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MIL. It was reported on the MoneyAM site....but that seems to be the only one.
Where was that dinky?
MIL. A 1,450,000 late trade just been reported....which is the same amount as declared by Trafalgar......so if it is them, they paid 10.1p for their shares. they will want a return surely.
MIL. Thanks Sprattyken.....MUCH appreciated.
MIL. Dinky - These IFA networks are not typical investments for the insurance companies. They HAVE to say they are investing for long term appreciation etc, but really this was all about companies trying to BUY distribution. This worked as when de-polarisation happened last year the likes of Millfield secured distribution deals with these same insurers. The big problem haunting these networks is how to write investment business and mortgage business "safely". If there is a complaint down the line, it's the network that has to investigate it, and pay any compensation. FSA and the ombundsman don't work to the same rules though. This is the main reason that the insurers dumped their own sales forces (they have professional management who saw it coming!), and this resulted in the growth of networks. The Directors of most of these businesses still think sales and not profits. Also there is an FSA initiative called "Treating Customers Fairly". IFA firms have to establish procedures to TCF, and get sanctioned if they break their own rules. This is usually not covered by professional indemnity insurance too! Millfield are still coming to terms with their merger with Inter-Alliance too. This is a short term play imo - but not by me!
MIL. I wrote over you there..... so didn't see your post...do you think the sp will go lower then? Why are the institutions not bailing do you think?
MIL. I may be wrong, but I think the MM's are playing games today. The sp fell early and signiciantly, after very few sales and has not lowered since, after a raft of sells. They are keeping the offer high to discourage buyers. Yesterday there were far more sells than buys and no sp. change. My gut feeling is that it is the last day of the tax year, they are trying to scare people into selling (those on T10's or who wanted a fast buck)..... maybe there is a buyer in the wings. Who knows, but i'm not giving my shares away. My concerns on the balance sheet have been overcome somewhat with GedW's comments....and I think that if there was real trouble here, the big boys would be bailing out.
Correct ,that is where its from.
MIL. This has been struggling for years. The insurers invested millions in shares in these big iFA networks, in an attempt to prop up these distribution models which really suit them. They only need negotiate with a few key individuals in a few key distributors. It does not work! The management of these companies do not have the skill set. They also have legacy problems with mis-selling. BBB have gone. Sesame have been up for sale for ages - no takers yet! Milfield is losing IFAs to other models. IMHO, you could take your cash into the back garden and have a small bonfire instead! Brave day traders could make good money of course.
MIL. "0.175p ordinary" is the face value on the share certificate, not the share price. I think this had been copied from the takeover panel website
Found this OFFEREE: Millfield Group Plc 0.175p ordinary ISIN: GB0030199953 NSI: 118,748,841 OFFEROR: No named offeror
MIL He also played down the volatility in the share price, pointing out that shares could move sharply, particularly on the secondary markets such as Aim, and that it had nothing to do with the underlying value of the company. He added: "Price movements on Aim are notoriously volatile because it is an illiquid market."
MIL. Article: IFAs feel the squeeze with commissions under fire TERESA HUNTER (teresahunter@scotlandonsunday.com) INDEPENDENT financial advisers are riding the crest of a wave of change. They are increasingly struggling with a market in turmoil, squeezed by intense financial pressures and the prospect of a radical gear shift in their working environment. One of Britain's biggest networks, Berkeley Berry Birch, became the latest casualty last week when capital adequacy problems finally forced it into administration. It has since been bought out by the Tenet group, which is 80% owned by insurers Standard Life, Norwich Union, Friends Provident and Aegon. The Financial Services Authority has confirmed to Scotland on Sunday that it is also in talks with the Millfield Group over its capital position and other financial matters. Its share price has fallen from 40p last spring to 10p. However, Millfield's chief executive, Paul Tebbutt, below, stressed that the problem related to only one aspect of capital measures and that a strategy was in place to recover the position. He added the company was in surplus on two other statutory requirements. He said he was confident that discussions over the small deficit on this one issue would be resolved over the next few weeks. He added: "We are in surplus on two out of three requirements. A strategy is in place to make good this shortfall. I am confident the matter will be resolved within two or three weeks."
MIL. No undeclared secret dealings allowed here I am afraid. All trades by EPTs must be declared. The whole point to the The City Code is transparency.
MIL sorry to be a pain understood what now if the bidder buys 1% from another holder,is there a special annoucment do we see this in any way?Also can the bidder buy in the open market?thanx again
MIL. Hi Debbie/Dinky. good to have the attention of at least two of the lADIES on this site LOL. Just to clear up SARS, they do not apply during an offer period, only a run up to a bid under the code. So ignore SARs at this stage of the game.
MIL. It looks to me that there is no reason why this share should not attract a buyer in at 15p or so. Shareholders funds stands at £16.7Mns of which ££7.7Mns was cash. Turnover is a staggering £85Mns ie 7 x turnover. However horrendous Admin charges pull this into loss. Any buyer could reduce these overheads but there has to be synergies in order not to duplicate costs, with economies of scale in the offing, and with little downside, the sp has not moved that much since the possible offer was announced, there was already support for the recent sp regardless purley on fundamentals.
mil that was quick!I understand that the rules 8.1 and 8.3 can be confusing because there normall as you say going on in the background.Im not quiet clear about the SAR5.If the bidder holds 20% and bought a further 1% from another major sh holder would that not warrant a SARS5? Are we also correct in saying the bidder cannot buy in the open market or is that only after a certain point,maybe when the due diligence begins?
MIL. Thankyou sir....MUCH appreciated as always!
MIL. The recent trades appear to be no more than shares being traded in the "normal course of business". The amounts are of a number not to be unusual. SARs as you mention, are there primarily to prevent dawn raids on the shares and only apply to holdings of 15% to 29.99% but rules relating to EPTs are being complied with. Rule 8.1 Dealings by parties and by Associates fro themselves or for discretionary clients. It is easy to read much more into trades during an offer period, than really exists, because they appear confusing and contradictory, that is because of disclosure rules.
mil I Understand thaat the bidder cant buy in the open market but can buy from other holders but then it has to be SARS5 RNS.Your more up on this one than me pose your Q to GedW Im sure if he has time he will answer.
MIL. Just read on ADVFN that the interested party cannot be buying....as they are not allowed to, bein privvy to inside infomation via negotiations.....so i guess that scuppers that theory. I'm really undecided about this one...Holding for now atleast. Any thoughts anyone?
MIL. Hiya debbie - my thoughts...and the reason we could do with GedW's view, is that I am wondering whether Goldman has sold sufficient shares to the bidder to give them a stronger bidding position than they are already in. With so many institutions having largish holdings, I would have thought that the bidder would try and bid from a position of power, or be as powerful as they could be. Maybe Goldman see it as a way of helping the deal along, to a more fruitful end ...ie. if they know what the bidding price is likely to be and they are facilitating their own gain at the end of the day, by being able to sell the remainder of their holding for a higher sp. Hope this makes sense....and I may well be dreaming!!!
MIL funnily eneough that crossed my mind too.I was looking at another company today where 1 holder had sold 20% to another holder,that was just a normal rns and sold in 1 lump. In this case the mystery bidder has already stated intention to bid so I think it would have to be a SARS5 RNS but Im not sure at what percentage this becomes neccesary,but if this were the case I think the bidder would have taken the whole 10% I think the big boys are trading untill the next news.Are we confident that the next news will be good?
MIL. GedW - Goldman have offloaded again, down to 9.55% now I think....can you suggest a reason for this? Yesterdays declaration must have been them selling at a profit, but I can't see how todays declaration can have been at a profit. None of the other big holders seem to be doing this, or tey haven't informed the market if they have....could Goldman be selling the shares on to the interested party, or is that too much to hope for? Any thoughts would be very much appreciated as always.