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Thanks for article agree with what it says buy out or no buy out
Shares are to cheap!
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friday february 2 2024
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Everyman Media investor raises bid speculation
The Lewis family lifts its stake in the cinema chain close to the 30 per cent level at which an automatic bid would be triggered
Shares in the chain were said to be “simply the wrong price” after falling by more than a quarter in the past 12 months
Shares in the chain were said to be “simply the wrong price” after falling by more than a quarter in the past 12 months
MARTYN GODDARD/ALAMY
Dominic Walsh
Friday February 02 2024, 12.01am, The Times
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Everyman Media, the cinema chain, was at the centre of bid speculation after the owners of the River Island fashion business lifted their stake to 28.3 per cent, not far short of the 30 per cent level at which an automatic bid would be triggered.
On Wednesday the Lewis family’s Blue Coast Capital vehicle bought 250,000 shares at 60p a share, then yesterday it bought a further 3.75 million shares at 56p, bringing the total outlay over the two days to £2.25 million.
Michael Rosehill, a non-executive director of Everyman, is an adviser to the Lewis family. A chartered accountant, he is also a director of Blue Coast and as such has an indirect interest in its Everyman holding. The cinema chain’s website says that owing to his Blue Coast links he is not considered an independent director.
The Everyman board includes Adam Kaye, who co-founded restaurant brands including ASK and Zizzi, as well as Charles Dorfman, who runs his own television and film production company, Buckland Productions. Dorfman’s father Lloyd, the founder of the Travelex foreign exchange, is a former director of Everyman.
A source familiar with the situation played down the possibility of a bid, but said the shares — down more than a quarter over the past 12 months — were “simply the wrong price” and that as a result board members were buying them in the market.
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The shares added 5p, or 8.2 per cent, to close at 66p.
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Says exactly what we've been saying and no different.
Not a subs river to the times what does the article say, good or bad
Outlook for investors?
Https://www.thetimes.co.uk/article/plot-thickens-for-cinema-chain-2kdgv9xxb
Eman is in the Times newspaper today.
Lol im out dude out of aim for good, ive lost loads in last 15 months. im pretty much 100% down on everything, i was in Velocys, BRSD, HELD, and many other total catastrophes
If I was in your position I'd be averaging down as it's a cracking company. I suspect the same amount invested again will get you to a minimum of breakeven or potentially a small profit on takeover.
If no takeover occurs and it gets to trade normally for the next 5 years you'll be back in the money on your original investment and well up on your new one.
Not advice of course, just what I'd do, subject to having available funds of course.
During covid at 250p, im surprised eman got dragged down so low on share price
Don't confuse delisting with a PE (or any) other takeover.
The board with the support of enough shareholders can delist a company at any time (see Brandshield) and then you're in the position of having an illiquid stock or sell out at fire sale prices (which is what they'd like you to do). If you don't sell you'll still receive a dividend and cash if they sell, but you have far less protection and things are far more likely to not end well.
That won't happen here in my opinion. I can't see BC having enough support to simply delist.
BC or ANOther will have to make an offer (when they pass 30%), and that offer will have to be acceptable to the majority of shareholders (excl BC who won't have a vote). I can't see that it will go on the cheap. At the moment BC are picking up as much as they can on the cheap but the rest will cost considerably more.
It could just be that they see a great value investment and they'll stop at 29.9% pending a future buy out by someone else and a great return for them.
Well theres going to be a crap offer coming and buecoast will walk off with the crown jewels here
If Blue coast make an offer it will be put to the vote, the board & backers have enough combined shares to accept an offer if they feel it’s fair, shareholders will get a vote but as usual it makes no difference to the outcome if the board wants to accept.
You will be paid out at whatever the agreed buy sp is
Well looks like this will go private very soon. Ill have to contact someone and find out what happens to my shares. Even if it goes private we still have shares in the company.
...and so it continues again.
28.3% now, getting very close.
I wonder who they managed to get 3.75million shares off at only 56p?
But tbh this is a big signal though and any other PE buyer should now be getting interested to buy out EMAN. I wonder if this is a ploy to entice a bigger player
And so it continues ….
Very good update, but nothing much happening here until the offer lands.
Good update
Https://www.everymancinema.com/venues-list/
yeah look at that venue list, massive now, and we know more to come.
The fact that PE hasn't already taken EMAN out gives me confidence that the BoD is holding out for fair value here. It's a sitting duck at this level if they aren't. They're likely batting away advances regularly at the moment
It could also be that Blue Coast are increasing their holding more as protection against (other) PE than with an immediate interest in taking it private themselves.
Agree Draft. Someone ultimately is going to see great value out of EMAN, whether it's us RIs or not remains to be seen
Https://www.burymercury.co.uk/news/24037563.everyman-cinema-open-bury-st-edmunds-february/
well EMAN is having a fast expansion, but we as shareholders have been screwed over so far. just got to hope VUE or cinewolrd try to take over EMAN. but seems unlikely given cinema overall in the uk is not doing well as a sector.