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Its a great disappointment but I'm so glad I took the money@ 148.Have a look at the size & scale of sells today.Going to be lots of shares slushing around which cannot be good for short term outlook
Aug 22 (Reuters) - UK's Goals Soccer Centres Plc said its 73.1 million pounds ($115.38 million) deal to be acquired by one of Canada's biggest pension funds fell through as it failed to get the support of enough shareholders
Why reject it? Surely the shareholders knew this would then fall back sharply?
Shareholders just rejected the Ontario's offer.. next stop £1
Patron Sport Holdings, the owner of Powerleague, has made the decision to terminate its interest in Goals Soccer Centres (GOAL), having confirmed in July that it would consider making a bid for the 5-a-side football centre business. The development means that all doors are open now for Ontario Teachers' Pension Plan controlled Goliath to complete a 144p price takeover of the company, an offer that has already been recommended by Goals' management. Goals shares slipped by 5.5p to 143.5p with disappointed investors initially hoping that a bidding war for the company was on the way.
http://www.investegate.co.uk/Article.aspx?id=201208081222105870J
Looks like Patron are still looking at making an offer. They have until monday 13th Aug 5.00pm to make the offer or declare that they are not interested.
I thought Patron had to make the offer or announce that it does not intend to make the offer by 5.00pm today does anyone else have any opinion of why there is no rns today to state either
Statement re. Goals Soccer Centres Plc ("GSC") 20 July 2012 The Board of Patron Sports Holding Sarl ("Patron") which is the controlling shareholder of Powerleague Group Ltd ("Powerleague") notes the announcement by Goliath Bidco Limited, a company controlled by Ontario Teachers' Pension Plan Board, of a recommended cash offer for GSC. Patron confirms that it is still considering its options in respect of GSC and urges GSC shareholders to take no action. There can be no certainty any offer will be made by Patron, or as to the terms of any offer. A copy of this announcement will be available at www.patroncapital.com/patronsportsholding. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.
Second on the riser leaderboard
Nice starting bid by Ontario Teachers going to hold on to my shares though as it looks very likely there is going to be a counter bid by Patron Sports as they are urging share holders to take no action. Hopefully they will play their hand next week i am looking for at least 155p
Statement re. Goals Soccer Centres Plc ("GSC") 20 July 2012 The Board of Patron Sports Holding Sarl ("Patron") which is the controlling shareholder of Powerleague Group Ltd ("Powerleague") notes the announcement by Goliath Bidco Limited, a company controlled by Ontario Teachers' Pension Plan Board, of a recommended cash offer for GSC. Patron confirms that it is still considering its options in respect of GSC and urges GSC shareholders to take no action. There can be no certainty any offer will be made by Patron, or as to the terms of any offer.
Commenting on the Offer, Jo Taylor, Vice President & Senior Representative London Office, Teachers' Private Capital, said: "We believe that this will be a win-win for investors, employees and the thousands of players who enjoy using Goals' facilities each week. The management team has built a robust business since acquiring Goals in 2000, and we are excited at the growth plans for the future. Our aim is to cement Goals' position as the UK's premier 5-a-side operator and help the business to achieve its full potential."
· Commenting on the Offer, Sir Rodney Walker, Chairman of Goals and Chairman of the committee of the Independent Directors, said: "The Independent Directors unanimously recommend the Offer by Ontario Teachers' Pension Plan Board at a price which offers a significant cash premium to recent market prices. The Offer by Ontario Teachers' Pension Plan Board provides Goals Shareholders with certainty in a difficult economic environment, where significant execution risks remain around consumer facing businesses. I and the other Independent Directors consider, for the reasons set out in this announcement, that the Offer represents a fair and reasonable opportunity for Goals Shareholders to realise cash value not otherwise available in the market." · Commenting on the Offer, Keith Rogers, Managing Director of Goals, said: "The Goals management team is excited about partnering with OTPP. This investment will represent a significant step in the implementation of management's strategy to expand our scale, geography and capability. Twelve years ago, we positioned Goals to capture value through the provision of "next generation soccer facilities" across the UK. With OTPP, we can now deliver our longer term vision of allowing thousands more players, young and old, access to the unique Goals experience."
Goliath Bidco Limited ("Goliath") a company controlled by Ontario Teachers' Pension Plan Board ("OTPP") Summary · The board of Goliath and the Independent Directors of Goals are pleased to announce that they have agreed the terms of a recommended cash offer pursuant to which Goliath will acquire the entire issued and to be issued share capital of Goals. Goliath is a newly-incorporated company controlled by OTPP and in which OTPP indirectly holds substantially all of the economic rights. It is intended that the Offer will be effected by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act. · Under the terms of the Offer, Goals Shareholders will be entitled to receive 144 pence in cash for each Goals Share, valuing the entire issued and to be issued share capital of Goals (fully diluted by the Goals Share Options which are in-the-money and capable of exercise) at approximately £73.1 million. · The Offer of 144 pence for each Goals Share represents a premium of approximately:
Been standing on the sideline watching and cheering on. Looks as if we will have won soon. Fingers crossed.
Simon Thomson still a buyer in goal as mentioned in todays ic also a couple of nice large buys today
Under Rule 2.6(c) of the Code, at the request of the Board of Goals, the Panel has again consented to an extension of the deadline, by which Ontario Teachers' Pension Plan must either announce a firm intention to make an offer for the Company or announce that it does not intend to make an offer for the Company, to 5.00 p.m. on 23 July 2012
Latest extended deadline for OTPP expires Monday at 5pm. Will we see an offer? Fingers crossed!
This RNS is great news for the chance of a big rise. The IC article was tipping it to to 150p plus with only one bidder in the pipeline some really big buys just gone in too
I dont think the board would keep extending the offer deadline unless they expected a offer to be put forward, but nothing is for sure but Simon Thomson is still rating as a buy
Offer discussions It seems that June 12th is now July 9th see announcement http://www.goalsplc.co.uk/goals/news/releases_pdfs/Goals-3rd-extension-to-deadline-110612.pdf I guess continued talks are better than ceased talks. Any thoughts?
I agree there is a lot of upside if the the bid happens and in the worst case we are still left with shares in a company with increasing sales and profits a low PE ratio and also paying a small dividend that is well covered with spare cash to expand or reduce debt
Many Thanks for the link. That's the article I refered to. Silly me, I should have searched IC but I was convinced I had seen it else where. I feel that if the bid is defended sucessfully again there could be an established gain. and if the bid comes off we won't loose. I would prefer shares to cash as I am short on insurance company shares in my portfolio.
The article is in Simon Thomsons monday colum of the investors chronicle http://www.investorschronicle.co.uk/2012/05/28/comment/simon-thompson/a-bid-target-worth-punting-on-Ovksg7MBM7nPrpBjnNVcXI/article.html