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Just saw your old post on hardy checking on an old account today I have cash from hardy thought I had lost it all any thoughts ta
Anybody else out there in receipt of a divi from HDY? just received on the 3rd Dec on my account. Didn't know they were still operating.
ive been asked to ask,you guys by an old poster,lego,who was in here
he seems to think,his loss's....maybe redeemable
any thoughts....cheers
Just have to see now whether it goes unconditional or whether there's a counter offer. No point selling in the market or accepting the offer as far as I can tell. Meanwhile, how about a whip-round to buy the directors a spine?
I took the hit ??
Response is already out - no recommendation!. Great work BOD!
Our bod will respond on 6th January.
With a 5p offer you can’t lose any money if you buy at 5p. However you have a lot of upside potential if the bod have a plan too stop it as we have $10.5m cash and that’s without our listing and tax savings
Offer docs posted Fri 13/12 according to RNS.
What mystifies me is why some are selling in the open market at 5p when that's the offer price and therefore a worst-case scenario. Obviously it opens the door to Blake picking up shares to edge them closer to the 50% they need. Please heed the board's advice to sit tight until they can respond in a few days time - for everybody's sake.
Mandatory Offer
On 24 November 2019, Blake Holdings Limited (Blake) announced that it will make a Mandatory offer of 5 pence in cash per share, valuing the Company at approximately $4.8 million. The Offer Document and relevant Forms of Acceptance are required to be posted to Hardy shareholders (or made available electronically in accordance with the Takeover Code) as soon as practicable and not later than 28 days after the date of the Mandatory offer announcement. The Offer Document will contain the formal terms of the Offer. The Board recommended that shareholders take no action until it had issued its response which is expected to be issued within 14 days of the publication of Blake's offer document.
Should have the offer document on Fri 20th or Monday 23rd latest
...but I bought a few more yesterday at 5.37p. The board has a duty to defend the company against this offer and IMO that could mean unveiling a takeover target or maybe a special dividend. Nobody would accept an offer of 5p if the company proposes a divi of 6p, leaving another 5p/share in cash, would they? Downside from here is 7%, upside is ???
All speculation on my part, dyor etc etc.
Almost 11p/share. Surely someone will make a counter offer?
The proceeds from the sale of HEPI and payment of various fees associated with sale have left the Company with a cash and short-term investment balance of $10.5 million as at 30 November 2019
Who'd have thought it? Despite going below 3% in early July, NFU Mutual still has 2.5% of HDY. These disclosure forms always throw up surprises. Hopefully there'll be enough big holders to defeat the 43% controlled by Griffiths without relying on small investors with nominee accounts - brokers aren't always quick to offer voting rights in my experience.
Right up your ....
As far as I can tell, Robert Quested is underwater at 5p per share despite seriously averaging down in July at around 2.5p/share to bring his holding to 21%. So is every other major shareholder especially if they've been in from the beginning. Presumably Griffiths sounded out all major holders, not just the Universities Scheme and was told where to go. I'd like to have that opportunity myself.
Takeover offer may be mandatory but acceptance certainly isn't. This is opportunistic and predatory behaviour from Griffiths and now we'll see whether the directors and shareholders have the backbone to resist him. Selling at half the NAV makes no sense to me but the Universities Scheme trustees already have which to my mind requires investigation. Just a simple winding-up of the company would realise twice as much and I'd sooner see that happen than watch kleptomaniac Griffiths getting away with his pockets stuffed full of shareholders' cash. We need to vote down this rotten deal and let the directors find a target for the RTO. A statement from them is now urgently required.
Company has traded well above 5p per share since July even as high as 7p. Today it was trading 5p bid to about 6.4p offered. Someones come in, bought to a 42% ish stake at 5p and that gives him the right to complete the take-over at 5p as well? Seems like it shafts basically anyone who bought since July ..
How on earth can you sell your company for £3.688m when you just sold an asset for £6.79m + you have around $4m in the form of liquid investments... #HDY
They've shafted shareholders in my opinion
What's the story here? This was in the news two days ago, I see nothing in the RNS at all and no comments? $22 million would equal £17 million, or about £0.23 per share - which is more like it. Albeit I feel they still sold out not to pursue the full $60-70 million arbitral award.
cheers for the clarification about liabilities and cash. I have to agree it does indeed look compelling at the moment..
Any thoughts about what they will do with the cash pile? Mention of looking at acquisitions of resource companies, likely to be an oil or energy related?
The Directors intend to use the Company's existing cash resources and short-term investments WITH ( Note this word is not LESS ) the net proceeds of the cash consideration received from the HEPI sale for the purposes of acquiring or establishing a company, business or asset that operates in the resources sector or other industries should an appropriate investment opportunity present itself.
Best of All capable RNS readers
quite a few trades today think spread putting pi,s off
spread getting a bit better imho they have a deal lined up for this clean shell richard griffiths has a good track record
below information is accurate as at 27/05/2019.
Issued shares
Number of shares in issue 73,764,035
Number of shares not in public hands 1,880,716 2.55%
Major interests in the share capital of the Company in excess of 3.00% as on 24 May 2019 are as follows:
Major Interests
Richard Griffiths and controlled undertaking 21,931,218 29.73%
Robert Quested 15,574,354 21.11%
Universities Superannuation Scheme Limited 9,243,931 12.53%
Henderson Global Investors 3,277,403 4.44%
Yogeshwar Sharma 2,662,438 3.61%
John Grahame Whateley 2,438,169 3.31%
Total
55,127,513
74.73%
This will get the-rated now.