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well it's been an interesting ride to watch and see how it played out, good luck in your future investments :)
yes it appears that way. Would love to know Elliott's average buy price and whether they cover their costs. 25% is worth �152.5m. Anyway well done Steinhoff for out smarting them in my view.
so is that it, off the last RNS? saying that the vote has gone through to accept the steinhoff deal ??
I saw two articles from "this is money"; one suggestion that Elloitt will let the deal go through as they will make guaranteed easy money by buying shares below the asking price circa 2.23 and another article is saying that Elliott will stop the deal because they need to maintain their reputation as a non nonsense hedge fund to make a point even if they will loose money. I'm leaning on the latter as the former will only get them a mere 2% easy money, which I don't think will be worth their while, but to scupper this deal will send a strong message to any future buyers where Elliott holds a sizeable stake I.e Meggitt plc. I'm still not selling my shares and waiting to see how this battle will conclude. I'm surprised that none of the big supermarkets showed any interest in Poundland, or it could be that Elliott may but this business for themselves, and then they could easily sack the BoD's.
@ 223, to put into carlco. Bet someone will put an offer in for £3 now!
from the sunday news article.... "Elliott has built a near 25% stake in Poundland, making it the retailer's biggest investor ahead of Steinhoff's 23.6% portion." that's a weird position to be in, with elliot holding more than steinhoff !!..... this could get messy
Steinhoff has said the last offer was final, but I don't know if they have to be held to this under the takeover rules. If the offer is so low, why hasn't another bidder appeared? In my view Steinhoff may walk rather than panda to the likes of Elliott. I know they lost out twice before, but the high street is tricky and Poundland needs capital, which would be difficult to raise cheaply bearing in mind the previous share price crash. All my own opinions and please DYOR GLA
I was thinking in the same line, but if Stainhoff walks out then both Stenhof and Elliott will lose money and these guys don't tend to lose money and find other ways to recoup their losses. It could be that Steinhof offers a higher price but scraps the dividend. In that scenario, it would seem that both parties have won and will satisfy the ego's of both Stainhoff and Elliott.
Interesting battle yes, very much so, but unlike Argentina, Steinhoff can/will will walk away, and I think they will, rather than up their bid, which I believe was final anyway. PLND was floated at far too high a price, and the current BoD has caved in twice... And to answer CBB's question, when/if Steinhoff walks we will briefly see £1, but PIs won't be able to buy in a this price. The best thing that can happen now for PIs is the deal concludes at 225p. All my opinion but is + 8% worth the risk of - 110% R
this could backfire on elliot, how much does steinhoff hold, last i saw mentioned was 24.7% but obviously they too would have been buying, albeit via brokers i guess
Elliott just raised its stake to 25%. You can bet your shares that it would be an interesting battle batween the two clash of the Titans. However, Elliott has an advantage as they are playing with investors cash but Steinhoff CEO has lot to loose to go to war with these guys. Even Argentina couldn't win against Elliott.
you think it would drop that far ? even if it went belly up, the real-estate has got to be worth a fair chunk, along with other assets. I think when i originally bought in, it was around 135, i could see it going back that far if they do pull out, perhpas to 125, but sub £1 i'm not so sure about.
If Steinhoff walks away, to teach Elliott a well deserved lesson, then there could be an opportunity to get in sub £1. R
I would very much be tempted to buy more if it goes down. Poundland should not sell less than 250 per share.
+1 my thoughts entirely.
If it does, it will tank, and i think i said a while back i'd be tempted to buy back in then, but, i think i'd need to see the spineless money grabbers go first
@Levante and then what may I ask? The BoD has basically admitted the company is worth no more that 222/225p per share, and they should know! If the bid fails and no other bids appear the SP will tank IMHO. DYA GLA R
Private Shareholders should vote against Steinhoff. I have as I think Poundland is a good business and 225p is buying the business on the cheap.
Thanks guys - I don't have much choice but to hold on and see what happens. But I thought acquisitions were supposed to be good for shareholders!
That's the same advice I've given myself and am holding till the end. There's a recent story on FT accusing Elliott of being a bully, but they and all PI's have the right to get the best value for their portion of Poulnla d's business. It seems that the deal will all go down to the wire and be deciding factor based on the ego's of Stainhoff and Elliott, but I would want this deal to be off the table until a good offer arises and at the same time sack all of the BoD and have Eliott appoint some BoD with a shred of spine.
that's not good, yes, after the official acceptance had been obtained, your shares would be effectively converted/bought regardless of your wishes, however, before that official vote/acceptance, steinhoffs offer is nothing but recommended...... by the spineless gits that negotiated their jobs above everything else, then folded at the first offer. you have nothing to lose by holding on as long as possible at this point, as you said, your in the hole for some cash regardless, might as well ride the rollercoaster all the way to the end, i feel there may be a couple more twists and turns to this ride yet, share centre are right currently, but they are being a bit presumptuous that this will go through with no resistance, and i think that's naive given the current state of affairs
I received a letter from The Share Centre yesterday. " I refer to your holding of 589 shares in Poundland Group PLC and wish to inform you that the company has received a recommended proposal for the acquisition by means of a Scheme Of Arrangement by Steinhoff Europe AG. The offer 225 pence in cash for every Poundland Group PLC share as the close of business on 15 September 2016. .............. Cash payout = £1325.25 I called the Share Centre and they said it didnt look like there were any other options available to me. So as I bought £2ks worth of shares and I could be forced to sell at £1325 I'm less than impressed. Anyone else in this situation? This offer is subject to Court and Shareholder approval a t meeting s to be held in Sept 2016.... so hopefully this will not go ahead
that's a lot of RNS releases today for something under a bid situation, as you said, "game on"
Credit Suisse just disclosed buying 10.5 million shares! I wonder who the secret buyer is?