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Lokos like the 28th may be payment date?
That's it then, it's over. Such a shame as K3C were my #1 portfolio holding and there were many good years to come. Sold up so over and out.
Maybe see you on the SOS, IQG, ACSO, YU., ZOO, CPC, SEE or GROW boards.
Best of luck to you all.
Just received the corporate action notification throgh, stock to be de-listed 13th Feb.
looks pretty nailed on now. Timetable out so now just waiting for my money!
Are we expecting an announcement today? I was under the impression the buyer had to confirm they were proceeding or walking away today.
IMHO it's already a done deal. Who do you think is buying up all these sells?
One day a week or so ago there was 9m sells, over 1m yesterday.
Clearly buying at low 340s when you will be forced to pay 350p in a few weeks makes sense for the buyer.
For better or worse I sold out my entire holding today. I’ll be annoyed if another bidder comes in and drives the price up but equally if this sale falls through, I don’t want to be stuck holding K3C at a much lower share price when the management have shown they can’t be trusted to make the correct decisions on behalf of their shareholders. Selling now at 350p is absurd but it seems they have made their mind up. Best of luck to those who continue to hold.
No interim dividend will be paid as this would complicate the sale at a late stage. The final price is now set in stone at £3.50 a share.
Thanks Guys. It goes ex divi on 9th Feb so I suppose it depends how fast the deal happens.
It might depend on the interim dividend, if that's before the deal is completed. i.e. if the dividend is paid that would be taken off the 350p. The total would still be 350p.
19 Dividends
If any dividend is paid or becomes payable in respect of K3 Shares on or after the date of this Announcement and prior to the Effective Date, Bidco has the right to reduce the consideration payable by it pursuant to the Acquisition by an amount up to the aggregate amount of such dividend or distribution (excluding any associated tax credit).
Shareholders will get 350p per share if the deal goes ahead. No expenses should be deducted including any broker fees.
Might be a silly question but does someone more erudite than myself know if the 3.50 figure is net or gross of what shareholders will receive? i.e. will there be any costs taken out or will £3.50 per share be distributed?
Good luck Nick. I did note that it is subject to "confirmatory due diligence". So not a total slam dunk.
Surprised me that this one is going private having only been on the market a relatively short time.
Looks certain to go through now at 350p, which by coincidence is what I bought in at over a year ago. Least I'll get my money back.
As you stated KJ, this was priced too low - the adjustment today into the 340s was always on the cards. 350 in a month and risk is low so surely less than 5% chance of it falling through
no, can buy at 320p yet 350p will be paid in a month or so, unless this falls through. Can't see that happening imho so a short term bargain!
Disclosure forms continue to pile in - it looks like the takeover at 3.50 is almost certainly going ahead, offering a clear 10% upside on current SP. Even with the 'risk' of it not going ahead, K3c looks cheap & continues to perform well.
Am I missing something?
we'll see !
Threeputt; the statement says that "The other parties who previously expressed an interest have confirmed that they are no longer considering a possible offer for the Company" meaning no bidding war on this occasion.
SP never really goes up to the offer price until takeover is all but confirmed unless the market thinks there will be a bidding war, which in this case they don’t. The market always leaves a margin of safety for the deal falling through so I’m this case 5-10% has been left on the table.
nonetheless I can't work out why the sp is still 5% short of the offer price of 350, mms would normally mark this up to the offer price. Opportunity and possibilites of a bidding war ?
Once again, the board looking out for themselves rather than the interests of their shareholders which is their job. So annoying how often this happens and no questions ever asked as to how they thought this was the right decision for anyone but themselves.
My thoughts exactly JMUK26.
indeed, broker has fair value at 410p
Whilst a takeover offer at a higher price than the current share price can't be scoffed at, I'm disappointed its only £3.50! This has potential to rerate to that in short order anyway. Heck it was that price not long ago and the business is in a better place than it was then, and it's likely to only get better for K3C given the upcoming recession. Needs to be £4 absolute minimum.