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Started: ripley94, 6 Jan 2024 23:18
Last post: ripley94, 6 Jan 2024 23:18
Just done a tally of buys and sales surprised I made as recalled rights was 100p in March 2021.
Not a large % of holding and I tail swallowed for 114p the day before 22/3/21 so had a few more shares for nothing after .
First two covid buys 9 & 14 April 2020 55p & 52p could of made more if sold before February 2022.
Could of got 68p when some bought for higher offer before 20th November and had funds to my acc more then a month ago.
Started: TRBob, 29 Dec 2023 13:16
Last post: djframboise, 5 Jan 2024 11:39
Already redeployed mine. Went 3/5 BT. Hoping that recovers this year and 2/5 into a riskier SBTX but hoping that doubles at least in 2024. Not sure what is safe these days. The world is a basket case. Good luck.
Thank you, yes mine got paid in yesterday, there were no comms, I'm sure that the last time something similar happened there was more information given out.
I'm pretty disillusioned by the markets at the moment, for me the safer the better at the moment.
Hi. Mine has just been paid into my ii account.
Apparently today although nothing yet in my ii account. Any thoughts as to where you will redeploy? I have a possibles list. Not sure whether to go safe, medium or high-risk.
RESTAURANT GROUP ORD GBP0.28125
Event TypeScheme of Arrangement
DescriptionScheme of Arrangement
Effective date: 21st December 2023
Terms: GBP0.65 in cash for each Restaurant Group Plc
Pay date: 4th January 2024
Restaurant Group Plc has entered into a Scheme of Arrangement with Rock Bidco Limited effective from 21st December 2023. Under the terms of the Scheme, holders will be issued with GBP0.65 in cash for each Restaurant Group Plc share held.
Payment will be issued to entitled shareholders accounts upon receipt from the company.
..
Company sold on the cheap. I’m sure during 2024 more will go this way. Only a gut instinct but SPT could be one.
Started: Spades1973, 2 Dec 2023 20:34
Last post: swingman, 3 Dec 2023 14:10
Why was the additional shares were added after we all voted on the procedure, which must be against the rules. About 300m shares owners didn't register their votes? This is a very large number specially most were owned by institutions. Very very fishy soup.
Sadly my last time in wagas tonight.
I cannot support the new owners of the business out of pure spite. The food was good , the service was good , the menu was good , it was busy . Basically we've been ripped off. Id be very interested what salary and sweeteners the existing board have got from the new owner,
The whole thing stinks to high heaven. Follow the money .
Last post: 1124jack, 1 Dec 2023 17:09
And another top up by Morgan Stanley .
Over 11% now
Why Morgan Stanley keep buying it.?Holding now over 10%
Morbox, I really have no idea. I'd prefer to stay as is but wouldn't say no to a big premium either. I always considered that a long-term hold.
Yep, what do you think will happen with Equals tomorrow? Just hope I stays as is or a very large premium!
I gambled on another bid coming in and lost. They certainly got this cheaply.
Started: Thecountofmc, 24 Nov 2023 08:31
Last post: Thecountofmc, 24 Nov 2023 08:31
On 19 October RTN made the following announcement
The Restaurant Group plc today announces that it has issued, conditional on admission, 5,150,530 ordinary shares of 28.125 pence each in the Company ("Ordinary Shares") pursuant to a subscription by the Company's Employee Benefit Trust to satisfy share awards granted to employees under the Company's Restricted Share Plan.
"Application will be made for the admission to trading of the new Ordinary Shares on the Main Market of the London Stock Exchange and to listing on the Official List, with dealings expected to commence at 8 a.m. on or around 24 October 2023”
Following the issue of the new Ordinary Shares, which will rank pari passu with all existing Ordinary Shares, the Company will have a total of 770,212,928 Ordinary Shares with voting rights in issue. The Company currently holds no shares in treasury.
In the grand scheme of things 5.15 million shares might not sound a lot but if 25 shareholders own 79% of the shares (SimplyWallStreet.com) and i read institutions own in total 86%. There are 15000 staff.
If 25 own 79% of 770 million leaves 162 million shares owned by the rest. It's not unreasonable to assume say 100 shareholders own 85%, further reducing the count. Even if only half of the staff got shares there is potentially a large pool of holders motivated to vote in favour of the scheme. This could and probably will overwhelm the votes of long term holders
Upon checking the Scheme document
18.1 The fully diluted issued ordinary share capital of 778,379,613 TRG Shares is based on:
A) 770,212,928 TRG Shares in issue as at the Latest Practicable Date; plus
(B) 11,390,430 TRG Shares which may be issued on or after the date of this Document pursuant to the TRG Share Plans; plus
(C) 2,349,164 TRG Shares which may be issued on or after the date of this Document to satisfy the exercise of Awards already granted, calculated using the treasury stock method and in accordance with the intentions set out in Schedule 2 of the Cooperation Agreement; less
(D) 5,572,910 TRG Shares held by the TRG Employee Benefit Trust that can be used to satisfy the vesting and/or exercise of Awards granted under the TRG Share Plans as at the Latest Practicable Date..
Around 24 October there were hundreds (possibly thousands) of share trades on LSE in repeat sizes. (Shapes - 300,998,2068,2635,3000,3065,3276,4332,4586,5000,5210,7607,10000,11000,13085,13980,16764)
I am not sure what the process is for issuing shares to an EBT. Are these trades sales by the staff of their EBT entitlements or are they the awards being issued to the staff brokers? I have no idea what the terms of the awards are.
Anyway from what I can see this will get voted through but I do question the morality of issuing shares after the deal was announced. Is it even legal?
Last post: swingman, 23 Nov 2023 15:32
If many reject the offer, the so will raise regardless of increase bid as currently it's grossly undervalued. With reduction in business rates these rest should make more money. You would be a fool to give it away for now.
Message from AJBell, "Wheel Topco has announced that it no longer intends to make an offer for TRG, due to current market conditions." Where do investors see this company going from here.... as it seems most on here seemed to be in favour of rejecting the 65p/per share offer from Apollo. Likely to get a higher offer from Apollo?
Last post: Thecountofmc, 21 Nov 2023 10:24
HOTC
Hotel chocolate?
Spot the odd one out.
City Pubs - 65% premium over 3 months average price
Hotel Chocolat - 194% premium over 2 months
RTN - estimated 45% premium over 2 months average.
We’re getting taken out for a song. This is easily 80p any day of the week
Some late movement, fingers crossed 🤞
Hope not, revised offer please.
My loss here isn't too bad actually. Took some profits over the years so can't complain. Added at 67 hoping for a counter offer. Not holding my breath but we'll soon find out. Will they get the votes?
543Mil for a sweet shop! FFs... just shows how low this bid is.
I'm only keeping mine to register the no vote too.
Wonder what will happen over at Equals. Not many working day to go to deadline. I’d prefer it to carry on as is for a couple of years. Get some European growth and see what happens then. Unless a huge premium of course.
Sorry to hear that, I see others in your situation. Annoying thing it’s been in my watch list for a few months! I didn’t buy on last update as the figures didn’t look that good (down).
Anyway here still trading just over offer. Personally can’t see us getting more, but could be wrong. Still not selling as I want my rejection votes to count.
Started: Thecountofmc, 15 Nov 2023 12:29
Last post: Morbox, 15 Nov 2023 16:08
No, not these days, for instance HL is one but has many people holding under their umbrella. Not sure if you could in the old days of paper certificates.
Is there any way to find out how many individual shareholders there are?
Started: Morbox, 13 Nov 2023 18:06
Last post: Morbox, 15 Nov 2023 09:08
Nice to see up over the offer price.
Increases their holding!
I think any shorts in CFD or Equity Swaps are not registered
You can find open shorts on here
https://www.fca.org.uk/markets/short-selling/notification-disclosure-net-short-positions
There's a a downloadable spreadsheet at the bottom the right hand side column
Looking for some help here. I can not undrestand the latest RNS. It looks like someone has opened a short position but on short tracker etc no shorts are shown?
Can any one explain please.
Started: Spades1973, 3 Nov 2023 21:21
Last post: Spades1973, 8 Nov 2023 21:24
Voted against - 225000
Two large buys just gone through, 500k and 285k. Something is brewing.
If shareholders reject the bid, then it either collapse or raise the bid. So the process is not over even without another bidder. Stay a positive and vote against
Good info .. I've had nothing from AJ Bell ...yet...
Cheers.
See below from ADVN chat board:
" this is being done as a 'Scheme of Arrangement' under the Companies Act. That means that you don't accept or reject the offer but you vote for or against the resolutions at the two meetings. Those are to approve the Scheme so if you don't want it to happen then you vote against. In the Scheme route, as opposed to an ordinary bid, if it goes through all shareholders are bound by it.
This is one occasion where small shareholders come into their own. The Court requires 75% of shares voted to be in favour and also 50% of shareholders regardless of the size of their holding"
If this final sentence is correct then its worth contacting your nominee holder/broker instructing them to vote against the resolutions if you are against the proposal. I have just done so with my 100,000 shareholding.
Started: swingman, 3 Nov 2023 07:57
Last post: Morbox, 3 Nov 2023 09:38
Thanks djframboise, you made me look at my HL account again. Shares are in my wife ISA and I was look via an access account, thus not seeing the instruction. Now voted against.
I have voted against everything. My percentage pretty irrelevant but every little adds up.
PI’s, won’t have a meaningful say so it really doesn’t matter which way you vote, probably against for me, but means diddly squat.
The timetable was published yesterday, the vote record date is 23 Nov, HL haven’t published vote instruction yet.
https://www.lse.co.uk/rns/RTN/publication-of-scheme-document-9ozmqtcs4hoane3.html
What is the vote even about i cant find anything useful
Started: Morbox, 2 Nov 2023 07:13
Last post: Davde, 2 Nov 2023 12:34
Did anyone see the RNS 11.28 yesterday? Reason I ask is it looks like the rival potential bidder opened up a short albeit a small one! Have I misunderstood this or not?
The clock is now ticking, the rival needs to speed up on their due diligence checks .
Yes
Forgive me .. dumb Q. I have RTN shares in my Barclays account. If buyout goes through and shares are suspended … what happens .. do I simply wait and at some point the shares get ‘cancelled’ and convert to cash in the account.
Just a heads up as important RNSs get mixed up in all the 8.3 forms.
Last post: Ephemeral, 30 Oct 2023 23:15
I’m hoping several firms are now doing the numbers 65p is a steal.
Morgan Stanley reduced I see. Also “TRG completes sale of Leisure business to Big Table Group ("BTG")
Further to the announcement made on 11th September, TRG today announces the successful completion of the sale of its Leisure business comprising of 75 trading sites and associated restaurant and management team employees to the Big Table Group, which is owned by the private equity firm Epiris.”
I wonder if we’ll get one - we don’t normally buy with takeover in play I would suggest Board should release a set. Otherwise it’s a wait until Jan - might all be over by then
Started: Thecountofmc, 26 Oct 2023 07:27
Last post: djframboise, 26 Oct 2023 10:18
From interactive investor:
https://www.ii.co.uk/news/small-cap-winners-losers-pizza-express-owner-eyes-restaurant-group-al1698311047007032300
I've added today. Risk versus reward looks decent. Well done to those that added 65.3
Yes, If no other offer is received I still think other large shareholders will be telling the board to go back and try harder!
If and an offer is received then imo Apollo will raise but it won’t get into a bidding war, unless a third party joins in.
Oh well interesting times.
I am now a buyer under 70p because even if no one else actually bids a raised bid by Bidco is very likely
Today 07:00
RNS Number : 3239R
Restaurant Group PLC (The)
26 October 2023
THIS IS AN ANNOUNCEMENT OF A POSSIBLE OFFER FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE NOR AS TO THE TERMS ON WHICH ANY FIRM OFFER MIGHT BE MADE
FOR IMMEDIATE RELEASE
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
The Restaurant Group plc ("TRG" or the "Company")
Statement regarding possible competing offer
The Board of TRG notes the recent press speculation and confirms it has received a request within the last week from Wheel Topco Limited ("Wheel Topco"), the owner of PizzaExpress Group Limited, for diligence information on the Company in accordance with Rule 21.3 of the Code to enable Wheel Topco to evaluate a possible offer for the Company. No written or verbal indicative proposal relating to a possible offer, including as to terms, price or form of consideration, has been made to the Board of TRG by Wheel Topco.
The Board of TRG confirms that it will provide diligence information to Wheel Topco in accordance with its obligations under the Code. If any proposal is provided by Wheel Topco, the Board of TRG will carefully consider its terms, in conjunction with its advisers.
Started: Davde, 25 Oct 2023 21:19
Last post: Morbox, 25 Oct 2023 23:31
Yes saw that earlier in the evening, could get tasty here. I do think that 65p even with the debt is too low 75p+ I’d be a bit happier.
SKY say the above may put in offer! May explain large trades today!
Who just paid this, at offer the return would be £325,000, that's a chunk of change!
25-Oct-23 14:31:00 67.35 500,000 Buy* 67.10 67.30 336.75k O
Now 2p+ over offer price, surly something is happening. this isn't usual, Share price usually just sits under the offer price. Last time I saw this was on WMH.
Totally agree, but an increase in offer isn’t out of the question depending on other large shareholders views. Happy to sit and wait.
This will be done and dusted by January maybe another bid but unlikely
in a better private equity environment another bid would be likely
What happens now. We just hover at this SP until deal closes?
Started: Spades1973, 17 Oct 2023 08:02
Last post: Morbox, 17 Oct 2023 14:51
Just shows how Cr@p these broker ratings are.
Nice to Barclays have their eyes on the ball .. lol
Started: Morbox, 15 Oct 2023 14:01
Last post: Spades1973, 16 Oct 2023 15:05
And so say all of us
https://www.businesswire.com/news/home/20231015761717/en/TMR-Capital-PTC-Limited’s-View-on-the-Announced-Sale-of-The-Restaurant-Group
I’m wondering and hoping that other major shareholders are discussing is low offer and telling the board their views. If the board knows it’s going to get rejected then they will have to go back to get a better offer. It happened the WMH (still sold on the cheap).
Long positions being opened. Bodes well
Good write in FT today commending Oasis on execution of their strategy. Need another bidder. But who?
I’m voting against (not that it will change things) as posted before 75p min imo.
https://www.dailymail.co.uk/money/markets/article-12630689/Investor-slams-Restaurant-Groups-506m-price-tag.html?ns_mchannel=rss&ns_campaign=1490&ito=1490
In profit : fab. But feeling slightly short changed by offer. Thoughts on a.n.other entering the arena? I’d live with FT suggestion : holders should seek 80p. Oh well lucky Apollo - for now.
The show may not over yet, one of the main activists seems to have opened a short (13.09) whilst others are going long, some reducing positions!
Started: Gravenhurst, 15 Nov 2022 12:17
Last post: Spades1973, 13 Oct 2023 12:06
Since the purchase and until B&P came alone Wagamama was the only thing that kept this company solvent, world events have kept this in the doldrums since the ridiculous Covid farce. Its grossly undervalued based on future earnings and the reduction of debt, but who knows what the world gov wants to happen next to destroy business.
If you believed in this company you would have averaged down and made quite a tidy profit of the last few years. 65p is ok but its not great. Waga and B&P are 1billion without debt . but while they are knocking lumps out of each other all over the world you are not getting that.
Jesus sold for 10pc of their high around 2015 I think, another U.K. dog investment to go with all the other capital destructive shxt the indexes are full of…rule, never buy anything from Private Equity, they overpaid for Wagamama and the debt level incurred has fxcked them ever since.
Ps - apologies for the poor grammar… bumpy London cab is my excuse
We may be approaching a recession but many visitors to the UK aren’t. They’ve already saved their hard earned cash for holidays and meals out. I was in London last week and the wag at Covent Garden was packed so went elsewhere… the next day we called in around 3 at the one in Soho… was about 80%. Used our vouchers there. Some may disagree, but I though the budget was better than I thought. Hopefully the recession will people over to my bus company lol
Sit on hands time!
Sorry I stand corrected 357Mil to buy Waga. Near enough 400Mil Tho
"The Restaurant Group plc ("TRG"), is pleased to announce that it has conditionally agreed to purchase the entire issued share capital of Mabel Topco Limited ("Wagamama"), the holding company of a group that owns and operates the Wagamama restaurant business (the "Acquisition") for a cash payment of £357 million"
Started: AceofClubs, 13 Oct 2023 09:01
Last post: AceofClubs, 13 Oct 2023 09:01
I am a bit shocked and surprised at an offer at any price by Apollo Global Management after their diasterous foray into bottom end "dining" with Chuck E. Cheese in 2014. I rate the Global Management: but I suppose they are entitled to the occasional bad move. I do hope somebody makes a higher bid!
AceOfClubs
Started: 1124jack, 12 Oct 2023 12:39
Last post: 1124jack, 12 Oct 2023 16:40
However, Liberum analysts said “it could be argued that a c30% premium is low in this market, we expect it to be successful due to the cash structure, activist shareholder support, helped by recently market turmoil”.
The broker did seem to be confident that the 65p per share offer is not the final chapter in the saga, instead targeting a 75p share price for the stock
Another Article!
Proactive Investors - Wagamama-owner The Restaurant Group PLC (LON:RTN) could be poised to receive another bid after the takeover offer of 65p per share from Apollo Funds, was deemed too low by some analysts and investors.
Depressingly cheap. Back in profit for me, but only just. Looks to me like a BOD with little confidence for the future, who have bottled it. Shame.
Oasis have accepted the offer so I am out
I wonder what Oasis will do now as their prize is getting taken away, will the counter or take money and go!