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From another board
Merger, story of pig and chicken, one day chicken says to pig let's merge breakfasts are booming, we will make a fortune, I lay the eggs you supply the bacon. Great said the pig, then he thought, hang on Mr Chicken you lay eggs everyday, I get carved up. That's why I called it a merger, not a takeover said Mr chicken
Looks all too familiar
Stuartrm
Sorry to hear that, the only small consolation is that CGT losses will become more useful with the current tax changes.
I am making a small profit as I picked these up from Primary Bid in the last placing with the intention of holding for long time as it looked like a winner.
I think most of us share your frustration, TerryM1. This takeover, with the likely Squuzeout provision enactment, is little more than legalised theft. I am losing about 30% on my holding.
Answered my own question, now gone unconditional as I was expecting.
Not very happy but unikmind as a majority shareholder I guess this was never going to end well for the small guys.
FCA make me tick boxes, stop me buying shares in some placing as it seems I do not know enough where I can buy them in the market for more and can't even sell REIT shares in my IWEB account and rebuy back in my ISA in one transaction fee as not able to tick the KID box in this type of transaction. With all these restriction the FCA do nothing about this type of sharp practice, in effect blackmail, accept our offer or you will be stuck in a delisted company, you have to answer what is the point of the FCA except to tie you up in knots and prevent the small guy from having the same options as the large institutions.
Unikmind acquires another 12 million Kape shares
https://www.sharecast.com/news/aim-bulletin/unikmind-acquires-another-12-million-kape-shares--13147474.html
Looks like those shares being sold before the end of the offer are being bought by Unikmind
Does anyone know if this means the offer will become unconditional and shareholders will get the £2.90 or could be stuck with these shares.
It is now making only having 2 bad choices.
....for 287.65 pence. Pleased that the spread is so narrow. Bowing to the inevitable and also didn't want to risk a failed takeover and subsequent de-listing.
Ta-ra KAPE, it's been a great ride, but with a wildly frustrating ending. I finally sold this morning and truly hope Sagi gets screwed as much as he's ripped off the shareholders here. Sadly, I suspect that won't happen and we'll probably see KAPE re-listed at twice this price in the future!
PS : if anyone wants some ideas as to where to reinvest, TST, DKL, REAT and SYS have all recently announced good news and are rather good value imho, along with the likes of RNWH, CAPD, MWE and CNIC as other examples.
Watch him list on Nasdaq but agree holding on too risky once delisted.
I have also reluctantly sold out today after many years of holding. Made a decent enough profit, but very disappointed in the offer as it should have been so much more and the way sagi has conducted himself is disgraceful. The share price would likely have been multiples of what it is now in a few years so it’s a shame to lose another solid growth stock in this way. I did consider holding just to be awkward, but I suspect sagi will get his way and delist by whatever means. Once delisted, he will find a way to screw you over as he has had no shame in doing this in a regulated and very public forum. I no longer want any association with sagi or any of his businesses. He might be entitled to do what he is doing but he’s forgotten general morality and will never be trusted again with investors both large and small. I’ll be renewing my vpn elsewhere.
https://www.investorschronicle.co.uk/ideas/2023/04/20/should-kape-technologies-shareholders-accept-a-higher-offer/
Disappointing but looks like we are in the final throws here now....
As a non-Isa investor if I were to leave my holding in place in the belief that Sagi will do a buy and build and sell/refloat in the next 5 years,apart from limited protection of minority interest what other risks are there?
Your naively confident there Stuart and I fear lulling the more insecure investors into a false sense of security. You have absolutely no idea whether he will succeed or fail, you only hope he will fail because you don't want to accept his offer even if it does undervalue the company. He already has 67.15% and if investors remain invested and he were to succeed and gain the additional % he needs to delist its too late and investors will most likely lose everything as it will be much harder if not impossible to sell your shares.
Noted, JPDT- Note, however, the pressure in the offer for us to accept quickly. Why the hurry? Any decision can wait until the acceptance deadline. That is what it is there for. No one other than Mr Sagi will gain from an early decision. Also, who benefits from any acceptance? Mr Sagi, clearly. He expects to profit from the takeover. There is no need for anyone other than Mr Sagi to panic over any delays in people accepting his poor offer. Unity is strength with this one. If we sit on our hands he will deservedly fail.
You have to remember however, there a probably a number of retail investors (myself included) that are holding the shares in an ISA and would lose this tax-free allowance if the stock was to be delisted. While I believe this offer is undervaluing the company, it feels as though my hand is being forced into accepting it.
True, IWantThatOne (although I thought the threshold was 75%), but the first offer elicited very few acceptances and if this one gets the same result Sagi will fall short. The whole tone of the offer is one of threats and bullying to encourage people to panic and accept the offer. If we keep cool, the offer will expire and Sagi will fail in his opportunistic bid.
The problem is, Sagi is now perilously close to the 70% he apparently needs for the offer to become unconditional.
The view of the independent directors, as posted this morning, is that the marginally increased offer that was made this morning still undervalues the company. I agree and do not intend to accept it.
You do not have to accept either. I am not accepting and am retaining my shares, as per advice in the IC. Unless enough people accept the offer to give Unikmind 75% (they currently have around 53%) of the shares, they cannot take Kape private without a vote in their favour. Failure to reach the 75% level would give them the choice to increase the offer or abort the takeover attempt, at least for now. At the current acceptance rate, which is minuscule, Unikmind’s offer will fail.
I meant 'bought first in early 2018' and not 'both first..'. Thanks!
Hi all,
I received a notification from my broker saying that I should take action regarding the sale of Kape shares (Cash Offer by Unikmind). I would like not to, as I believe the share is undervalued (am a LTH, both first in early 2018 at 76p). Are there any options, or is it a 'done deal', therefore no point in not accepting the offer?
thanks!
"Kape shareholders who have not yet accepted the offer are urged to do so as soon as possible," Unikmind said in its statement on Tuesday.
Yeah, right! They must think we are daft.
Tin hats on, time to hunker down and sit this one out. Let's hope the minority can force their hand. 5th May seems like an eternity away!!
In an article in IC today, the writer suggests that an improved bid is the most likely scenario. I hope so, although the current market price suggests that this view is not shared by everyone.
You can guarantee that Mark Slater (Slater Investments) won't be accepting the terms. He's previously been very anti takeovers of his holdings, the exception being Clinigen where the offer was fair value. This is obviously not a fair value proposal, so i would be almost 99% sure that equates to another 6% against the offer.
If you go back through the two RNS from 14 February you will see how much Pomerantz & Burchardt hold. It is not the number you quoted and they would have been under the same purchase restrictions as Sagi until the market update 21 March.
There is also a significant shareholders link on the kape website:
https://investors.kape.com/investors/significant-shareholders