Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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It would of gone to 10p just on the 1.5mill fund raise.
They could easily raise 1.5 mill on 19mill revenues and increasing customers coming in looks they just want to take it on the cheap to me.
o The Boards of Hanover Bidco and Brady are pleased to announce that they have reached agreement on the terms of a recommended cash offer to be made by Hanover Bidco for the entire issued and to be issued share capital of Brady. Hanover Bidco is an investment vehicle ultimately wholly owned by Hanover Active Equity Fund II, S.C.A. SICAV-RAIF.
o Under the terms of the Offer, each Brady Shareholder will be entitled to receive 10 pence in cash per Brady Share.
o Hanover Bidco's Offer is final and the Consideration will not be increased except that Hanover Bidco reserves the right to increase the amount of the Offer if there is an announcement on or after the date hereof of an offer or a possible offer for Brady by a third party offeror or potential offeror.
o The Offer values the issued share capital of Brady at approximately £8.3 million.
o The Offer represents a premium of 50.8 per cent. over the closing middle market price of 6.63 pence per Brady Share on 11 October 2019, being the Business Day immediately prior to the date of this announcement, and 31.1 per cent. over the closing middle market price of 7.63 pence per Brady Share on 3 October 2019, being the Business Day on which Hanover Bidco made the approach to the Brady Directors regarding the Offer.
o The Offer is conditional upon, amongst other things, Hanover Bidco receiving valid acceptances (which have not been withdrawn) in respect of and / or having otherwise acquired or agreed to acquire Brady Shares which constitute more than 50 per cent. of the voting rights attached to the Brady Shares.
o The Offer is subject to the other Conditions and certain further terms set out in Appendix I to this announcement, including that no member of the wider Brady Group becomes insolvent or undergoes any analogous procedure in any jurisdiction and to the further terms and conditions contained in the Offer Document, when issued. Immediately upon the Offer becoming unconditional as to acceptances, subject to Hanover Bidco not having invoked or sought to invoke any Condition prior to that time, Hanover Bidco shall declare the Offer wholly unconditional.
o In Brady's announcement of 26 September 2019, Brady confirmed that it was advancing funding initiatives to provide Brady with access to approximately GBP1.5 million to meet the working capital requirements of the Brady Group, prior to 30 November 2019 to support existing operations. The Company continues to review the position and, whilst the requirement for GBP 1.5 million prior to 30 November 2019 remains the case, Brady has a specific cash payment due on 15 November 2019. The Company is in discussions and would expect to be able to manage this situation until 30 November 2019. However, there can be no guarantee that this will be the case. The Company confirms that, whilst negotiations in respect of funding options have been advanced and are on-going, the Company has not, at this time, secured unconditional funding.
Feels like this situation has been manufactured by all sides to me. A last minute low-ball offer 4 weeks before the company is in dire straits according to the board. Not really enough time for other companies to do proper DD and to have a bidding war. Shareholders will be presented with a take 10p or lose everything argument IMO.
These were 56p in August was hammered down on an insti selling they are just trying to get it cheap.
https://invst.ly/kffyd
Yep, bit like saying at an auction my first bid is my final bid as long as I’m the only one bidding. So for possible price , we have to look at cost and network/ client list synergies for any newco. None for VCs who seem to want to flip it. V interesting
Hanover Bidco's Offer is final and the Consideration will not be increased except that Hanover Bidco reserves the right to increase the amount of the Offer if there is an announcement on or after the date hereof of an offer or a possible offer for Brady by a third party offeror or potential offeror.
https://twitter.com/rick_shares/status/1183853876136550400 Interesting
Will come from this lot (did post that they were likely interested a few days ago) https://iongroup.com/ion-commodities/
Mr 31.84k obviously had no clue about the cash offer or that they'd be an RNS this afternoon.
MP
Should open around 9.8p, there may well be a counter offer.
MP
Yes, we will see if management and shareholder interests are aligned.
Could get nicely ugly - 1 director sold a load at 95p 3 years ago so he’s clearly not a fully committed company man!!
10p start the bidding war
Any chance of being outbid?
At last I’ve got one right!
10p offer on the table up in the morning
And there it is.
Always amazes me they offer over the bid and someone sells. Would not be surprised if they are filling an order.
Hehe - you were right.
Up and down like a bridies nighty!
Crab on the monthly very oversold https://invst.ly/k6jq4
that is a nice 35k buy
Off to a Bobby Dazzler of a start again....
Only pulling your leg - we know its v volatile - 20% intraday are the norm atm.
Plonk them in a draw imo.
Up 7%..
Remind me not to follow your opinion!!
https://www.bradyplc.com/investor-relations/aim-information/ FF is tiny then must be a Tr1 due