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Last Response Date 00:59 20/07/2017 for accepting/declining the offer. Iit would be after that if they have received sufficient take ups for the takeover (which now the company is on board I assume is the case)
Assuming we have all accepted the final 340p offer, i did 20 days ago. Why is it taking so long for the cash from the sale to hit our accounts. I'm beginning to wish that I has just sold on the market at the same 340p price so that I could have reinvested elsewhere straight away.
thats big
Price hovering around 338-340 above the offer price of 333. I assume some expect a higher offer but I'm not sure Pollen are in the mood. I am a bit confused. The directors have rejected the offer at 333 because it's too cheap but don't appear to have put forward their reasons. Strange way to go about business, which tends to suggest there's more going on here than I understand.
Just spotted the mistake in my post on 3/3/17 Oat = Most LOL 8 Posts today, most ever.
As I said on the 3rd March, I didn't think it would be the last bid and this latest 330p bid will also not be the last bid. They are trying to get the company on the cheap because it is growing and making very good profits. The fact that the SP has already gone beyond the bid price to almost 340p suggests that many are buying in here expecting a substantialy higher bid. I think a bid in the region of 375p - 390p may get a recommendation from the Bod and acceptance from over 75% of shareholders. And once SHAW has been snapped up it won't be long before the other challenger bank Aldermore goes the same way.
Challenger bank Shawbrook Group plc (LON:SHAW) has rejected an £825mln offer from a consortium of private equity firms. The company said in a statement today that it would not recommend the 330p per share offer by Malin Bidco Ltd - a consortium comprising Pollen Street Capital and BC Partners - to its shareholders. It is the third time Shawbrook has turned down the consortium. The consortium initially put forward an offer of 307p per share for Shawbrook back in January before revising its offer to 330p on 6 March. Shawbrook said since the consortium had left its offer price unchanged since the last bid was refused, it recommended shareholders reject the latest proposal. However, the compamy acknowledged that the deal requires only 50% of shareholders to accept the offer, though it will remain listed if less than 75% agree to the bid. The group said it will set out its views to shareholders on the deal in more detail in due course. Earlier this month Shawbrook reported a 14.1% rise in full-year underlying pre-tax profit to £91.4mln, up from £81.0mln a year earlier. In its outlook statement, Shawbrook said that “although there remains macroeconomic and regulatory uncertainty, the momentum we have seen in our results and the pipeline we continue to build for 2017 and beyond as we continue to invest in our platform gives confidence in our ability to continue to deliver strong and stable returns whilst we grow the business at a pace appropriate to market conditions as they unfold”. Shawbrook was previously owned by Pollen Street, which until 2011 was part of Royal Bank of Scotland Group PLC (LON:RBS) known as RBS Equity Finance. Pollen Street floated Shawbrook in 2015 at a price of 290p per share. The private equity firm placed a further 10% stake at 335p in November 15, and finally another 5.5% stake at 295.5p in May 2016. It currently owns 38.9% of Shawbrook. Shares in Shawbrook traded below their listing price for much of last year following news in late June that that it had taken a £9mln charge for bad loans after it discovered some lending at its asset finance arm failed to meet its criteria. Following news of the rejected bid, shares jumped 10.81% to 337.21p in afternoon trading. Shore Capital welcomed Shawbrook's decision to decline the latest offer, saying it retains a positive stance with a 'buy' rating. "We still think this represents a huge undervaluation, but given poor performance by management in defence so far, we would expect this to get done," ShoreCap analyst Gary Greenwood said. "So 333p should be the go-to price, although we would expect the stock to trade at a discount in the short term."
Anudak - I didn't say that the Board had recommended the Offer - in fact, quite the opposite. I was merely expressing my own opinion SHOULD the Board now decide to recommend the Offer having already rejecting it. If the offer lapses today (deadline day) without an increase Offer, hopefully the Board will be true to its word and update shareholders with its view of the Company's future prospects as an independent company.
The RNS from the company does not recommend the offer. "The Board has concluded that it is not able to recommend the Offer. The Board therefore recommends that shareholders reject the Offer. The Board will in due course be communicating with shareholders to set out its views in more detail." justdeezerts what is your source?
Anybody - you may possibly be right on this. but if so, an extremely disappointing outcome. The independent directors would now have to justify to shareholders why their sudden change of mind to accept, especially after so vehemently rejecting the offer in the first place. Remember, the offer was rejected in conjunction with the announcement of an encouraging set of trading results. Personally I'm hanging in there (perhaps foolishly) - at least until Monday.
Anybody - you may possibly be right on this. but if so, an extremely disappointing outcome. The independent directors would now have to justify to shareholders why their sudden change of mind to accept, especially after so vehemently rejecting the offer in the first place. Remember, the offer was rejected in conjunction with the announcement of an encouraging set of trading results. Personally I'm hanging in there (perhaps foolishly) - at least until Monday.
Good time to sell.Looks as though the takeover is happening judging by the way the share price has rocketed this morning..I have just sold and made a nice profit.Very happy bunny this morning.
Numis hoisted its earnings forecasts for Shawbrook significantly after the challenger bank delivered strong results and outlined an upbeat outlook. Shawbrook, while also rejecting a 330p-per-share takeover bid from private equity backer Pollen Street, reported 2016 results that showed profit before tax of £88.2m and earnings per share at 29.8p, putting the shares on a historic p/e rating of 10.5. Keeping its 'buy' rating, the broker hefted its earnings per share estimate for this year by 16% to 34.7p from its previous 29.8p forecast. For 2018, EPS is expected to rise to 40p, a 3% increase in the estimate from 38.7p. "The reason for the gap in the EPS change between the two forecast years is because our previous 2017 estimates had factored in a mild recession in the UK and we now expect GDP growth of circa 2%," said analyst James Hamilton. As a result, with its shares closing on Tuesday at 314p, Shawbrook was being valued at just 9.2 times 2017 earnings or 8.0x 2018 earnings. Based on management's pledge for a 30% payout ratio for 2017 and 2018, the bank is forecast to have a 2017 dividend yield of 3.3%, increasing to 3.8% in 2018. While some investors are concerned about the 20% growth target and the 35% cost-income ratio target, Hamilton believes Shawbrook's overriding target is a 22-25% return on average equity. "Given it is already achieving that target, growth isn't required and we believe Shawbrook would happily restrict growth to maintain returns. Given Shawbrook's modest scale, he sees the potential for it to grow even if the UK is heading into a downturn, pointing to Close Brothers' successful passage through the credit crisis and Provident Financial's growth driving a high cost-income lower that enabled its Vanquis arm to move into profit through the crisis. "With the commodity capital banks having large and very profitable segments to attack we believe the 2020 targets are achievable."
Company announcement on 7 March @ 7am stated that Lindsey McMurray (Pollen's representative on Shawbrook board) had a conflict of interest in the Proposed Offer and would recuse herself from future negotiations. Then @ 9am on the same day (on behalf of Pollen) she makes a somewhat embittered response to the Company's outright rejection of the Offer. In my opinion, she should butt out of negotiations period and also refrain from putting her name to Pollen's responses. Her ongoing involvement is both unhealthy and unhelpful. When Pollen thought that its 39 per cent holding would simply steamroller this deal through without due regard to the views of Shawbrook's institutional shareholders, it made a bad strategic error. Pollen wouldn't want to buy the company if it couldn't see serious enhanced value over its 330p offer price. Based on yesterday's results, this company can increase its market value without this unwelcome opportunist approach. DYOR
Off course the directors should reject this laughable bid. Return on investment for original shareholders of which there are probably quite a number is around 14%, which given the growth of the company since listing is derisory. Been a brilliant investment for me, up 120% since purchase in the dark days following brexit vote, when stock market had hammered the challenger banks. IMO no shareholder should be allowed a near 40% shareholding in a public company due to conflicts of interest/ management/ information issues. Sadly there are many instances of large shareholdings in public companies.
http://bridgingandcommercial.co.uk/article-desc-11643_Shawbrook%20rejects%20takeover%20proposal
Bid offer of 330p......rejected by the board.
A very nice bid indeed but I dont think it will be the last. Some may be tempted to sell their shares immediately and so realise their profits especially with the current price being just 12p less than the 330p bid price. However with the results due on Tuesday, (which I expect to be very good) there is every possibility that further bids for Shawcross will be made, perhaps from some of the big UK banks. This may will push the offer price per share to over the 400p mark, therefore I will certainly be waiting rather than cashing in early.
NIce to have a potential suitor, but bizarrely, it is from the party (Pollen Street Capital) who floated the company 2 years ago @ 300p. Pollen retained a 39 per cent on flotation. SHAW has clearly moved on a pace in the past 2 years and next Tuesday's results should be impressive (hopefully). For shareholders to receive an indicative offer of only 10 per cent over the flotation price appears mischievous. When the company floated, did Pollen only expect it to be worth 10 per cent more some two years down the line? There is something here we are not being told....Perhaps this is an opening gambit with an improved valuation to be negotiated sometime in the future. All hinges on Tuesday's results IMO.
It's a 330p bid.......today.
A very strong performance today in spite of oat shares having a bad day. No doubt healthy results to match those of Aldermore are expected on Tuesday.
The appointment of Dylan Minto as the new CFO certainly perked this up today and hopefully will lead to further gains.
Should have sold yesterday can see stock market crashing today.
The number of deals done today is around the 500~ so I prefer to think of it as a trading shares with Swings in the sp according to Footsie and market sentiment.In my view make it an excellent trading share ~exited 244p+ this morning ahead of my circa 250p target For a 20p ps profit. Now waiting for a fall to the low 200's to go in yet again.
Can't see why this is dropping all of a sudden.