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My understanding that share holders will be given options, the Citywire AM article relates to what best if you are a UK citizen. US folks might want some shares Liberty and cash etc for tax efficient purposes.
I keep reading conflicting reports on this. The official RNS suggests that it is an all share offer with a cash dividend of 3p, Various stuff in the press talks about a cash offer but I can't find anything "official" that supports that.
Liberty Global has offered to pay 86.82p per share in cash, as well as an additional 3p per share special dividend, which represents a 50 per cent premium on the company’s share price before Liberty Global’s interest was made public. SOURCE: http://www.cityam.com/228873/liberty-global-to-buy-cable-wireless-in-35bn-deal
I think that to get the full value here you are going to have to hold. Many smaller investors in the UK will be looking to exit before the deal goes through to avoid holding US paper and may also be sitting on big profits as is (many will have been holding from sub 40p). Thus there will be selling pressure in advance of the TO and it may not reach its max. The complexity of the potential deal also does not help. However the special dividend is worth about 3.8% at today's price alone.
Liberty Global to buy Cable & Wireless in £3.5bn deal http://www.cityam.com/228873/liberty-global-to-buy-cable-wireless-in-35bn-deal
Cable & Wireless chief Phil Bentley on Liberty Global takeover: “This is an offer that doesn’t come along every day” http://www.cityam.com/228877/cable-wireless-chief-phil-bentley-on-liberty-global-takeover-this-is-an-offer-that-doesnt-come-along-every-day
Liberty Global snaps up Cable & Wireless in £3.6bn deal Liberty Global announces £3.6bn deal to buy London-listed cable provider as billionaire John Malone plans further expansion in Latin America and the Caribbean http://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/telecoms/11999530/Liberty-Global-snaps-up-Cable-and-Wireless-in-3.6bn-deal.html
In anticipation of part of the takeover proceeds being in shares in Liberty Global, I've got Equiniti to amalgamate my various holdings into one certificate. I don't want a multitude of cheques or small shareholding certificates floating about.
Anybody out there? Yes-I am! I too hold some and await developments!
No the last date on which they have to make a decision to offer is the 19th Nov, which just happens to coincide with the CWC ex dividend date. The latter coincidence prompted the company to put out a statement to the effect that if the Liberty Global bid did not go ahead that day they would pay the interim dividend as planned. Obviously if LG actually make an offer, this would not be the case.
Well we have another 6 days or so to await the outcome of the possible takeover. Anyone have any thoughts as to how this might go? In particular, is it possible to glean anything at all from the avalanche of RNS form 8.3/8.5 postings by both parties since the talks were announced?
http://www.iii.co.uk/news-opinion/trends-and-targets/trends-and-targets-29102015
You are referring to the RNS. This is not "news" as such it is simply that having announced that the two companies have an interest in each other they must declare any dealings in their respective shares either directly or indirectly to the markets. They may be unwinding positions (in LGs case) or other more complex trades. Whatever these are they now have to declare these publicly through the RNS service.
you click on news and it has all this form stuff
Could you enlighten us what news are you talking about? I have seen nothing new about CWC since the announcement that they are in TO/merger talks with LG and an outcome will be known by Nov 19th.
Hello, could someone explain or summarize what the news today actually means?
Kenny8888: What do you mean by "a lot"? Just because there has been a bias towards sales over the past couple of days does not mean that LG are able to accumulate a majority position on the cheap and lower their eventual offer. There will be a lot of UK investors who will be well up having bought around 40p or below and decide to cash out now. However, I doubt this can influence the eventual offer price (if an offer is made). Such eventualities will also have been factored in by those making the calculations of the take out price, all of which come out at 82p or over. Buy enough of them, even at current prices, and you will still make a reasonable gain.
A lot of people seem to be selling now. Assuming Liberty and their agents are mopping these up I wonder if they won't have to go as high as 85p to pick up the rest if us?
Comsman, Sounds sensible. I held FLG and they were taken over by Aviva. I am still holding Aviva and happy to do so having seen a big gain in my FLG shares as the takeover went through. I also am still holding the US Verizon shares I got as part of the VOD sale and they pay a dividend, which though not huge is quite welcome. I think I will follow suit and sit tight as this goes through. The general view seems to be that this is a goer, so we are unlikely to end up in an RSA/Zurich situation where the suitor walks away.
Grayling, I'm going to sit tight for a while. I have only 'enjoyed' one previous TO and that was when VOD bought out CWW for a really meagre amount. However, I do remember the SP gradually rising to within a single percent of the offer price up until the deal closed. Now I appreciate the paper element of any Liberty bid will complicate things for the average investor like us and I totally agree with your income sentiment etc, but that said I do think there will be professional investors who are set up to handle US paper and will be interested in making a few percent in a relatively short period. I therefore think the SP will move toward a couple of pence of the 85/86p that is being suggested and that's probably when I will sell. GL
Comsman. You are right it is a cash + shares deal. My feeling is that most UK investors will not want to hold paper in LG on the NYSE. Remembering back most UK VOD holders either sold out in advance of the Verizon sale or those who got VZ shares plus cash sold the US shares almost immediately. Plus Malone is not keen on dividends and most UK holders (myself included) hold CWC, at least in part, for the yield. So do we sit tight and see if the price rises above 80p and sell out or stay put and sell the LG paper later? LG have to make a decision by Nov19th, which just happens to be the ex dividend date for the CWC January payment. What are you thinking of doing?
Well their rating and target seems a little off in the circumstances, unless they feel the deal won't progress (which seems unlikely to me)!
Hi Grayling, seems you are spot on with your estimate, traders are saying 85p although I read some reports of a cash and shares deal. (I have been waiting patiently for more than four years for this TO) GLA http://www.lse.co.uk/ShareNews.asp?shareprice=CWC&code=28m42wm7&headline=BUZZCable__Wireless_continues_rally_after_confirming_Liberty_Global_approach