Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Looks like you're right...I was thinking maybe the only potential bid increase would be if they don't get the vote won on Monday. Then they'd have to go away and increase the bid, or call the whole thing off.
Not sure about selling before the vote. I had the impression you could still sell until the end of the day of the vote at least, as typically the agreement to delist isn't implemented immediately. I'm far from an expert though so it's well worth reading the documents on the website.
Think it’s looking increasingly unlikely any rival bids are going to be tabled now. I’m guessing I can sell right up to before the vote? I still haven’t received any scheme documents so not sure what the rules are.
I hope so!
Equally, it might be as dull as the last few. Some taking long CFDs and Barclays doing god knows what trading a handful of shares here and there.
We could be on for an interesting week ahead for RRE shareholders.
atb
Brent and Gas prices almost back to Jan 2020 levels when the SP was £22. £18.50 offer looking more dodgy by the day !!!
had a quick scan of the docs (purely out of intrigue and future market reference) and thought it was interesting that the confidentiality and non disclosure agreement came into force on the 29th February 2020 :-)
anyway, having as I said already moved on I won't be wasting my hours away (39 pdf's in total) reading any more
happy reading
well my paperwork arrived today in the post however it was a bit of wasted paper exercise (duplicate letters as well which was one for each of my HL accounts) as I sold on the day of the announcement :-)
anyway, virtual meeting(s) are scheduled for 17th August 2020 (11:00 hrs for the court meeting and 11:10 hrs for the general meeting covering the special resolutions) for anyone interested.
BTW all the relevant scheme documentation can be found on their website here :
https://rockroseenergy.com/investors/takeover-documentation/
would have saved them 2 stamps had they just provided electronic notification of that LOL
Well Brent and Gas prices are recovering so a rival bis isn't out of the question. RRE worth £500-600m so a rival £300-£350m bid this week maybe.
I haven’t made up my mind yet MTSparky. I was hoping there might be a rival bid.
I may have got a notification about the takeover bid, but nothing more specific. When exactly is the vote?
I'm with HL and they have sent me a secure message already. Not sure if other brokers do the same?
Are you holding through the vote NMBS?
Should we be getting something through the post on this?
Let the battle commence!! ....;0)))
Yes very intriguing. Which bidder ????
MTS,
"or buying on behalf of a bidder... " .... :-)
Surely the buying at £18.44 isn’t anyone looking for a quick turnover and sell at £18.50. It’s not worth it. They must be gambling on a higher bid being made or buying on behalf of a bidder.
I'm still dreaming too...maybe I'll leave half in for the vote. See what happens...at least it looks like ODDO will hoover up my shares if I do sell them!
Hey NKOTB how you keeping? TR1 keep coming so you never know what will happen over coming days, £25/sh rival bid please !! (dream on)
Don't forget, any offer that trumps Viaro's 1850p MUST be notified to the market, even if it's >1p. The BoD have backed Viaro's offer, so would have no reason not to see any offer >1850p as being an improvement, hence have to issue RNS, regardless of their Irrevocable Undertaking.
Yep I'm thinking the same, I'm in no rush as I'll probably keep this investment in cash. However, I would probably get out before the vote lest I get stuck in for another month or two.
Just about OPHR, the timeline was:
31st Dec Medco announcement of potential aqusition
11th Jan Medco initial offer was 58p but reduced to 53.8p (on 20th Dec) due to oil price decline then to 48.5p
14th Jan OPHR reject offer at 48.5p as undervaluing OPHR
28th Jan extension of offer deadline, negotiating transaction at 55p
30th Jan Medco new offer 55p supported by board
8th Mar Coro unsolicited bid 40p + Coro shares
20th Mar Medco increase bid 57.5p
20th Mar Coro withdraw interest
25th Mar court meeting + GM votes
21st May completion of acquisition
22nd May cancellation of listing - presumably when the money was paid to shareholders
It's interesting that you mention OPHR timescales. I was thinking if I were to make a rival bid I would wait until the very last possible time before the vote. 5 days before sound about right so around 7th August. If no rival offer comes in then I would have thought the 75% votes will be achieved. I assume all these institutions buying up stock will vote for their 0.5% gain.
I'm pondering the same about when to sell.
I just had to look back at what happened at OPHR. They had the offer increased 5 days before the court meeting and GM for voting on the offer. At the point of the offer increase they increased the irrevocable undertakings from 0.14% (directors) to 18.73%. however, at that point Coro were also doing due diligence on a bid.
So Viaro do seem to be in a stronger position with more irrevocable undertakings and no apparent competing bidder. But the question is, is the price high enough to get sufficient votes?
It's all a bit odd. I still hold some shares as I can see a final twist to this saga. I am not holding through the vote though, too risky.
So Bank of Montreal have brought shares and opened a short for over 2% at exactly the same price. What is the point of doing that?!