BOTB.L Share Price (BOTB)

Hi everyone,

Can you please advise? I don't want to accept the offer of Globe as it is below what I think my shares are worth. I asked my broker to send me the share certificate so I can sell my shares further down the line, when I feel that the share price better reflects the value of BOTB. The broker accepted my request but then called me later to "inform" me that I may not be able to sell the shares further down the line, or that it may be at much worse conditions.

So, just trying to brainstorm here, what happens when I reject the offer by Globe; I get the share certificate: I own part of the company: there is no way they can make me sell unless I wanted to and I should be entitled to any future dividends etc...I am thinking right or did I get it all wrong?

Hi guys, anyone got an update as to what is going on? Or can help me in laymans terms (ha-ha)

Just got a message from HL saying this....

"As you will be aware, Globe Invest Limited has made an offer to buy Best of the Best plc for 535p per share. The deadline for acceptance has been extended. If you have already given an instruction to accept the offer, you can disregard this message.

Following our previous correspondence, Globe Invest Limited has announced that they have acquired approximately 96.7% of Best of the Best’s issued share capital. Globe Invest Limited has confirmed its intention to compulsorily acquire any remaining shares not submitted for acceptance. If you’ve not accepted the takeover offer, we’ll automatically try to accept the offer for you, so you receive the cash as soon as possible. If the offer has been closed at this point you’ll receive the cash when the compulsory acquisition has been completed instead.

The offer is still open for acceptance – Act by noon on Tuesday 29 August 2023

The easiest way to take part is on our website. We can’t accept instructions by post or the HL App.

Log in online

Select your Lifetime ISA.

Click the dark-blue icon to the right of your shares and follow the steps.

If you accept the offer, the cash will be credited to your account within 14 days following the acceptance deadline.

If you don’t want to accept the offer, you don’t need to do anything right now. Please be reminded that Best of the Best shares are due to be delisted from trading on the Alternative Investment Market (AIM) with effect from 24 August 2023.

If you wish to sell your holding before the proposed listing cancellation you must do so before the end of the day on Wednesday 23 August 2023. The trade will be placed in accordance with our terms and conditions and subject to the standard Stockbrokers commission rates. To sell these shares please phone us on 0117 980 9800. Please note that if the cash consideration of a sale does not exceed the commission payable then the sale will not be executed. Please note that although Hargreaves Lansdown will endeavour to sell your shares it may not be possible to sell all, or even any, of your shares if a market for the shares no longer exists.

If you wish to maintain your holding you need take no action. You should note that following the cancellation you may have difficulty selling this investment at a reasonable price and, in some circumstances, it may be impossible to sell it at any price."

Cheers all.

20th Jun 2023 2:16 pm RNS Recommended Cash Offer for Best of the Best plc

"... The Independent BOTB Directors intend to unanimously recommend that BOTB Shareholders accept the Offer, as they and their connected parties have irrevocably undertaken to do in respect of their own BOTB Shares (totalling in aggregate 1,585,506 BOTB Shares, representing, approximately 18.95 per cent. of the share capital of BOTB in issue as at the Latest Practicable Date) and 79,352 BOTB Share Options expected to be exercised following this Announcement. ...

View of the Company's independent financial adviser with regard to the financial terms of the Offer

The Independent BOTB Directors accept the advice of finnCap who have advised as to the financial terms of the Offer. finnCap has on balance determined that, in their opinion, the financial terms of the Offer are not fair and reasonable. In providing this advice to the Independent BOTB Directors, finnCap has taken into account the commercial assessments of the BOTB Board.

finnCap has observed in this respect that the Offer Price represents (i) a discount to the volume-weighted average price of a BOTB Share over near-term time periods which it believes to be most typically reviewed (being thirty, sixty and ninety days) to assess the Offer price against; (ii) implies a lower range of multiples of revenue and earnings than that of companies and transactions identified as being broadly comparable to BOTB and the Offer (whilst recognising that there is a very limited pool of directly comparable and relevant companies and transactions); (iii) carries no conventional premium to the near term share price for obtaining control of a public company; and (iv) does not fully recognise the value that could potentially be generated should the Company's strategy (including the benefits of the GIL partnership) be successfully executed and delivered as currently anticipated.

finnCap note that the Offer represents a liquidity opportunity to all BOTB Shareholders to sell their BOTB Shares with a level of certainty that has not otherwise been widely or obviously available, and may not be possible on the same or better terms in the future (if at all).

finnCap remind BOTB Shareholders to carefully consider the views and recommendation of the Independent BOTB Directors set out in this paragraph 6, including other non-financial and longer-term factors and drivers that they have considered. ..."

https://www.lse.co.uk/rns/BOTB/recommended-cash-offer-for-best-of-the-best-plc-cmy941nvo3cfrw4.html

So the Independent BOTB Directors unanimously recommend that BOTB Shareholders accept the Offer, while at the same time accepting the advice of finnCap that, in their opinion, the financial terms of the Offer are not fair and reasonable.

In effect the directors are saying that shareholders should accept being ripped off, because the alternative would be worse.

Although I do not want to take this offer I believe there is no choice or risk getting stuck in an unlisted company however I think this will reach 90% so like it or not you will be bought out.

Once this takeover was announced I bought some more shares at £5.25 hoping for a bit of a fight and a better offer but at worst make 10p per share as it was obvious he would get over 50%, tried to buy some more after the 29th June announcement but gone up to £5.28, will pick up a few more if falls back to £5.25.

Update on Mandatory Offer: https://www.lse.co.uk/rns/BOTB/update-on-recommended-final-mandatory-cash-offer-zev1q4qob70o6l4.html

Too late for a competitor bid?

What's everyone doing? I've let a few shares go with the obvious impact of the spread.