Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Not a bad idea but are you sure the banks would lend a group of internet users the cash?
me too, I have a feeling it isn't all done here. Big boys are holding on to their shares still so I see no reason to sel up.
What are institutions holding for? Only one has sold out
It means another buyback of shares as happened in earlier this year. In time we'll get another RNS saying how much they will be buyback and how much it will be. Could be another 10% leaving around 189m BSG would need to have 89.5m minimum for their offer.
I don't think anyone sold them further down the RNS it is given that the 5m was a CFD Long
3.30pm on the day of notification
Thanks, I tried earlier and nothing. Thought it could have been IE8 I'll have another read of the RNS later on investegate. I'm considering whether to top up or not and hold. If BSG don't get the 50% they may up the offer or a counter offer my come in on early next week. The holdings in company will give us a better picture. I also want to know were 18.5m shares came from.
They can't force you to sell and they don't want to. They are looking for 50% not 100%. As for holding, I see there is big benefit from refinancing plus I don't think BSG are fininshed with acquistions yet. RTY could be the tradeable portion of a much larger company. Debts will be reduced so NAV will increase. Risk will be lowered as debts will be paid off and breaches of SPV will be cancelled out. In the longer term property prices will rise again and so will both profits and NAV. Looks like dividends could be back in Dec 09 as well.
I'm not sure how these rules would apply to a partial takeover. Since BSG are only looking to buy 50% of the company. It is more a debt for equity swap thing. BSG buys 50% of RTY cheap and refinances them to clear the LTV which are in breach of covenant and possibly adds a few buildings in the future.
Weather here is clear blue skies, bright sunshine and light breeze. I'm going to take the dog for a walk a little bit later. It's perfect weather.
http://en.wikipedia.org/wiki/Takeover look at the section on the Mechanics in the UK. The last two points in particular.
Yes, under takeover rules above 90% is unconditional. I think next week we should hear more if we have another offer the clock will start again. Now BSG have put the money on the table and the clock is running at 54 or 55 days now anyone else needs show their hand now or to walk away
I am BanditPK on iii. It is funny how they are sounding if they are trying to do us a favour but remember you don't have to take the offer. It sounds as if they are doing us a favour whether we sell or hold. An open-ended offer and refinancing etc. As well as the talk about BSG and their ambitions with RTY tagging along for the ride. Acquistions in the future etc. Bit of a hard sell if you ask me.
See what happens on Monday but I think it is multiple buyers rather than a single buyer buying lots. East Europeans can be viscious businessman though. I live in Slovakia so I have had plenty of dealings with them.
Some company or companies see a big upside whatever the result. Who spends nearly 400,000 quid to buy over offer priced shares? The loss would be 14% straight off the bat. Most of the big buyers are probably holding at a lot more than that as well.
See what happens on Early next week. It could get lively again.
Rutley are still on the takeover panel list. So anyone holding more than 1% of the company has to RTY, who has to notify by RNS by 3.30pm on the day of notification. We should here on Monday since 2 of the trades were over 2% of the company. It isn't Black Sea buying up director shares there are only 2 directors and other offers in the wings. Directors dealings would have to be notified. Why would Black Sea buy at 7p on the day of the offer at 6p? Makes no sense to me, especially if they are going to refinance for 50% holding rather than 100% takeover. I checked briefly through RNSs since 30/3/09 and big biys were already holding millions of shares before probably at a lot more than 6p so do you think they will take the offer?
My head is up my prdela as well on this one but I don't see much sense in BSG buying 10% at 7p unless. 1) they are scared the offer won't be taken to 50% and are grabbing what they can now. 2) They will offer a lot more in the future if another bidder steps in the next couple of days. 3) They know another bidder is going to offer a huge wad more and what a big slice of the action. It could also be some other party moving in to make an offer. A counter-offer would need to be made by Wednesday or Thursday through. The 60-day clock runs out then.
Would BSG buy at 7p 10% on the day the offer 6p needing 50% I would assume that enough big boy buys went in at 2 -4p to allow the offer to proceed anyway.
No idea but wait until Monday. AGM and also the 5m buys will have to be declared. If it isn't BSG it is a move by another party.