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Started: ripley94, 10 Jan 2023 09:30
Last post: ripley94, 10 Jan 2023 09:30
Vectura Group PLC - Chippenham-based pharmaceutical company - 165 pence-per-share takeover offer from Philip Morris International Inc receives 97% acceptances, including PMI's own 28% stake, by the original deadline of Thursday. The deadline has now been extended until further notice. Vectura is expected to delist on October 19.
Last post: Bloggins, 22 Sep 2021 15:44
The recent caper with CO2 supplies just goes to prove what I said about selling out to Johnny Foreigner!
UK down the pan again.
My VEC now all sold, with much regret.
GLTA.
Started: nightwing999, 11 Aug 2021 22:03
Last post: Bloggins, 16 Sep 2021 10:57
Done and dusted then! No Knight in Shining Armour appeared, so what happens to those shareholders that have not taken up the offer by 30th September? On with the motley etc , GLTA.
If you are happy with the price they have bid you then accept. Take your money and move into something that will grow. Take a look at IES.
Anyone with a view as the whether to accept the offer at 165p? Apparently I have to decide by tomorrow whether to accept or decline the offer by PMI.
As a long term holder since the days of Skye, I agree with others who want this to stay UK! It has appalled me for many decades that UK cannot or will not invest in itself and prefers to sell out to other countries. What this does, to state something that Basil Fawlty would call Bleedin' Obvious, is to make a short term "gain" and then all the long term benefits and profits go abroad. Other governments would just not allow this, unlike ours which seems to encourage it. Maddening.
GLTA and let's hope for a UK Knight in Shining Armour to rescue it, and us. Fat chance!
Absolutely right Taverham
No wonder the financial services sector is so disproportionately large.
It also concentrates wealth in a few well connected hands to the detriment of the wider population.
I personally think this addiction to debt driven growth is much, much to short term, what is wrong with a good, well run company funding it's expansion via it's own profits, might be a bit slower but you would avoid so many debt driven collapses.
But then what would the money boy's/girl's have left to do?
Cheers R
Started: Aclearmind, 10 Aug 2021 14:21
Last post: Lasvelas, 11 Aug 2021 15:41
Excactly. This business is not bust that requires equity injections. This business just need refocus and stronger management, therefore PMI is much better fit.
I did see a note on the board mentioning that PMI needs 90 percent for the offer to go unconditional, but Carlyle is holding their stand with their 11 percent backers. So either Carlyle's backers pull a plug on them or make them withdraw their bid or PMI raises their offer to 170.5 Still a little game to be played here.
Makes you laugh a private Equity Firm claiming:
Simon Dingemans, a Managing Director in Carlyle's European buyout advisory group, said: "Carlyle believes its offer is in the best interests of the business and its stakeholders, including its employees, partners and customers, as well as, most importantly, the patients it serves and helps to provide with effective and accessible medicines."
Ask the guys at debenhams if they agree (after being asset stripped & debt ridden and then refloated on LSE) and then wanting people to accept a lower offer.
PMI should win but ironically private equity are claiming the ESG high ground in the hope their low offer suceeds!
Game over. Carlyle's last bid was final. PMI wins. Drama over.
This has been my pension pot waiting to retire,
Bought 750,000 when they were at 20p.
I'll hold on as they only cost me £150,000
I'll give it another year
Started: BuyDownSellUp, 10 Aug 2021 10:05
Last post: GrowthmanPO, 10 Aug 2021 13:59
I sold after the first offer when the price was above the offer price at 160, so you and me both. oh for hindsight
If I know my luck, now that I've just sold out, I predict this will fly, (you can thank me later). I think the PMI move is a statement of intent to dissuade Carlyle from continuing. I might have gambled on them coming back, if their counter offer to PMI's 150, hadn't been the weedy 5p above. I wanted a display of more commitment, though I understand they don't want to offer more than they have to. Good luck from here for everyone else - I shall torture myself by still keeping up with events and SP, but I will try and convince myself I'm happy with profit.
Started: BuyDownSellUp, 10 Aug 2021 13:04
Last post: BuyDownSellUp, 10 Aug 2021 13:05
Ah! That's dislodged it.
I wonder why my earlier post, from 9:30, hasn't been put up, while it shows in the chat tally????
Last post: BuyDownSellUp, 10 Aug 2021 09:35
Really interesting move, like watching a game of chess. Though as a share holder, it makes it more of a guessing game.
Scheme of arrangement is off. Switch to a take over offer. I suspect they are trying to buy our shares at 165p. If i read well if more than 75 percent holders sign up, it will go ahead.
Not sure if this means the are our of the auction completely or its just a change if Carlyle does not come up with a higher offer. My guess is the later.
Too many Boards have been willing to accept the first bid - often made by Private Equity sharks. That is why an alarming number of British cos. have been acquired by US companies at bargain prices.
It makes one wonder why Directors rarely hold out for more. As someone who was extensively involved in negotiating during my working life, I wouldn't accept the first offer made!
In my case as a small shareholder one or two of these bids have been below the price I paid for the shares as the low share price laid them open to opportunistic bids.
I think Carlyle will have one more go. I doubt they would want to go into auction.
I wonder if there might be a chance that Carlyle will decide not to proceed, presuming PMI will just keep topping whatever they put up?
Started: BuyDownSellUp, 9 Aug 2021 10:48
Last post: BuyDownSellUp, 9 Aug 2021 10:48
Up for auction. Hopefully it will end up as a bit of excitement and not a damp squib. Initial reaction to SP is positive.
Started: nightwing999, 12 Jul 2021 09:09
Last post: MrBB, 6 Aug 2021 17:32
It will be interesting if another bidder emerges, as The Market currently expects.I have sold 10% of my remaining holding at just under 164p as a hedge
I would disagree. Carlyle's second offer as they were outbid on the first one. So this is a bidding situation. Philip Morris is building a long term strategy on Vectura's capabilities, they will not walk away from this without having another go. If Carlyle wanted put this to sleep they would have not just bid 5p more over Philip Morris. Whoever wants this business will have to pay 15/20p a share more.
I hold 80% of my holding and now regret that move.
The comment saying that this bid is more aligned makes it harder for Phillip Morris to suceed and therefore a bidding war may not last long - I hope it does however!
Here we go, Carlyle increases offer to 155p a share. Bidding war is on. Philip Morris's turn next. Glad I did not sell out.
Having read recent comments from the CEO of Philip Morris saying he sees smoking being banned within the 10 years in the UK, this is clearly an important acquisition. I think Carlyle will realize that too and come back with a counter bid.
Started: BuyDownSellUp, 4 Aug 2021 11:16
Last post: BuyDownSellUp, 4 Aug 2021 19:09
It's okay, I found the answer.
Trying to understand the implications of today's RNS. Does it imply that the Carlyle deal will go through, or does it extend the timing so that the possibility for other offers to be submitted is available?
Still in the game according to todays RNS-obviously hoping for Govt block & reiteration of their 136p bid.Lets see what others have to say
Started: bristoltkm, 18 Jun 2021 17:17
Last post: MrBB, 10 Jul 2021 08:34
DGaser-shouldn’t regret sale at profit -I sold a third at 141/142 & votes against the deal ,which I suspect the majority will have done & had there not been a new buyer & Carlyle collapsed our SP would have been under 110p -so ,sure I would have rather not sold any with benefit of hindsight but overall a much better prospective outcome & now possibility of an auction + introduction of a third party
Good luck all
Difficult to predict what may happen next. I would say this is an interesting asset to buy. I would be surprised Carlyle to pull up without giving it another go, they already spent a bit of time and money on this. They could jump in bed with someone else if they don't want to do this by themselves. Philip Morris went in with a safe bid, trying not to over pay either. The small premium this is trading at is worth loosing if nothing else happens but this has a potential for further bid and upside.
I bought at 153 today. I fully expect a counter bid from Carlyle
My inactivity in never quite getting round to selling after first offer received has proved fortunate. Quite surprised at the offer coming from PMI. I don't think the story will end at this chapter. GAL
The next step is with the private equity. I suspect they will withdraw their offer officially and we shall watch out for any additional comments on the back of that.
Started: andmillsy, 9 Jul 2021 14:35
Last post: dgaser, 9 Jul 2021 19:13
I just knew this would happen ,I just wish I hadn't sold 50% of my holding .I wouldn't be surprised if another company, now enters the race , and my guess would be another pharmer company .This whole thing seems a little odd to me that our board were happy to accept the first offer so quickly. I hope every one is still holding and making money have a great week end. England to win
BE HAPPY
DAVE
Coverage in full via FT some points below related to PMI
"PMI is seeking to expand beyond tobacco and nicotine into healthcare and wellness products. In February, it unveiled its plans to generate at least $1bn in annual net revenues by 2025 from Beyond Nicotine products and identified respiratory drug delivery as a central focus.
Vectura is one of few companies manufacturing devices that deliver a broad range of complex inhaled therapies.
The competition for healthcare products has heated up recently as private equity and other groups seek to capitalise on lower valuations following the coronavirus pandemic and uncertainty over Brexit.
Buyout groups are interested in pharma and healthcare sector because it is considered more resilient to downturns and better placed to benefit from demographic changes such as ageing populations."
Started: Aclearmind, 9 Jul 2021 10:33
Last post: LOGGYBOG, 9 Jul 2021 11:32
Ref Aclesrmind
I can't understand. how people don't know what,s going off!!!
I'm hanging on to mine, I don't think this will be the final outcome.
New Bidder, see RNS
Can someone let me know why the +12% increase today?
Many thanks. Looks to be somewhat opportunistic lowball bid. Will probably exit.
I sold about 40% of my holding in the market for 5/6p premium & should have sold the lot !
Chances of counter offer now v slim
Oops - hadn't finished before my clumsy finger sent that last one...
Hayashi - I have sold in chunks since the announcement, but was holding a big slice for a counter offer. Doesn't seem to be coming and I have put in a sell order for the remainder today - @ £1.37 so unlikely to be executed, but it looks like anything above the offer price now will be a bonus...
I certainly concur that we appear to have been significantly short changed on the price. I have been here through SKP 18 odd years and build a quite significant holding. I can't help but feel only this years added value is in the offer price, but certainly not beyond and echo BB and John's thoughts on this...
Hayashi -
Have not posted here before but have a modest holding. Having banked the dividend I'm thinking of selling in the market.
After the RNS today can't see any counter offer coming along. Any views?
Started: dgaser, 14 Jun 2021 11:18
Last post: dgaser, 14 Jun 2021 11:18
was any one aware of this buy out before the company was taken over ?
BE HAPPY
DAVE
RNS Number : 3615B
Vectura Group plc
10 June 2021
Vectura announces completion of management buy-out of Lyon oral subsidiary, Skyepharma Production SAS
Chippenham, UK - 10 June 2021: Vectura Group plc (LSE: VEC), an industry-leading specialist inhalation CDMO, today announces the successful completion of a management buy-out of its oral manufacturing subsidiary in Lyon, Skyepharma Production SAS.
In 2019, Vectura Group made the strategic decision to become a fully focussed inhalation CDMO and work with more customers and partners in this space.
After carrying out a strategic review of core activities and site footprint, the Group decided to rationalise its overall site network and prioritise the development of capabilities in the inhalation space.
Skyepharma's service offering of oral and tablet technologies was no longer deemed core to Vectura's strategic direction. A decision was taken to support the management buy-out, led by Skyepharma Managing Director David Lescuyer with a full management team in place and support from Bpifrance private equity.
Skyepharma was established in 1996 and was acquired by Vectura in 2016. Skyepharma specialises in the development, production and packaging of pharmaceutical oral products, such as controlled release tablets, supported by proprietary oral drug delivery technologies.
Will Downie CEO said, "I would like to wish David and his team in Lyon all the very best for the future. I look forward to seeing their company grow and expand its range of services as an oral technologies CDMO".
- Ends -
Started: jimbren, 3 Jun 2021 21:31
Last post: BuyDownSellUp, 13 Jun 2021 20:44
I've held for similar experience, but different outcome. The last take over I had was Codemaster. First offer was okay-ish, I held for three days while the SP sat at the offer price. Deciding there wasn't going to be any change, except possibly down, I sold. The very next day, another offer comes in and it shots up. (Just my usual luck!) I'm holding Vec as the SP now is around the offer anyway, so nothing lost if there isn't another offer. (Unless it's possible to submit a lower offer).
Thanks for your thoughts Alex, which make sense.
As a long term holder here (through SKP), the offer is pretty poor and as Dave has rightly pointed out, seriously undervalues the business, as the divi was a done deal anyway. The Board had indicated regular dividends would be paid too, and painted a glowing picture of future strong growth, which had been building for some time - I have no doubt that the £1.36 would have been the base price pretty soon. If Bidco were shorting to suppress the price, highly plausible, then we have been taken even more for a ride......
Hi Mac, This happened with Horizon Discovery and eventually found out through RNS that it was shorts expected to have to close, by the same company that made the offer. the SP had been depressed for 9 months by the shorts so the offer was kept low. I held and got 185p, (thinking there was another offer coming) when I could have sold at 220p.
This is not advice, just explaining possible underhand action that screws the small investor.
Not invested here, was looking at the yeald of 13.51%
ATB Alex
It's curious that the price is still 4p above the offer price, and has remained consistently above since the (pretty poor) offer was made 2 weeks ago. Can't still be mopping up shorts surely? So would suggest the market still expects a counter offer? Or is there another explanation?
Anyone got any thoughts?
Have the arbs arrived? Softly softly?
Started: Aclearmind, 10 Jun 2021 17:48
Last post: dgaser, 11 Jun 2021 17:18
I to use Barclays have done for years ,but they don't send out RNS , but if you go to the Vectura web site you can look it up there .How ever below is a copy of the RNS
BE HAPPY
Dave .
RNS Number : 3615B
Vectura Group plc
10 June 2021
Vectura announces completion of management buy-out of Lyon oral subsidiary, Skyepharma Production SAS
Chippenham, UK - 10 June 2021: Vectura Group plc (LSE: VEC), an industry-leading specialist inhalation CDMO, today announces the successful completion of a management buy-out of its oral manufacturing subsidiary in Lyon, Skyepharma Production SAS.
In 2019, Vectura Group made the strategic decision to become a fully focussed inhalation CDMO and work with more customers and partners in this space.
After carrying out a strategic review of core activities and site footprint, the Group decided to rationalise its overall site network and prioritise the development of capabilities in the inhalation space.
Skyepharma's service offering of oral and tablet technologies was no longer deemed core to Vectura's strategic direction. A decision was taken to support the management buy-out, led by Skyepharma Managing Director David Lescuyer with a full management team in place and support from Bpifrance private equity.
Skyepharma was established in 1996 and was acquired by Vectura in 2016. Skyepharma specialises in the development, production and packaging of pharmaceutical oral products, such as controlled release tablets, supported by proprietary oral drug delivery technologies.
Will Downie CEO said, "I would like to wish David and his team in Lyon all the very best for the future. I look forward to seeing their company grow and expand its range of services as an oral technologies CDMO".
- Ends -
For more information, please contact:
Vectura Group plc
David Ginivan - VP Corporate Communications +44 (0)7471 352 720
Olivia Manser - Director, Investor Relations +44 (0)7947 758 259
Consilium Strategic Communications +44 (0)20 3709 5700
Mary-Jane Elliott / Melissa Gardiner / David Daley
About Vectura
Vectura is a leading specialist inhalation CDMO that provides innovative inhaled drug delivery solutions that enable customers to bring their medicines to patients. With differentiated proprietary technology and pharmaceutical development expertise, Vectura is one of the few companies globally with the device, formulation and development capabilities to deliver a broad range of complex inhaled therapies.
Vectura has thirteen key inhaled and eleven non-inhaled products marketed by partners with global royalty streams, and a diverse partnered portfolio of drugs in clinical development. Our partners include Hikma, Novartis, Sandoz (a division of Novartis AG), Mundipharma, Kyorin, GSK, Bayer, Chiesi, Almirall, and Tianjin KingYork.
For further information, please visit Vectura's website at www.vectura.com
Fo
The original announcement suggested that we would pour another £10mill into the Lyons Black hole over 3 years & that Lyons was unlikely to be cash flow positive for 5 years, or more.
If Lyons is loss making I am not sure why it is not simply being closed down & written off , & , if that saves £10 mill over 3 years, we would all receive an additional 1.5p or so , or around £9k extra to you , Aclearmind.
Hi Dave,
You get a lot more info than I do, my stock is looked after by Barclays Shares.
They tell me nothing.
Would be nice to know as I do own 600,000 shares
Have a good weekend lets see what next week brings
Cheers
Started: dgaser, 10 Jun 2021 16:01
Last post: dgaser, 10 Jun 2021 16:01
I like many others had an E Mail today from VEC, saying they have sold the Lyon and Sky pharma business which is owned by VEC, to a management buy out .First question ,who gave permission to the board to of load this facility , and secondly how much was it sold for? and third where have those funds gone ? surly they should have announced they were in talks with this group via an RNS prior to selling this plant, plus we should have been told what products and intellectual property, were also being sold of as part of this buy out as they are part of our inventory .
Any Views or guidance with regard to this would be much appreciated ,if non, then would a letter to the take over ombudsman be appropriate, as we have not been informed of the disposal of this facility, or the price it fetched , or where the funds are going .
Be Happy
Dave
Be Happy
Dave
Started: dgaser, 1 Jun 2021 18:23
Last post: MrBB, 9 Jun 2021 14:21
Today’s RNS shows Directors holdings & options .
I have no problem with Paul Fry as he has been with the company for some time & has done a decent job .Downie on the other hand is all fake & no give & will no doubt make many millions out of this deal having invested nothing at all .I am sure the deal will happen but let’s hope the IIs & HIK see what is obvious & at least demand a fairer price than 136p.19p is our share of the GSK win & was our anyway & ludicrous for Downie /Carlyle to suggest otherwise
I have interest in 2 companies subject to bids/ proposed bids at the moment. In each case the shareholders are very critical of the BODs.
I can't say that such an attitude is incorrect, I find the VEC bid disappointing having spent I think 20 years (+) with SKP/VEC.
All we can do is vote against, but be realistic that us PIs combined votes hold little sway. Getting stressed about it is more likely to affect your health than change the outcome
Definitely with you on this BB - we have certainly been screwed on the price in my view.
100% correct dgaser-Our Board have clearly accepted 136p per share for our company ,in which they have less paid for shares than many of us.To value our shares at 136p with 2 or 3 major onknowns in respect of our potential revenues from Advair generic,Ellipta generic & the possibility of a C-19 solution ,apart from our substantial remaining cash balance ,to be increased b an additional $32mill in the next 12 months (Pacira),is mystifying .Purchases of over 3% of our issued share capital announced late today may be a prelude to a higher bid & we will have to wait with bated breath
Hi John
You could say as I do, that prior to the take over announcement ,VEC had already cleared a special payment of 19P to it's share holders ,therefore it had nothing to do with the take over offer and should not have been added , to me Carlyle are only offering £1.36 p/s. Remember it wasn't until after the take over was announced that VEC actually withdrew that offer, Carlyle in the mean time stated in their take over document ,that any dividend made by VEC would then be repayable to Carlyle ,subsequently, VEC issued another notice saying the special payment and script had been cancelled ,and they were replacing it with a 19p Dividend instead ,that meant to offer was £1.36 + the dividend payment of 19p, making the offer £1.56 per share .But VEC shareholders were already eligible for that special payment ,as it was a reward for shareholders holding VEC share's through through several years of indecision and court hearings in 2020 ,and again after winning that court case in 2020 ,we had to wait to see if GSK would appeal ,but after GSK failed to appeal the court judgement in early 2021 , the company allocated us a 19p special payment and a script reduction of shares , therefore that had nothing to do with the takeover, as that award had all ready been offered to the share holders .
To me, the actual cost to Carlyle is £1.36 per share which in my opinion is well below our value , of course I might be wrong and non of this happened ,and if that is the case I apologise in doubting the figures ,but to me the £1.56 price is an inflated price ,and is not a true value of VEC
Be Happy
Dave
Started: jimbren, 1 Jun 2021 09:56
Last post: jimbren, 1 Jun 2021 14:07
Face palm- back to the garden.
Oh we have gone ex div.... I get it
More importantly... Whats the word on the street on this? We are way below the Carlyle offer price? Anyone?
Wake up - it went ex-dividend today and we just got 19p. So the price is higher than Friday. The bid was at 135p + 19p for the special divi
Ordinary Shares marked ex-Interim Dividend - Tuesday, 1 June.
By all means buy some more
Smiley Face
Started: Bloggins, 31 May 2021 12:12
Last post: Mac19, 1 Jun 2021 10:56
I think we have been badly let down by the Board here. I too have held for many years, back to early Skye days and the price agreed shows clear complacency. As has already been mentioned on this board, a complete lack of ambition has lead the way. The funds received from GSK were never really fully counted in as not confirmed until after the year end results. Why this was not used to acquire strong expansion opportunities, or even to just get approval for Flutiform for the USA, the original big prize, abandoned through lack of funds in the early years, which would have delivered future growth for us.
Bidco declared that they can invest in growth for VEC in the initial statement. VEC are cash rich and can't find stuff to spent it on, yet private equity see merit in expansion (so do I frankly!) - why haven't the Board had their foot on the gas here? PotentForce has made some very good points relating to this.
Anyway, I'm hoping for a counter offer, as the market seems to expect given the price has maintained a margin over the offer price from day one (though agree, in part covering shorts), but have sold out 30% of my significant holding. I would like to have seen 3 to 5 years further growth, but the Board were not capable of that vision, sadly.
As a very infrequent poster here, I read other people's stuff with interest, well, sometimes. A weekend of a bit of research and personal due diligence shows: Cometh the Day, Cometh the Deal, so on Tuesday, I am likely to follow my golden rule: Sell half on a double and run the rest for free. Having been in Skepharma for ages and missed the 180 peak, I will be glad to get away at the offer price, or a little more - please! GLTA.
Started: dgaser, 27 May 2021 16:12
Last post: Drumelzier, 28 May 2021 10:47
Thanks Lasvelas.
This has been flipped to interim dividend under the Carlyle offer with record date on Friday, going ex div on Tuesday next week.
Anyone flesh-out this announcement ?
"Vectura Group Plc have made an announcement that the consolidation and special dividend of 19p will now not proceed. This is a result of the proposed offer to acquire the company by Muranio Budco, (a newly formed company, indirectly controlled by funds managed by Carlyle Europe Partners V).
Once we have received details of the new effective timetable, we will contact you with further information."
I have been in VEC since the turn of the last decade .Then it was suggested we would have a copy of GSK Advil with in a few years , and just on that prospect, and on the expected forward earnings our share price grew to £1.70-1.80 per share in may 2016 .Since then our turnover has doubled, and we have grown considerably thanks to our agreements with other pharmer's, yet this buy out only offers us £1.36 per share , which is very low in my opinion ,even with the new 19p dividend added , it still leaves us short of the 2016 price of £1.70-£1.80 when it was thought the profits from a Generic Advair would be substantial ,we have also won a case against GSK worth around £200m , and also got clearance for several new products, including Advair ,plus Royalties and cash from GSK ,that makes VEC cash rich , this can only take our price back up to the 2016 high .To me this offer is far to low ,and I'm surprised GSK haven't come back with a buy out of their own ,as that would have reduced their costs ,regarding further Royalties ,and would also enhance their own ability to compete in this market again , plus the chance to get back their costs from the sale of some products such as those owned by Novartis for instance .
Started: ItsaNightmare, 26 May 2021 12:47
Last post: johnpwh, 26 May 2021 19:43
Itsa
Ive just been looking back over my records, I lost interest in them so much that I'd forgotten that Vectura took over Skyepharma, I just thought it was a name change!
I'm out up about 800 quid in fifteen years.
If I wait for a better offer it may not materialise, I will loose with the offer as it stands and have to pay tax on the dividend .
Good luck everyone been a c**p investment really.
Last post: raxfactor, 26 May 2021 12:33
I have waiting to exit my position here for some time after long years of holding, thanks for this opportunity and good luck to all long term holders.