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The suggested offer of 250p in cash was made on 26 October i.e. a week before the Alchemy prospectus was issued.....and what did the Board of Countrywide say or do? Nothing much or so it seems.
It is clear from the wording today from Connells that they want all of the management out...".Connells believes that Countrywide needs a new management team, with real estate agency expertise..". Blunt, rude even or what! Almost a football chant; "you don't know what you are doing". Mind you, I fully agree with them. The rather cosy arrangement with Alchemy will now need to see a lot more money on the table.
I have to wonder if the directors of Countrywide have to be reminded that their main role is to work for the benefit of the shareholders rather than hang on to their very well paid positions.
A counterbid at 300p is certainly possible. Will be a buyer if this falls back to 200p
Should imagine Connells have been casting their eyes on CWD for sometime . Arriving at the party at just the rightime They arrived into this fin year cash positive to the tune of £70m
All that is required is a little pump prime by Skipton ,stir in Connells excellent management and bingo CWD back on track
The Possible Cash Offer does not constitute an offer or impose any obligation on Connells to make an offer-all subject to DD and i imagine monopolies rulings as well. Id cash in at this price-but back in again later
Wow. Bought these at 50p in March / April! Always thought the brands were worth a lot of money. Rumours about stake building for months in the Agents press. Sold most of them now but not all.....as I expect many did.
The cavalry have arrived as the BODS looking to sell shareholders short. How bad have these BODS been Bidding war !
Negotiations for 2.50 a share buyout.....Expect SP to rise over 50% at open........
"It sounds and looks like a complete takeover by Alchemy without any say from shareholders."
No it needs the support of 75% of the shareholders to get it through so you can vote against it
Fully underwritten Capital Raising of approximately £90 million by way of Firm Placing and Placing and Open Offer of 66,684,215 New Ordinary Shares at 135 pence per share.
So they are placing 66+m against the current 36m already on issue. Surely that's a takeover in anyone's books.
and something doesn't add up in my books.
As part of this recapitalisation, funds advised by Alchemy Partners will invest up to approximately £90 million in the Company by way of a Firm Placing and Placing and Open Offer and by funding the repurchase of shares by the Company pursuant to a Tender Offer.If I am not wrong there is only 36m shares on issue after the consolidation last year or so, so not to invest £90m it sounds and looks like a complete takeover by Alchemy without any say from shareholders.
Meanwhile back at the farm sales instructions have fallen to under 20,000 which is only to be expected at this time of year anyway but they are still banging them out .
No reason to expect Q4 not to be robust
I suppose if the SP wasn't at much of a premium then small investors might not take up the offer which would leave more for the institutions. It doesn't take much volume in the market to move the SP. Those points playing on my mind :)
Hoskings buying significant amounts recently when the market price higher than it is now. I've also just had notification that they transitioned from 13.02% to 14.08% on the 29th October. Some delay there.
I think I'll take up the offer but it's certainly a hard situation to read.
Yes, and this might all be academic if the share price continues its slide. It may soon be below the 135 offer price.
Ian
Well you need to do what is best for you because the result is unpredictable .However whether your choice will be actioned is another matter.What we don't know is whether Alchemy have got Hoskings onside .
However even if they did there are no doubt many small private investors could be over 5 % who could anti and
in addition other institutional investors which could scupper proceedings for Alchemy easily jumping the 25 % barrier
Always possible that Catalist could increase their stake too
it does stick in the craw that Alchemy want their cake and eat it expecting shareholders to pay their underwriting costs of £8m to be gifted control
That is over half the profit from H1
Well, the deadline for the offer and tender is fast approaching. What's your plan? Do nothing and hope this deal is scuppered by White Knights?
I would. And I think I am right in saying that what you say is the norm.
Hoskings have put themselves into a key position with 14%
Mix in Paterson at 10. 48%
They hold all the aces You would have thought the BODS would have said we have reached out to them and the response has been YES /NO or undecided
I mean, it really is hard to believe Alchemy and the board has gone at this blind. I have no opinion on the end result.
Would you not expect a sounding out prior to?
can you really not believe it -I can
I have received a request for instructions .Really can't believe they have gone about this back to front without shareholder approval
Thanks for the reply , but am I right to say I cant do that at the moment as there is no other info on there just the allocation of shares to buy /sell as not allowing me to do anything at the moment?
Since the offer is date stamped it shows the amount of shares you can bid for '135p or offer up for tender at 180p
You can't do both
Can anyone enlighten myself please as not come across this before . When I opened my portfolio this morning I had my normal amount of Countryiwde Plc shares listed which I have accumulated over time but above my normal share holding there was another entity again with Country wide Plc but with "open offer entitlements "in small black writing underneath and showing XXX amount of shares but with no value showing ....any ideas please anyone ??
Can anyone enlighten me as not seen this before . When I opened my portfolio this morning I had my normal holding of shares which I had obviously purchased over time but above this holding there was another holding showing xx amount of shares showing as a separate entity but still as Countrywide Pc , but with "open offer entitlements "written underneath??
Well if you think gift wrapping the company to venture capitlists diluting shareholder value unnecessarily incurring £8m worth of costs just when they are getting their act together and all it needs is a steady hand on the rudder is good ,fair enough!
Alchemy whose interests might not be fully aligned with shareholders
More importantly already incurring a huge raft of costs without ensuring that this has declared support from Hoskings it will be just another in a long line of dreadful and expensive mistakes by the BODS