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It is all there on the website as someone posted. Quite incomprehensible to me but I can't see a scenario where someone would sign up to saying yes to one bid yet no to any other bid conceivable. I'd think you could only lock down the yes for current bid. Disallowing someone to agree to any other bid feels a bit anticompetitive and anti capitalist to me. Still, I defer to someone who knows more about the legalities. DYOR!
subject to the terms of this letter, I will not be able to withdraw from the commitment
and my obligation in this letter, nor will I be able to deal in any of the Shares, or accept
any other offer for the Shares;
From RNS "We have ambitious growth plans in the UKCS and we believe that RockRose's producing assets, its staff, its commitment to health and safety, the environment and best in class operational procedures, will be an ideal platform from which to grow our presence in the UKCS..."
Given that RRE entered into Confidentiality Agreement on 29th Feb, who else are they in discussions with .... I would wager they are looking to build on RRE assets from the off so expect other acquisition by Viaro in the near future.... SQZ anyone ?
aimo
MTsparky who are the other 'big boys'?
On the Viaro website ...
https://viaro.co.uk/documents/
Lol....Let's hope it's not Viagra Viaro !!
So MTS ...
Question is, is it Hard, Semi Hard or Soft ! :-)
Also known as a lock-up. A binding agreement by a target shareholder to accept a takeover offer or vote in favour of a scheme of arrangement. An irrevocable undertaking may be either hard (binding in all circumstances), soft (ceases to be binding if a higher offer emerges) or semi-hard (ceases to be binding if a higher offer emerges which exceeds the existing offer by an agreed amount).
Cold comfort for investors at above £18.50 based on AA rhetoric.
If Viaro have 36.8% via irrevocable undertakings, presumably a rival offer cannot be made as they wouldn't get the 75% shareholder approval required. It would need AA to change his mind. Can a irrevocable undertaking be cancelled?
Yes, that point is understood. What approx 65% may disagree with is the sale price now. Can’t imagine it won’t go through, but 2020 is weird enough already
No longer invested, but for balence AA has taken this share from 50p to present sp.
Not bad shareholder value. Atb.
NewKOTB I suppose AA taking over £70m out of this deal weakened his resolve. It does leave a bitter taste though. Like you say a bit of a fight would have meant something to shareholders. It looks like he has stabbed us in the back.
RRE is a £500m business being sold for £250m. circa £350m would be more palatable to shareholders. Let's hope we see an increased offer to get them over the line.
The issue I have is AA appears to have fallen ( after all his rhetoric ) in line with Viaro Energy offer too easily .... would have been much more acceptable even if Viaro Energy got officially rejected (ie 1800p), then came back with 1850p at least AA would not appear to be such a pussy !
Then again, this is big business ... PI's will never get the full story here .... just hope someone else sees value here.
aimo
If AA owns 30% they only have 6.8% from other shareholders so the big boys are holding out for an increased offer maybe?
Bloody loads of off book trades. Rarely look at trade types.
I think they overplayed their hand and underestimated some holders here. This could get interesting. Could also get messy.
I understand the required support needed is 75%. They have 36.8% support(from shareholders who can't now change their minds as the have given irrevocable undertakings). So they would need another 36.2% on top
I think 75% of the shareholders need to vote the deal through to make it effective.
Well don't they need over 50% irrevocable undertakings to make this a done deal? Will they up there offer to get them over the line? or does this leave them open to a counter offer?
And I note the Ask is at 1842 now...
you have read something I cant see...sorry for being a dope...what are you saying? Is it simply that they have 36.8% and thats it?
Therefore, as at the date of this announcement, Viaro Energy has received irrevocable undertakings in respect of a total of 4,846,247 RockRose Shares representing approximately 36.8 per cent. of the issued ordinary share capital of RockRose as at 9 July 2020 (being the latest practicable date prior to this announcement).
INEOS - Jim FFS £25/sh let's do it !!
Of course it has but UK funds in general have had a bad week so the other 88% will have held it back
it has 10% in RRE but the fund value hasn't gone up?