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What about the brothers Pomerantz and Burchardt who between them hold 18%.
Are they not independent directors?
Thanks Stuart. That was very helpful and I thoroughly agree with your analysis.
Hargreaves L inform me that the offer is open until 4th May so presumably no action need be taken before that date.
Jab1tt, the link works for me. In simple terms the document says the independent directors advise against accepting the offer, and they will not do so with respect to their own holdings, which amount to just over 6% of the total. They do, however, caution against shareholders being stuck with shares that cannot be traded if the proposed delisting occurs, owing to difference between Manx and English law. In short, as it requires a 75% majority for the takeover to go through, and Unikmind currently have somewhere in the region of 54% of the total number of shares, the onus is on the rest of us to block the takeover. For my part, I have declined to accept the offer and I could only look on, open mouthed with incredulity, at anyone who decided to accept it.
My computer does not recognize that website ref and it does not appear on Kape news page.
Can anyone tell me what it says?
Do we sell now or is there a possibiiity of a higher offer?
Thanks
Here you are..
hTTps://investors.kape.com/sites/kape/files/2023-03/pdfs/response-document.pdf
Neither can I. What does it say. It is not on their investor website?
What time? I cann't see it
The document was posted yesterday, Check the RNS...
The board are supposed to have written to shareholders by midday today about the offer but I have received nothing and cannot find anything on their web site. Has anyone else had any success? Large sales today after such good results seems strange
I think you’re right, Stuartrm, but we were told yesterday the Response Document would be up on Kape’s website by noon today. Still no sign! V poor.
I don't think I have been in such an ironic situation where a company produces great results and the price is held back because of a takeover offer no one wants except the offeror.
As we all known it is caused by the threat of accept my offer or I will take it private and you will all loss out, this sort of blackmail should not be allowed by the FCA but as always they completely useless.
Hopefully, iWantThatOne, the non-executive directors were waiting for the results to be published. Once that had happened, they could use them to say that the offer is derisory. Up until that time, they could only use historical figures.
Sagi offer out Kape on a P/E of 7. Don't think I've ever seen such a low ball offer...
Should move the listing to NASDAQ if that is going to get the share price to a point which reflects reality and stops this type of Sagi shenanigans. Or maybe it won't make a difference as the problem is that he is a dominant shareholder regardless of where it is listed.
No wonder Sagi wanted his nefarious purchase finalised before results. Who, in their right mind, would accept £2.85? Absolute joke.
We were told that the Non-Execs would write to shareholders with their detailed view of the offer. Still waiting.......
It also could be a sign that Teddy, needs more time to organise another possible bid. He originally offered 2.65 in December, then came back 2 months later with a £2.85 bid.
Is the extension not also a sign that the Kape Board are not doing much to up the offer and broadly support it. The danger as I see it with the offer failing is that the sp will fall, albeit not necessarily that much as there is still the risk that there is then a lower offer once he has mopped up more shares at a lower price.
The take over election deadline has been pushed out to the 2nd May from the 15th March. Quite an extension so it looks like they think they're not going to get the % they need.
If Sagi's bid is rejected then I'm not sure how much the price will go up. Why would anyone want to buy shares in Kape at the current, or higher price, when Sagi is likely to have another go at taking the company private "on the cheap" at some point in the future.
But arguably the fundamentals here are a lot better.
If you look at takeover bids in the last year for Darktrace and GB Group, for example, they were both withdrawn and the share prices dropped by about a third in each case on the news. I'm not saying it's going to happen, but the bidder here may just decide not to up his offer and then buy more at a lower price when the share price falls, thereby increasing his stake to a point where a future takeover cannot realistically be blocked.
That doesn’t make sense to me. If rejected, it’s because it’s massively undervalued and price should go up to a more respectable level.
Are you mad? Sagi offered 285p which basically means it's worth double that. If he doesn't get his way, it's outstanding news for retail investors.