George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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Too late to vote nominee shares, sadly. Votes had to be in by Friday morning at latest, save that direct holders could turn up in person and cast a vote on the scheme proposal (Court meeting) just before the meeting starts next Tuesday.
Contact your broker and ask them to vote your shares on your behalf
Sorry if I missed this but is there any way we can vote against the deal as shareholders holding in a stockbrokers account?
Your insightful posts on the jockeying for position amongs the shareholders has been most welcome
Terrace - still hopeful, but in the context of having sold 2/3 of my pre-announcement holding - so I'm certainly not banking on a counter-offer or sweetening of the deal, but I still think there's a chance.
Samson Rock seems to have folded yesterday, closing out its CFD long. But Tavira, like Sand Grove the day before, has converted a CFD long to shares (2.04m of them in the case of Tavira) and added another 200k shares for good measure.
So now we have about 18% held between Sand Grove, Tavira and Cicogne - still probably enough to block the Scheme given general apathy and/or hostility to the deal among retail investors.
Why is there that stipulation in the Takeover Code about not being able to increase a "final" offer? I think it's to stop acquirers laying siege to a company, by saying this is the "final" offer but then increasing it when they don't reach the pass mark and causing more distraction for the company's management. I presume (but don't know) that if the target (i.e. Tef), the bidder (CBRE) and shareholders representing a significant chunk of the voting rights went to the Takeover Panel and said they all want the bidder to be able to increase its offer then the Takeover Panel might agree.
So although a last-minute counter-bid is possible on Monday, I think a more likely upside case is now that the deal is voted down on Tuesday and that CBRE is then invited to sweeten its offer, with the consent of the Takeover Panel, the Tef board and a number of institutional shareholders. And I suppose it's even possible that if all sides accept the vote won't pass they might even present a sweetened bid on Monday or Tuesday so that the vote on the current offer doesn't go ahead.
And the downside remains, IMO, that the vote fails on Tuesday without a counter-bid appearing and without any agreement for CBRE to sweeten its bid.
After being a holder here for 13 years,I think I am about to be mugged for the shares by CBRE.
Still hopeful?.
For what it is worth ! Pretty damn good considering
7 available at Calders
13 at NGQ
Still the 2 at Manhattan
2 at Liberty
I wonder what the staff's thoughts are ? Having worked for a company with a"Family Feel" now being shoehorned into a global behemoth
Some nervous suppliers and professionals-no doubt .No matter how much independence is granted there is always a favoured company lurking .TheYanks are coming !
Is it possible to vote against the deal as an ordinary shareholder holding shares in a stockbrokers account (Halifax)?
I might buy some:
https://m.nasdaq.com/article/cbre-group-cbre-surpasses-q2-earnings-and-revenue-estimates-cm1188775
With the arbs taking 3% from Investec and Sand Grove converting its huge CFD position into shares (if I am reading the 8.3's correctly), this still looks to me like it might not be over yet (in terms of the CBRE bid going through as is). By my calcs, the arbs (as I think of these companies) now hold 20% between them as follows:
11.1% Sand Grove (and converted CFD into shares yesterday)
5.3% Tavira
1.8% Samson Rock
1.7% Cicogne
Given the 75% passmark for the scheme of arrangement and natural apathy among shareholders, that looks to me like almost certainly sufficient to block the scheme if that's what they want to do (especially as we know from posts on this board that there's likely to be another declared shareholder voting 1.4% against iirc).
I wouldn't expect arb players to take the risk of the deal failing without having something else lined up in the near term. But the Sand Grove conversion of its CFD yesterday and Tavira's purchase suggest to me that they think something else is on here. Could they be trying to negotiate a sweetener from CBRE and perhaps also seeking Takeover Panel approval to waive the normal rule on companies not being allowed to sweeten a "final" bid?
The pre-bid significant shareholders on the other hand have been selling down. By my records Octopus, Schroders, Bank of Montreal and Wise Funds have gone, Investec sold about 1/2 its position yesterday and Graham Harris has sold more than 1/2 of his.
I think I will retain my remaining position until at least Monday.
With most trades today,at or just below 350p,the market is not expecting a higher offer for TEF.A brave investor would sell now and vote no to CBRE in the hope that the bid fails and the SP falls back and then buy back at a lower SP>
For my two pennies worth. I must admit at being a bit unsettled by the BoD's acceptance of the offer as it seems to be so undervalued that it is almost as if they know something that we don't . That said I have placed 52,500 votes against the offer as I believe it undervalues the medium-long term prospects of the company. Obviously I would be delighted with a counter offer but in the absence of this I accept I have voted for an almost certain short term SP drop but this comes alongside the continued receipt of fairly healthy dividends, a derisked business model and continued potential in the London market. Time will tell.....
Numbers
At least establish the facts
Access to capital is always an issue for developers .However by signing templated agreement s with both M&G and Invesco they have established a conduit to £100s of milllions of capital
Certainly sufficent to fund the most ambitious development programmes
If this bid fails then the shares could drop considerably. I don't think anybody else is interested in this company at the current price, and I don't think TEF can go on much further on their own without raising new money, which would be very difficult for a London builder particularly in the current environment.
Still one more possible "M&A Monday" to come before the vote, but I'm getting more concerned about the near-term hit to the shareprice if the deal gets voted down than missing out on a premium if a counter-bid comes in.
So I've sold around 1/2 of my remaining holding and reinvested in Crest. That's about 2/3 of my pre-announcement holding gone that way now.
“UK consumer confidence improved in July, according to new data which showed that Britons are feeling more optimistic about their finances.”
Stable housing market. More confidence. What a great time to sell
They also talk about a stable market and have increased the dividend albeit trading in SE more challenging.
In 2008 the then board rolled up their sleeves and pushed through. This time they seem to have no appetite and just waved a white flag. To go from the confidence in the future, doubling of size and £50 million profit to the current situation we have been horribly mismanaged. The huge pipeline, shortage of homes and institutional tie ups would undoubtably get us through short term issues if there had been a will from those who’s responsibility also includes shareholders. With the pound so weak I am surprised there aren’t several foreign offers to rival CBRE who I am convinced we’re introduced by Greystar. On the assumption a bid goes through I would love to see TEF figures in a couple of years. Back slapping all round in whoever gets this across the line. Disgraceful.
https://www.cityam.com/taylor-wimpey-profits-drop-due-to-higher-costs/
I see they are telling it like it is falling revenue rising costs.
CBRE are financing part of the purchase by way of a short term bridging loan so that likely to include some sort of currency hedge. No doubt some hard dollars involved
The beauty for CBRE is that TEF's coffers are being filled with completion monies at NGQ not to mention Liberty and Calders Wharf sales and the profit element to come from Forge when that completes
They might end up just havnig to search in the back of their pockets for some loose dimes and nickels
Apparently Neil Woodford has said that world economies are headed for the rocks.Will he buck the poor calls he has made I nrecent years,which have cost his investors dear,and be correct? Don't know whether investors will ever trust him again after locking them out for six months and yet still charging 100k a day In management fees.CBRE must be high fiving themselves at the , so far,non appearance of any competition for their offer.