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That is a very positive rejection of the Sports Direct offer. Although mention was made of the Toscafund sale, no reason was given as to why. I am quite concerned that we have now presented an excellent half year report, a strong third quarter update and now this firm rejection of the offer and the share price has not moved. What will it take to get the share price moving back in the right direction ?
Meanwhile at Sports Direct, they are in danger of losing their entire investment in Debenhams and Goals Soccer Centres have suspended trading in their shares due to a large VAT error which will impact accounts going back a number of years. Sports Direct own 18.92% of shares in Goals.
Let’s hope that our fourteen larger holders see sense and choose to reject the Sports Direct offer.
Tinsel = Findel
That's a robust defence. I'm glad they've put out some background around the Toscafund sale as well as the trading update. Not much sign of heading back towards the "undisturbed" price yet though.
I missed Standard Life/Aberdeen PLC from my list at 1.09% bringing the new total up to 93.5435% held by fifteen holders. We have also only had 63.663% of 23.97 pence convertible shares declared from three banks. Who owns the other 36.337%.
Legal and General - 1.45%
Norges Bank - 2.92%
K Chapman - 1.11%
Hargreave - 2.9615%
Teviot Partners - 1.07%
FIL - 8.86%
Pru/M&G. 1.20%
Ennismore - 3.16%
Schroders - 21.052%
Lombard Odier - 4.16%
Blackrock - 1.28%
Janus Henderson - 4.36%
Milton Group - 2.07%
Sports Direct - 36.8%
Total - 92.4535%
According to the 2018 annual report we had seven shareholders collectively holding 91.35 per cent of the shares. Now we have thirteen shareholders collectively holding 91.42 per cent. 1GW_ you are correct that Aberforth and River and Mercantile have both sold their holdings, as well of course as Toscafund. City and Financial bought 5,000,000 shares on the 7th December at around 192 pence. They sold 6,000,000 shares to Sports Direct on the 4th March at 161 pence. I can’t find a holdings in company announcement from City and Financial confirming their purchase of the other 1,000,000 shares.
Unless I've missed it, we've had no opening position declaration from either of these 2. That suggests both are now under the 1% declaration threshold. Both held over 4% as of 1st June 2018 according to the annual report.
So their sales may account for some of the share price weakness since then.
and as far as i can see it,we havent had a single shred of bad news since we hit that price,so i would say to all invested,unless you desperately need the money to pay your council tax bill,just sit tight,gonna be interesting to say the least.
The most effective way for our board to fend off this unwanted offer is to drive the share price to a higher level by whatever means are available to them. As far as I am aware, there is plenty of good news to come out about the 2018/19 financial year that should in normal circumstances drive the share price back up well over 200 pence. If this should happen, 63.2 per cent of shareholders will have no hesitation in rejecting the SPD offer of 161 pence. While the share price hovers around the 160 pence mark, idiots like Norges Bank may consider 161 pence to be a realistic offer.
Im presuming we arnt going to go above 1.61 until the 9th april at least until the offer closes.
Spot on....impho..and noted your post yesterday.....
Some larger scale investors are not always the most well informed individuals as City and Financial recently demonstrated. We have to hope Ejackson that our lot are not under the spell of Sports Direct and do as our our board have robustly advised us this morning and vote to reject such a derisory offer.
The statement by the board was immediately followed by another form 8.3 posted by Norges Bank confirming the sale of 20,000 shares at 156.19 pence ! That indicates to me that they will vote to accept the SPD offer ? Why sell at this lower figure when in three weeks time they can accept 161 pence per share.
In conclusion, Norges Bank will not be privy to any inside information about Findel so therefore they can only be completely stupid.
My only concern is that the market seems to be onside with the offer.
We were marched down to this level from c.£3 and the SP was ticked up when SPD's offer document came through yesterday only for the SP to be taken back down 5% after the unanimous rejection by the Board. It really doesn't make any sense given the current and future value/ prospects of the company.
I am looking forward to a resolution of this as swiftly as possible but cant help fearing something going on behind the scenes that may push the deal into SPD's hands. History and currently Debenhams has shown how MA behaves in these situations, and if there are any more jittery shareholders out there that have a need for cash, we could be in trouble.
Its now down to the Board to put forward the strongest of defences and galvanise shareholders into not selling on the cheap.
Me tooooooooooo...
Morning fella im looking forward to the way this is gonna pan out.
NOW PAY US MORE.....ffs...hehehe
who in there right mind is gonna sell there shares for 1.61,sports direct have a really good sense of humour,even dick turpin had a conscience.
Wise words-Noted.....
Never invest in any funds managed by Legal and General or Norges Bank.
Presumably because they don't think the offer will satisfy the condition (he has to get to 50% to go through with any of it as I read it) and/or they need to raise funds now.
Thanks 1GW_. I was trying to find logic in a totally illogical situation. That still means then that an investor in Findel is selling shares at over four pence per share below what has already been offered. Why would you do that ?
Now that would make good sense...doesn't really surprise me either....
Numis are just acting as an intermediary dealer - buying and selling on behalf of clients - as I read the 8.5. They happen also to be acting for Sports Direct in the matter of the takeover and so have to declare that (just as N+1 Singer and Stifel Nicolaus are acting on behalf of Findel and have to declare that in their own 8.5's). Numis is also declaring its dealings in Sports Direct shares and so declares that on its Findel 8.5's.
I don't think the Numis 8.5's mean that they are buying shares for SPD. SPD would have to issue its own 8.3's (not 8.5's) if it were acquiring shares in the market.
At least that is my reading.
A possible explanation might be that Numis are borrowing shares from Sports Direct and making quick profits by shorting the company to push the price lower for the benefit of Sports Direct.
Hopefully a trading update next month will gee us up a bit m8.