Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Mr Diamond is going to have to pick up the phone to Qatar friend's for more oil money if he wants this deal done. I think he needs at least 40p+ (£60mil) to convince the board. IMO, DYOR.
Another link;
https://www.finncap.com/news-events/entrepreneur-vin-murria-takes-significant-stake-in-finncap-with-key-advisory-role
Well AM has shot down my first idea, which brings me to my favourite idea. Which came to mind as soon as I saw the major shareholders list for FCAP last month. Vin Murria, is this 'merger' her baby? Will she be fully involved with the new unit if it goes through? She seems ruthless enough, which is not a criticism.
https://www.theguardian.com/media/2022/jun/19/vin-murrias-bid-for-mc-saatchi-is-her-most-daring-yet
She didn't win that particular battle but didn't lose either as the collapse in acquisition rivals, Next15's shareprice made their bid unacceptable. Does she see Cavendish backed by new money as her next project?
Don't worry no more ideas from me.
A dividend payment only reduces the share price, as it is money coming directly out of the company coffers. So whether that money is distributed via dividend or included in the offer price for the company, I don't see that it makes any difference, so long as that amount is fairly represented in any takeover offer.
Meagre deal indeed, I am doubtful Sam Smith would agree considering she bought 350k shares at 31p in Feb 2022 and also it is her "Baby"; so I think anything south of 30p is pretty lame offer IMO, DYOR.
20p for an agreed deal would look rather meagre. A number of individuals with sizeable holdings in FCAP, including Sam Smith. Likely they hold the balance here. With regard to cash holdings, is it possible that a deal is agreed for early next year, which would allow FCAP to distribute some of this through a dividend payment? Obviously that would be done with prior agreement with Panmure Gordon. Though not necessarily announced on notification of any merger deal agreement.
Share price rise straight to 20p tomorrow then!
Doesn't sound like a great deal, and is above my recent speculative purchases here, but was hoping for a better return!
They may have to increase their offer if there is already £25m in the bank.
Terrible deal if that’s true. Finncap have £25mill in the bank so they’d actually be paying £13 million for the business.
20p a share... only 10% more than current levels. Not so attractive for shareholders.
https://news.sky.com/story/diamonds-panmure-in-talks-about-37m-takeover-of-finncap-12748897
Well, that's positive - talks are ongoing.
RNS issued and paraphrased below
Discussions between the parties remain ongoing and, to allow further time for these discussions to continue, the Panel on Takeovers and Mergers (the "Takeover Panel") has consented to an extension to the deadline by until 5.00 p.m. on 13 December 2022.
New RNS out deadline extended to 13 December as 'discussions between the parties remain ongoing' and to allow further time for these discussions to continue' etc. Clearly interest from both parties but no certainty. DYOR
Let's see but I suspect we will get an RNS after market closes and we'll know either way.
Hmm, not sure you can jump to that conclusion.
I'd guess on an extension to the takeover period being granted later today on the basis that conversations are still taking place...
We'll see.
Its not looking promising for a reasonable bid, something would have leaked by now. I would vote against anything below 30p anyway as the full business is worth this.
I bought a few on last month's rumours. The sp had dropped too low in any case. Have read that Panmure Gordon are specifically interested in the Cavendish side of the business. The growth profile of Cavendish means selling the business would be bordering on insanity unless it was an insane offer. If so, would the cash received be distributed to shareholders? Would not want to hold FCAP afterwards.
Let's wait and see, I have a small position, but for me it's a 50/50. DYOR
As from RNS dated 18 Oct:
"In accordance with Rule 2.6(a) of the Code, Panmure Gordon is required, by no later than 5.00 pm (London time) on 15 November 2022, to either
(i) announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code; or
(ii) announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.
This deadline can only be extended with the consent of the Panel on Takeovers and Mergers (the "Takeover Panel") in accordance with Rule 2.6(c) of the Code.
Further announcements will be made in due course as appropriate."
"Given the highest the SP traded at over the last 52 weeks was 37p. I would imagine that would have to be the minimum bid that gets made here."
Can't agree with that. Previous share price is irrelevant and doesn't represent the value of the business today.
I'm guessing the offer, should it come, is going to be not too far away from today's SP.
I don't mean those directly on the inside, but word tends to spread in the City with these things... if you know what I mean, nudge nudge, wink wink! This company does operate in the financial sphere and Mr Ricci is a very well known character, so you'd think there would be a lot of eyes on what he is up to. I guess the SP did rise by about 50% when the news initially broke.
Surely the SP would be trading much higher if those on the inside had wind of an offer of that size coming down the pipeline?
30-35p would be an almost doubling of market cap from where this was trading recently.
Thanks.
Nobody can guess what’s in Panmure Gordon’s mind but I’m thinking 30-35p
Anyone got any idea of a realistic takeover offer price per share?
Thanks.