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Fair reply
Further to my previous, just received this from Fyffes: Thank you for your email. Unfortunately, our hands were tied in relation to this payment which is, in fact, funded by Sumitomo Corporation rather than Fyffes. Under the Scheme of Arrangement rules it was necessary to pay this consideration in Euro. Your final 2 cent per share dividend which is being paid later this week is being funded by Fyffes and will be paid in Sterling to shareholders with UK addresses in the usual way. Regards, Helen Lonergan Fyffes plc Only good thing is the drop in pound value which mitigates the cost a bit!
Funds arrived in bank account now by T/F
My cheque, too, was in euros as opposed to the GB P of all my dividend cheques. Queried it with Computershare UK who were usimpathetic and suggested that their Irish branch were following Fyffes instructions. As I see it, Fyffes are passing on, unfairly, costs and inconvenience to their shareholders. I have raised this with Fyffes and await (not too hopefully) a response.
My div was always paid direct to my bank, I would have preferred that the takeover cheque was paid the same way. I can understand that some shareholders would not like to receive the funds this way however I would have liked to option. I lodged the cheque on Friday, it won't have access to the funds till next Monday.
Well my dividend was always paid in £, should the takeover payment also follow the same rules? If I pay the Euro cheque into my bank account there will be no doubt some charges.
My Div cheque was always in €
Yes I have the check but it's in blinking Euros. Why is that when I receive dividends in £?
Hi, The cheque arrived this morning, just the final dividend to follow later in the month.
That's it then, the cheque will in the post on the 2nd March, the dividend cheque a week later. The conversation can be continued on the Total Produce page.
Divi 17th Feb
Hi Northerngirl, Just keep in mind that there is a break price and that figure is €2.453 (10% over agreed price) so if another offer appears it's Happy days!
Many thanks for your reply. As you say, we now know the worst case (which for some will be great news) subject to the vagaries of the exchange rate.
Northerngirl, the takeover or scheme of arrangement has just passed 1 of a number of hurdles this morning. There is always the remote possibility of another party making an offer however it is now quite late in the day. Never say never. I spoke with David McCann and he is of the opinion that the price on offer is as good as its going to be (my words). I was hoping for €2.5. If nothing else develops you should have your cheque before the end of the 3rd week in Feb.
Hi Ashton Thanks for the update. Am I right in thinking now the takeover will go ahead and the offers confirmed in writing to shareholders will the best we can hope for as the shareprice won't go above that level now? I foolishly bought when the news broke so stand to make only a tiny amount. I may therefore sell now and recover my money.
Well attended EGM this morning, no sign of a counter offer. Everything went through on a show of hands. The coffee and Danish were nice.
There is an article in the current issue of The Phoenix magazine, the suggestion is that the shares could be worth up to €3, with the meeting due tomorrow at 10 I wounded will there be news early tomorrow momorning, I hope so!
Price in Dublin back to offer price this morning
Share price in Dublin now slightly over the offer price, something going to happen before the EGM? I hope so, nearer €2.5 would be most welcome :)
No Brainer !
Sepura (SEPU) Offer deadline extended again to 16 Dec.
the total acquisition values Fyffes at 751mill, current SP reflect MCAP of 615mil and a dividend of 2.25euros per share coming May time> This is a complete and utter no brainer!
On the leader board
Offer equal to ask at today's exchange rate but if pound loses value up to brecit could and up lower pound value.
It's £1.88 if you google it. Ollie.