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hahaha, i hadn't thought of it like that, but you could well be right! Interesting to see their SP never recovered today, and closed down 4.68% So basically, our share deal offer has been calculated of not just their yearly high (or as near as damit) but off what is basically their highest screst in 5 years, which is bout the time they have been on the stock market, so.... 1. Low ball offer 2. Only 45% of said offer in cash 3. Share deal calculation at the worst possible time for us yeah..... they're gonna do just fine out of this, i feel for the longer term holders on higher averages than me
As it happens a lower Clin price will suit me just fine, as I intend putting all my cash return into Clin. They have a total bargain getting us so cheaply and I'm going to reap some benefit.
One issue is that you can now buy Clin shares cheaper by buying QP as we are trading at a discount as some decide to sell up early
dammit, meant 10.57 not 10.97
i think they are 4.5% down today, so the calculations i did was based i think on £11 a share, or there about, i know for me 10.98 is break even at the 82p mark, but currently CLIN is down at £10.61 to buy, with the bid at £10.97, so that's a bit of a surprise, it's almost like the market doesn't like this deal anymore than we do, or, it could be that whilst screwing our share price for the last however long, manipulating a lower value, their own SP has now peaked, and i remember seeing the figure £11.12 used in the RNS, and thinking "that's the top end of their value"
Thanks RKB. Hardly seems worth doing for 2p profit does it? Anyway I have decided to hold my Clingen shares for a couple of years as they seem a good outfit. Bit concerned that their price has risen so much recently and it may fall back in the short term but long term this is a good fit and should do well. Still peeved about the 82p price though.
Hi Robins If you bought at say £0.79 today you would have to hope their shares will re-rate and go back up. I believe they dropped £0.50 at the bell and I have not followed them. If they stay at the current price and as a fellow poster has already calculated you will receive in cash and shares £0.81 so although you pay no stamp duty on the share part of the offer and ignoring your dealing costs you would make £0.02 if you bought at £0.79 and waited till offere is completed. As there are no dates mentioned then normal takeover rules apply and then dates are moved if a second bidder comes in. As for the cash element, when it goes unconditional then a date will be announced and you will be informed when you will get the cash and shares also. RKB
What is the incentive in buying QP shares now at 79p and also how long will it take for the 37p cash to get into our bank.
Time value of money: I first invested in QP last October after the profits warning when share price crashed about 50% to £0.33. I did my research and felt the 50% drop was a bit harsh. The Bod got things sorted and tidied up and we were turning the corner and that is always a crucial point if you are going to survive. After today's undervalued offer I sold 50% of my shares at a substantial return in less than one year. Our share price will now be correlated to Clingen's share price and we will fluctuate from £0.75 to about £0.81. I do not think their share price will substantially re-rate so assuming it stays about the same the most we can hope for if you jump now (before it goes unconditional) is about £0.79. By selling half my shares now I have the money in the bank and can reinvest. Leaving the balance allows me to possibly obtain more if there is a competing offer but I don't think so. Will it go unconditional? I don't know but as I have a "free ride" I can sit back and watch from the sidelines. I have no intention of buying back in. After I sell I am away to find my next free ride. I wish all lth well you deserved more but it appears at the moment this is the best offer in town. RKB
yeah that was my typo, where i said "they don't even have the decency to offer 50% of the deal in cash" i meant to follow that with "it's a majority of shares" but somehow my fingers typed "all" instead!..... whoops, by bad!
yeah, i've noticed that too, even Trustnet is somewhat selective regarding RNS releases, half of the Form 8.5 and 8.3 ones never made it to Trustnet, will go look now
Surprisingly low level of irrevocable undertakings. Agreement late in the day, or restricted because of fear of it leaking out.
if you take the prices right now, convert your shares to money based on 37p and no trading fee, then calculate the number of Clinigen shares you'd get (oh and that figure will never round completely, so will see if they round up or down, mine comes to .87% of a share so hopefully they round up!) then even take then current bid price as your valuation for them, not including trading fees you'd come up at less than 82p per share, for me, the figures worked out at a valuation of 0.8099 per share, so basically 81p and that is before any sort of fluctuation in their share price, which could of course go up once the realisation sets in that they got a bargain. For me, my holding isn't big enough to want to keep the small number of shares they'd give me, so i'd want out asap to try and realise the full value of the offer..... but, as Beevorma says, they could see a drop as soon as we are able to start selling. It will be interesting to see if the traders try and jump in now to see a small profit come deal finalisation and cause the price to rise close to the offer valuation Fortunately, i'm healthily in the blue on this one, but too feel for those that are sitting with higher averages. I would also be very skeptical if QP. release any sort of RNS claiming "realising shareholder value" when taking this deal, i am of course assuming that they are going to recommend accepting this offer
45% of the deal is in cash
Look on the London Stock Exchange RNS site. LSE are selective about what RNS's are displayed quickly
I think Harwood had all this planned ever since they got their shares for 34p. They have pledged their 25m shares. The low price has left a bad taste in my mouth.
Hate to say it but seems my original prediction of around 80p was right, they obviously valued us when we were sitting around the 55p mark. Crystal is right in saying that because the offer is shares (of which CLIN are at an all time high) we could be facing a further depreciation in value if there's a sell off after completion. To quote dragons den, for that reason i'm out at 78.87p. My genuine condolences to all you LTH's that are sitting on a loss here and GL for the future all. Beev out.
given that Clin has released theirs, you'd have thought QP. would have had one waiting in the wings to be released at the same time
Agreed robins, and it makes you wonder how long they've had a hand in manipulating the and holding the share price down, thoroughly annoyed at this, they don't even have the decency to offer 50% of the deal in cash, it's all shares which are likely to drop given their currently riding a big high crest
that's disgraceful that it's being accepted
Your timing was perfect - well done
SamJSung what it means is Clingen came in at the right time to get us on the cheap. I just hope their share price does well as they seem a very focused business.
The consideration payable under the Acquisition represents a premium of approximately: -- 23.5 per cent. to the Closing Price per Quantum Share of 66.38 pence on 12 September 2017 (being the last Business Day prior to the publication of this Announcement); -- 26.2 per cent. to the Closing Price per Quantum Share of 65.00 pence on 15 August 2017 (being the Business Day prior to the commencement of the Offer Period; -- 46.1 per cent. to Quantum's average share price of 56.12 pence in the three months prior to the commencement of the Offer Period; and -- 64.7 per cent. to Quantum's average share price of 49.79 pence in the six months prior to the commencement of the Offer Period.
Looks like Chris Riggs is recommending this as good for both companies. I can see great synergy, with Clinigen providing an outlet worldwide for Quantum products. Still the offer isn't what I'd hope for either. Have a feeling the Clinigen chare price will rise on this news. Still I cant moan about a 30% uplift on the current price.
Disappointed too.