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We are all in the same boat here......we are all trying to maximize our return on our investment in PAYS. At 590 we are all in the money, other than those who have bought in to PAYS above 590p on speculation of a counter offer. The chances of a counter offer coming I would think is greater than 50/50 and if it comes to pass we will all gladly accept it. As PI's we don't have any say in what ultimately happens PAYS, but we do have a choice of getting out now at c.596p, wait to see what happens, in the knowledge that we will receive a minimum of 590p. Who knows what will happen on Tuesday when the half year results are published, but I would suggest that these results are already priced into the current price of 596p. At 590p I am up c 30% so I will sit this out and when the cheque comes in the door I will hopefully find another company that will give me a 30% or better return on my investment. Good luck to all and lets not forget why we invested in PAYS in the first place.
The good thing about this situation is that as investors we have the luxury of being able to sit on our hands and wait. We can't loose now whatever happens - it is just a case of how much profit we make at the end of the day. This is a pretty unique situation.
I love money and good luck to JL but how much more does he need? He invests 63.5% of his sale proceeds and continues to make more money with PAYS as a privately owned entity. Well, he is a bl**dy fool for carrying on. Life is too short to keep on working and trying to accumulate more when he has copped for over £50 million. Instead, why not enjoy his vast wealth and use his abilities and ego to work part-time in doing some good in the world for those genuinely less fortunate. Also, if you were his boss at the new owner would you trust him to be motivated enough to carry on? No, I wouldn't. Like I say, good luck JL. You have disappointed a lot of PI's by accepting this offer but with over £50 million in your back pocket, get out there and enjoy life now. You must be a pretty dull guy if trying to make yet more cash still appeals!
He's committing to invest $50m in the new company if the bid is successful. Read the RNS: "Joel Leonoff currently has interests in ordinary shares and options awards (which shall be subject to Rule 15 proposals) that in aggregate represent 2.27 per cent. of the fully-diluted issued share capital of Paysafe. It is anticipated that he re-invests $50,000,000 (representing approximately 63.5 per cent. of his net proceeds from the Proposed Transaction) such that he holds: (i) 'sweet equity' in the form of A ordinary shares (the "A Ordinary Shares") to be issued by Pi Topco Limited that in aggregate represent 2.37 per cent. of the fully-diluted issued share capital of Pi Topco Limited at the date of issuance and prior to the operation of the ratchet (to rank pari passu with the shares in PI Topco Limited to be held by the Consortium); and (ii) B ordinary shares (the "B Ordinary Shares"), preference shares (the "Preference Shares") and/or loan notes (the "Loan Notes") to be issued by PI Topco Limited or its subsidiary, Pi UK Holdco I Limited (on a pari passu basis as those issued to the Consortium in respect of its funding of Bidco to finance the Acquisition)." He's not retiring any time soon, there's too much money for him to make taking Paysafe private.
I think you'll find they will end up significant part owners of the new company!
Perhaps Joel Leonoff wants to cash-in his 9.77 million shares - worth over £57m - and retire to the Carribean.
I don't think ther are allowed to buy shares above their bid price without moving the bid price up. This is market speculation with regard to a higher bid coming.
If it is a bribe, its not enough!!
Or 600p is some sort of market bribe to get people to sell the shares needed? While the ii's scoop them up to increase the chances of the bid going through. What's 600p to them with what they will make in a couple of years!
Totally agree. Certainly not the time to sell!!!
Price agreed at 590 yet the market still has it at near 600 so they must think that there's a chance of an improved offer from somewhere else. Even buying now at 600 I can only lose 1.7% of any investment and that won't make much of an impact on the profits to date so I think I'll join the party and up my stake in case. Interesting times as always with this share.
Ok, some things to consider this morning. 1/ We now have a formal bid accepted by the BOD. Only at this point was another bid likely to be made. I suspect any such bid will not come until after the trading update next Tuesday. 2/ if there is no other bid, the price of 590p may look fairer. After all, the estimations of the SP have been speculations, albeit, well thought through ones by wel read posters. If the rest of the industry doesn't think a higher bid than 590p is worth it, that surely gives us a reasonably accurate valuation? 3/ Lets not forget that the other company in this field (Worldpay, I can't immediately remember) subject to takeover went at a price lower than anticipated and was not subject to a bidding war. 4/ The latter suggest to me that either this sector of the payments industry is still riskier than private investigators realise, OR, the sector is corrupt with takeovers on the cheap. 5/ We must also remember the long pattern of upward movement on PAYS shares. Some of that movement was down to speculation and if a bid at 590p had been made on an SP of, say, 4 quid, we'd feel better about it. Now, I'm not defending the BOD here but they are in a better position to judge than we are. My gut feeling after having held OPAY since the 90p days is that this is a low bid but I'm not going to fret over it because I don't have the insight of the BOD. I just hope that the valuations put up by various private investors prove accurate in the coming days via another bid arriving on the scene. We shall see and fingers crossed.
Well, we've been royally shafted. Looks like it's all stitched up tight, nice packages for the BoD and management, nothing in it for PIs. So sadly looks like we're going to have to sell for 590p. :-(
I've been holding shares in this company since I bought in at just under £2 (Opay) and have held and topped up on numerous occasions on the way up. If the bid is successful at £5.90 I'll be calling the cops because it would be daylight robbery and massively undervalue the company.
They are going to have to prize these shares from my cold, dead hands.
Have a look through the Form disclosures - this is real cash going down and there are plenty of buys above the 590p by some v v big names - someone knows something (as has always been the case with PAYS - leaks) Funds don't buy over the purported Offer price unless they know there is something better on the back burner - watch this space !
Rival bid or MM games?
Going to be through 600 today at this rate. Rival bid maybe?
This is getting interesting!
Lets hope WH is correct. I am more cautious and would not expect to see a counter offer until there is an actual bid on the table. The initial counter offer should be 700+. I don't think the CVC consortium is a fabrication. I am more surprised by the Old Mutual purported acceptance. Why would you do it, unless there is some sort of side deal. Any investor wants to get the best price reasonably obtainable, not accept the first possible offer especially when it was not much in excess of the prior days share price. Think about it.
What if the 5.90 offer is a fabrication, intended to gee up the market and get some bidding action going? Entirely possible considering the past close relationship between cvc and pays...
You'd better be right WH! I just topped up 452 shares @ 586.86.
I would wager we are about to get a counter offer substantially north of 590 - in excess of 700p+ There have been so many leaks over the past 6-12 months re PAYS - 800K shares at close to the deal price went through this am - combined that is close to a £5m investment - that big an investment means a serious player looking for a 25% return in short order !! being it was bought on a Friday morning before US opens - my guess we won't have long to wait
I have a sneaky feeling that the 25,000 'sell' at 12:18 was actually a buy. Why would MMs pay 591? Doesn't make sense to me.
Or there is a sniff of an increased or counter offer. I was surprised that the Directors made absolutely no reference to their thoughts of the offer price in the initial RNS. Normally you would expect an intonation of support or rejection of the idea but this one was just clinical with the information.