negative points of attack. To my knowledge the value of the assets sold have not been formally disclosed - what does |Mills know about the value of pipeline assets and their revenue stream - unless he has been prepped by a disgruntled one.
This is the proverbial bad attack -
I think if we were to settle between 65p and £1 I’d be very very happy.
But given the pathetically low opening bid is it realistic?
A
I have spoken to Tom on a couple of occasions. Difficult to get hold of at times.
I am sure a response will be forthcoming - whether it is what you want ? Wait & see.
Echo
SP was c 65p before the Eu capacity market ruling.
Go back through the RNSs - think there was a share option grant over £1
Phps somewhere in between?
Good question, Echo. I admit, I don't really have a target price at the moment.
I appreciate I’m fishing here but what do people think would be a realistic offer?
I doubt I'll get a response, but it may prompt them to make an announcement about the issue.
Excellent work add
I have emailed the company's financial pr people and have asked them to clarify Holder's role. There is clearly a conflict of interest and he needs to stand aside.
Good to see a rapid response.
And very pleased to see that they view this as opportunistic approach given market conditions.
Echo, it is to be hoped so. They need to put up a very robust defence and they should also be getting their advisors to approach other potential bidders.
Let's hope they can get the price up to a level that returns you a profit.
Well my hats off to you addic. I should’ve topped up at 15p but I’m just not willing to risk it atm.
I’m around 40% down on my portfolio at present, and I’m not working.
Hopefully fulcrum will be ready for a fight.
Governance and pipeline assets? Not something in the public domain until the sale was announced
Don't suppose Harrison was happy at being told to go and it was Harrison who went down the route of acquiring pipeline assets but through borrowing not using spare cash thereby putting the company at risk
Phps Mills had a tete a tete with him?
It was me.
For various personal reasons, I've followed Mills over the years and have been astonished by his tactics. As soon as his investment was announced here, it was blindingly obvious what he was about to try. And bingo! here it is.
Christopher Mills you effing ****
Whoever ear marked them as a vulture fund was quite correct. Fingers crossed the response from FCRM will be a good read :-)
Indeed and it would be very interesting to find out who the other party referred to, was. My guess is Bayford, hence the tie-up with Harwood.
The response from our lads should be amusing.
From a purely personal perspective a bid in the range of 35-50p would seem far more apt. A lot of investors and directors are losing out big time at the current bid. What we need is another interested party . . . ?
Echo, you are right, this is a straightforward pishtake, and the market thinks so as well. There is not one thing to recommend this approach.
This is so, so typical Mills.
Yep I was right. And in this case I hate that I was right :-(
My break even is 32p. Fingers crossed the up the offer. Offering 26.5p is nothing short of scandalous. We all know the price is depressed due to covid. The material value of the business is far more IMO
Feel free to disagree guys
In fact, it's very unfriendly.
Harwood are highly critical of existing management and complain that the recent disposal was completed at an undervaluation of the business. It also says the company has rebuffed a recent approach from another party.
Harwood, if successful, wish to de-list the company.
For anyone familiar with Mill's approach, this is all very familiar.
A bit of fun to be had in these gloomy times.