Member Info for BIGBangs

I read the response differently E-AL. I my view the RNS simply states they have received a requisition and if valid they will act on it within the rules. My own view is they are taking advise which would appear to be backed up by the paragraph,
‘The Company is consulting with its regulators and its advisors about the implications of the notification and the appropriate next steps.‘

In any event we will find out soon enough.

I agree expru, they will not. For what it’s worth and we are all holding to find out, I expect either an alternative bid once JB gets to zero as he has contracted himself to do or JB will have to buy 5% again before he can call the vote - either way should be good for shareholders. At the risk of being called disloyal it is a mistake for JB to suggest that he will not buy any shares before the vote as that severely limits hIs likelihood of winning - any other acquirer in the history of the market has taken a position before they asked shareholders to vote - I believe it unfortunate that JB is trying to do it the opposite way around.

Hi expru, the AGM will not include any of JB’s proposals. I still believe that the BoD will reject JB’s requisition as at the time they would be required to call a vote ie 17th JB will hold no shares and therefore be ineligible to requisition a meeting - JB may argue that at the time he made the request he did hold the shares but if BoD disagree then he would have to take AMGO to high court - back where he started. If I am wrong then BoD will call a vote 14days from 17th - 1st October.

I was in the process of relying that you were wrong piohc but actually you are quite right - I applied 1% to the total and did not then multiply by 1p - apologies. £47.5k is much less of a big deal but I still would rather not pay it.

Yes Jimmy but even JB does not want to pay more than he has to - it has cost him a fortune to get himself into this position and to specify any figure will move the market, every 1p more he has to pay puts the price up by £4,750,000 per 1% so perhaps finally he is playing his cards a little closer to his chest.

I’ll be happy with the ‘huge spikes’ thank you.

With respect Jimmy I no longer tend to follow this board daily and so I do not have a feel for the general thrust of your posts and frankly cannot be bothered to read back but when as magmanus reports JB posted,
''This does not stop me buying at that time, or later, at a higher price if no one is willing to sell for 20p''
I read that as a crystal clear statement that he is willing to pay more as required but for once is not committing himself to a price that may quickly come back to bite him.

Hi FB - putting my reservations aside and assuming that JB’s proposal did go to a vote and he did win he has confirmed by twitter that he will give an irrevocable undertaking to his broker to buy up to 29% at any price up to 20p. He has also confirmed, again via twitter that it is the 29% that is more important to him than the price he pays. He has not stated he will restrict his broker to buying 1% per day so in my view his broker would enter the market on day 1 and try and buy as many as they could -assuming of course at that point that the SP was below 20p which if the vote had been won by JB I sincerely doubt. By that I mean on JB securing and winning a vote the SP would almost certainly be at or around 20p immediately meaning that if JB wanted to but 29% and we believe that he will then he will have to pay more, probably considerably more - if not it would rise to 20p very quickly. Bearing in mind that he believed his 60% was effectively useless (uninvestable) as he could not vote or was at least considerably restricted then he will see holding a controlling 29% as worth much more that his old higher holding.

I have been watching for a while and decided to take a position today. I was attracted by the fundamentals, the £45m tax rebate and influenced by the recovery in 2009 as so ably reported by ragnorlothbrok. You may be interested that I had to pay over the ask other than the odd 10k, I had to buy in market size bites of 5000 - bodes well I suppose. ATB

With respect iknownuffin I find you comments quite insulting - I have been invested here foe a lot longer than you and I am willing to bet I have a lot more shares than you. If this bulletin board has become so closed that even a supporter with a large number of shares who incidentally has 30 years experience investing then I think I will leave you all to it.

Respectfully Mark, I still support JB but it is obvious that he does not know what he is doing and that is why it has cost him as much as it will do to reclaim control of his company. He has admitted that he did not think his irrevocable undertaking would come into effect - perhaps that it why it was such a crazy thing to do. I’m really sorry to be a dissenting voice and many of you will know I have over 3million shares a pittance compared to JB but a lot more than many commentators here. JB passion and Ego make him a maverick who does not take proper advice and that is why we are here. This has cost him many millions but providing nothing else crazy happens and JB does prize control back by buying up shares we will all do very well. We will know what’s happening in the next week. ATB

Just read JB’s tweets - honestly you could not make this up. Will someone that uses twitter please advise JB that when he issues the notice to call a vote (EGM) he either needs to do so with another party that has more than 5% or his notice will lapse once he falls below 5% and he will have to start all over again when he builds back to 5% from zero - Roger will be looking for this. Alternatively, and I would strongly recommend this to him, if he is intent on repurchasing shares then immediately he reaches 10%, removing the shareholder agreement and assuming that RB have to sell to zero he sells his entire holding to another company or to himself and that entity is the one that calls for the vote - RG can buy back after he has confirmed that his irrevocable instruction has been satisfied, I am hoping he left himself the option to sell more than 1% per day - if it didn’t then he will need to buy the 1% each day until he achieves 5% and can then call the EGM.

Don’t disagree Cloudy, I’m adding fairly regularly here and will continue whilst the SP remains so low. As soon as news lands we will all be very happy. ATB

It would certainly not be unheard of for an interested party to drive the price lower before making a bid - the small US listing would make this fairly easy to do. From a procedural point of view then if the bid had BoD support then it is a simple 51% majority vote otherwise a hostile takeover and require 75% shareholder support ( need to check %). In either event nothing will happen without GC’s support as he certainly has effective control.

Simply because nothing has changed from the position we were in before JB’s proposal was made public. JB will be selling until Friday then he will be buying, buying, buying - if the board react positively then he can buy up debt, if they do not he will buy shares. Switching from his constant selling to constant buying can only benefit the SP, Monday or Friday the rise will come.

Cont.

from the start then momentum will take hold and the SP will rise. I do not expect much from the company on Monday, they can’t be seen to be bullied by a 14% shareholder who is committed to selling down his holding to zero but come Friday and JB starts buying, which I believe he will then the SP is going up, I would have much preferred that he was buying up and then converting debt but either way he will not be put off and has the money to take back significant control. ATB.

Senator does not punt - well I do, I research look and listen and form a view that I then back up. Surely if you are not prepared to take a risk you will eventually end up with your money in a deposit account. All share carry risk the job is to determine when the market has over reacted or to realise there are unqualified circumstances surrounding the share. This has fallen so far directly because of the totally unprecedented actions of JB - before he became so vocally involved this share was trading at over 70p - the more he spoke out about the inadequacies of the BoD the more the SP fell, he then decided to sell 1% per day sending the SP into a tail spin. We know his reasoning, but he did use a sledge hammer to crack a nut and I really don’t believe he took professional advice because if he had he could have done things much differently. He states that the BoD tricked him into becoming an insider and that is why he entered into an irrevocable undertaking - sorry but with proper advice he could have handled this better and at the very least worded his undertaking in such a way that gave him various exits and stopped as soon as he was below 10% and the shareholders agreement fell away. Having stated all of that JB effectively decided to transfer a very large proportion of his wealth to us, he gave us the opportunity to buy massive numbers of shares at well below their market value and hoped that we would then support him with his quest to seize back control of the company. He gives great detail on how he sees the future, you either believe in him or you don’t - it is correct that the regulators will not make his journey easy, neither should they, but does anyone believe that JB thinks he is in for an easy ride? It is also correct that established U.K. funds will be wary of getting involved but surely that was already the case and JB’s deep pockets are certainly an advantage that you have to fully consider - I believe AMGO can depend on JB reorganising the company’s finances either directly or with like minded entrepreneurial investors that can see the end game clearly. JB has certainly not done everything right or anything the easy way, I would like him to find a firm of financial advisors that he can trust and work with them otherwise he will make the journey much harder than it need be but he has shown a passion and determination that is the hallmark of the unicorn that he undoubtedly is. If JB has not so openly criticised the board and acted more in the background the SP would still be 70p plus today, as it could easily have been and JB now came out of the shadows with his proposal then the same voices that now talk of the SP crashing would be warning us of 40p, 30p even god forbid 20p. I do not know what will happen on Monday, if buyers try to be clever and wait for a lower SP then things could turn very sour, at least for a while, but if people actually believe all that they have posted over the weekend and show confidence by buying cont.

Totally agree Manifesto I am just hoping we get the COPD results next week then everything should fall into place.

Senator that was a balanced appraisal, thank you. Although we may hope for different outcomes as we appear to be on opposite sides of the same coin at least we can both agree that whatever happens next there is a lot of value in AMGO and certainly a lot more than the current SP represent. ATB

Ok had a little more time to think about this. The announcement itself is just another attempt by JB to get everything out there, you could argue it was fairly pointless, interesting, passionate, positive but pointless. Nothing has changed we still have a very determined well healed investor who knows the business inside out basically putting his cards on the table to give the BoD an opportunity to react. They may or may not, he has not made it easy, employment laws exist and cannot be ignored. Restructuring the company is certainly a possibility and we now know exactly how JB sees things developing. But again nothing has changed - RG are selling down to below 10% so that the shareholders agreement is cancelled they then intend to call an EGM to remove certain Directors and appoint JB - nothing has changed. I anticipate that in order to have influence JB will want to acquire at least 25.1% of the company - he will do that through the market. We may have a wobble on Monday as I believe people were expecting more tonight but that will be short lived as people realise that nothing has changed and JB will want/need to rebuild a stake. Now relax and remember nothing has changed. Have to type quickly as iPad keeps glitching. ATB