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BNY Mellon say 3.30 July 17th.
The "offer period" commenced at 07:00 on 3rd July. Opening Position Declarations (OPDs) have to be made no later than 3:30pm on the 10th business day following the commencement of the offer period.
So OPDs by 3:30pm tomorrow (if 3rd July counts as the 1st business day) or the day after (if 4th July is the 1st business day).
OPDs are still due, I think, from Telford, CBRE and anyone holding more than 1% of TEF who hasn't yet declared.
Dealing disclosures are supposed to be in by 3:30pm on the day after the dealing (for 1%+ holders), but sometimes a whole lot of dealing disclosures for a holder arrive with the OPD.
In any event, we're not far away from the deadline now, under any reasonable interpretation, I think.
USA for 3 weeks maybe?
This is in the common domaine so further information as follows.
The court meeting and general meeting are both meetings of shareholders (the court meeting approves the scheme as required by the Companies Act and rules of court and the general meeting approves certain matters ancillary to the offer). After these two meetings on the 6th, there is then formal hearing at court to sanction the scheme. The date for this has not yet been fixed as this will be dependent on EU merger clearance.
I have no idea how long this clearance and then court approval will take but it does strike me that we will have owned our shares for at least 90% of the first half and on top of everything else our dividend for that period. Yes CBRE will say accounted for in the price but it’s even more of a slap.
Should imagine that the Directors are uisng the intervening period to take their annual holidays !!!
The official answer I received to these questions are 1) no shares required to make a bid 2) scheme is not approved until the court sanctions and until that time the whole process can be suspended or even cancelled to allow shareholders to consider the new proposals and amend their position as necessary.
Looks like completions at New Garden Quarter taking place from end of July to 1st week of September Must be £10m +profit oozing in here for the lucky buyer to hit the ground running
Also does anyone making a bid have to hold any minimum number of shares before they qualify under AIM rules?
Does anyone know, factually as opposed to opinion, what happens if an increased offer is received....
To the meeting on 6th... cancelled? New documents required? Submitted votes cancelled?
Would be a “hostile” bid presumably as BOD recommended CBRE but do they get to change their recommendation?
Practicalities of changing votes previously cast to support a better offer if acceptable having initially voted no.
CBRE bought tef at a P/e ratio of just 7.8 with presumably good news on earnings kicking in in 2021 forwards.
FTSE is 17
Iranian market is 8.4. How can TEF have a P/E half the FTSE and less then the Iranian market after this "generous" buy. Our BODS have lost their bottle.
I agree TEF looks all over a potential winner for Greystar .Steffy maybe playing an absolute blinder on this. The British Grand Prix,.Wimbledon Mens' Final and The Cricket all rolled in to one
Greystar would immediately recoup the enhanced project mangement fee from TEF for their role in 9 Elms and Walthamstow ( including profit payment)
Although would be effectively buying their own site back at Greenford LOL. Many of TEF,s sites are too small for their model but would perhaps welcome being involved in a relationship with M&G & Invesco to take on board the smaller ones
Chrisp Street you would have thought would greatly interest Greystar
What Greystar would of course be able to offer is the in -house management and letting capability -something that TEF have flagged up as something they might be expected to provide as the BTR market matures
The purchase price is small potatoes and would instantly give Greystar a company delivering turnkey projects, undertakng affordable elemnts in all their schemes and selling of excess for private .Furthermore they would have already carried out a certain amount of due diligence on TEF by their involvement.They must like what they see
Maybe they have just bided their time waiting for the 2 new BTR partnerships to bed down
It did come as a surpise that Greystar didn't feature on TEF's s shopping list for a partner .Maybe Greystar had bigger ideas ?
CBRE playing the role of softening the market in preparation and knocking out the competiton CBRE must work closely with CBRE globally Who knows? -This story not over by a long chalk
Whomever the buyer(s) as 1-GW said there has to be a declaration. I believe I am correct in saying CBRE are not allowed to buy at more than the offer price so if the sells are at any price over this the MM isn’t going to take a loss. SP underwritten by the offer price.
I may be adding 2+2 making 6 but the fact it is a US company suggests they didn’t just stumble across TEF. I wager a kipper it was Greystar who identified the companies potential. If they have confidence and CBRE have bid at their low end (yes I know I’ve said it before but they are willing to bid more) then in my view several other potential buyers must be giving serious consideration. Must be appealing to foreign buyers with exchange rate where it is. Whether this translates into a bid remains to be seen. We can only hope.
12-Jul-19 08:53:42 349.81 770,000 Sell* 350.50 351.00 3m O ?
12-Jul-19 08:53:14 350.175 550,000 Sell* 350.50 351.00 2m O ?
To sell 5m pounds of shares and not to dent the SP means someone very big is buying.
Could it be our white knight or just CBRA hovering up shares to consolidate their bid using proxies.
Ex ..I think that if a counter bid is on the way,itmay not be revealed until just before the CBRE vote.Slim chance but possible.
Yes sorry it was Terrace’s comment I attributed to you with all the re.re.re posts.
"Sain so which is it. Half your posts you feel the bid is undervalued and now you are saying it’s not worth £3.50?"
Was this meant for me ?No,I think it is very undervalued and concur with your post Sat 19.34.Interest in TEF should be wide ranging .They have assembled a formidable team including a whole host of sub-contractors forged strong relationships.
The For Sale flag has been raised .In terms of due dilgence I wouldn't have thought it would be too difficult to value either We have not been informed of the nature of the 2 new partnerships and how the spoils will be divided
More importantly at circa £300m TEF is literally bitesize for many especially as there will be a big pool of cash sitting there in August to draw from with all the various physical completions of sold apartments happening
The message being sent from this merger is that private sales are being effectively abandoned That somehow shareholders have been given a golden oportunity to cut and run whilst the going for BTR is good with concerns about TEF having to become more directly involved in the BTR ownership
This seems to be at total odds to the consistent message Steffy has delivered to shareholders over the years
"There is a clear shortage
of housing across London. "
Although Steffy as headlined the strategic shift to BTR only the other week in the Annual Report stated
Whilst we expect the more subdued
market for sales to continue throughout
2019, individual sales to owneroccupiers remain an important part of
Now they are seemingly not !!!!
It's been noted in the last month or so that sales of unsold apartments have been going particuarly well and with the prospect of Boris heading to no 10 and stamp duty conceesions the outlook is looking more favourable
All very strange !!
Ex...I think the shares are worth a lot more than 350p but unfortunately the market does not.No conflicting views in my posts.
Sain so which is it. Half your posts you feel the bid is undervalued and now you are saying it’s not worth £3.50?
Ex....shareholders did not think TEF were worth 350p in the few months pre bid.
There is also the argument that if the deal is rejected then enough shareholders believe £3.50 is undervalued and the price remains roughly stable.
For my money there are many covetous eyes within the industry and beyond of TEF’s contacts, awards, reputation and not withstanding recent planning issues their relationships with planners, agents and housing associations.
With the pound depressed foreign investment buys TEF for pocket change. At these levels what’s another £25, 50 or £75 million increased offer to take the prize. It would have to be a good offer to blow CBRE out of the water and them not wish to match.
If a Brexit deal is achieved, and I still think there will be some sort of fudged agreement, then this £3.50 at $1.25 USD to the pound will look like the deal if the century for CBRE. Bear in mind they are willing to increase their offer should there be a rival. It’s actually there in black and white that they are willing to pay more. Says it all really.
The majority of PI shares will be held in nominee accounts. Although many - but not all - platforms (e.g. Hargreaves Lansdown and Interactive Investor) will facilitate shareholders voting as a corporate action, it is a safe bet that many such holders will not vote. If it gets as far as the 6th August meetings without a counter-offer, I think that it is game over. On the issue of due diligence by another party, TEF is a publicly listed company and the counter-offer would be hostile. I don't believe that such a bidder would be entitled to carry out any due diligence. The timing constraint would be putting the financing for such an offer in place. If the appetite is there, there is still enough time left.
Steph..if the vote goes CBREs way,we will not benefit if a higher bid comes In after 6 August.If the vote goes against CBRE,there is the possibility of the SP returning to where is was prior to the bid.So if you think the vote will go against CBRE and nobody else bids before that might be a plan to sell at the 351p available now and buy back after 6 August.
I have no experience in these things but I put low odds on a counter bid in time -say 10 to 20%. Unless one was brewing already the due diligence makes it hard to hit the timeline. More likely is us shareholders vote this down. Only 25% need to rebel. I'd give odds on rejection as high as 30%. New bids might emerge after that as I suspect the sector did not think TEF was in play. I don't know what price the rebels would be looking for but plus 4.00 seems likely.
If voted down I'll be back in force to TEF. Still think it a great company with a great future. Quite irritated we are big pushed out at such a low price.
Oddly Crest went private in 2007 just before the crisis an went public again in 2014 once thigs were settled. That worked out well for them.
You are talking a good game here and perhaps they have just cleverly put TEF in play
Both Wisey and Steffy who normally wax lyrical when presenting a case you have to admit seem to lack conviction in selling the deal to shareholders .Perhaps this is all about giving the opportunity to the founding fathers to cash in their chips
The sector has perked up as It looks as if Boris will take a knife to stamp duty which is bound to help TEF
Opportunities like this rarely present themselves to shakers and movers .There must be 1or 2 getting busy