Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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As if we needed any worse luck today, the U.S. market is being torn apart on the fear that the U.S. government will default. So all of my other investments are tanking simultaneously. FML.
Surely the U.S. government won't default unless our leaders are dumber than I thought they were. Then again, I said the same thing about my Blue Prism investment being rock solid unless management is dumb enough to sell at a lowball price. Lesson learned. The idiots are running amok in this crazy upside-down world!
You'd better hope the SH's agree, 'cause if not, you'll lose your 1125 floor. For the management to agree this deal, they must know there's some big challenges in the business (CFO's share sales at higher prices does nothing to dissuade this view). I'm out this morning at 11.60, and very happy to have done so.
The £25 was tongue in cheek. May as well dream big! This sort of thing does make you wonder what goes on behind the scenes - pre-announcement leaks and vested interests...
£25 would be a dream at this stage. If a new bid comes in it will be at £12-£13. Lets see if new bidders appear. Its a very tempting valuation to be honest. If none do I think they will struggle to get the 75% approval threshold.
Expect the stock to drop to £11.1 range tomorrow if no new bid is announced at opening
Why would anyone offer £25 for something when the seller has publicly agreed to accept just over £11? Thankfully I am only down a few % but there are others who have been stung badly. Crap deal and crap management.
It does leave a bit of head scratching. Of course shareholder approval is still required and let's hang onto that slither of hope that a pre 5pm £25 per share bid was sneaked in....
Deadline past and gone now. So 10% of employees to be made redundant and they then IPO or sell the combined business in a year seems to be the plan. I'm sure it's not just us investors questioning the logic of this deal
5 minutes to go (wishful thinking!!).
$20K loss not so good !!!!!!!!!!!!!!!!!!!!!!!!!!!
Just sold out my lot. Not going to get to where I hoped. Stuck it into HZM they are on the brink of some good news. Very competent management over there unlike this lot. GLA
Here's an offensive little tidbit from the announcement:
"The Blue Prism Directors have agreed to pay a cash bonus to Ijoma Maluza and six other employees, subject to the Acquisition becoming Effective. The bonuses would be payable after the Effective Date as part of the next practicable payroll. The aggregate amount of all such bonuses is £1,054,000."
Ijoma Maluza (CFO) should be the most ashamed of himself of anyone. After dumping over 35k (nearly all) of his shares for as high as 1,733 GBP in February (~50% higher than takeover price), he is voting to approve the acquisition and will likely get several hundred thousand pounds for doing so. That's just dirty.
Fortunately, they need 75% shareholder approval to make this go through, and only have 23% locked up via letters of intent from the terrible board/management team and a few large investors. All of the articles are written as if this is done, but it is not even close to done even if a second bid doesn't emerge.
As we head towards the vinegar strokes, I'm afraid to say it's not looking good.
This morning's RNS and every article written about it doesn't leave the door open for a deadline day bid.
I'll be holding just in case, and because 35p doesn't make much difference at this stage.
What a shame Kingdon and his board didn't get ousted in March. Instead of taking his 65% approval rating as a sign of a lack of confidence in himself, he's taken it as a sign of a lack of confidence in the PLC's product.
And he's obviously taken that lack of confidence into his sales negotiation. What a first class ****.
@Mattthebrave 4% downside vs. upside potential, I would hold and take the risk.
Price is above 1125p as market is speculating there will be a higher one, but there's no guarantee. I'm happy to exit at 1160 and leave anything above for the speculators. If they get it, then good luck to them I say.
what are the the 4 trades at nearly 3 million at 12:52 and 12:54?
flagged P LRGS Large in Scale Deferral
This looks like it is getting ready for a jump trades are coming in blue so i guess something positive is happening.
1250+
because the deal isn't done
Looks like. It's not over until 5pm. I think we see a higher bid here.
Am I reading the last form 8.5 correct. Are TPG buying up shares at 1158p??
11.58 now . If the deal is done why is the price higher than the 11.25 ?
This is just a offer on the table! Shareholders are clearly not happy with the share price offered as its undervalued over its last 12 month trading price.
We are yet to hear anything from TPG or any other bidders...
£11.25 per share as an initial offer, is day light robbery! I expect a counter offer by TPG at the very minimum. We are not done yet, and I'm sure the shareholders will be against this deal or offer.
Jason Kingdon has taken a company with a great product and he's ****ed the dog and shat the bed.
Outrageous to suggest that this is the best deal possible for shareholders. ****.
I guess this is the key line from the announcement:
The Blue Prism Board has considered a range of strategic options given the strategic and operational headwinds facing the Company, the significant risks in execution and the shareholder consultation feedback
A pretty clear lack of confidence in the future as an independent company
The market is unconvinced it will be enough, but not by much. It isn't a done deal yet