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Unfortunately we are now outside of the 12 month window for the take over max price paid to apply and having issued the no increase they are limited as to what that can do other than continue to buy in the open market at 10p or less. Whilst the pricing point stays here Seafox might as well continue to employ this strategy. The solution is for smaller holders to stop selling at these levels!!
Or........their average SP is well over 10p having started their position at 18p, and this is merely a strategy to peg the SP in order to reduce their average.
Interesting to see that SeaFox are still buying (over 1million more shares added yesterday) and are not deterred by the letters of support that GMS are publishing.
Bearing in mind that SeaFox are now not allowed to offer more than 10p under the Takeover Code due to their “no increase” statement during the offer period they must be confident of persuading some of the other holders to change their minds.
Bit of a stalemate at the moment.
real bid 8.5, slowly moving up, buy order?
Driveat15 the discussion has never been about what price different investors are willing to sell at but that 38.78% of shareholders consider Seafox’s offer of 10p massively undervalued GMS.
Even if what you implied is true and Noster and Faisal showed their cards and would be willing to sell at 20p, their joined stock is 3.08% only. I personally believe that, because many other investors bought at a higher price, even an offer of 20p is still a hard sell - especially considering all the good news and great potential in the future.
Unlikely that any investor would give unconditional support to a company; stands to reason they would want the flexibility to change their minds if circumstances change. I note that Aberforth Partners have increased their commitment to the Board which now means that shareholders accounting for 38.78% of the shareholding have declared their support of the Board and rejection of the Seafox proposal.
Having read the letters of support published on GMS’s website at
https://www.gmsuae.com/Offer I am not overly impressed at the level of support.
They all state “no CURRENT intention” of accepting the offer, non binding obligation, free to change intention at any time. The wording on most of them is basically identical, but two letters stand out as different :
- Noster Capital certainly aren’t happy with Seafox! Well worth a read. But interesting to note they refer repeatedly to the 18p/share Seafox paid for their original stake back in January 2019. Are they hinting that they would accept an offer closer to that price?
- secondly, Faisal Juma Khalfan Belhoul Alfalasi which specifically states he will not accept an offer below 20p (presumably indicating that he would accept 20p).
He seems to be one half of Ithmar Capital Partners so if he would accept 20p for his stake I assume the other half would too..
Of the 13 letters of support it’s interesting to. Note that 5 are from directors or ex-directors.
Duncan Anderson is the ex-CEO (who is actually still currently on gardening leave until 20th Aug)
Andrew Robertson is or was Finance Director
Mark Preston is or was Commercial Director
John Petticrew is or was Technical Director
And “Kasamar Holdings” (9.81%) letter is signed by Mo Bississo- who is a current non-exec Director.
I’d kind of expect directors to support the company. But these commitments are non binding.
GMS put out a release on Friday which hasn’t hit RNS yet (because Friday was a Bank Holiday in UK) but they published it on the section of the website about the offer.
https://www.gmsuae.com/wp-content/Document/Orderbook2020utilisation.pdf
As of 1pm today, Seafox holds approx 19% of GMS. With the total No of shares in circulation at 350m, I calculate that Seafox will need approximately another 35m shares (to give them a 30% stake), costing approx £3.5m. Am I right? If so that seems a cheap price to pay for a "controlling" share???
The only TR1 I can see for Seafox today is the one issued just befor 5pm which refers to yesterday’s buy (which took them to 16.39%).
They may have been buying today but We will have to wait a day or two for any relevant TR1 or Form 8.3 to be published to know for sure.
Seafox have been picking up stock at 8.5p today and I very much doubt they will be stopping there.
How much will they pay?
The number of shares purchased ( 9,388,689 ) is EXACTLY the number Lazard Asset Management declared they held in their OPD
I think we found the seller :)
"Accordingly, if Seafox were to make an offer, it would not able to make any offer above this price, subject to Rule 2.5 of the Code."
Can someone more knowledgeable be able to explain to me what above statement means as per RNS?
Does it mean Seafox cannot make an offer above 10p, and only some other party can go above this price?
What a great stock ...
RNS - we will buy you for 9 or 10p ..
The BOD then sit back and wait too see what happens.
1. Another higher hostile take over or potential white knight suitor..
2.Sea buy on the open market to get to 30% to trigger a hostile,.
ive got the comfy chair ....
10p coming
If the bids get to 80p I’ll be right behind you!!!!
We might indeed get to 80p but it won’t be as a result of a bid. It will be because the BOD have turned the company round. It will take a long time but I’m prepared to wait.
Bids at that effectively mean we get 10 times our money from these levels right? Or can something else happen?
I’m sticking with the turnaround plan and have confidence the board will deliver in time. As seafox increase their holding in the market I wonder what influence they can wield. I say keep them at arms length. I’m holding.
see the RNS Monday interesting are they also building a stake Saudis are coming oil storage is big commodity now i would say
Was off book via a market maker, interesting to see who was on the other side, there's been limited liquidity to build that position....
Seafox aren't finished yet......
gms £1m buy at 10p - can buy at 7p - net assets 370m - mcap 20m - up for sale
Good news in RNS for long term holders. The banks have backed the board and their turnaround plan.