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Totally agree. All I am saying is that given the company directors don't own any stake the call is really in the hands of the institutions and the retails investors. We shall see what happens. Nothing may happen but too early to call that.
dgaser
When the bid was announced the SP was about 120p with the special dividend of 19p about to become xd, That event would undoubtedly reduced the pre bid SP by around 19p.
So you must compare 120p - 19p = 101p with the 136p Carlyle offer. I'm not advocating the offer, just saying that you have to compare on the same basis
This traded ex div today so if you still own shares as of today you will get the 19p interim dividend in due course. The Carlyle cash offer is 136p a share so this is still trading at a small premium. Before the offer was launched the PE guys would have tested the waters with few institutions to get a feel whether they may vote in favour of the deal. Given where we are now, it is quite likely that if not enough vote in favour they may sweeten the deal with an increased offer (probably by not very much but a little bit maybe in order to tip the scales to their side so it goes through. I doubt they would let this fall through without trying a little bit unless thry are very confident they will get the 75 percent of votes). It is also now a time for other possible buyers to consider this deal and whether they could be interested to bid as well.
I have no idea what the hell is going on at the moment can any body up date us .Today I received a RNS announcing the AGM and the 19p Dividend have been cancelled ,which means, the special payment and scrip are still on, as they have been voted on .
In the mean time doe's this mean they couldn't get enough vote's from institutions, to get this over the line ? I hope so, as this was was never a true cash offer ,as they mixed the Special dividend in to the mix. As share holders we had all ready been told we were going to get the 19p any way ,but by adding it to the cash offer ,and then removing it once the divvy had been paid out was incomprehensible ,as it meant the real price of the take over was £1.36 p/s , to me that is scandalise.
Maybe some of the big boys have told the company ,they won't be backing this take over as they see what we see, a bad board with no ambition .We only need 25% to say no ,and this board will be history .
looking forward to the up date soon
Be Happy
Dave
Face palm- back to the garden.
I think we have been badly let down by the Board here. I too have held for many years, back to early Skye days and the price agreed shows clear complacency. As has already been mentioned on this board, a complete lack of ambition has lead the way. The funds received from GSK were never really fully counted in as not confirmed until after the year end results. Why this was not used to acquire strong expansion opportunities, or even to just get approval for Flutiform for the USA, the original big prize, abandoned through lack of funds in the early years, which would have delivered future growth for us.
Bidco declared that they can invest in growth for VEC in the initial statement. VEC are cash rich and can't find stuff to spent it on, yet private equity see merit in expansion (so do I frankly!) - why haven't the Board had their foot on the gas here? PotentForce has made some very good points relating to this.
Anyway, I'm hoping for a counter offer, as the market seems to expect given the price has maintained a margin over the offer price from day one (though agree, in part covering shorts), but have sold out 30% of my significant holding. I would like to have seen 3 to 5 years further growth, but the Board were not capable of that vision, sadly.
Oh we have gone ex div.... I get it
More importantly... Whats the word on the street on this? We are way below the Carlyle offer price? Anyone?
Wake up - it went ex-dividend today and we just got 19p. So the price is higher than Friday. The bid was at 135p + 19p for the special divi
Ordinary Shares marked ex-Interim Dividend - Tuesday, 1 June.
By all means buy some more
Smiley Face
Then it is a Buy
The bid price is 15p higher. Madness.
As a very infrequent poster here, I read other people's stuff with interest, well, sometimes. A weekend of a bit of research and personal due diligence shows: Cometh the Day, Cometh the Deal, so on Tuesday, I am likely to follow my golden rule: Sell half on a double and run the rest for free. Having been in Skepharma for ages and missed the 180 peak, I will be glad to get away at the offer price, or a little more - please! GLTA.
Thanks Lasvelas.
This has been flipped to interim dividend under the Carlyle offer with record date on Friday, going ex div on Tuesday next week.
Anyone flesh-out this announcement ?
"Vectura Group Plc have made an announcement that the consolidation and special dividend of 19p will now not proceed. This is a result of the proposed offer to acquire the company by Muranio Budco, (a newly formed company, indirectly controlled by funds managed by Carlyle Europe Partners V).
Once we have received details of the new effective timetable, we will contact you with further information."
I have been in VEC since the turn of the last decade .Then it was suggested we would have a copy of GSK Advil with in a few years , and just on that prospect, and on the expected forward earnings our share price grew to £1.70-1.80 per share in may 2016 .Since then our turnover has doubled, and we have grown considerably thanks to our agreements with other pharmer's, yet this buy out only offers us £1.36 per share , which is very low in my opinion ,even with the new 19p dividend added , it still leaves us short of the 2016 price of £1.70-£1.80 when it was thought the profits from a Generic Advair would be substantial ,we have also won a case against GSK worth around £200m , and also got clearance for several new products, including Advair ,plus Royalties and cash from GSK ,that makes VEC cash rich , this can only take our price back up to the 2016 high .To me this offer is far to low ,and I'm surprised GSK haven't come back with a buy out of their own ,as that would have reduced their costs ,regarding further Royalties ,and would also enhance their own ability to compete in this market again , plus the chance to get back their costs from the sale of some products such as those owned by Novartis for instance .
Itsa
Ive just been looking back over my records, I lost interest in them so much that I'd forgotten that Vectura took over Skyepharma, I just thought it was a name change!
I'm out up about 800 quid in fifteen years.
If I wait for a better offer it may not materialise, I will loose with the offer as it stands and have to pay tax on the dividend .
Good luck everyone been a c**p investment really.
I have waiting to exit my position here for some time after long years of holding, thanks for this opportunity and good luck to all long term holders.
Well remembered Monkshood!I did buy more at the time of my comment & you msay expect me to be therefore very happy with 155p( mine are all in ISAsSIPP so not bothered by personal tax ) & yet I am not .We dont know the full extent of our prospective income from our Adavair generic & our generic Ellipta range could far exceed that - so we are selling at a re determined price assets the revenues from which are currently unkown,although we do know that $32mill will soon be received from Pacira in respect of our final Exparel milestone.
It would be great to hope for a counter bid from HIK but I suspect that a quiet deal has already been done with them which could involve a future deal for them to buy out our interest in both generics , for an amount which will possibly cover a large part of Carlyle s cost & if Flutiform ids also sold , for several hundred million $s it will prove to be a great deal for all concerned....apart from us.
This feels like clumsy pickpocketing in broad daylight !!
I have been in Vectura (or whatever they call themselves this week) since I was in nappies and am now retired. Ok not quite that long but it feels like it. Couldn't tell you whether I am up or down, but I suspect the latter (heavily). Certainly never had a divi, just endless promises, fund raises, 'pleased' RNSs that came to nowt.
I don't have any feelings left to be honest, part of my me is relieved to see it come to an end before they shovel soil on top of me. Forgive my cynicism.
Opportunistic bid by private equity [ have they ever over paid] no idea on orther bidders but given pharma has high valuations , I think that it is likely because they can raise capital with ease.
Oh on top of that I'll have to pay dividend tax on that!!!!!!!