Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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"There are many ways to go private (Private equity buy in, management buyout, management buy in etc) all of them must be voted on."
And just removing the shares from an exchange.....you've forgoten that one.
We've already seen from looking at the rules that you don't always require a vote.
Devon
There are many ways to go private (Private equity buy in, management buyout, management buy in etc) all of them must be voted on.
They can't take us private without a vote, and they will consult with the large institutions first.
The fact that Fraser doesn't want pesky, whiney, risk taking amateurs (us) implies he will likely offer to buy us out. There is no way he would want 85k of us on the private register.
"in which case the offer would need to be a lot more than the current SP"
They don't need to make an offer to buy your shares. you shareholding would still exist. But they wouldn't be listed on an exchange, so trading tem would be by private arrangement.
Agreed FFC. SXX would need a good reason for shareholders to approve going private in which case the offer would need to be a lot more than the current SP.
"no way this will go for 3.5p"
If it goes private there's no offer, unless some one has made a bid. It can simple just remove it's shares from an exchange.
That doesn't require an offer if Board belives rules 5 applies.
Simple your shareholing still exist, but your shares aren't on an exchange so you cam only sell them by private agreement.
Good points well made Cherokee, All imo but if by some chance this did go private there is no way this will go for 3.5p , It would have to be passed by ALL the shareholders so I think this will climb on Monday as the traders will see big profits here ????? I've been through this before so dreading it happening again but still hopeful ,although I can't honestly understand what CF is thinking right now just hoping he meant it when he said they do everything with all stakeholder in mind ....
Morning Devonplay
You took the words right out of my mouth...your post as absolutely 100% accurate.
Regards Dan
"You are aware that if the BoD want to take us private, they must make shareholders an offer right? It might not be a very nice offer but they will have to."
They don't have to make you an "offer" to take a company private. You remain a shareholder. Just the shares aren't traded on an exchange.
"If the Daily Mail article is true then my loss would have been nearly £270k today!" - mr Math
You are aware that if the BoD want to take us private, they must make shareholders an offer right? It might not be a very nice offer but they will have to.
Plus institutional investors very often sweep up shares to gain more voting power in these situations (saw it with Unilever), and try to force the vote their way.
Not only this, you can often get a dead cat bounce situation (the short sellers might be spooked out and therefore close their positions).
I think this is a lowball gamble to get rid of short sellers and retail investors... then let the shares trade hands to institutions for cheap.
I was in this position with inmarsat 6 months ago. They wanted to go private. There was a shareholder vote. Its still being sorted out and the shares are still tradable. In fact they have risen above the offer price. Not by much but still a gain.
It may be different here. Jeez what a mess.
Sincere good luck to all.
ATB LB
Read the article on Oct 2018:
Google search for
Victory for shareholders as Unilever drops plans to leave FTSE 100
"Company would need shareholder approval by 75% to delist. No need to get worked up based on a newspaper article."
I know the requirements changed in 2014, but I thought this only applied in the case that a controlling shareholder requests the de-listing. It's a way to protect minority shareholders. If it's at the desire of the Board, and there's not controlling shareholder, then this requirement doesn't apply.
If I had a pound for eveytime I've seen " glad I'm out " posts I could almost buy Sirius. Utter ballucks.
Company would need shareholder approval by 75% to delist. No need to get worked up based on a newspaper article.
After holding for many years, since well before planning, decided to get out a few months back with a loss of about £130k. So glad I did. If the Daily Mail article is true then my loss would have been nearly £270k today!