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Champs,
You have to be a fishing man, you’ve got the right bait, a little tease and they come biting.
Whatever your source is, cheers for it
Atb
TR1...?
Where did you find that Champions...?
Added to that the MSCI funds will have to buy back all the stock they had to dump in mid Feb ant a large premium
And northerncharm...
I’ve always liked China Blue’s posts, he’s sound
BTW if ChinaBlue is on here he's just shown why he is filtered, with his false and demeaning tweets...
You are correct. That was slipshod posting done too quickly.
For the sake of correction
"as soon as an informal approach is announced..."
You too mate. I'm flying to Madeira on Sunday weather permitting but I will still be reading every one of your posts.
HH is accusing me on Twitter of plagiarising him.
For the record I have never copied and pasted any of his tweets without giving due credit and indeed have in the past said "HH on Twitter has said..." or similar.
Second. He copied and pasted a brief excerpt from the Takeover Code.
I was already looking at that and his Tweet triggered me to look at Rule 2.2.
As a result I copied and pasted the whole of Rule 2.2 DIRECTLY from the Takeover Panel.
For clarification.
So you didn't mean the opening sentence of your post at 13:21?
Anyway, this horse has been flogged for long enough.
Enjoy your Easter.
Look at the header mate...
So let me be precise
As soon as an INFORMAL approach iu announced...
Angels on the head of a pin...
Thanks for the mention Scotkio. I am disappointed that you felt the need to exaggerate in your tweet on HH's stream.
As explained by Hubris on Twitter
seeing some rubbish being written re options grants. Caldwell has 30mn options granted to him with a 17p strike. They vest subject to average share performance over 3 years with a sliding scale starting March 2023. If the average is 25 p 35p 100%. But given the short term expectations, all of the above is a MOOT point. The vesting is 100% in case of a merger > 17p. Caldwell would get all 30 million. WHY? There is a Change of Control clause (CoC) which states clearly“In the event that the Company undergoes a change of control by way of sale of greater than 50% of the voting shares in the Company, or 50% of the assets of the Company, or any resolution to wind-up, dissolve, or liquidate the Company, or there is a change greater than 50% of the Company's directors as a result of a reorganisation, all Awards will vest early.”
***Any takeover bid above 17p and Caldwell makes the difference. Hypothetical eg: if a takeover is at 25 p = 2.4 million pounds for him pre tax.
You said ' as soon as a bid is announced'. This would trigger the various regulations.
The heading to this thread is "Informal approach."
I.e. there is no formal offer or formal offer period and Scott would not be precluded from buying shares once the 'informal' offer was announced publicly and until any offer was formalised.
Even after a formal offer the following terms of the Takeover Panel Rule 9.1 apply:
"Directors of a company which is subject to an offer or a possible offer will be presumed to be acting in concert from the beginning of the relevant period as defined in Rule 21.1(b) or, where Note 9 on Rule 21.1 applies, from the beginning of the offer period. The normal provisions of this Rule will apply in these circumstances. At other times, directors of a company are not presumed to be acting in concert in relation to control of the company of which they are directors. Subject to the constraints imposed by the Rules, directors are, so far as the Code is concerned, free to deal in the shares of their company. "
In other words there are still circumstances in which he could buy shares provided a formal offer was not accepted.
Correct Add 13:46.
Sorry add. Not you red knight 1
Who, me? In what context?
Hubris has mentioned you on his Twitter
Wrong. The company would be in a defined bid situation and as such there are all sorts of restrictions in place.
No they wouldn't...as soon as a bid is announced it is public information...until a further bid is made...
I'm not sure the rules allow it because the directors would still be in the position of having inside info.
But he could buy them as soon as the bid was announced...
You and I both know that when a bid is announced the shares go higher on speculation of a counter...
To remind again...if the Noront Directors had bought shares immediately after Wyloos first offer for the company they could have made 250% profit by the time the final bid was final...
And if the SOLG Board declined the first offer, Scott could reinforce the implicit undervaluation by buying shares...
Addi,
Any interested parties that wish to acquire Solgold would not want us defining JV's for Cascabel.
What he is saying is a way to force the hand.
This will come down to who has the biggest ego to move first.
Twiggy would be up there as would Gina.
Henry has a fanny, and Palmer has dementia so these guys are chain draggers
Because there wouldn't be any shares to buy. I would have thought that was obvious. I suppose if the market didn't mark the shares at offer price there would be an arbitrage position, but I'm pretty sure directors can't do so.