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10p
Goodbye!
They sold out of 10% of Dialight and finished late last week and might be to have more cash at hand to stand a chance of taking Proactis out of Pollens grip.
Just as an interest. Next trading update is the end of August and it will probably still be listed by then so we get to see them. Do they have to release results if they are listed at their year end but private by the time the results are ready for release?
DBAY want more money or part of Proactis? Participation is an interesting word to use. Participation in the acquisition, not just go along with it and vote for. Anyone still holding PHD might get a few more pennies.
"regarding DBay's support for, and participation in, the Acquisition at an offer price of 75 pence in cash"
I think DBAY will ask for more money for the sale to go through.
Interesting thread this one. Bunco I understand your reasons for leaving as the performance of Sykes has been woeful.
I am more positive at the moment, I think we will get another bid. There was lots of PE interest last FSP apparently so let us see who really wants the prize.
Thanks for the update on telit laugh, I do not know about that firm. Is 220p a premium?
Finally DBAY have settled at 220p for Telit and perhaps they will now look to Proactis.
When it goes this quiet on the trades for Proactis something happens just afterwards and will be interesting to watch as there is a chance another group will throw their hat into the ring. Once only opportunity to buy the group.
Agree, the offer has been made and accepted by the board at 75p, to expect more is perhaps wishful thinking. I sold about 75% of my holding on the announcement but kept 25% in case of an increased offer, but with the breach I'm just more comfortable cashing all my chip and moving on.
Someone bought on the dip.
bunco just following things out of interest to see how it plays out(i sold out here on morning after t/o news,but i have another holding where dbay are in a bid situation, so interested as to developments here).completely agree with your thoughts.it's the uncertainty which a breach engenders which is the worry.incidentally phd website (homepage etc )has been offline since some time yesterday evening.may be completely unrelated and not necessarily a cause for concern,but more comfortable to be out now imo.
There are a couple of things... the offer rather than scheme of arrangement may not make any difference to the shareholders if it all goes through (get 75p a share either way), but it does make a difference to the bidco as they could have to contend with dbay holding 25%+ of the private ( I think the offer route doesn't force all shareholders to sell at the price stated as the scheme of arrangement does, they could keep their shareholding) company and being disruptive to their plans, therefore it may not be such an appealing prospect for them to make the takeover through the means of an offer given the increase by dbay. Secondly, we have no idea from today's RNS as to the severity ( doesn't sound too bad) of the breach, but any breach will have some degree of reputational damage. If it turns out to be more significant then it could have an impact on the deal (unlikely though I agree). I got around 73p for my shares today and average 73.5p for my entire holding which is almost exactly 150% profit, I would be holding on for potentially another 4-5 months for another 2-3% and hoping for an increased offer, which I think isn't that likely anyway. The upside isn't really there.
And just a final point, imagine the impact of this RNS 2-3 months ago, think we would have been down a chunk, for me safer to cash profits and move on. This is just the explanation you asked for and is all just my opinion based on my circumstances. Good luck, hope the increased offer comes good.
That’s an interesting reaction, the scheme of arrangement is not likely to succeed now however the offer requiring more than 50% will go through. PHD and BIDCO already have the required undertakings, the price is 75p.
A cyber attack increases the risk of no improved offer? please explain. This is a genuine query I would like to understand your thinking.
Was continuing to hold about 60k shares in case an increased offer arrived, but the news just released was enough for me to cash out, increased the risk a little too much vs likelihood of improved offer... Could play into dbays hands as pi sell off last of their shares. Happy to be out and moving on. Good luck to anyone staying in!
Hi everyone. I'm an innocent with regard to company structures, takeovers, etc. This update from the 17th puts the irrevocable undertakings to support the bid at over 50%, and seems to see that - a simple majority - as significant. Where do you get the 75% red line figure from? I'm still holding.
"Together with the irrevocable undertakings included in the Offer Announcement, Bidco has therefore now received irrevocable undertakings to vote (or, where applicable, procure voting) in favour of the Scheme at the Court Meeting and the Special Resolutions to be proposed at the General Meeting (or in the event that the Acquisition is implemented by an Offer, to accept or procure acceptance of such Offer) in respect of, in aggregate, 47,875,516 Proactis Shares, representing approximately 50.11 per cent. of the existing issued ordinary share capital of Proactis as at 14 May 2021 (being the last Business Day prior to the date of this announcement)."
As anticipated big trades after hours.....further holding RNS likely, one has just come out but think it repeats / confirms DBAY as over 25% which we already had. Glad I’ve not sold.
As title suggests I wonder if they’ll be snapped up after hours. Whats the feeling on timeline here for a response now DBAY have over 25% and have not agreed to the irrevocable undertaking? .
Lombard have added too, 15000. Strange bahviour to add such a small amount now. Something is going on to make them spend about 11250 for what?? It won't make any difference when they already hold millions.
How long have DBAY got to respond? Seems unlikely they will agree given the quick acceleration to over 25% holding.
I have read the BOD are expecting this to be concluded by October.
Trying to think through the logic of dbay buying and I suppose the most logical explanation is that dbay can now force Pollen street to increase their offer. If dbay alone can rejected the current 75p offer, then if Pollen street still want proactis then an increased offer can be expected. It might be that simple, dbay will make a nice profit on their 75p buys, but an very significant profit on the other 17% they had before. On this basis I'm holding to see how it plays.
agreed .counter bid seems likely.good luck whatever it is.
Afternoon :).
Not sure, if i'm honest. But that is my understanding also. The scheme requires 75% of the shareholding to pass it - without DBAY, that's now impossible. I do think we'll still see a sale - just to who - I don't know. But interesting that now DBAY control the show, again. I don't however, see them walking away from it now given they just bought around 6m shares for 75p each - they could have done that cheaper last week. I personally now expect a counter bid from dbay.
afternoon farhantahir.yes looks interesting now.is it correct that dbay can now block the bid as it requires 75% and dbay have over 25% now? im no expert here, but if i have understood the rns correctly the offeror may now have to go to the offer alternative.not sure of implications here. academic for me as I'm out but interesting.
Looks like DBAY bought them. I still hold here - i'm tempted to increase my holding now. Developments look interesting!