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says irrevocable undertaking by Invesco, in respect of their 47-odd million shares, to vote in favour, which would have lapsed on 4th June, has been extended to 30 June. So I assume they need a few more weeks?
Threshold apparently reached on the 9th of May and they've got over 26 million shares but no mention of price paid.
part of 8.3 copied and pasted:
under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.
Should be disclosed no later than following day. OK, these big deals are off book and negotiated between the parties concerned but should have been disclosed - PI's last to know as usual
Well spotted re updated list, Jam. I hadn't expected that to be revised. Hmm, yes, UBS now in with a chunk, and Bank of America have also either entered the arena from scratch or increased their stake to disclosure levels. As a 25 April Invesco had 40.9million shares. Now they have 50.9million. I'm as puzzled as you are that we have not seen RNSs on major buys and sells. Maybe if they notify KCOM directly they don't have to issue a public rns? Whatever, some serious amounts of stock have been acquired at offer price or above which suggests some feel a higher offer is possible. On basis an alternative bidder has to offer 10% more, the game plan could just be to get BIdco to offer a few pennies more, with threat of not backing deal if they refuse. That seems logical, to me at least, but what do I know?
https://www.kcomplc.com/investors/share-information/major-shareholders/
new list of holders. Majedi out UBS in? but I've not seen an rns. Norge bank = govt of Norway?
and Truby like you say - Blackrock has 20M shares so why are they messing around buying a few thousand?
Must be a few Kcom PIs out there who understand this better than me.
If you think its complicated here spare a thought for those of us who have Inmarsat as well - same takeover scemario but about 10 x more form 8.3's every day. 90% of them are just moving ''little'' amounts to and fro.
It may be that its just normal trading behaviour but because a takeover bid is on the table everything has to be notified
Obviously not reinvesting dividends, doh! Unless grouped under telcos or something with dividends from other stocks required to be reinvested proportionately across all holdings. I just find it dd that the buys are small amounts.
more yesterday, at 98 and a smidgeon above. Relatively small amounts, but even so. Could there be some other reason as to why they are adding above 97, other than expecting to be able to get a few pennies more? There's no dividend to be had, as that's included in 97 offer price. Could it be due to a contractual type arrangement where they are obliged to add, maybe reinvesting dividends or something, until such time as the offer goes through?
Sand Grove now have over 25 million = 4.91% having bought about 1.1 million yesterday between 97.80 and 98. And AXA Investments have disclosed a holding of 8.67million shares = 1.68%, as at 24 April so late in disclosing,bit appears.
Thanks Jam, interesting. Today's RNS sets out timings, but presumably if another bidder, such as Norge Bank, comes forward they can do so at any time? I wish I was more clued up on these things.
https://www.kcomplc.com/investors/share-information/major-shareholders/
Link to biggest II holders but data is a month old. Norge bank is interesting to me. Big player and widely publicised as looking to invest away from fossil fuels heavy portfolio. Also just bought in to local''ish'' NE potash miner Sirius.
Don't know why Bidco have disclosed Nil holdings or why they've done it now
Hi Rooky, they bought two lots: 105,640 shares at 97.99 and 13,908 at 98. Plus they disclosed a "Transfer In" of 12,084 shares, but I don't know what that means? I also see Bidco disclosed no holdings, via Form 8. Does anyone know if that's a standard disclosure?
Black Rock bought a few more yesterday just over the 97p price.
Sand Grove. They now have over 24mm shares = 4.71% of the company. Which suggests they are going to push for a higher price.
This is starting to look interesting.
98.
HI Jam. I just had another read of offer RNS and it says: "An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm on the 10th Business Day following the commencement of the Offer Period and, if appropriate, by no later than 3.30 pm on the 10th Business Day following the Announcement in which any securities exchange offeror is first identified." So perhaps disclosure from whoever bought Majedie's and Fidelity's shares will be forthcoming? I was actually looking for something along the lines that Bidco could buy in the open market but didn't find anything.
Agreed Truby. I'd like to know who's got the majedie and the fidelity shares and why they're not disclosing. Does majedie selling down put a dent in the takeover bid? They were backing the deal originally.
Anyway, PI's last to know I expect, gotta go and do some work now. GL
PS and 21 days needs to lapse after 10% counter offer, during which time Bidco do not up their offer, before Telios and Invesco and Board are released.
Hi Jam. Just to clarify, the way I understand it, any counter bid would have to be 10% higher to release Teleios and Invesco and the board from their irrevocable undertaking to back Bidco offer. These guys represent about 26% of the shares. But that doesn't in theory stop a group of other investors from backing a counter-offer that is not 10% higher but is still higher than Bidco offer. That imho would be hard to achieve; got to round up well over 100 million shares. I assume conversations are taking place, I.e. that other investors could be pushing for a few pennies more. I'm not sure of the rules but presumably Bidco could up the offer by a couple of pence if it meant getting the deal done.
Clear now. Thanks for the correct info!
Deb$, I can unofficially tell you otherwise.
Bidco reserves the right to reduce the offer price if any dividend is paid before the takeover.
In other words 97p is what you'll get. Including dividend or not including dividend.
This is normal practice for take over bids, so nothing new.
If you sell now you'll get a slightly better deal than the offer price and that is because there is still a slim chance of another bid.
As Truby pointed out yesterday, any counter bid must be 10% more than Bidco, so £1.07 minimum.
If I see a better place for my money I will sell, but I'm still holding at the moment . Good Luck
in 2018 KCOM went ex dividend on the 21st June. My assumption (unless told otherwise) is the cash offer will include the final dividend being paid to holders prior to completion. If this is the case, to me, it is worth hanging onto the shares. In the past it was often worth the wait for a cash offer to be completed as there were no dealing costs, but these are not as significant these days. If we are not going to get the final divi. and it looks as if there is not going to be a rival bid then to sell would be a better option, to the money working sooner.
Thank you TRUBY.
I`m still undecided but will probably sell 50%, I guess that way I can live with my decision be it right or wrong, kind regards, chili
Thank you for your help. I will continue to hold for a little longer as it`s creeping up slightly anyway. Kind regards, chili
Hi Jam/Chillipepper
I'm in the same boat too, and wondering the odds of the acquisition not going through and there being no alternative bidders. They need approval from shareholders representing 75% of the shares for the deal to go through. So far they have just over 25%. The irrevocable undertakings given by board members and Telios and Invesco will lapse if a third party makes an offer that is10% higher (my basic interpretation of RNS so please read yourself - it's Appendix 3) providing that within 21 days of such an offer Bidco doesn't up their price. Fidelity sold their 13-odd million at 98, and so far no RNS indicating who bought them. Jam, I've also wondered whether BIdco can buy in the open market if they want, and in theory I can't see why not if shares are being offered, but I do see a problem if they pay up for shares as that would suggest they hadn't offered the best possibe price, so I don't think they bought Fidelity's chunk. Could they have bought Majedie's 17-odd million? I guess it's possible, but like I say I don't know rules. We are seeing some increases in holdings. On 25th RNS Tavira owned 8,853,369 representing 1.714% of the shares, and on 26th another RNS disclosing Tavira's holding to now be 12,486,369 rep 2.417%. This was via CFDs, where they added 3,633,000 shares at price of 97.4945p, so they have substantially increased their holding at a premium to offer price. Could be a punt on their part where they figure downside to be 97 (assuming current offer goes through) and upside to be 10% more than 97. I'm watching closely, but not inclined to sell out just yet.