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flotogo ref 11.06 post While not disagreeing with you my point was that the way the BoD is handling this could see them working with a minority shareholder that can cause problems should it to do so by making raising finance difficult.
Top 3 SAG shareholders are Chairman 25.7%,Cannacord Genuity 15.7% and Ruffer 9.7%. Any two have over 25% together and in total control SAG with 53.1%, It would be interesting to know to what extent they worked together wrt SAG's attempt to acquire TPG, as it happens that Cannacord Genuity 11.7% and Ruffer7.5% were already also two of the largest shareholders in TPG prior to SAG declaring it's interest in acquiring TPG.
Subsequently SAG purchased the Ruffer 7.5% holding in TPG at 6.5p (highest price paid so far) helped to get the ball rolling. It appears today that SAG have increased their holding to 22.3%
of TPG. They are alone close to the 25% level that attracts certain privileges.
SAG's holding of 22.3% if combined with Cannacord's 11.7% would take it to 34% which would require them to make a bid at 6.5p (unconditional?) That would only be the case if they acquired Cannacords holding or were considered to be in concert with them. Might the latter be the case?
Hopefully getting on with the day job of bringing profitability to the company. Let the chancers make the noise and create the urgency here. Lindsay looks to have been through quite a few sale processes before so will have the right experience if he wishes to fight this
they will then officially launch the take over offer. are they gonna hit 30% today, this week or next, remains to be seen...
As things stand SAG only need another 3% and they will be able to prevent any special resolution from passing. This is important as one of the resolutions which are proposed and passed at every AGM to disapply pre emption rights is a special resolution. So if SAG gets another 3% they will not need to takeover TPG as they can hamstring the company by preventing it from passing special resolutions.
Well. If TP's board is confident there is much more value they need to demonstrate it to SAG. I doubt SAG would not want to pay for it and get it on cheap. The big shareholders want out, they had enough. M&G probably wants out too at 6.5p but is probably not allowed to take a bid directly from SAG and can only ne take out in the official take over offer, it is probably their internal rules.
Lasvelas
I share you're frustration with the TPG BoD
But to show or not show information to a unwelcome bidder is about all tpg's board have!
Buy not sharing, be it good/indifferent/bad, they make SAG 2nd guess tpg's true operating situation.
they could have issued a trading update on how great they are doing to make the market aware and to show that to SAG. there is no requirement on how many of these they can issue, but sadly there is probably not much positive to show.
Interims or no interims, the BoD failed to deliver over the years. I am sure they paid themselves well. no more chances, one positive news is not going to make up for what has happened over the years. Change is good and they need to act by either trying to get an improved offer or just accept what is on the table. To my eyes, they are not doing anything, just sitting and waiting for another letter to arrive in their email inbox.
oldtramp ref 18.35 post that is why I am only looking for my coat I do not want to be trampled in the rush for the door if/when an offer is made.
At this rate we may not get to see the interims.
ATM SAG are trying to get shareholders into accepting their version of events.
SAG say in their latest RNS that one of the conditions to the 6.5p offer going ahead is the full backing of the TPG BoD, well that's not going to happen.
My guess & it's only that, is a 6.5p bid over the tpg BoD heads direct to shareholders before the interims come out.
If you were SAG, would you risk the interims being better than expected?
ATM we don't know, but more importantly neither does SAG.
Stokey remember no official bid has yet been made as of yet only possible offers vast difference.
Yes, but if the main seller has been Ruffer and they are now down to zero, subsequent purchases might be increasingly hard to find.
SAG has a plan. They are mopping up all possible shares thry can 6.5p. clearly there are sellers and they want the cash now, don't want to wait for all formalities to happen. They may or may not hit 30 percent , they will request an extraordinary meeting to be held and push for current director(s) to be voted down. Other shareholders will support that, including me. They will force they way. I don't understand why the BoD doesn't get it.
fatoomuch ref 17.28 post When you calculate the year on year margin it is even worse the % margin in 2019 was 6.122%. In 2020 the %margin went down to 4.571%. The percentage increase from 2018 to 2019 was less than 1%. I am not out the door yet on this share but I am looking for my coat.
Cat - you've outed me - an IT Contractor :-)
However. over the past 3 year for CaPS:
2020 - £1.6M profit on £35M revenue
2019 - £1.5M profit on £24.5M revenue
2018 - £0.6M profit on £11.3M revenue
That's pretty low margins. CaPS and Marine (aka T&E) are the only positive contributors to the bottom line.
That's why I'll take the money now
As I understand it, once they reach 30%, then they will have to offer the highest paid to all shareholders. So the cash option so far to us shareholders would be 6.5p
Assuming this afternoon's purchases of 12,370,494 shares were SAG, then that will bring their holdings to 22.5%
So we know SAG have until 7th sept to make an offer or wait 12 months
However we also know if they go over 30% they have to make an offer the question is if after the interims they then purchase enough to cross 30% can they still make an offer ?
Confusing I know ….
I have held these shares for over 12 months and am at breakeven at this price. However 2 months ago they were in the 3ps so shall be happy to get out ahead. If others want to hold them until they are back at that level then doesn't make much sense to me.
Scrodingerscat ref 14.07 post I have just checked the first RNS from SAG saying they had made an approach was on the 10 August. The RNS giving the Notice of Results was on the 11 August. It would seem to follow that if the BoD wanted to issue the results prior to the deadline for an offer to be made they could have done so.
Can they bring out the interims early? Only of they don't look terrible that is, otherwise I don't think there is anything else the board can do they can't buy during this period. Annoying that somebody is selling their shares on the cheap to SAG and it's looking likely to cost us all. It's either one of our II's or just impatient PI's... September is 1 week away not 7 years.
As far as the holdings RNS is concerned if I recall the takeover rules correctly another 10% and they would be forced to make an offer. If I was the BoD I would start to get worried another 6% and they would have enough shares to block soecial resolutions.
I posted too soon - just announced 13.30pm that Science group issued an RNS - and now holding 20.9%
Approx 23million shares were showing as 'bought' today 11.29am at 6.5p.
I guess they're going to the Science group and presumably we'll see another TR1 tomorrow. If so, they're having little difficulty increasing their holdings without having to spend too much. I originally remarked that an offer could come for the Company at 6p - whilst hoping I was wrong - but you've got to give it to them, the Science group is playing a good hand at the moment.