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Please keep posting as your comments have had a positive impact ! More seriously this share is trading on a big discount to known NAV and has certainly been drifting badly of late. rgds
Anyone, Have I got this wrong, trying to work out the margin of safety here.....? MBIF + SUMM + PLE = about 80% of invested holdings (roughly MBIF 50%, SUMM 18% and PLE 12%). NAV at bid price on 31st March = 12.32p, incl £405k uninvested cash and £2.5M investments . Assume MBIF loses 25% of value from 31st March ie: 0.75 x 50% * £2.5M = £0.937M Assume SUMM + PLE will half in value from 31st March bid price ie: 0.5 * 30% x £2.5M = £0.375M Add uninvested cash = £405M Add remaining 20% quoted/unquoted = 20% x £2.5M = £0.5M Total £0.937M + £0.375M + £0.405M + £0.5M = £2.217M NAV on this (surely incredibly conservative basis) basis would still be 9.42p, significantly higher than buy price today?
I know the feeling, personally I believe JM has taken his eye off the ball, particularly when you look at the fiasco at Plethora and its subsequent share price drop, lots of things going at Summit, with its listing on NASDAQ but after a good start share price wise , its dropped back to where it was. Also with here, there was quite a few of us who could not take advantage of the Tender Offer, I know that would not have been Jim's fault, but that still doesn't make me feel any better. Come on Jim time to focus, get this share price moving !!!!
I am but I wish I wasn't !
Are you still holding here
You are correct of course. I still rate the company, just would have been happier if I could have sold part of my holding above my purchase cost !
yes but that doesnt mean the company itself is in a weak position.....
I would have liked to tender some of my shares for repayment at over 15p/share but a number of brokers, barclays for one, were not able to include my shareholding as there was confusion with Peterhouse and the registrars. Now, selling via my broker, I cannot get even 11p for my shareholding.
im sorry but whats your logic?
our only alternative is to sell before prices go down further. Had asked Peterhouse Capital to comment on Barclays response but despite a couple of emails they remain silent. Pity as I thought this company had good potential.
After a few people have mentioned their brokers not supporting the tender offer, I rang YouInvest and they confirmed they are supporting the tender offer. Essentially you just have to fill out the allocation you wish to be tendered in the secure message area. The deadline is today (27th) for anyone using Youinvest that hasn't already done it.
I quote '' after further investigation with colleagues that handle corporate actions I am sorry to advise we are unable to offer and accept the cash offer on this event''. '' Although the website states applications needs to be lodged by 1300 on 30 January due to the timescales of this event and the delay in information from the company registrar we are unable to take up any cash offer for all our clients''. Have lodged a complaint as I alerted Barclays to this issue last week.
My brokers too came up with a string of excuses as to why I cannot take up the offer. According to them there were a number of inconsistencies in the tender offer which they needed to clarify and even though the offer does not close until the end of the week they advise it will not be possible for me to tender any shares. rgds
Hi ping pong, I think from reading the rns jim will retain the same proportion of shares as before, so if we can't sell them he can't either. That said I know someone with a hargreaves lansdown account that reckons they were able to accept the offer. I have formally complained to TD as I don't really understand why they can choose not to facilitate the tender. I doubt they will change their mind but it will be interesting to see where it ends up and if I'm compensated. Still if I can't sell I think the underlying company should do well over the next year.
Hi UselessTD, yes I was just the same as you not happy, was wondering if most of the brokers are going to be the same as they will all use a nominee accounts. Also wondering if the board of PEBI knew about this when setting up this tender offer as to limit the number of sells. Mr Mellon is a very good businessmen but that doesn't make him an angel.
Hi ping pong I also use td direct and from my discussion with them today it looks like I can't participate. I'm not impressed to say the least!
Has anyone else been told by their broker that they are unable to process this tender (i'm with TD) because its a nominee holding. If you wish to take part in the offer then you will need to withdraw the shares in to your own name and then contact the registrar yourself. Which is almost fine and dandy but if you withdraw these from an ISA you wont be able to return the money to that account especially if you have already used up this years entitlement. Any thoughts anyone or is just I've got a rubbish broker. Cheers.
I assume as all was in the public Arena he could buy. I am slightly surprised that we are not seeing a strong buyer at 13.5- I would have thought it would have been organised by brokers and would be nothing wrong to buy in now and accept-they would make a small turn of 3% .
Looks like Mr lee has topped up again with 400k shares. Have to say a bit confused by this?
I get the impression we are being offered circa 8p for the holding. Do you know how many shares we own in MBIF and price today? I thought we had purchased 324,174 at €10. The price seems to be at €13.50 approx.?
I have put placed a limit order a few % below tender.Otherwise will hang on for tender cash.
I am still trying to work out what is our next best move?
Finally Tender announced-after costs works out currently at 14.18 according RNS .
NAV at 14.7 up a few % on my estimate. Looking at propsed deal if shareholders take Cash for Magna would be equal to 9.6p, leaving PEBI with £2.12m in other investments- and shareholders would own shares based on current holding less whatever taken out in Magna cash. I think !
Wonder whether/when the purchase of 170000 shares will show up on the screens ?