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So, how much is this cash cow worth?
I`d say it must be worth a fair bit more than is being offered sofar...
The word is that there are groups out there just looking for good value cash cows/shells to reverse into!!So, having wairted this long, I am willing to wait just a bit longer to see fair value for this asset..
Somewhere in the 80 - 120p per share ramge would do ok..
Anyone got any other ideas on this..?
PWC will not want to fight a battle with these boys.. and I suspect our big chiefs probably would like a quicker exit strategy than the courts have available. So , an out of court settlement would seem the best solution, unless our chief can see a nailed on result from the courts to, give something better... with a no blame clause added of coarse to avoid any egg on red faces.
Yeah, agree, .... Silence is not always Golden !!!!!
Does this ring a bell?? ....... DYOR
I am getting a horrible feeling that the BOD's lack of communication on the Polygon offer is a bad sign and that they are going to settle. If they were going to advise against acceptance, surely they would have done so by now?
Wow, there's far too much to update you on. I;ll leave it to someone with more time and patience than me.
Can someone kindly fill me in as to what happened with this "company"?
My take is this: out of the ruins that was QPP (Quindell - of which I was one of the main suckers on here) came a "company"... what was it's purpose? What did it make? What happened to the money left over from QPP?
Yes. You should also not be charged by your existing platform …because it’s their problem that they are not providing you with the ability to transact on Aquis.
So who's got the other 4.8% of UBS's shareholding then ????
So if I ring Hargreaves with my letter in hand they should know what to do? Thanks.
Hi - Just call HL - they have to initiate the transfer from your current platform. Be prepared though - it took nearly 8 weeks for flippin Halifax to do my transfer .
FYI .... WTG has already been delisted from AIM and is now trading on Aquis .... just check the RNSs . you can trade on this platform via HL though - once of course that you've got the shares on there.
Miss G
:-)
I'd appreciate it if anyone here could help. I have these shares in an hsbc account but apparently we're delisting or something. I haven't been paying enough attention clearly. Can I somehow transfer them over to Hargreaves? Thanks
At the moment there is nothing to vote 9n.
Until the BoD take independent advice (see rns) nothing to do.
ONLY if the offer is considered to be reasonable, will shareholders be invited to vote.
If you've been here a while, then you know what the real potential is here.
ATB
Folks, I have had it confirmed by HL that we will be able to vote through the platform on the (in my opinion, derisory) 34p offer from Polygon, those of you on other platforms may want to check you are able to vote too.
Large off market trades: maybe their "concert party" investors transferring shares to PG at the offer price?
Are surely going to need either s VERY high shareholder % to vote in favour (if the BoD put it a vote), or at least two additional IIs including Beachpoint to get over 51%.
Can't see the BoD recommending this to sh's....so either multiple working together or it's the start of some fun.
Still holding over 100k profitable shares.
Gla.
How on earth a trade that size wont start the SP moving next week i dont know. I expect the see other players start showing their hands now and Maybe of Polygon do try a hostile takeover they may think they can reach an out of court setllement and bag some cash quicker without any court costs ???
2,694253 share trade showing ( nearly a million quid) at 19.00 hrs today. mmmm
They want to buy more and as they hit 30% they have to make an offer for the whole company. They don't expect to get it (although would love it to) but have to go through the process. They can then just continue buying in the market.
Hadn't realised how far this had fallen, looks a bargain at this price so may look to pick up some more but not sure my broker can deal on Aquis
The 34p per share offer from Polygon Global Partners strikes me as bizarre. I'm trying and failing to find a rational reason for it.
I have thought for some time that Watchstone may be vulnerable to a takeover from a hedge fund. Such a fund may calculate the chances of success in the various aspects of litigation and choose to buy the company at a decent premium with a view to gaining a handsome gain for themselves in short order. I had never considered that the approach would be from a current shareholder at nil premium to the current market price.
Currently Watchstone has 40 million shares, Polygon now has 30% of these.
By reference to the annual report from December 2020 I can see that Watchstone had £16.7 million cash. That's equivalent to 36.3p per share, more than the 34p offer.
I also note that Watchstone has the current claims:
PwC. £63 million in regard to breach of contract and/or beach of confidence and/or beach of fiduciary duty and/or unlawful means conspiracy. PwC have filed their defence but the case is unlikely to be heard prior to H2 2022.
KPMG. Audit from 2013 that required accounts to be restated in 2014. I've seen several reports of auditors being sued for faulty work but can't immediately locate these.
VAT overpayment recovery regarding ingenie
A claim against Aviva Canada which is ongoing.
Success against PwC would result in a payment of £1.39 per share. Add that to the cash and we're looking at £1.75 a share.
Polygon wants to give us 34p!
I've not been able to quantify the cases relating to KPMG, VAT and Aviva Canada but they must have some value.
Polygon wants to give us 34p!
I've obviously missed something. I do recognise that none of the cases may go in favour of Watchstone. What do Polygon know that I don't? If they think the cases will crash and burn then they wouldn't be after more shares.
The best that I can imagine is that Polygon may think they can get a faster resolution of the cases at lower levels and that in order to do that they need to buy shares cheap.
Watchstone has three further shareholders with more than 3%
Beach Point Capital Management 14.96%
Sand Grove Capital Management 11.25%
M&G plc 6.34%
It's going to be interesting to see how these shareholders respond.
Personally I'm quite happy waiting, biding my time until the litigation issues run their course. So saying, I would be open to sell my shares to lock in certainty and reduce the wait. But at 34p?
well , there is the RNS from the company re the offer just out.
I'm sure they're not best pleased with it anyway.
Atb to all invested, ktc.
Don't disagree with anything you've said Teela and i'm patient .... but takes the biscuit , making that offer.
Look forward to seeing what is said by the company now.
Atb . ktc
Polygon now hold 30% of the issued share capital of Watchstone Group.
They have now pitched an offer at 34p for the remaining shares of Watchstone. I tend to think that they're perhaps looking to give private investors an escape route as Watchstone is no longer listed on AIM.
So saying, my view is that the offer is being pitched at a low level and is unlikely to entice any of the major shareholders.
The good news is, however, that Polygon think they can make a decent profit for themselves if they can grab more shares at 34p.
Watchstone have several court cases on the go which, in the fullness of time should give us a return considerably higher than this offer. Patience has been and will continue to be required.
Be patient.
I will not be accepting such a low offer.
Polygon offer
Nothing like a good chat board for getting to know what people may be thinking.. Investors will probably need to be patient on this one but I sense that our boss man is out for his pound of flesh on this one, and I hope he gets it. I`d be interested in k knowing l of returns he is hoping for, either from the courts, or via an out of court arrangement
I am sure most investors would agree that this is now not the most exciting or active of stocks.... so it seems a bit over the top to have 3 separate chat rooms on LSE !!!
Plus, of course BlueShare :-)
Just saying... GLA