London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
And will be settled in 14 days, for those thinking of their CGT position it is in this tax year if you accepted on/before it was declared unconditional.
Not sure what happens if you are yet to accept as the settlement will be up to +14 days.
Congrats to all holders
Update today is a 10% increase in acceptances…the RNS referenced below refers to 17% interest being assigned to the bid…..so clearly not all acceptances are registered (unless a lot have gone the other way this week).
I expect this will be declared unconditional v soon.
Thanks PennyChaser
Https://www.lse.co.uk/rns/SMS/statement-re-offer-pu6zqfbzd95fqpp.html
Founders have agreed to the offer
Could you elaborate please PennyC as not sure what you mean. May have missed some significant news.
Now that the founders have agreed to sell are we likely to see the takeover commence? Wonder how much money has changed hands to make that happen
I hope you are right, the price would be lower if the market expected KKR to walk.
Anyway, the good thing is that all this has given me the needed push to bin dross for the losses to offset against SMS anticipated gains
Still could be a surprise in store, bid lapses or another (unlikely) bidder creates a party
14 March just crept over 30%…..some delicate discussions should be underway to determine what has to be offered to get to 50%. I suspect £10 is about the maximum KKR has in mind….but that may still be light.
29.79% acceptance - seems like KKR will have to increase their offering to get this deal accepted
Any thoughts or insight into why the acceptance level has seemingly dropped from 38.72% to 30.84% on the most recent update?
I have accepted, but I dont think I get paid unless the deal is declared unconditional…..if they raise the price before then they have to honour the higher price for all.
No certainties here, but the prospect of lower interest rates should mean KKR can raise its offer and still make money.
If certainty is needed, then sell in the market…..the price indicates there is confidence a deal can still be done.
Looks like Primestone , the former directors and the arbs are holding firm. There must be a worthwhile story that has resulted in expectations of an increased offer and led to acceptances being withdrawn
Although the dissenters can take the long view, I would have thought that the hedge funds are looking at shorter timescales to make and take their profits
hopefully KKR don't walk !!
And the % of acceptances seems to have fallen to 30% (unless there was an error in last weeks update).
Looks like KKR may need to sweeten the deal.
Only 38% on the first count. At the moment no shares acquired.
There must be plenty seeking an uplift in the offer which the rules do allow for - with take over panel approval (not sure why it would be refused?). Another 5 weeks before the final deadline for declaring the bid unconditional. This is where the advisors have to earn their money by assessing whether raising the bid will get it over the line - plenty of hedge funds who just want an extra few %.
It's a yes from me.
The bid is unconditional if/when they get 50%. I think they only pay for the shares if they get there, otherwise the bid could fail…
Once they have 50% they can force a purchase of all shares if they get to a critical mass 90%, but they are not likely to do unless there is a change of heart at the dissenting PE investor and founders that hold 17%…..they can delist once they get to 75% which is likely which will mean it is difficult to sell the shares (more expensive broker fees included).
There are two dates listed for the tender offer, the first is 15 Feb and the second is 24 March.
While I would welcome a higher offer, I dont think one is going to happen, I dont want to hold an unlisted security (it is not permitted in an ISA so that may be another reason to sell).
On the basis that this deal is likely to be the only one available in the medium term and so would like a bid to succeed, I have tendered my holdings via HL which has a deadline of noon on Monday 12th to register acceptance of the offer.
My view would be to definitely accept the offer by 24 March, if it is proceeding.
...project
Likewise ffp. I'm not clear about compulsory purchase and the price paid, and whether it is worth hanging on. Spin seems geared to encouraging acceptance but echoes of oroject fear.
I wish I could understand this, got quite a few bob in here but bit of an amatuer.
What is the PI mood?
Take the money and accept by 15th? And be paid at the end of Feb?
Or see what happens on 15th and then sell?
I have 1000 shares which is a rounding error in the number of shares so I am tempted to take the cash now.
Results of the vote determine should be out soon?
Share price didn't retrace that much when it looked like the deal could collapse did it. Maybe shareholders should start playing hardball.
KKR playing hardball…..changing from a court scheme to a take over offer with a lower threshhold….
This increases the likelihood of a deal at the current price….as not too many holders will want to continue to hold illiquid shares in an unlisted company…..not sure that platforms would allow that for PIs.
New offer document expected next Wednesday.
Still possible that could come with a higher offer, but looks unlikely.
IS This sudden plunge is indicating the deal is in trouble?