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The highest Corp.Computer Services might have paid is about 9p as they bought in a period when the sp went up from about 3.5p to 9p. Not sure about the other party, Platinum Consulting, they've probably held for longer than a year (?). Bondholders of the $50m Bond to DQE Mauritius are significantly affected by any change in ownership and stand to benefit greatly, i.e they seem to have covered themselves nicely should anything like a takeover occur : "The Bondholders can also redeem the Bonds at a price that would yield a 25 per cent per annum IRR (the "Increased Redemption Price") on the occurrence of a change of control event of either DQE or DQE Mauritius". The plot thickens.
,......mms arent giving this away...
A mandatory cash offer may come at a relatively low price, as they do not wish to make a full takeover, rather, they would like to gain board control and perhaps use the vehicle as a "shell". The lowest price they would have to pay, is the highest price they have paid for stock in the previous 12 months.
frisky beast buyers back on the dip
In particular, the interests of concert parties (including those of certain of their connected persons and associated companies) will usually be aggregated for the purpose of the thresholds under the UK Takeover Code. This can mean (for example) that where members of a concert party hold (in aggregate) an interest in between 30 and 50 per cent of the voting share capital of a company, an acquisition of any further interest in shares by one member of the concert party may result in all members of the concert party being required to make a mandatory CASH OFFER for the remaining shares
you can buy now... a fair few - though looks like a 6p top up is distant dream......
''No need to worry about a speeding ticket as the nomads ask for this if no reason for the rise, today the company has informed us of a requisition to change the board which clearly the markets have liked. Market makers are squeezed as no stock available.'' note from the bro
Where the target is subject to the UK Takeover Code, one of the key areas where restrictions will apply (and an area where bidders may inadvertently trigger obligations or impose restrictions in relation to a possible future takeover offer) is the acquisition of interests in its securities. These restrictions include (amongst other things): an obligation (subject to certain limited exceptions) to make a mandatory cash offer for the remaining shares of the company where a person (together with their concert parties): (i) acquires an interest in shares which carry 30 per cent or more of the voting rights of a company or (ii) holds an interest in shares which carry between 30 and 50 per cent of the voting rights and makes a further acquisition of an interest in shares ......................... this suggests they have to make a cash offer
Has nobody seen the city cirular on this? desperate to find stock to cover / protect markets order books
Flying Now...........
Looks like the prerequisite here was the 29.9% take on before the 50% + take down, the current board cannot stop the change which is believed to be the catalyst to the company rerating and securing all additional owed cash of circa £15m additional to the £9m cash in the bank position. £24m cash with a positive business asset sets the new requisitioners up to a running start
had a little tickle ... fingers crossed
On td
Don't think so if they are not one company. No one company has more than 30%. Anyway, should be another interesting day, hopefully!
Thanks mate, will be very interesting to see how this one plays out now.
@ 51.78%... they have no option right ? they have to take us out
Very interesting development indeed. I wonder if any takeover goes ahead whether it would be possible to cancel the funding agreement, given that they only needed it in the first place due to their not having control of the receivables?
So CCS are part of a concert party looking to requisition an EGM. I wonder what plans they have!
Takeover
RNS reporting Corporate Computer Services along with Platinum Consulting Group hold 51% of the company and want 2 Directors appointed. Whoa - big things afoot!
And there was me thinking that people did research before buying stocks and held them for more than a couple of hours. You live and learn!
As requested mate
Hi Old Hands i have been at a funeral all day and have missed all the hooplah. I gather there are some fresh comms. about from rashida re. receivables. Could somebody forward me the email please, hereandnow @ live.co.uk thank you
A football match, you go 2-0 up but later let 2 goals in and it's a draw. The first leading team and supporters are gutted; the opposition elated. If the scoring had happened the other way round the teams emotions would have bbeen swapped. And so to our sp today. We didn't really go up 70% but somewhere nearer 58% really and then we fell back to 13.51%. If we'd started going down today and finished 13.51% Up we'd be elated. But anyway the facts of our receivables massively improving are known to us but not to everyone. This share is on the rebound and I have so much more confidence in it than I did yesterday and more again than I did early in the year before results in May. Smudge - great work from you getting that info. and definitely looking forward to the next few weeks.
I think that this is way undervalued.