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not really much going on here.some small holders selling up before TU or for any one of a multiplicity of possible reasons.nothing to suggest imo that anything has gone wrong and i expect full confidentiality for the data room etc is still being maintained.
Canāt believe this is still dropping, they have messed this up
I think the current shareprice is only a reflection of the complete lack of info coming out of Proactis. This isn't a criticism either, during a FSP a complete lack of info is to be expected. We've had no significant changes in the sp which would indicate any sort of leak, just a drift downwards which is in a large part due to the L&G sell off (which seems to have been part of a wider strategy for them) and probably also due to doubt creeping into some investors minds and general impatience. I also think that since Tim took over last year his focus has been on the medium-long term growth of the company and not on trying to prop up the sp in the short term by RNSing every bit of news which could have a positive spin... again a little frustrating for us all in the short term but I take it as a positive sign that the board aren't in panic mode looking to try and put positive spin on every bit of news. But my point is really that the current sp is purely a reflection of the lack of info. The perception that the sp is here as a result of the market somehow reflecting the likelihood of a deal or positive half year update is wrong in my mind. As a result, I don't any offer which comes through would necessarily relate at all to the current share price.
I can't see the board recommending anything below Ā£1.60, I'm ignorant as to how a process might work without the board recommending it, but 14.9% of shares are not in public hands and Rodney Potts has another 10% and I can't see him cutting and running, so the offer would have to be acceptable to at 2/3s of the remaining share holders.
in an effort to distract from the failure of my powers of prediction (no FSP announcement today as i had suggested as my guess) i have been looking again at the only factual statement we have had in last few weeks.it was to the effect that there were several expression of interest which were at a level which "could"be attractive to shareholders.now "could" is different from "would" but this may signify no more than a prudent desire to be properly cautious in their statements.conversely "attractive" is slightly more positive than say "acceptable".i completely accept that the current sp hardly sets a suitable benchmark to determine attractiveness.,but counterposed to this is the fact that with the exception of L&G all principal holders continue to maintain their positions.i therefore remain of the view that we will be pleasant surprised by the outcome of the FSP ,although the degree of pleasantness will of course depend on individual expectations.