The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Rayte,He is mot a very nice character and I could tell a few tales.
I'm suspicious of the timing of the First Seagull off loadings.
He will probably gain control eventually in an under hand way.
I'm sticking with it for now as I think that yesterday was a bit of a frightener.
.
Morals
Pete that's fantastic. Brilliant. Never trust a small man with a big ego is the story to learn from this.
He's ruthless and I can't get over how rock bottom is Morale are. I hope he gets shafted in this.
For clarity, I should have said Takeover Panel rules regarding offers subject to the 6 month rule.
He still wants to take the company private but not in a way that would comply with Takeover Panel rules.
In my opinion the cynicism of what has happened in tbe past 2 months is truly breathtaking, Also, in my opinion, JD makes Mike Ashley look like Mother Theresa.
Hence why my colleagues, in response to my question, said "Buy Rolls Royce, but steer clear of Superdry"! I reckon many here could re-coup their losses here, by buying RR and YU and keeping them for the year. Both companies have flown this year and still have plenty left in the share price tank. I promise that I won't bring either of them up again here; but worth exploring perhaps? Oh, and not a hoodie in sight. . .😃
Its a very high hurdle
Yep
Doesn't he need 75% of the independent vote? His votes wouldn't count.
He’s had 8 weeks to draw this up but didn’t
@Rock8
He’s effectively using the mechanism of an equity raise to get what he wants by attaching conditions that deliver this outcome. If a straight forward resolution was put for a Rule 9 waiver and delisting, it would immediately fail. The addition of an equity raise may shore up his institutional support and take him to 45-50% but there’s still no incentive for PIs to back it.
There are many different ways he could introduce an incentive to exit, for example adding a clause that should the resolution pass, shareholders can elect to either hold and be part of the new private company or subscribe to a tender offer and receive (for argument sake let’s say 20p for each share) in exchange for their holding. This might be enough to then bring across another 25% to pass it who just wanted to draw a line under their investment The shares would still be tradable on the open market with the SP stabilising around the tender price until the vote takes place.
In effect he would be buying the business at a rock bottom price and the only thing then stopping him and putting a spoke in the wheel would be an unsolicited hostile bid from a third party dropping prior to the vote from someone who didn’t want him to get a £600m revenue business for peanuts and saw the value in gazumping him.
Needless to say, it would be extremely useful to receive a proposal via RNS before Tuesday market open to add clarity and provide SP stability.
I think that was it. The fact it went to the very last business day and the 11th hour to issue the RNS (well more than one) was the sign it wasn't going to happen. And holders had the chance to bail yesterday. It was unusual for there to be any updates or pressure speculation and if it was going to happen it did not have to be left to the wire......
Probably would of happened much sooner if the money was there. It clearly never was .
Not that JD cares. He and family will still be living the luxury lifestyle whereas real investors on here in some cases will loose their shirt!
And btw I've never shorted here. Done a couple of trades and made a few hundred. And I took a barrage of abuse but the reason I posted so much was Thier were so many that could only see a positive return and would not listen to the other view point.
I normally finish with GLA but it's too late for that.
What's done is done this is finished .....
If JD didn't have any serious proposals, I don't know why the Takeover Panel allowed an extension.
My reading of the RNS is that he still wants to take the company private but not at a price the BoD or other shareholders will support unless they have a gun held to their heads!
As JD is so heavily invested and SDRY is his baby, I thought he would play with straight bat, not wait until the end of the extension period then quit. He is as bad as the other sharks in the business world IMHO.
Sorry he needs 75% shareholder approval.
There is no way in its present form it would get that level of approval.
JD has shown himself to be an utterly untrustworthy scrupulous little rat. Sorry, but that's what he is. Like most men who get into his position. They only care about themselves and thier wealth. He should be up against a tribunal if this goes ahead, as it was all a smoke screen of corruption. He never intended to seriously bid if you ask me. Offering funding at a highly dilutive rate on the condition of a delist is just awful and shows his character. I hope he is tarnished by this for life.
He owns 26 percent. We haven't got nor stand a chance. Everything will be swept through. I think down the line this will come out in the light. I don't see Kellet taking it lightly.
I have pretty much written this off now. It was a mistake. It's only money. I doubt I'll see much back but is what it. Is..
Dunkerton is an awful character