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Should Sharesoc be contacted?
I quite agree.
*vote against it
Im still really surprised and skeptical that (according to the filing) Tosca have backed the deal considering their stake and average price. It just seems really fishy to me. Either as people have said they’ve had some sort of backhander or perhaps going to receive a stake in ABG. Looking at the history of Tosca they have always been loud and active during these types of situations. So it seems uncharacteristic. Also the deterioration of retail and the high inflationary environment was on the horizon throughout the first offers coming in, at a higher prices. The whole process has been a shambles and I think us PIs should do all that is possible in our insignificant powers to understand what the hell has happened and also vote against us. Individually we are nothing but if we can all agree as a collective then we have a voice.
Not a holder here but there is back hander white collar crime going on here... Rejected 150 odd then advise to accept 110?! The bod here should be shot.
Instead they walk away scott free!!
2. The Scheme will be conditional upon:
(i) (A) its approval by a majority in number representing not less than 75 per cent. in value of Scheme Shareholders (or each of the relevant classes thereof, if applicable) present and voting and entitled to vote, either in person or by proxy, at the Court Meeting (and at any separate class meeting which may be required and any adjournment thereof); and (B) the Court Meeting (and any separate class meeting which may be required and any adjournment thereof) being held on or before the 22nd day after the expected date of the Court Meeting to be set out in the Scheme Document in due course (or such later date (if any) as Bidco and Ted Baker may agree in writing, with the consent of the Panel and/or approval of the Court, if such consent and/or approval is required);
Let's all vote against the offer.
Sold out at 108p having bought in at 103p. Meagre profit but a profit (£1k overall) is still a profit. Oh to have sold-out after the first Sycamore offer came in! Some type of lesson to be learned.
Yep alas so- hence my caveat
Tosca have committed their shareholding in support of this bid and it is binding. If you read the full document , including Appendix 3, this sets out who has backed the offer and the very limited circumstances in which they can withdraw that support.
I wouldn’t hold up hope on Tosca coming to the rescue.
I don't think its viable. We would need to prove they acted dishonestly and for personal gain. Even if that's true there will be no real evidence and they will point to market condition etc. Now if you could sue for stupidity then we'd be laughing
Agree- seems totally bonkers that they would accept this low offer unless they want to put their money somewhere else that will more than make up for their loss here...
If the key executives and major shareholder sell the company with 110p. That is definitely cheating the shareholder, we can make a joint effort and sue together.
Please reply who know the law. Just two months ago, they reject the offer.
I think TED has been victim to the macro we facing. High interest high inflation retail business trying to be sold at the start of a possible recession.
It’s not the greatest of times to attract as investor, not many buyers in the market for investments where profits lie way into the future.
The board must be kicking themselves now that they didn’t accept the previous offers.
IMHO Tosca will be announcing a competing not later than friday.
They owns 28.9% of TED at an average price of 113.8p being acquired at 148p the last ones.
After several years holding TED they are not going to sell it losing money IMHO, moreover they may improve this low ball bid with a sweetened one.
It will be interesting in the next coming days!
Having read through the full announcement in a bit more detail, I don’t see there being a bidding war.
Bidco have received binding commitment for over 50% which can only be broken on quite stringent circumstances. This includes shareholdings of Toscafund and Ray Kelvin, therefore they are committed at this level.
On that basis, I have decided to sell and take my small profit knowing that I’m one of the lucky ones not to have been in higher.
I wouldn't be surprised if Sycamore come back. They must be feeling a ****ed off that their offers were turned down to be beaten by a 110 bid which is down from the initial reported offer of 160. They obviously didn't want to go higher but they saw value at 140 yet their offer was rejected as the Bod deemed their offer was not enough. Incompetence at its best.
bought in 2019 @ 820p and again at 500p !!!!!
Well I sent an email this morning. Doubt I’ll get a response
It would be nice for someone from the BOD to come out and explain on why £1.55 was rejected but £1.10 is acceptable
Just my thought exactly 11, i was lucky sold mine above 150, then bought another tranch and made a small profit on those as well, wondered wether to get back in again when in the 80s but didn't, but how the hell can a company reject an offer at 155 and then tell it's shareholders to accept 110, there is somethimg fishy there imo.
No point in taking the peanuts until mid next week at the earliest imv unless some other compelling opportunity pops up - give the previous bidders a chance to reconsider the silly price now agreed and any positive retail news that may arise.
I've now taken the peanuts. I ust don't get the feeling the institution investors think a disruptor is on the way. 19% lost, but better than when at the very silly price it was. Good luck to remainers.
It seems like pockets have been filled and money made by all but the owners of the company who are the shareholders.
Maybe the BOD forget they work for the owners?
Mom-and-pop investors lose the lots of money. They reject 137 and 155 , Then agreed 110. I guess , board and main shareholder will have got something (we do not know). Two months ago, they got the offer, 137 price , the board said It seriously undermines shareholder value. Now they accept 110. If we are living in the USA, they are accused.(Just my guess).
What's everyone averaging? I'm going to book a small profit but for the time and cash put in I feel more than a little insulted by this.... feel I shouldn't moan too much as I know a lot will have lost heavily.