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I agree, it's an absolute travesty that they haven't investigate or stopped any of what has happened. WHat message is it sending to the world about how we protect out companies?
Fully expect RNS from Horizon and Mazrui tomorrow with shareholding triggers. The new BOD surely haven't been in place long enough to jump through the hoops they would need to in order to satisfy Seafox triggering the 30% threshold outside of the 6 month window.
I've written to the Take Over Panel and asked why they haven't formally investigated the actions of these three parties acting against their so call "code"! I doubt I'll receive a response.
Given the direction of travel and trading update, 22p is still too cheap and 10p is robbery. I'm certain the equity raise would have been successful based on the trading update numbers, if it wasn't for the disruption of the three amigos.
Id assume they would buy up what they can in order to be more likely to push through whatever offer they deem appropriate, and are allowed to make(?). Chart is beginning to look like an ugly pin bar for today, trying to decide whether to buy back in or not but having a tough time fully grasping the goings-on and potential outcomes
Question is, what is the likelihood that II's will sell at 10p? SP was at 11.7 today and they imply banking will be sorted quickly. I don't see any significant investors selling at 10p....
SeaFox can’t make a bid for 6 months - unless approved by the Board.
The old Board would not approve, but the new Board is somewhat different!
Regardless, the 6 month restriction is up on 28th of this month.
What with all those trades at 10.70p while sp is 8.62p and 9.60p
Of the volume traded so far today 50% is off book and the majority is market maker driven. Look forward to the RNS on shareholding thresholds
With the language they used in the past and their arrogant nature I feel they will muscle through 10p by fair means or fowl might as you say, may have to wait until 2021 before doing so.
Does a stock split circumnavigate the issue of offering above the highest price paid?
Yep, how do you refinance £400m with a £34m mcap company, it’ll be interesting to see how this plays out.
Looks like someone opened they check book.
11.35 GBX +5.75 (102.68%)
11 Nov, 09:54 GMT · Disclaimer
Next Steps
The Board will now commence a review of the Company's business and operational matters including, as a matter of priority, the Company's financing arrangements.
10.87 GBX +5.27 (94.09%)
11 Nov, 09:51 GMT · Disclaimer
They can not make any bid for 6months, and after that can not bid for under 22 till June 2021 since thats the highest price they paid
Are you sure? I thought they couldn't bid again before the end of this month. Why could they not bid less than 22p after that date?
Just under 10p now. Be interesting to see if it stops there.
I don't think SF can make a bid below 22p, but someone else can
I assume they will just muscle through their offer of 10p per share now?
8.72 GBX +3.12 (55.71%)
11 Nov, 09:28 GMT · Disclaimer
Now that Seafox control the BOD, let's see what capital injections are available to resolve the debt issue. I expect to see a number of RNSs over the coming days as they look to firm up the balance sheet in advance of some form of takeover early Dec.
Thought that SF and friends were only 49pct of the company, but the votes today for the new board was 60pct of the shares! Did SF convince more institutional shareholders or do they have more than what they report? If its the former, maybe a deal cooking?
I like how GMS is in a privileged position of being able to announce results of a general meeting the day before the vote :)
Some decent selling pressure today following the Friday bounce.....
Malcy says this today:
"My own view on the Seafox activity is less charitable. As I understand it, on Monday, Seafox with its 29% holding, along with 2 supporting shareholders in Mazrui and Horizon, will remove the entire board and replace it with three directors who have never sat on a PLC board before.
I cannot understand how a company listed on the London Stock Exchange has not received the backing from the appropriate authorities. ‘The Panel on Takeovers and Mergers (the “Panel”) is an independent body, established in 1968, whose main functions are to issue and administer the City Code on Takeovers and Mergers (the “Code”) and to supervise and regulate takeovers and other matters to which the Code applies’.
I would contend that the GMS affair, as it will surely become known, is potentially one of the worst abuses of corporate activity in the history of the LSE. The very fact that right from the beginning this, what appears to be a concert party, has been able to act unchallenged in this process is a mystery to me and I’m sure others…"
Don't hold here (used to) but very happy to read that RNs, I want Gms To give a long term "up yours" to those clowns at seafox
Very positive RNS; all the more so considering the challenges of oil price and COVID etc. I feel it likely that were Seafox to have stopped it’s disruptive practices in pursuit of its own agenda, remaining SHs would be seeing a very different SP right now......
https://www.bloomberg.com/news/articles/2020-11-03/billionaire-has-no-regrets-about-pulling-his-money-out-of-banks
Article on the Man Capital guy, the guys behind SF. Seems more like a PR type article
Administration vs. Massive dilution, one would think there is 26pct shareholding (i know atleast 10pct) who know that SF has more to lose from an administration, and could demand better terms. This is a complicated one