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As I've mentioned before, DBAY could just be flipping it onto the real acquirer, hence why the insiders are opting for the alternative proposal.
But is the standard investor able to take the alternative proposal, as Berry St Capital say?
Can't know DBAY, I've done well on the various trades, most larger than the recent one.
My last post here, so good luck all.
I sold mine yesterday(2 x30k trades). Have been only been a shareholder since 1.40 last year. In and out several times; buying the recent lot when it recently surprisingly dropped into the mid 1.90's.
DBAY are far too clever for me and have taken a lot of shares off individuals at too cheap a price, allow this elongated takeover period.
Could I have got more, maybe. But DBAY are super clever!
From beergut on the other site
"On behalf of funds managed by us, Berry Street Capital Management LLP owns over 1% of Telit Communications Plc.
We were disappointed by the Telit Board’s recommendation of the Cash Offer from their largest shareholder, DBay Advisors, at a price that even the Board recognises undervalues Telit and its longer-term prospects. The Telit Board has justified this recommendation by, amongst other things, the fact that 58 per cent of Telit’s share capital supports the Acquisition. This fails to highlight that, of that 58 per cent, over 41 per cent is owned by the bidder, the CEO and other shareholders who will be accepting the unlisted stock alternative offer and will be able to continue to benefit from any subsequent increase in the value of Telit. This unlisted stock alternative is unable to be held by most of the independent minority shareholders and, as the Board recognises, is unrecommendable for minority shareholders to accept.
Yet again, the Board of a UK listed company has recommended an offer structured as a scheme of arrangement at a valuation that does not reflect the true value of the company, with a stock alternative that is not a true alternative for the majority of independent shareholders. In our view, when such a structure is contemplated, the Board’s fiduciary duties should be focused solely in protecting the rights of the minority holders who are only able to accept the Cash Offer and should not be swayed by the desires of the few shareholders who are party to the creation of such an unfair structure.
"
I assume the lack of answers means no one has a clue what's going on here with the SP?
what's going on at 2.29 now????? still holding but unsure whether to sell now?
looks like long CFD's being opened above the offer price? what's cooking?
What's going on, why are we now at 2.26 ?
Same position homey. Not as long as you but I got in pre ozzy scandel days and increased in the dips. Not a huge holding by any stretch but i've sold out too at a reasonable profit.
I had high hopes that I was investing in a growth technology. Telit have always impressed me with their innovation and market presence but no matter how great the news never really gained traction. This deal feels like the time to leave and have other prospects in their infancy that the gains here can go towards.
Good luck to those holding for potentially more.
I wish you all well.
ATB LB
After holding TCM for 8 years, I am happy to have sold my entire holdings today with a nice profit. IOT companies like Telit, Sierra Wireless, u-blox seem like exciting growth stocks but in reality they never lived up to the hype. Whilst these IOT companies will most likely generate profits in the future, a lot of those profits will get re-invested into R&D and maintaining market share in a competitive market. If you are considering holding on or opting to take up the alternate offer, you have to ask yourself, what will Telit achieve in the next 10 years that it didn't manage to achieve in the last 10 years.
Yes I still am
Maybe our bidder has the BOD in their pockets? How can the BOD say in their RNS that the bid undervalues the company and then recommend it to shareholders? Why not reject it and carry on trading like any other company? They said in the annual results the company was in an excellent financial position with 63 million cash in the bank and prospects for the company were great? Very fishy deal to say the least. Maybe it is time to cash in the chips and get out of this dodgy AIM company after all?
it seems like this has been orchestrated , why would they reject a bid of 2.50
and could it have been know by all parties even before the buyback was announced?
d bay will only break up the co and take the cash
Also if Dbay start buying in the market above 220p I think they have to raise their bid to match?
all this stinks
1. they said there was going to be a buy back of shares, even when it got to 67p no action
2. they could easily have given a special div with the money they were holding
No point in selling at the moment as always chance of Ublox or another joining the party...
yes i am.
anyone holding still
The simple answer to all this speculation is: Dbay picking up a great company on the cheap, BOD will make a packet to. I doubt Oozi and other II's will be happy with this deal. AIMHO.
good question joh dean.it seems casuistic nonsense to promote as a reason justifying an offer ,which they have been advised undervalues the company, the suggestion that it offers shareholders a way to exit for cash. that justification is, imo, predicated on the fallacious assumption that all, or almost all. shareholders would wish to sell at the same time. arrant nonsense imo.
1. why didnt they take ublox offer, even if it was shares and cash it wouldnt matter
2.its all very well saying it gone up 58% from 1.35 but some of us paid higher my case 2.70
An Algorithm wouldn't over shoot the price, unless it was tailored to do so.
If there was no interest out there, the stock wouldn't be trading at £2.20 right on the Dbay bid price either.
There are clearly institutional Funds at play here, taking the view that a higher bid may be tabled from elsewhere.
This is the way I see it. Just sit on your hands and you'll either get the 220p or a bit more from Dbay and Co, or another industry buyer will come in with another higher offer. Win win I suppose, although I still strongly believe management are selling out too cheap based on Telit historical valuations etc.. Have there been secret goings on etc to the Telit BOD to recommend this offer to shareholders? Who knows what goes on behind closed doors, I bet some of the big funds aren't happy with this imho? ADYOR !!!!!!!!
This has been coming for a few months. Does the fact that DBAY have pitched the offer so low mean that the board of TCM have been unable get interest from another buyer ? Doesn't old Oozy still hold some 17m shares ? Wonder what he thinks of the offer.
Or possibly trend following algorithms have overshot the offer price.
It looks as if the Arbitrage Hedge Funds are having a go, looking at the Share Price action.
Heads you win, Tails you get 220.