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This is becoming a very long and grinding road, the jam is always tomorrow. The board seem to be making hard work of everything.
"Redhall Group plc (AIM: RHL), the specialist engineering support services group, is pleased to announce its intention to raise £7.5 million (before expenses) through a placing of 19,230,769 new Ordinary Shares of 25 pence in the capital of the Company at a price of 39 pence per share. The new Ordinary Shares are being placed with new and existing institutional and other shareholders by Arden Partners and Charles Stanley Securities." The above statement from RHL is far from clear, and as I have received no information about this offer, I rang the company. I was called back by the Financial Director who apologised for the lack of clarity, but confirmed that this placing was aimed at institutional investors and was not available to small shareholders. So just to clarify the "and other shareholders" does not include us.
Whirlow, I believe this is a placing rather than a right issue. This means that the company can allocate the shares any way they want. There will be no allocated rights that can be sold if you do not elect to buy your allocation of shares. This is a much cheaper way of raising funds than a proper rights issue, but it can also be very unfair. Most of the shares may be sold to the big institutional investors, leaving very little for the small PI's. SUMMIT recently launched a placing, issuing 40% more shares, but the II's got 20 shares to every one issued to the PI's. A circular to shareholders is supposed to be released on Monday, so we will have to wait and see.
Cannot at present discover terms of rights offer to existing shareholders other than issue price. Does anyone know the formula to be used as details not on the Redhall website yet?
modsa, It is not yet clear how many shares will be offered to PI's, if indeed any. We need to see the offer document. first. I doubt that it will be any worse than SUMM, who allocated 20 times as many shares to the big boys as to their PI's. As this was at a 37% discount, PI's suffered a considerable dilution. RHL on the other hand have offered the new shares at only a 7.1% discount, and hopefully the share out will be more even.
RHL says - "focuses on the company's core strengths in niche manufacturing and specialised contracting"; so where is NUCLEAR? Specialized Contracting - VIVERGO was one of them. RHL is speaking thru the HAT.
And then the government wonders why we are reluctant to invest!
RHL statements are like SEE SAW UP & DOWN; One month RHL says many Nuclear contrats... Feb statements says Redhall Nuclear Leaner; down sizing again,paying compensation to employees, every six monts restructuring; have the DIRECTORS done a MBA or a MAD?
Whirlow, Perhaps you are right about Costain. They have launched a placing and open offer today to raise £75m. That should be more than enough to buy out RHL.
Chinese,Indians,iranians,Group George where are u?
You will get 82p in 2014. For me IT IS A DREAM to get 200p. I agree I was very FOOLISH, EVEN TO HAVE "ALL MY EGGS IN ONE BASKET"; HENCE COULD NOT DILUTE. A typical gambler not an investor. Burnt my head not my fingers.When I bought RHL at 200p it was CASH RICH with cash in hand at 5m & no long term debts.Overnight, it tumbled with Vivergo & delay of NUCLEAR GO AHEAD by the Govt. NUCLEAR is of interest to many used in the best interest of mankind or as a another HITLER. There are many countries, each with different agendas - good & bad. If Harrods can be bought by a Mohamed Al Fayed, now a BRITISH but with wise & good interests; Jaguar & Range Rover by Tata, the peanut RHL can be bought by another Mohamed holding a British passport & with Iranian interests giving access to open the gates of Sellafield, Hinckley Point C etc. If there is a TAKEOVER not only Groupe Gorge but China & India or a devil will join in at the auction of takeover. More the merrier for the rise of SP. RHL has plenty of GOODWILL (access to the gates of nuclear sites) value that can be use for the good or bad of mankind. God Save the Queen! !!
Yes. Correct; many have bought in to dilute their overall exposure. Bought at 136p but then more at 72p and recently at 39p. Waiting for a price in due course of 82p.
I sympathise with your potential loss. What you should have done in this position was to have sold much earlier, thereby stopping any further loss, or if you still believed in the company, averaged down. You could have done this very effectively when the sp was at 38p. If you have the cash you could reduce your average now from 200p to 88p, by buying 3 times as many shares as you currently have for 50p a share. I do not see anybody buying RHL for 200p, and you could wait many years for the sp to hit this price again, that's if it ever does.
I have LOST A LOT; bought at 200p a lot & FOOLISHLY; waited 3 years patiently after the damnable Vivergo / dirty BP - bully boy tactic case. There is nothing for me to get excited, still in tears. Even IF TAKEOVER, SP will rise to 80p or a 100p (max). If not may have to wait another 2 or 3 years to breakeven at 200p. (OOOH - unless IRANIANS buy at SP 200p; just for a laugh (GBP 60M is nothing) & create WORLDWIDE NEWS that they have access to BRITISH NUCLEAR SITES ). Now, RHL Market Capitalization stands at GBP 15M at SP 50p.
Please don't get too excited! Groupe Gorge will want to acquire Redhall to enhance their overall portfolio of identical product and service lines. Forget Indian, Chinese or, heaven forbid, Iranian interests. There are also other UK interests from the Engineering Services sector who would take Redhall in hand IF they succumb to a takeover. Personally, I believe the company will recover quite soon.
Fourth consecutive day the SP is UP & UP; bit by bit. Hope, the Iranians are not buying RHL.
Yes, my gut feeling is also CHINA or INDIA takeover; for exposure into British Nuclear with potential market size of GBP 100+ BILLION; a small company like RHL to be bought at under GBP 50M is only a PEANUT. RHL will OPEN THE DOOR into TECHNICAL / IMPLEMENTATION exposure rather than FINANCING ALONE.
I expect a bigger holding by Groupe Gorgė. Redhall fits EXACTLY into their profile......nuclear, speciality engineering (blast proof doors, etc?), chemical engineering and their position in Europe in France and Netherlands can be consolidated. Recent MOUs with China and India make Redhall a prime acquisition target now that Redhall is at a weak level.
Some more big trades. Two reported buys and three unknown, and the price is rising. 13:13 45.00p 500,000 £225,000 Unknown O 13:13 45.14p 250,000 £112,838 Buy O 12:33 45.14p 250,000 £112,838 Buy O 12:32 45.00p 250,000 £112,500 Unknown O 13:47 45.00p 160,000 £72,000 Unknown O
The Company was notified on 10 February 2014 that, as at 7 February 2014, Henderson Global Investors was interested in 4,100,000 ordinary shares of 25p each in Redhall, representing approximately 13.7% of the Company's issued ordinary share capital. Posted at 13:46. So I was wrong it was not a sell, but not a Chineese take over either.
Where is the RNS on 4m shares traded on Fri?
Chineese are financing British Nuclear energy; it was all over BBC news about six months ago. Chineese want to get exposure into Nuclear. Redhall might be a target.
I don't think this BB is the place to be ****ging off the British and particularly those from the North East. Many of the past labour problems have been caused by over paid and incompetent management. Failure to modernise plants or designs, typified by the collapse of the UK motorcycle industry, and the feudal master serf attitude of many public school educated company directors, are often more to blame. Bolshie unions have hardly helped either, but the British can work well if they are treated and rewarded fairly. Japaneese company Nissan have a very successful production plant in Sunderland, which the last time I checked was in the North East.
With share movement upwards even though slight, it SEEMS to be that another COMPANY is interested, possibly for a TAKEOVER, now sensing the PULSE. Hence, to check for other bidders. Will the CHINESE come here? May be good for the LAZY BRITISHERs namely from the NORTH EAST whose attitude is always STRIKE. Perhaps, this why the VIVERGO project was DELAYED by RHL and now SP in doldrums.
There are only two companies holding enough to sell 4,100,000 shares. Groupe Gorge SA hold 5,806,194 shares at a value of £2,380,540. M&G Investment Funds 3 hold 4,421,122 shares at a value of £1,812,660. This one trade is for 13.7% of the total shares in issue, so I doubt the mm's would have had this many to sell. So this is likely to be either Groupe Gorge or M&G dumping most of their holdings. Strangely this massive trade does not appear to have moved the price very much. We will know for sure on Monday, when an RNS should be issued.