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IN BRIEF: CFE Abandons Cash Offer For CIP Merchant Capital

Mon, 22nd Feb 2021 11:22

CIP Merchant Capital Ltd - AIM-listed closed-ended investment company incorporated in Guernsey - Says Corp Financiere Europeenne SA confirms it is not intending to make an offer for the company, having previously announced a possible 50 pence per share all-cash offer. CIP has already turned down the offer, having previously called it "opportunistic". CFE says it will continue seeking to engage with CIP's board, as its largest shareholder with an approximately 16% stake.

"CFE continues to consider that the principal benefits CIP and its shareholders should expect from its shares being publicly traded including, access to capital and liquidity for shareholders, are not being achieved and the costs of maintaining CIP's public quote are a drain on CIP's resources," says CFE.

Current stock price: 56.0 pence

Year-to-date change: up 11%

By Anna Farley; annafarley@alliancenews.com

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9 May 2022 11:13

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9 May 2022 10:32

IN BRIEF: CIP Merchant shares to be cancelled in June after buyout

CIP Merchant Capital Ltd - Guernsey-based investment company - Applies for the cancellation of admission to trading on AIM. Explains that its takeover offer from Corporation Financiere Europeenne SA has become unconditional and that the Luxembourg-based wealth management firm has received valid acceptances of over 48.0 million ordinary shares in CIP's share capital, representing a 75% stake. Confirms that it has agreed with AIM for the cancellation to occur on June 8.

13 Apr 2022 21:59

TRADING UPDATES: Sureserve gets new CFO; Sareum notes GSK buys Sierra

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

1 Apr 2022 12:24

IN BRIEF: CFE offer for CIP unconditional but board still opposes

CIP Merchant Capital Ltd - Guernsey-based investment company - Corporation Financiere Europeenne SA declares takeover offer for CIP wholly unconditional in all respects as it owns or has acceptances for 53.6% of CIP's shares, exceeding the offer condition of 50%. The CIP board on Friday continues to recommend shareholders reject the offer, saying the 60 pence per share on offer undervalues the company's investment portfolio. Notes the 53.6% of shares controlled by CFE is not sufficient for CFE to unilaterally seek cancellation of the shares from AIM. CFE on Thursday said that if it reaches 75% acceptances for its offer, it will ask for CIP Merchant Capital shares to be delisted. Once it reaches 90%, it will pursue a compulsory acquisition of remaining shares. The offer remains open until April 15.

31 Mar 2022 14:51

IN BRIEF: CFE offer for CIP Merchant Capital reaches 54% acceptances

CIP Merchant Capital Ltd - Guernsey-based investment company - Corporation Financiere Europeenne SA says it is on the verge of owning or receiving offer acceptances for 53.9% of CIP Merchant Capital's shares. CFE's takeover offer is expected to become unconditional on Thursday, as it had a 50% acceptance condition. CIP Merchant Capital earlier in March had labelled the bid as "hostile". It said the 60 pence per share offer, worth GBP33 million in total, was "similarly unattractive" to a previous 55p tilt. CFE had said its 60p offer was final, and it had an acceptance deadline of Friday. CFE says that if it reaches 75% acceptances for its offer, it will ask for CIP Merchant Capital shares to be delisted from AIM. Once it reaches 90%, it will pursue a compulsory acquisition of remaining shares.

31 Mar 2022 07:03

LONDON MARKET PRE-OPEN: Brewin Dolphin agrees to be bought by RBC

(Alliance News) - Stock prices in London were seen opening slightly lower on Thursday, with positive UK economic figures set against doused hopes of progress on a peace deal between Ukraine and Russia.

16 Mar 2022 17:05

UPDATE: CIP Merchant rejects latest "unattractive" CFE takeover bid

CIP Merchant Capital Ltd - Guernsey-based investment company - Says latest "hostile" offer by Corporation Financiere Europeenne SA still undervalues company. CIP says: "The board, having consulted with Strand Hanson as to the financial terms of the final offer, continues to believe that the final offer still undervalues CIP and its future prospects. Accordingly, the directors unanimously recommend that shareholders reject the final offer." Company also notes that at 1.3%, current acceptances level for CFE offer is low, demonstrating the new offer is "similarly unattractive". CFE lifted its takeover offer by 9.1% to 60 pence per share from 55p. It said the cash offer, worth GBP33.0 million in total, is final. CIP has a GBP33.3 million market capitalisation.

16 Mar 2022 13:42

IN BRIEF: CFE raises takeover offer for CIP Merchant Capital by 9%

CIP Merchant Capital Ltd - Guernsey-based investment company - Corporation Financiere Europeenne SA raises takeover offer by 9.1% to 60 pence per share from 55p. Says cash offer, worth GBP33.0 million in total, is final. CFE says it raised its offer despite a 16% fall in the FTSE AIM All-Share index since January 13, the day before it made its first offer. CFE, a provider of trade finance and corporate advisory services, either owns or has acceptances for its offer for 36.5% of CIP shares. Long-stop date for offer is April 1. The board of CIP had rejected the 55p offer, saying it was "hostile" and undervalued the company.

4 Mar 2022 20:53

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CIP.L Share News (CIP)

IN BRIEF: CFE Abandons Cash Offer For CIP Merchant Capital

AIM WINNERS & LOSERS: Ideagen accepts offer; Ncondezi sees potential

IN BRIEF: CIP Merchant shares to be cancelled in June after buyout

TRADING UPDATES: Sureserve gets new CFO; Sareum notes GSK buys Sierra

IN BRIEF: CFE offer for CIP unconditional but board still opposes

IN BRIEF: CFE offer for CIP Merchant Capital reaches 54% acceptances

LONDON MARKET PRE-OPEN: Brewin Dolphin agrees to be bought by RBC

UPDATE: CIP Merchant rejects latest "unattractive" CFE takeover bid

IN BRIEF: CFE raises takeover offer for CIP Merchant Capital by 9%

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IN BRIEF: CIP Merchant urges shareholders not to act on CFE cash offer

IN BRIEF: CIP Merchant Capital invests GBP2.1 million into Time Out

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CIP Merchant Capital receives GBP30 million takeover bid from CFE

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