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I think so looks like BSG are hungry for cheap property. It means RTY will remain a tradeable portion of a much much bigger company. Fabian, RTY and DLD plus others. Whoever, bought the shares will have to announce it by 3.30pm on Monday. It was a bit close to the deadline today.
Read the offer again. It is for a minimum of 50% not the whole 100%, refinancing under Black Sea and possibly acquiring further properties in the future. Equity-issue is also a further possiblity.
Fair enough I'll hold the shares and see what happens. If we are lucky next week a white knight might come and rescue us.
Does his comment regarding those that still want to be invested means that we don't have to sell and that he'll pay off a chunk of the debt for those remaining?
Patience, I reckon this time next week it will kick off. Look at my big boy tally post. Since the last time it went up 639K have been bought by institutions that tells me they are confident about the outcome sells have been small from them but buys have been bigger. If it was difficult to buy them before it will be harder next time this rises.
Castellain did sell 100K at 11p and then bought 250K at 8p and 250K at 7p or lower. Looks like they took advantage of the price to me. I think there is one week to go but I don't know if the time limit is weekdays only or whether weekends are included. Looks like we will just get a posting of offer document at or just before the 60 day limit.
Buys 850K Castellain and Weiss, Sells 211K Brewin, Rathbone and Castellain. Net is 639K in favour of buys. They think something is going on.
I noticed that as well. In the past month they increased by 0.5m their stake. Also cross reference the buys and sells on here. The 2 x 100 buys from Castellain were recorded as sells. I need time but I think overall big boys have increased their stakes during the last couple of months or so and who bought the 1m uncrosser?
http://www.iii.co.uk/investment/detail/?display=news&code=cotn:RTY.L&action=article&articleid=7360369 250K uncrosser was their purchase
PLUS Markets is an alternative to the London Stock Exchange for trading shares. Some companies use both markets for trading on. It runs at the same time as the LSE as a competitor. Your broker may have bought them there if they could get them on through the LSE.
Are you sure that your buy didn't go through the PLUS market? In which case it wouldn't have shown on here.
I'm sure we should hear more from Black Sea Global any day. Assuming the clock runs weekends but not bank holidays. Friday was the last day of posting updated financial details of RTY and today should be the last day that Black Sea Global can amend the offer prior to the posting of the offer document in 2 weeks. Good Luck All
You should buy long and sell short. I'm happy with RTY long-term as their debt issues are not against the company but against specific developments. Also I believe that if big trouble does come their way Rutley Capital or Knight Frank will step in and assist but with a second buy back trouble is unlikely. You have the option to take or refuse the buy back when it is offered. However, the NAV should increase by maybe another 10% and the 52-week high which is at 66p could potentially at present rise to 80p due to fewer shares on circulation whereas some other companies won't reach thier 52-week high again due to share dilutions for debt repayments which have reduced the NAV. Potentially there could be further buy backs in Dec and June next year if required which could potentially take the NAV to over £1 not including the increase in property values as the market recovers. This is always assuming that none of the offers from Black Sea or the other 6 bidders succeeds. Which is highly unlikely.
Patience, if the link below is any indication it could be end of next week we hear. I think because we have a named party - Black Sea Global the timetable is 60 days to the posting of the Offer Document. If we had no name then 30 days for the party to come forward and name themselves. Look at the previous link and in particular the RNS for the Possible Offer on 17th Feb and the Rule 2.5 on the 31 Mar. I think this has a parallel to this company.
http://www.investegate.co.uk/Index.aspx?searchtype=3&words=rav&Go=%3CSPAN+class%3DbuttonLeft%3E%3CSPAN+class%3DbuttonRight%3Esearch%3C%2FSPAN%3E%3C%2FSPAN%3E the laptop posted before I was ready
Looks like it no RNSs from big boys. Have a look at the timings Raven Mount and Raven Russia.
Sorry, I think the sp could be decided on the sp on 30/6/09 as AGM is 15/06/09. However, I understand correctly since Black Sea Global have actually named themselves then the takeover bid has a 60-day limit to post the offer document not 30 as we have predicted.
Buyback would be calculated on the sp of the last day of the month prior to the announcement.. The last buyback was announced on 5/2/09 at 3p the close price on 30/1/09. So I would guess if no takeover happened and RTY are sensibly providing for that then it would be the price at the close of 31/05/09 or 30/06/09 depending in when the AGM is.
There are two options 1, Take the buyback and get the money refunded into your brokers account. 2, don't take the money and gain proportionally relative to the shrinkage of the pool. The reduced shares in issue will also increase the Net Asset Value(NAV) per share by reducing the number of shares. Also when the market recovers and people want to invest again the reduced pot and increased NAV will increase the sp above the 52-week high. This is unlike some of other companies out there which are diluting their shares with Rights Issue, Open Offers and Private Placements who won't reach their 52-week highs Gartspear, If they do try a fast-one as you say then either Rutley Capital Partners who currently own them or Fank Knight who currently own Rutley Capital Partners will cut off some directors dangly bits.
Res 5 does mean another buyback. So if the company are not sold and the dividend policy is retained in Dec and possibly in Jun next year. When the sp recovers it will be a lot higher than the 52-week high.