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chilipepper, we have a good few indicated big sells but no notification of any buyer. I am wondering if Bidco are buying these shares themselves and so don't have to notify the market. Anybody with any more knowledge than us out there?
We have today, in the RNS at 15.00 the only indication of anybody increasing a long position - Sandgrove bought half a million shares. I would like to think there was a good reason for this.
I'm in the same boat as you, but I'm not desperate for the cash so I'll stay for a while. My thoughts are that the board will welcome this deal because the company will remain pretty much unchanged . Also if there was another bid I can't see it being too far north of £1. So although I'd be bought out at a loss, I still think its a fair offer. G Luck
Can someone please give their opinion as to what to do here.
LTH at the moment I am holding to see if another offer comes in.
Are the large trades major shareholders purely buying to push this deal through or are they hoping for a higher offer ?
I am happy to sell at current sp but should I leave a few in here ?
LOL, thanks. Yes, very good point about the 1%; that had clean slipped my mind! And Sand Grove and Tavira increased their positions at a tiny tad under 97.50, so more than offer price. Telios and Invesco are the only ones that we know of so far that have given irrevocable undertakings to vote in favour of the offer, while Majedie had given a non-binding letter of intent to vote in favour, but as we know they sold instead. Should be an interesting week!
Crikey Truby, you've earned a cup of tea! Don't forget they only have to disclose position if they hold more than 1%.
I'm in ISAT as well - 2nd bid now in a year, so many form 8.3's that I just glaze over. I'll keep my eyes open here tomorrow tho' - could be interesting. One or more institutions are buying those big sells. We know that Virgin were interested and also (perhaps not seriously) we've just had Warren Buffet saying he was ready to ''buy into the UK tomorrow''
And presumably whoever bought Majedie's 17 million-odd on 25th will also need to disclose their holding. I've just been through disclosures and made a list, as follows, which accounts for just over 60% of the shares, so looks like some disclosures still to come. PIs apparently account for about 10%.
24/04/2019 Miton Group 18,965,467 3.67%
24/04/2019 FMR/FIL 13,478,508 2.60%
24/04/2019 Standard Life 10,073,039 1.95%
25/04/2019 Pru/M&G 23,313,404 4.51%
25/04/2019 Majedie 17,006,505 sold @ 97 0.00%
25/04/2019 Norges Bank 13,338,233 2.58%
25/04/2019 Telios 83,127,586 16.09%
25/04/2019 Invesco 40,914,913 9.85%
25/04/2019 Aberforth Partners 38,611,147 7.47%
25/04/2019 Vanguard Group 15,229,246 2.95%
25/04/2019 Threadneedle AM 10,885,000 2.107%
25/04/2019 Sand Grove Cap Mgt 10,230,000 1.98%
25/04/2019 Tavira Securities 8,853,369 1.714%
25/04/2019 BlackRock 20,096,100 3.89%
25/04/2019 Jupiter AM 6,151,348 1.19%
25/04/2019 Chelverton UK 8,250,000 1.597%
25/04/2019 FMR/FIL 13,478,508 sold @ 98 0.00%
26/04/2019 Sand Grove Cap Mgt 14,135,155 2.74% Increased Long via CFD*
26/04/2019 Tavira Securities 12,486,369 2.417% Increased Long via CFD**
I think you're right, yes, so presumably we'll get an RNS tomorrow, as trade date was 25th?
Don't they have to release who's bought these shares tho Truby? this would represent a significant %age of the company?
PS on second thoughts, I reckon Fidelity's sale of 13million-odd at 98 is genuine, so someone's paid a slight premium.
I noticed the Majedie sale too, and thought they were quick to move and liquidate. It could bring down someone's/an entity's average, which for accounting reasons might be useful, who knows. Or perhaps one of the major investors is accumulating more to give them more bargaining power, with a view to pushing for a higher price. The RNS said owners representing about 30% of the shares had committed to the deal, which leaves a lot still to come on board. PI's account for less than 10%. Or could Fidelity have done a swap with a slight mark-up, selling at 98 and buying something on the other side at one penny less. I think that would still be within the rules, as only a small mark-up, not that I know the rules!
just been back through some of those 8.3 forms, from the 25th - Majedie Asset sold down completely at 97p - 17M shares. These are big boys playing and its a bit over my head; but if somebody wanted to make another bid, could they buy up as many shares at this price to bring down their offer average?
Thoughts/ideas anybody?
That was a good spot Truby. I think they have to disclose everybody with more than 1% interest in the company thru those 8.3 forms so I tend not to read them. Bit over my head TBH. Has to be an off the book sale tho, and somebody's bought them - Virgin Media?
I'm not selling yet, might get a few more pence. Should get a holdings RNS for the 7mil that was 'sold' on Wed
Latest RNS a form 8.3 shows Fidelity (FMR/FIL) sold over 13 million shares on 25th at 98p per share. Presumably a private purchase at a premium by an entity that believes a little more could be on the table? I'm a long-term holder of KCOM and given how sick I felt in Nov when price slumped, I'm feeling very grateful for this offer. A few pennies more would be nice, but in the scheme of things I'm wiping my brow with relief.
Yes no report today. Company effectively already private so they can now keep their plans secret. 97p not quite enough for me but unless another offer is made pronto I will get out with a small loss.I paid average 100p or so so perhaps I should be great-full as KCOM has somewhat lost it's way?
Did I not read somewhere embedded in the RNS that there would be no report on Friday. Must admit it was very long winded but I guess necessary.
What chance Virgin come back in the picture? 97p maybe a fair offer although allows me to recover my losses and of course well in from the great divis paid in the past.
Yes fingers crossed someone interesting has bought in haha
Either way though it`s not a bad offer for me as LTH only 5% down from original purchase price, just really mad I sold a 1/3 of my holdings 8 days ago @ 70.86p but hey-ho
Had these since 1999 when I payed 225 I think, has had good dividends but if takeover goes ahead at 97p will have made a loss even with the divis over the last two decades. Might see some other bidders and hopefully get a bit more. But, hey, it's better than the share price was this time yesterday, so probably not too bad a deal.
Yes chillipepper, we can't know for sure, especially if it was worked in stages over a few hours. We should get a holdings RNS for something of that size tho.
Could still be another bid, but, as I say, 97 is a sensible offer
Not sure the massive 7 million trade was actually a "sell"
I dont know if your right, I think those of us who have held substantial amounts of shares in Kcom over the years have watched and listened and believed only to be let down by one excuse or another year after year. To be told of board change then un explained rapid exit of the Finance Director and out of the blue November announcement that wiped out a third of our investment and halved our dividend. It makes you a little numb and start to ask questions about what really has been going on in the board room. I believe in the brand and the future potential that Kcom now has having invested in what is without doubt the best broad band service providers fibre infrastructure in the Country. I wonder what the Financial report for the year end will state on Friday. Perhaps we will see a light improvement in dividend projection. I would not be surprised to see another bid for Kcom over the current offer. When all is said and done and the games have played out, it is nice to see the share price return to where it belongs.
Will force Virgins hand if they're still watching. Interesting that there were a few big buys at 97p - outweighed by one massive after hours sell - but shows some ii's think another bid is possible.
I think 97 is fair tho, maybe i'll watch for a few days before I sell out
BB is quiet tho, that's probably why the profit is in the red - people up here not too keen on communicating
Any other bidders? think the board are releasing there results in two days time.
Probably all in shock and wondering if it's a good thing or not
97p. Offered
Not a beep in here. Goes to show how little interest KCOM is these days