Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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25 May 2021
RECOMMENDED CASH OFFER
for
TELIT COMMUNICATIONS PLC
by
TRIESTE ACQUISITIONS HOLDING LIMITED
to be effectedby way of a scheme of arrangementunder Part 26 of the Companies Act 2006
Summary
· The boards of Trieste Acquisitions Holding Limited ("Bidco") and Telit Communications plc ("Telit") are pleased to announce that they have reached agreement on the terms of a recommended cash offer to be made by Bidco for the entire issued and to be issued ordinary share capital of Telit other than the Telit Shares held by funds managed by DBAY (the "Acquisition").
· Under the terms of the Acquisition, each Scheme Shareholder will be entitled to receive:
220 pence in cash per Scheme Share (the "Cash Offer")
· Based on the Cash Offer, the Acquisition values the entire issued and to be issued ordinary share capital of Telit at approximately £306.9 million, on the basis of a fully diluted share capital of 139,479,677 Telit Shares.
· The Cash Offer represents a premium of approximately:
· 58.5 per cent. to the Closing Price of 138.8 pence per Telit Share on 2 November 2020 (being the last Business Day before the Previous Offer Period began);
Woeful.
I'll be sitting tight.
This may draw out an industry Buyer.
agreed henry.i will be doing the same.normally i would sell out now, as i did in PHD, but here i think it's worth waiting to see what happens.difficult to see how this price can really be justified.in view of the previous interest.we shall see.
It's infuriating.
Dbay are sat there with a stranglehold on the situation, trying to pick up a World class asset on the cheap, whilst telling Shareholders that they're doing us all a favour!!
I don't need Dbay to cash in my chips, I simply press sell on my laptop.
Dbay want this Gem of a company, because in a year's time it'll be worth double what it's valued at now!
Bandits!
looks like the market is expecting something better to come along!
Comparing the offer price with market price before Nov 2020 sucks. All prices last year were depressed because of Covid hence unfair comparison. What's in this for the Directors I wonder.
Still not dropping back to 220- surprised like you say- doesn’t look like this is final
Havealot, therein lies the likely reason for this woeful offering, imo.
It looks as if the Arbitrage Hedge Funds are having a go, looking at the Share Price action.
Heads you win, Tails you get 220.
Or possibly trend following algorithms have overshot the offer price.
This has been coming for a few months. Does the fact that DBAY have pitched the offer so low mean that the board of TCM have been unable get interest from another buyer ? Doesn't old Oozy still hold some 17m shares ? Wonder what he thinks of the offer.
This is the way I see it. Just sit on your hands and you'll either get the 220p or a bit more from Dbay and Co, or another industry buyer will come in with another higher offer. Win win I suppose, although I still strongly believe management are selling out too cheap based on Telit historical valuations etc.. Have there been secret goings on etc to the Telit BOD to recommend this offer to shareholders? Who knows what goes on behind closed doors, I bet some of the big funds aren't happy with this imho? ADYOR !!!!!!!!
An Algorithm wouldn't over shoot the price, unless it was tailored to do so.
If there was no interest out there, the stock wouldn't be trading at £2.20 right on the Dbay bid price either.
There are clearly institutional Funds at play here, taking the view that a higher bid may be tabled from elsewhere.