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Watchstone Group plc – Cash Offer
It has come to our attention that our previous correspondence contained another error. This Cash Offer has not been unanimously recommended to Shareholders by the Independent Directors of Watchstone Group plc. The Board have stated that they will be obtaining independent advice in respect of the Offer and will make this known to shareholders in due course. We will write to you again once the Board have made a comment. We apologise again for any inconvenience caused by our error as it does not reflect the usual high standards of service that we aim to provide. If you have already submitted an instruction and wish to amend this, please contact us to do so. Please find a corrected version of the message below.
What is happening?
Polygon Global Partners LLP has confirmed the terms of a Mandatory Cash Offer made by Polygon Global Partners LLP for the entire issued Share Capital of Watchstone Group Plc as a result of obtaining 30% of Watchstone Group plc Shares. As a holder of Watchstone Group plc Shares in your Hargreaves Lansdown SIPP, you need to decide whether you wish to accept the Offer or not.
Really?
I don't recall that...been here since 2014: any rns you could point you?
Cheers
Welcome to the club ;-)
Grumps....
I'm chilled man...
So chilled I'm in danger of frostbite !!
;-)
As a shareholder who has lost 73% here, I was interested to see that management rejected a takeover proposal in 2016 when the shares were valued at 235. A sorry saga.
It will either go all the way to court or be settled beforehand.
The company has always been clear about its stance which is why they also released detailed claim & response documents. If you haven't already, you may want to read them and make your own mind up on whether the claim seems strong or not.
the one reason ive held onto my shares with wtg is because i rang wtg some months ago asking that if they win the court case against pwc will they be sharing the proceeds with share holders and they told me yes , now i dont know if that court case will take place any sound advice please.
Confirmed by WTG.
Correction on its way.
Chill.
I have no doubt whatsoever that WTG have seen the document. ;-)
Thank you
I hope the company are aware of this supposed "error" in the HL document (i haven't seen it as not my broker).
If this is true, then they will be in deep Jimmy choo.
Atb . ktc
Nothing.....
When the 'Mandatory Offer' is voted down, you will still own the shares and they will go up in value as WTG progresses through it's litigations/claims...
Be patient, concensus is that the shares will have returned over a £1 by the time the lights are turned off at HQ
GLA
I'd love to think so, but expect either a correction or an RNS from WTG first, rebutting it.
We will soon find out....WTG have until the deadline published, as confirmed on the other board.
GS
Hi Grumps,
Perhaps this 'error' from Polygon is grounds for having this "bid" withdrawn due to mis-leading information to shareholders....
Fingers crossed !!!
The assumption is that Polygon want to build up their holding but without actually buying the company lock stock and barrel.
It's a mandatory bid situation having crossed 30%.
They see a lot more value in WTG than just cash !!
Anyone selling at less than a £1 is a numpty ..(IMHO) !!!
The WTG BoD have several lucrative irons in the fire.....
GLA
My thoughts:- this is an "error" from Polygon.
Possibly deliberate of course, to scare people into dumping.
Unless something CATASTROPHIC has happened in the background (which would already have necessitated an RNS), I can see not valid reason for such a claim to be true.
I still hold over 100k shares
ATB
GS
The BoD have NOT accepted the offer....
I had forgotten about this new board.
Here's my reply to FurryEars https://www.lse.co.uk/ShareChat.asp?ShareTicker=WTG&share=Watchstone-Group-Plc with more complete thoughts on the bluesare board.
ATB.
Well said Magpies.
Couldn't have put it better myself.
Atb.
The assumption is that Polygon want to build up their holding but without actually buying the company lock stock and barrel.
It's a mandatory bid situation having crossed 30%.
They see a lot more value in WTG than just cash !!
Anyone selling at less than a £1 is a numpty ..(IMHO) !!!
The WTG BoD have several lucrative irons in the fire.....
GLA
So what happens if we don't sell to Polygon, we'll be able to trade normally as before in the Aquis market?
Yes exactly email.
About the same as i got from my broker..... nothing about the company saying unanimously etc.
As i have said, i don't expect many, if any, shareholders to accept such a pathetic offer in view of our assets, and also the litigation cases we have pending that will hopefully make the company very cash rich.
Atb to all invested. Ktc
CONTINUED........
Please be aware that should you choose to accept the Offer, your entitlement will not be released until the Offer has been declared unconditional in all respects, as stipulated in the Takeover Code. Once the Offer has been declared unconditional in all respects, payment is expected to no sooner than 10 working days following the date of such announcement or our advice date, whichever is the later. You can monitor the progress of the Offer's acceptances through any regulatory news provider. However, we will notify you once your entitlement has been credited to your account.
Should you choose not to accept the Offer at this time, we will contact you again if the Offer is extended or the terms of the Offer change, or further announcements are made by the Company.
Before making any decision please take into consideration all relevant factors of the event including the current share price and any possible tax implications. If you require any further information in making your decision please contact an appropriate professional advisor.
Should you wish to find more information about the Offer, please visit the Polygon website, www.polygoninv.com/
What Happens If I Don't Elect ?
If you do not wish to accept the Offer at this stage then you should take no action.
END
Got the followING FROM iweb
===================================
WATCHSTONE GROUP PLC - Take-Over
Mandatory Cash Offer by Polygon Global Partners LLP (Polygon).
34 pence for each Watchstone Group PLC (Watchstone) share held.
You Have The Following Option:
1 Accept the Offer on your holding of 1057 WATCHSTONE GROUP ORD GBP0.1 shares.
We will process your instruction on or after 01 August 2021 23:59 and your election will be applied to your holding at this time. If you elect to accept the Offer, your shares will not be available for you to sell, or to accept any other Offer unless this Offer lapses. Please note that if you accept the Offer and proceed to sell your shares, you may be liable to buy back costs.
Important Information & Other Key Dates:
On 1st July 2021, Polygon announced it held 30 percent of the total Watchstone shares. Subsequently, under Rule 9 of the Takeover Code, Polygon is required to make a Mandatory Cash Offer (the Offer) for all of the Watchstone shares not already held by Polygon.
The Offer Price represents the highest price paid by Polygon and persons acting in concert with Polygon during the 12 months prior to the announcement of the Offer.
If you wish to accept the Offer, please do so as soon as possible as the Offer may not be extended.
Acceptance to this Offer will only be applied to the number of shares you hold at the time we process your instruction.
Please note that should you elect to accept the Offer, your shares will be removed from your account after our Advice Date.
To the extent that Polygon controls Watchstone shares carrying 75 percent or more of the voting rights attaching to the Watchstone shares by virtue of valid acceptances of the Offer or otherwise, Polygon intends that an application will be made to the AQSE Growth Market to cancel trading in Watchstone Shares on the AQSE Growth Market.
Please note, the listing and registration of Watchstone shares was cancelled from the Alternative Investment Market on 7th July 2021.
If Polygon receives acceptances under the Offer in respect of, and/or otherwise acquires 90 percent or more of the Watchstone shares and assuming that all of the other conditions of the Offer have been satisfied or waived, Polygon intends to exercise its rights pursuant to the provisions of Chapter 3 of Part 28 of the Companies Act to acquire compulsorily the remaining Watchstone shares on the same terms as the Offer.
CONTINUED
How about cutting and pasting the document then please so it can be verified ??