Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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Just checked. Funds from FIF sale now in my account!!!!
Anybody had their money from the sale yet? or is my Broker dragging their heels! It was due to be paid within 14days of 18th Oct so by Monday?
I have my eye on some Burberry Shares as a recovery punt, but may 'miss the boat' if FIF money is delayed.
Many thanks Samson123
Payment will be issued to entitled shareholders upon receipt from the company. Payment is expected to be issued within 14 days of the effective date.
"As an alternative to the cash offer, Frisbee Bidco are offering a share alternative, on the basis of 1 non-voting B Ordinary 'Consideration' share in Frisbee Bidco Limited in exchange for each Finsbury Food Group share. The Consideration shares are ineligible to be held on our platform. Clients who wish to take up the alternative share offer in their own name must submit a request to withdraw their shares by 18th October 2023 at the latest, however such requests will be handled on a best endeavours basis and we cannot guarantee they will be completed in advance of the market deadline."
Unless you applied for these shares you will get cash.
Cash will be in your account between 16th and 30th (or cheque if held in paper) Finsbury will be cancelled (not tradeable) from 7.30 am on 16th. My brokers will not hold these type of shares so I didn't apply for them.
Do I need to do anything to ensure that I receive the cash and not shares?
Https://otp.tools.investis.com/clients/uk/finsbury_plc/rns/regulatory-story.aspx?cid=1268&newsid=1731252
Takeover going ahead will receive £1.10 but loose December divi.
What are the chances of the "Alternative scheme" being implemented?
Adjournment of Court Meeting and General Meeting
Following feedback received from Finsbury Shareholders in connection with the Scheme, the Finsbury Directors intend to adjourn the Court Meeting and the General Meeting which were originally convened for 23 October 2023. Accordingly, the Finsbury Directors recommend that Finsbury Shareholders do not attend the Court Meeting and the General Meeting on 23 October 2023.
Notices of the Court Meeting and the General Meeting are contained in Part 12 and Part 13 respectively of the Scheme Document.
The Finsbury Board intends to adjourn the Court Meeting and the General Meeting so as to be held on 3 November 2023 at 10.00 a.m. and 10.15 a.m.
Something is going on !!!!!!!!!!!!!!!!!
Perhaps some see good opportunities elsewhere, and need the cash? There is the old saying of leaving something in for the next guy!
Why are people selling at £1.06 when by holding for a few more weeks they are guaranteed £ 1.10with dealing cost paid.
Does this mean they are not confident of the deal going through and the share price plummeting on the 25th?
I've held FIF for many, many years, having bought in at 25p. Unfortunately, I only purchased 5,000 shares. This is the longest that I have held any share and I'll be really sorry to lose the steady income from such a good company.
I would prefer the bid to fail, as I think that it totally undervalues the company.
Https://news.sky.com/story/fidelity-has-little-appetite-for-finsbury-food-bid-12983283
The court meeting and the general meeting are scheduled on 23rd October the results on 25th. If accepted payment will be within 14 days. This means the December Dividend will not be payed.
The only alternative is to apply for non voting shares in bidco which ii informs me will not be held in their account'
Nathaniel Rothschild has now taken his investment via NR Holdings Ltd to over 1%…….interesting ….expecting a higher offer ?
You are quite right. There was a reason the bid was announced when it was, before the results. The bidder and the board knew the results were likely to move the share price up. It really smacks of an "inside deal".
The way the bid premium was even presented by the company was to seek to maximise what it looked like. This share traded in the mid 90s most of the last 6 months which makes the bid premium at 110p about 16%. The Board should have allowed the market to digest the good results. I think the Chairman and Board have a few questions to answer.
Todays preliminary results would have added significantly to old share price but price has nowhere to go. Maybe the present offer will be rejected.
Wonder if some of the other institutional investors may hold out for an increased offer. Current bid is only at a small premium to recent SP.
Thanks Samson. Appreciate your help.
All shareholders will get a vote to accept or not if the majority (75%) accept then you will get cash and the shares will be cancelled. There is an option to exchange for shares in Bidco but I suspect this may be a gamble for professionals only. The whole procedure will take a few months even if no alternative bidder appears.
LTH here
If a buyout does happen, what happens to our shares?
Thx
Could loose December dividend.
If any dividend or other distribution in respect of the Finsbury Shares is declared, paid or made on or after the date of this announcement, Bidco reserves the right to reduce the consideration payable for each Finsbury Share under the terms of the Acquisition by the amount per Finsbury Share of such dividend or distribution. If Bidco exercises this right or makes such a reduction in respect of a dividend or distribution, Finsbury Shareholders will be entitled to receive and retain that dividend or distribution.
Wonder if there will soon be a counter bid? They only seem to have 14.3% guaranteed acceptance. Seems to me to be a prime candidate for a counter bid. May get interesting.
As hinted at by Chris Mills. Was hoping for a slightly higher price but am happy enough with the offer today.
2x 80 k buys at the finish on Friday.