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Thanks for you answer. I bought 1000 shares based on my misunderstanding of these forms. I'll sell them tomorrow, so hopefully we open at 205 :)
I don't think they'll go higher if they don't have the support of the board.
The offer is already 2 pound 50 something based on todays share price of Ageas.
If they were serious about their offer they'd have already made arrangements with several institutional investors.
Yes, you are probably right on that one, it all becomes very complicated and technical.
I would not worry about it too much, just wait and see what happens.
Hopefully Ageas will come back with an improved offer, not sure they will go Hostile though, but what do I know!
Thank you for your answer! It does indeed seem that way.
I was wondering if vanguard for example bought shares for ageas would it be disclosed then under:
(b) Owner or controller of interests and short positions disclosed, if different from 1(a):
where they'd state ageas?
They are not parties related to Ageas.
In this situation any Company, Institution has to declare their shareholding over 1% within a few days of the offer being made public.
So they are existing shareholdings, which they may have held for years, not new buys.
Download a copy of The Takeover Code, if you do it now you may be able to take it all in before breakfast tomorrow!
A lot of 8.3 forms were filed today, which parties related to Ageas have done I think? I don't fully understand it but it seems that Ageas and related parties bought a lot of shares under the tresholds and today made that known? I'm not 100% sure, still checking this out how this works.
That's alright Mr T.
I always made my own luck having built and owned 3 companies for over 45 years.
But it's always good to get other people's opinions.
Mrgorillaz - where do you get your information from- read the RNS.
Ageas own a fraction over 2.5% of DLG!
Hth
Unless a quick kill comes to pass, this will drift back down.
Hard to believe the turnaround yesterday from the 156p area to now a a few quick trims left me with an 89.44 % a the close (peaked at 97.8%)
Normally trim / add on a 15%/ 20% intraday move up and although holding around 50% less shares, rerisked and awaiting oportunities to readd and protected the unrealised ISA gain.
I'm more concerned about the bell end.
The modern rendering of Canute is clearly not accepted; no slight was intended.
Excellent find Mary. It's even better at 3.25 euro a share dividend for 2023
mjallen, i wish you luck with getting £3.34 per share but i think you are defying reality (even king **** couldn't make the tide heed his commands). i think it's fair to say that you are probably within the 10% quartile (possibly the 1% quartile) at the far extreme of the bell curve. ageas probably don't have to worry too much about getting your vote; they only need 90% of the votes cast to make any deal unconditional and compel you to sell up your shares regardless.
Could turn hostile, Vanguard latest holder in the stream of RNS.
No. 50% of the votes would only give them the right to pass ordinary resolutions. They'd need at least 75% of the votes to be able to pass special resolutions and de-list the company, and over need 90% of the votes to make the takeover offer unconditional.
Mjallen
Just seen you query, shabz answered, Here is the history link from Ageas of their dividends...
https://www.ageas.com/investors/dividend#paragraph-view-block-embed
Ageas already owns a lot of shares of Direct Line. They only need to get 50% to take over the company.
What a load of blather. If you're going to de-ramp, at least put some thought into it.
A bid will be made. Ageas is now too committed not to make a bid; not only in regards to the shares it's already bought but the share positions it's underwriting (third party investors/advisors working in conjuction with Ageas aren't doing so out of the goodness of their hearts). Without a successful conclusion, Ageas could be facing the prospect of losing c£100-£200m if no deal materialises and it's forcred to sell off its current positions. Even if no deal is concluded, it would appear likely that Ageas will remain in the background propping up the share price where it can.
Whether that bid price will be enough to get a deal over the line remains to be seen but by then the FY23 results will be out and we'll have a far better idea of what we can expect for FY24 and beyond. Indeed, in the face of a potential hostile bid, the prospect of DLG re-instating the dividend in FY23 becomes even more likely (even if it doesn't quite meet it's own criteria); that would be for the new CEO to decide.
You make a fair point Mr T but I could only accept £2.11 cash for each share plus the 360 Ageas shares that my holding would attract.
Or a straight 990 Ageas shares with no cash offer as a straight swop for my holding.
After all it is they that want to buy out my shares not the other way around.
I appreciate your taking the time to reply and yes I understand your position and thinking.
Because the fat lady hasn't sung yet and averaging down just covers up your past losses (averaging down simply increases my exposure/risk - it's never a dead cert). I'm not willing to accept £2.33 and Ageas hasn't made a formal offer; the wheels could still fall off and I'm not inclined to invest more into a company that has yet to re-instate its dividend (I didn't sell off because I thought/hoped it would recover but I didn't buy more because it didn't meet my criteria for investing more).
Obviously, if I'd known about the bid rumour before it became general knowledge yesterday then maybe I would have innvested more but once it was out of the bag and the reasons for the sudden share price movement in the middle of the day became known the "upside" had more or less evaporated.
Also, the more shares Ageas now owns/controls, the less likely it becomes that Ageas will increase the "offer" if it does now make a bid and, conversely, the less likely the bid might be accepted by the remaining shareholders who are holding out for more. The more Ageas now owns/controls the less it will probably have to increase the bid to get a deal over the line IMHO (Ageas has already shifted the Bell curve) and, arguably, today's share price movements bears that out; if investors thought that Ageas was going to have to materially increase it's initial bid to get the deal done then the share price would probably have continued to rise beyond £2.33.
I hope I'm wrong but a bid of c£2.50 looks more likely to succeed now than it might have first appeared yesterday (Ageas already appears to have taken out quite a lot of the potential opposition). We'll have to wait and see.
Offer shunned.Ageas will walk away.Here we go again back down to £1.50 or even lower.If it's so good then it certainly is not reflected in the share price.Dividend not guaranteed,what a useless investment this was.
Who isn't acting in concert with Ageas? Unless I'm misreading the RNSs over a dozen financial institutions appear to be acting in conjunction with Ageas (the only financial institution not in on the action would appear to be Citigroup, which probably explains their shirty broker's note) and they can't all have bought in yesterday. It would suggest that since the end of January, Ageas, in conjunction with it's backers/advisors, have acquired close to 30%!
If you are crystallising a loss at £3 or less why wouldn't you average down if you had funds available?
Mjallen, I too would crystallise a loss at below £3 per share but I'm realistic enough to accpet that Ageas are highly unlikely to pay over £3 per share (even if there was a bidding war) and that, without a potential offer, it could take several years for the DLG share price to recover to (say) c£2.50 even if the dividend was partially re-instated in FY23 or FY24 (the prospective, sustainable profits going forward are invariably going to be less than before due ot the sale of the commercial business and the prospective dividend going forward is going to be reduced accordingly). I'm not suggesting that we should accept £2.33 but an offer north of £2.50 could become compelling. Personally, I'd definitely accept £3 if that was on offer albeit that I'd be sad to see DLG lose its independence (unfortunately FY22 has helped to put DLG on the chopping block).
What you paid in the past is now irrelevant; you have to judge any offer based on DLG's post FY22 prospects. It's pre-FY22 prospects were different but that's now history I'm afraid.