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Do you know how PJ managed to buy the shares (from I think Legal & General your broker confirmed) with out a directors rns? This could have had massive effect on our shares if he had managed to acquired enough share to de-list the company. That need checking and referring to the Mergers & Acquisitions Committee I would have thought ? Another possible he made the offer and is required of a 50+% holder, he may not be looking to increase his stake? just a thought, the 110m he bought last week is already showing a considerable profit. So many questions and possibilities, keep it coming chaps
biglad. Well my recent guesswork has been from a cynical point of view especially with the spin of media reports that PJ wants to takeover the company and the recent exceptional costs etc. But recent selling/buying activity may just have come about because L&G have other immediate plans so they wanted to sell their XPS shares. I was looking on L&G site but nothing obvious there. Watch out for L&G news over coming weeks..might give a clue. Anyway, by selling to PJ and it seems now effectively most of the rest to Medical Debenture, L&G didn't need to sell on the open market with a drag on the SP. Only a theory, but in any case the price paid by MD points to Dcdan's conclusion that the 0.525p offer is pretty unlikely to be recommended by the board.... Once PJ agreed to buy the shares he was obliged by the rules to make the offer. When/if rejected he may do nothing for the time being.
In my opinion if Peter jones gets enough to delist it won't be at his current offer of .525 and therefore we all have to hold out for a better offer and we will make more money on the way based on current share price He won't get enough support at the current offer that's for sure
No one can answer that unless you have inside info on their thinking. Either the RNS is a mistake and it was actually a sell or they clearly think PJ offer will he rejected and the price will rise.
Can someone do some guesswork behind this purchase. If this is going to be delisted then they are stuck as a shareholder in an illiquid market which as they know the news would seem to be highly implausible. Or do they know in the very short term that the price will rise and flog the lot next week or I hope are they buying in the medium term to make a lot of money in the next couple of months. Any thoughts?
I just dont see that this offer can be accepted. I have just pasted the key bits of the RNS in another message..
This RNS alert is brought to you by Digital Look. RNS Number : 9915X Medical Debenture Investments 17 January 2014 Class of relevant security Purchase/sale Number of securities Price per unit ORD GBP0.0025 Purchase 44,000,000 GBP 0.0061 XPS
Yes, surely great news. They can't be expecting the mandatory offer to be accepted can they?
LSE seems to be hopeless at posting the latest RNS, this is excellent news that Medical Debenture are buying more surely.
Nice one Dcdan. So the 44m sell was a buy. I fell for that one :-) That is a good place to leave it for the weekend.....
Just had an RNS - Medical Debenture purchased another 44Million shares today at 0.61
Dcdan. That makes sense and I hope you are correct. Not sure, but I presume they can all agree on a new offer price (since the 0.525p is just the initial mandatory offer) that suits all and takes trading/reports etc. into account. Then when agreed recommend that.
I am not sure of the law, however, I am sure that Mr Ogle and Mr Catterson can't just send out an RNS saying it is a good offer. They must surely have to back it up with an accountants report etc - and that must be truthful and show the true value. They must have to rely on the last statutory accounts and any trading uplift since then I am sure. Time will tell, but I expect the offer to be increased
Yes, think how much this has changed in just 3 days! - I am sure more news will come out next week and I'd expect the share price to rise again next week. Then an RNS from the board.
I don't think PJ needs to buy more at the moment. He can wait for the board to recommend we accept the 0.525p offer. I hope they reject it, I'm not so sure now. But if the mandatory offer is not accepted then, and if he wants to take over, he needs to buy more, new offer.....and so on. Oh dear, looking to see if I can get my money back somewhere else....added SNRP to my list.....I hope that birdie is more reliable than XPS.
I am not sure of the law, however, I am sure that Mr Ogle and Mr Catterson can't just send out an RNS saying it is a good offer. They must surely have to back it up with an accountants report etc - and that must be truthful and show the true value. They must have to rely on the last statutory accounts and any trading uplift since then I am sure. Time will tell, but I expect the offer to be increased.
I agree and we have been totally shafted. Maybe if Mr Catterson, Ogle etc had a larger holding this might have played differently. I would suggest PJ knew what he was planning from the start. Still expect 1p exit price.Off topic take a look at SNRP a little birdie tells me some big news due next week.
The truth about the board is that they have failed to deliver over the last two years and they will do what peter jones tells them anyway.remember late last year that there were no plans to sell.the very fact that they said that shows something was up. Even when dcdan spoke to them in December it was all building for the future blah,blah,blah. Prepared to be shafted here!
If PJ has picked up those shares he has to offer 0.61. Very little downside from current price
I hate to say it, it's hard to believe, but it's starting to look like the board will recommend that shareholders accept the PJ offer..... Any other thoughts anybody?
And the 44m is surely Medical Debenture Investments. I wonder what Threadneedle Asset Management Ltd are going to do.......
The 48,946,109 share sell must surely be L&G meaning they are completely out.
Watching from the sidelines this is very interesting. Large investor obviously doesn't want a part of this and has bailed. XPS has never had such an interesting week !
In these reports it keeps saying it will cost him £6m but the actual requirement is: for him to make a mandatory offer for the entire issued and to be issued share capital of EXPANSYS (other than those EXPANSYS Shares already owned by him (the "Mandatory Offer"). Since he only needs to pay for 47% (already owning 53%) it will only cost him additionally £2.86m, if the offer at 0.525p/share goes through, for him to then own the company outright.