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just thinking, £19.4m sounds v expensive for two acres of property. h young and co sure seem to have done well out that. 800,000 rent also seems a lot!
at last the company has found something to spend their hefty cash pile on.!"bricks and mortar" probably a very sensible move for the long run. but not particularly exciting for the share price in the short term - saves on the rent but doesn't generate new cash and ties the company's value to property values.
Got my communication from HL just now re offer. I think I will just hang tight and see what the buggers come up with next. Any advice re this bb would be appreciated. Amateur but obstinate...and principled. It's not about ££ for me, it's about integrity.
Is Edmondo Rosso ? remember there is an awful lot of coffee in Brazil.
Sorry I had not realised that the Dolphin was owned by Eduardo Elsztain an Argentinian. They have sent an amended RNS since the original should have stated the ultimate owner. I had already sold my holding as my deadline was due(online broker) some days early. This certainly complicates the matter and I don't think they are interested in Momart or PHFC. This might be a tricky one for the Panel on Takeovers and Mergers
See RNS Number : 5261Z 15/03/17 Dolphin Fund Limited ("Dolphin") Possible offer for FIH Group plc ("FIH") Extract= "Dolphin announces that it has written to the Board of FIH to request information to enable it to evaluate making a cash offer, at a significant premium to the current offer by Staunton Holdings Limited ("Staunton") of 300 pence, for the issued and to be issued share capital of FIH not already owned by Dolphin. Dolphin wishes to enter into a constructive dialogue with FIH and its major shareholder with a view to making a recommended offer in due course. Dolphin is announcing this proposal as a means to encourage and to further this process. Dolphin urges FIH shareholders not to take any action with regard to the offer by Staunton until further notice. " This explains the trading at a strange price. I wonder if one trader the Bonafide Global Fish Fund is connected with Dolphin
Only one picture of a Board member on the FIH website ? Seems to run in families . Google The shady city past and friendship with air miles andy of new tory treasurer . Always do your research and go with your intuition. Your Gut feeling is always spot on
South America buying----- that really adds another dimension [see RNS]
For a reference on my point about 14 days: Offer Document, Appendix 1, Part B, 1,D "If the Offer becomes unconditional, it will remain open for acceptance for not less than 14 calendar days from the date on which it would otherwise have expired. If the Offer has become unconditional and it is stated that the Offer will remain open until further notice, then not less than 14 calendar days’ notice in writing will be given before the closing of the Offer by or on behalf of Staunton to those FIH Shareholders who have not accepted the Offer before closing the Offer."
I understand that several like-minded shareholders have been talking about more acceptable valuation levels over the past fortnight. If you add the declared RNS' together (with exception of Staunton), you reach > 40% of shareholders. Some of these may well accept the bid, as everyone has different priorities, but I do not understand why they would. This is going to be very interesting; hold onto your shares!!
It is worth bearing in mind that even if you don't accept the bid, and it is successful, I think you will have an extra 14 days to accept, so you won't be left high and dry in the case of Staunton hitting 75%
It is worth looking at the RNS issued around 0850 this morning Tue 7th March. The Argonaut Fund (an Argos fund) bought 25,000 shares @ 313.5 on 6 March 2017 bringing their total holding to 1,203,736 - 9.68%, that is £3,375 more than they would get in the offer. RNS Mon 6th March Bonafide Global Fish Fund bought 221,000 @ 305.85 on 3rd March giving them 1.78% paying a premium of £12.928 It looks as if these 2 are trying to force an increased offer. On their own these shareholders will deny Staunton 90% who might try to switch to “a Scheme of Arrangement”. RNS Mon 6th March WH Ireland Ltd bought 320 shares @ 312p on 3rd March Previously they had shorted @ 310p. What’s remarkable is that they are FIH Group’s broker and the advisor who recommended the acceptance of Staunton’s offer. I think they were deliberately drawing people’s attention to the price rising, as their advice had been given, based on FIH directors forecasts which seems now to have been less optimistic than those of some shareholders. Of the 2 independent directors, one is the MD who will be carrying on, and the other is Jeremy Brade, a Director at Harwood Capital Management Ltd who has been investing in UK private equity for 15 years. He has led several successful acquisitions and public-to-private transactions so I doubt if Staunton’s offer was any surprise to him. It is difficult for us small investors I downloaded The Takeover Code 411 pages, a very clear guide to it by Skadden 44 pages and The Offer Document 44 pages. I could only just skim read the last 2. The big boys can employ advisors at a price. If only I had read the signs properly so many things make sense now: The clearing out of small shareholders etc.
No person or entity associated in anyway with the bidder may buy shares above the offer price declared [300] if they did so they would be deemed to be "in concert"-- illegal thickening the plot is.
It does seem strange that any one would pay above the offer price. Usually shares change hands at small discount to cover dealing charges and the slight risk of the takeover not going through. There are only 2 independent directors, one being the managing director. If you read the offer document carefully you will see that that he has 33,911 Nil cost options. These have a clause in them that with a change of ownership they immediately become exercisable. Not bad insurance- £101,733 and he keeps his job. Refs APPENDIX IV: 4.4 (e) Interests in FIH Relevant Securities, PART 1 : 6. SHARE PLANS and PART 2 : 9 SHARE PLANS. It looks as if someone expects an increased offer.
I don't have may of these shares less than 500 so no big deal for me. Just nice to get my money back. Find it strange that a director would buy at the price of the offer though. What is in it for him? Is it just some sort of tax thing? Still if someone were to make a higher offer I would not complain.
At a loss to understand why they at trading at this level when only £3.00 has been offered. Is there a possibility of a higher bid I wonder?
No fish today, just cats and pigeons
there is something very Billingsgate about this situation, dont think it is the squid
Do most FIH watchers consider that, at the indicated price, the offer is a " done deal" ? if so why the recent RNS ?
good call v,cheap
has Dick Turpin been sighted?