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AAL has already made their formal offer. We are hoping/expecting the consortium to make their indicative offer into a formal offer.
Nonnymass,You cant see the wood for the trees.UK owns much more business asset outside UK then Foreigners,including Americans ,do here
Littlened, can you show me a single company in the UK of a scale comparable with Google, Facebook, Amazon, E-bay, Uber, Microsoft, Apple, PayPal or indeed JPM ? Face up to it, we have no capacity to influence and certainly no capacity to grow a business to these proportions. All of these companies make billions upon billions in the UK. The balance of trade is pathetic.
05/02/20 is day 28 ?
A formal offer from AAL after the close ?
What a lovely thing to see. shorting hedge funds have just been burnt to the tune of some 8 billion dollars shorting TESLA with many facing total wipeout. Now some people think shorting is necessary and in only certain cases it is but not when their shear scale can completely trash a good companies share price making them millions, its nice to see them get clobbered as they helped trash SXX
Huge multinationals are driving economies these days and are linked with governments due to intertwining interests .
So called private companies accompany ministers on state visits to secure trade....scratching each others back. (Scope for real cloak and dagger stuff).
In not too distant future countries will be run by the likes of JPM, Google, Microsoft, Amazon, Apple....Not covertly, like today! Some of these companies turnovers are equivalent to GDP of a small countries. Ethical trading, Philanthropy, Government aid......all come at a price.
We live in the era where heads of states can get away with murder and every one remains silent because they do not want to lose their place in the queue to do business. Companies do business...governments facilitate.
Sxx saga is business as usual.
"Nonnymass,You cant see the wood for the trees.UK owns much more business asset outside UK then Foreigners,including Americans ,do here"
I believe we are still the largest investors in the US, slightly outdated 2018 figures:
https://ofii.org/blog/these-eight-countries-account-for-three-quarters-of-fdi-in-the-usa
Nonnymass,You cant see the wood for the trees.UK owns much more business asset outside UK then Foreigners,including Americans ,do here
Perhaps it’s time for UK plc to wake up and smell the coffee. What hope is there for any British business to thrive with large American predators waiting to destroy them ?
MP Robert Goodwill’s need to talk with Boris Johnson and Christopher Neil Fraser seriously
not with Anglo America CEO
JPM. Far to large to be taken to court by anybody , they would tie the fca in knots , it will never be proved , any wrong doing shorting a share , they now run sirius minerals , till its all transfered over to AAL for penunts , unless the big iis have a say , the whole is a relisation of how the markets are manipulated for the big institutions. Well ere it is
Hi All. I have stated here a few times that "CF has had his pants pulled down by the big boys" Now we read that the BODs of SXX are being CHAPERONED by JPM. This is really really bad and just goes to prove who is in charge now, and it aint us. JPM never ever lose. ATB Speedy
Speedy, If you believe what was in the press , it appears that the Bond offer was pulled following which the SP was trashed. If JPM was involved in the shorting this is completely unethical and abhorrent. Personally I think it is unlikely. Thanks to a toothless FCA we may never know. Perhaps someone on this board can shed more light ?
illbetabuck: "Well if they have since sold the CBs then they would appear to have no reason to support the deal, perhaps they are after pressuring AAL to increase it in order to get Polygon's support (votes?)."
Thanks, illbetabuck. Why the selling of their new CB means they have no reason to support the (AAL) deal?
Or, you mean the Alternative deal?
In case the AAL offer is accepted by a Yes vote, AAL must have made a deal with the CB owners, possibly as good as before, otherwise SM would not have a problem on the CB owner concession requested by the consortium, isn't it?
Is the price of the new CB on the current market higher than the value when they bought them?
Polygon added another 7m long in CFD, now has
598,316,902
8.523%
Apologies to the FT they obviously don't approve of copy and paste - but it is an old article.
Copy and paste of FT link -
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https://www.ft.com/content/20c58e84-a15b-11db-8bc1-0000779e2340
Teesland directors back McCabe bid
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Jim Pickard
January 11 2007
The independent directors of property fund manager Teesland on Thursday reiterated their backing for chairman Kevin McCabe’s takeover bid, amid fears that hedge fund Polygon is seeking to block the attempt.Polygon, which is known as an activist investor, this week raised its stake in the company to 21.4 per cent through contracts for differences. The hedge fund has not yet stated its intentions. Teesland said on Thursday that the £200m bid from Mr McCabe, who is also chairman of Sheffield United football club, was the only offer on the table. The offer price of 159¼p a share, through Mr McCabe’s private company SCAMP, is 38 per cent above the stock’s last close before the bid emerged.In a statement Teesland said: “The independent directors are unclear as to Polygon’s intentions regarding Teesland and, in light of recent press speculation, the independent directors confirm that, other than the offer made by SCAMP, Teesland has received no other approaches.”The fact that Teesland’s directors should make such a statement – without knowing Polygon’s intentions – is indicative of the growing power of hedge funds in takeover situations. Polygon’s has a reputation as an aggressive investor, stemming from its blocking last year of the attempted sale of telecoms company Telent to US investment group Fortress and its legal fight with British Energy, the nuclear power groupIt is also involved in the tussle over estate agents Countrywide, where it is now the largest shareholder. 3i, the private equity group, is backing a hotly-contested management buy-out of Countrywide. Having bought Teesland shares at the same level that Mr McCabe has pitched his offer, it appears that the hedge fund either wants to scupper the approach or force a higher bid from SCAMP or another party. But a higher bid does not seem a foregone conclusion given the price being offered by the executive chairman. Two separate groups – Insight Investment and Warner Estates – bid for the company a year ago at a much lower price. The SCAMP bid is on an earnings multiple of about 20.
This is old but interesting
https://www.ft.com/content/20c58e84-a15b-11db-8bc1-0000779e2340
BTW, voice of reason
TBH not sure why even look at this share any more, I've glady moved on
Hi All. I have stated here a few times that "CF has had his pants pulled down by the big boys" Now we read that the BODs of SXX are being CHAPERONED by JPM. This is really really bad and just goes to prove who is in charge now, and it aint us. JPM never ever lose. ATB Speedy
I am afraid that this is like a rugby game with one team 10 points ahead - needing 2 scores. The winning team takes the ball into contact and recycles time and time again.
Running down the clock.
Yash88, thanks for the meeting update.
As the indicative alternative proposal made by the consortium had been the only other options so far (SM has reject its initial version in Dec and the revised one on the 9th of Jan), have you got any feedback/hint on this?
Time constraint would be one of the major problem, dilution is another. Why has everything be settled before the end of March? Can they get some small funding from the supporter of the alternative proposal to keep the company from bankruptcy and give the company a bit more time to complete the alterative funding path? Can they do some further down tools to save the money to give the company a few more weeks time for the alternative solution in case it is placed on the table a bit later?
On the 8th of Jan, they had
109m shares, 1.55%;
5m new CB
shorted 52m shares
reduced 17.6 shorts in CFD
added 110m long in CFD
Now (3 Feb 2020), they have
560,283,677 shares (in Cash-settled derivatives), 7.981%
Yes, they sold out their new CB.
illbetabuck, can you explain what this mean more explicitly?
How can the voting rights out of CFD be acquired (from the CFD broker that actually owner the shares?)?
I truly believe that time is running out for us now so my real hope now is for Polygon and other IIs to join Jupiter in putting pressure on them to give us the option of voting between aal and a funding package ????
I know Sharesoc are trying to communicate with Steve Davies of Jupiter and I hope the extend that to Polygon and other IIs too .
One thing I do know is that without sharesoc we would know less than we do now so I thank them all for the help so far !
ffc
I took the same message away Scott, i and also extend my thanks to the sharesoc guys for their efforts. If this chaperone is handcuffed to CF all day (metaphorically like they are in some weird three legged race) there is precious little room for independent exploration of alternatives. Like you say who's running the show now?
ATB LB
Had a good read , did not ecpect much more , but really appreciate the efforts of sharesooc what i am surprised by , they were chaperoned by Jpm , think that says enough , whos running the company now ? Its not fraser