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Evening Hucks. If your shares are held in Crest - I assume there will be a corporate action posted on your account/s in the next few days which will confirm how many shares you are entitled to tender and asking you to confirm the number you wish to tender; together with an option to sell additional shares if others don’t take up their full allowance. If you hold paper certificates - it’s in the mail! SB
Probably a simple answer to this....where are we to find a form of acceptance, nothing on the RNS as far as I can see
Sb looks like my browser is caching things so I have seen your post. Reason why I wouldn’t buy more is because the buy price is above 9p! Tbh on the isa holding 50% profit not to bad, should have waited on the other one! Live and learn
Leadership - I'm pretty sure the tender offer will come through as a corporate action on your trading account - they will ask you how many shares you wish to tender at 9.6p - it will be that simple imo.
Kitkateat - sorry i just noted you were looking to sell 50% - only thought would be - if you thought the shares would trade at c.8.5p post tender offer (ie where they are today); and you could sell 66% to 9.6p.....you could always sell and buy back in. I as said before - there's possibly a bit to go here! SB
kitkateat - firstly its good that we now have the clarity on the process. Pretty straightforward in one sense; and not so in others! There are still a number of moving parts here; and for those who invested in the 'mmx' dream there may be a drive to get out as much as possible at 9.6p, leaving what remains to get a further pay-out at some point next year. For those who like a bit of risk and are tantalised by the thought of a RTO spiking the price in the short term (next 6-12 months) and becoming an investor in what would likely be an entirely unconnected business - there is some optimism here. If you review the directors intentions it might provide some guidance as to who is planning to hang around. As for me.....I've been pretty open that my average price here is 8.4p - so after 10 years I'm to going to take up the tender offer - possibly even look to tender more than my entitlement - if for no other reason its a premium to the current price. But I'm going to remain a shareholder - and see what comes next - I don't really see much downside from where we are moving forward - and I'm happy with the risk profile. How about you?! SB
Yes thanks SB, what’s the process to apply for the tender?
What do you plan to do SB?
Leadership - its pretty much exactly what was recently being discussed....the company is offering to buy as a minimum 2/3 of your shares at 9.6p. You decide if you want to sell less or more - and if you try and sell more and others don't sell their full entitlement, you might be able to sell more than you 2/3 individual offer. IF you only sell your 2/3 entitlement, you will be left with 1/3 of your current holding post 11th October - its not a cash shell at that point its still a trading business with commitments to GD until Jan 2022, $13.4m in escrow ($1.4m will be released when final gtld's transfer) and a reasonable slug of cash allocated paying budgeted liabilities as it winds down its operations. Does that help? SB
So this isn’t what was discussed a while back on here is it? If you accept the tender offer for your shares you don’t get anything in the new shell company if it happens, have I got that right?
So of the holding I kept I am thinking of tendering half. That would give me a 50% profit small holding compared to some but got a few weeks to think it through
https://investegate.co.uk/minds---machines-grp--mmx-/rns/tender-offer/202109100700053393L/
I am talking the 'normal' tender offer. ie a prorata distribution of the 80m dollars - I think at NAV or thereabouts. They specifically mention NAV in the tender RNS. Taking your figures, an option to sell two thirds of a holding. Anything other seems an unnecessary complication.
Culpepper and kitkateat - i think we are roughly all saying the same thing - we might be able to tender (sell) our shares at full NAV of 9.6p - but there is a cap of $80m so that implies 2/3 of your holding could be sold at that price (unless others don't sell and those that do can therefore sell more - investors prerogative and all that...). And the remaining 1/3 would be priced at whatever discount the market places on those shares - which is currently c.8.3p. The 6.6p is just the value per share for the entire issued share capital based on the $80 capital return - but it is essentially the value per share which is being distributed. Hopefully! SB
Of course it could work. 80m dollars worth of shares at implied NAV. The remainder you hold for further return, or in what happens next.
Because that's not how it works. If they want to use of the money to buy something else they cant return all. Nor can they offer this to only some etc
We must wait to find out. But why at the lower price of 6.6p? What is wrong with a return at or about the implied NAV per share on however many shares are permitted to be tendered?
Hi SB hope all is well up in Scotland.
Yes we wait, nothing unusual there. I am hopeful SJL has been permitted to share his wisdom with the board in connection with the activities of a cash shell, hence no contact, fingers crossed Harry huckster
Thank you
Evening Braces. I was just quoting from the RNS at the time of the deal being announced which referred to the capital return being completed in early autumn - with the sum of $80m being the total return - which works out about 6.6p per share. My definition of early autumn is pretty soon….SB
Hi Sir
What is meant by, we know the $80m is to be returned in "early autumn" - Thank you
Hi hucks at al...hope everyone is keeping safe.
Its just a bit of a waiting game at the moment whilst mmx and fincapp finalise the tender return. It was always going to take a bit of time post deal completion to sort out the process - we know the $80m is to be returned in "early autumn" - so now that we are in autumn its likely we will hear soon (next week - is a month enough time to sort out paperwork?) on the return timetable which would allow the proposed capital return to be completed in October. Perhaps there is a link to the 6 month results on 27th Sept but these should be two separate events. The latter should prove interesting as presumably we may get some update on what's next......or not! SB
Any news at all?
Somebody give me some good news
The tender is $80MUSD / 875,483,008 = 0.0913781 (0.06658p).
No? What's so fishy?
I'm content with my lot and thoughts.