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Tragic really. This can only be seen as another failure to provide shareholder value by Andy Hornby. Who no doubt will be staying on with a vastly inflated salary and options.
I can’t see anyone else coming in now, so 65p it is.
You can’t blame the PE for trying their luck . But you can blame the bod for their short sighted approach.
They should sell the pubs to clear the debt and based on future earrings waga alone is worth more than twice the offer .
It's 2 in Exeter and in the queue to get in to Waga. 65p my @rse!
Got a strange message from ajbell regarding a bid from topco ? It’s dated 3/11/23
Thanks djframboise, you made me look at my HL account again. Shares are in my wife ISA and I was look via an access account, thus not seeing the instruction. Now voted against.
I have voted against everything. My percentage pretty irrelevant but every little adds up.
PI’s, won’t have a meaningful say so it really doesn’t matter which way you vote, probably against for me, but means diddly squat.
The timetable was published yesterday, the vote record date is 23 Nov, HL haven’t published vote instruction yet.
https://www.lse.co.uk/rns/RTN/publication-of-scheme-document-9ozmqtcs4hoane3.html
What is the vote even about i cant find anything useful
Did you all get voting paper for the take over? Which way most of you are voting?
Did anyone see the RNS 11.28 yesterday? Reason I ask is it looks like the rival potential bidder opened up a short albeit a small one! Have I misunderstood this or not?
The clock is now ticking, the rival needs to speed up on their due diligence checks .
Yes
Forgive me .. dumb Q. I have RTN shares in my Barclays account. If buyout goes through and shares are suspended … what happens .. do I simply wait and at some point the shares get ‘cancelled’ and convert to cash in the account.
Just a heads up as important RNSs get mixed up in all the 8.3 forms.
I’m hoping several firms are now doing the numbers 65p is a steal.
Morgan Stanley reduced I see. Also “TRG completes sale of Leisure business to Big Table Group ("BTG")
Further to the announcement made on 11th September, TRG today announces the successful completion of the sale of its Leisure business comprising of 75 trading sites and associated restaurant and management team employees to the Big Table Group, which is owned by the private equity firm Epiris.”
I wonder if we’ll get one - we don’t normally buy with takeover in play I would suggest Board should release a set. Otherwise it’s a wait until Jan - might all be over by then
From interactive investor:
https://www.ii.co.uk/news/small-cap-winners-losers-pizza-express-owner-eyes-restaurant-group-al1698311047007032300
I've added today. Risk versus reward looks decent. Well done to those that added 65.3
Yes, If no other offer is received I still think other large shareholders will be telling the board to go back and try harder!
If and an offer is received then imo Apollo will raise but it won’t get into a bidding war, unless a third party joins in.
Oh well interesting times.
I am now a buyer under 70p because even if no one else actually bids a raised bid by Bidco is very likely
Today 07:00
RNS Number : 3239R
Restaurant Group PLC (The)
26 October 2023
THIS IS AN ANNOUNCEMENT OF A POSSIBLE OFFER FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE NOR AS TO THE TERMS ON WHICH ANY FIRM OFFER MIGHT BE MADE
FOR IMMEDIATE RELEASE
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
The Restaurant Group plc ("TRG" or the "Company")
Statement regarding possible competing offer
The Board of TRG notes the recent press speculation and confirms it has received a request within the last week from Wheel Topco Limited ("Wheel Topco"), the owner of PizzaExpress Group Limited, for diligence information on the Company in accordance with Rule 21.3 of the Code to enable Wheel Topco to evaluate a possible offer for the Company. No written or verbal indicative proposal relating to a possible offer, including as to terms, price or form of consideration, has been made to the Board of TRG by Wheel Topco.
The Board of TRG confirms that it will provide diligence information to Wheel Topco in accordance with its obligations under the Code. If any proposal is provided by Wheel Topco, the Board of TRG will carefully consider its terms, in conjunction with its advisers.
Yes saw that earlier in the evening, could get tasty here. I do think that 65p even with the debt is too low 75p+ I’d be a bit happier.
SKY say the above may put in offer! May explain large trades today!