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Post of the month!!!!
Offer period is "As defined in the City Code on Takeovers and Mergers, the offer period will commence when the first announcement is made of an offer or possible offer for a company, or when certain other announcements are made, such as an announcement that a purchaser is being sought for an interest in shares carrying"
This disclosure table is a "POTAM list of companies currently in offer period" https://www.londonstockexchange.com/products-and-services/rns/regulatory/headline/shareandpot.htm
Close, but no cigar ;)
Well, no one thought this would ever go to 10p but it did, so who knows! But a £1 does seem a stretch from where we are. Has there ever been a company that has been taken over for a 400% premium?
No worries! I understand he’s a heavy hitter in the airline industry so I will take his word over any of the press articles we’ve read, as well as certain posters on this board who seem to dismiss the idea that these slots aren’t going to form a key part of any potential sale.
Note comments about importance of flybe's slot portfolio https://www.cnbc.com/video/2018/11/27/higher-fuel-prices-likely-to-impact-airline-earnings-in-next-quarters-analyst-says.html
This board has been utter horse sh#t. Can we start afresh tomorrow please?
The significance is either that merger/takeover arbitrage is not their investment mandate, or they have taken their profits and quite rightly so after the recent rise.
Ridiculous. Virgin wouldn't waste their time offering that amount as they know it would be rejected by shareholders.
Hi Sage, not having a dig, I am genuinely interested as to why you think IAG/Virgin aren't interested in Flybe for the LHR slots?
Hi BTFATH1 - agreed, as we get higher it does makes sense to sell down, but I'm with you all the way at current levels - plenty more legs in the SP.
I was thinking this also Hardy78, but then if we have three bidders, we are significantly de-risked from a big fall.
I don't think they have to report the holding instantly. I think they have maybe 2 days. Anybody know?
How long do they have to report their interest? I'm thinking its within a couple of days of the transaction? In theory, they could buy a sizeable chunk at a knock down price over a couple of days.
If these estimates are anywhere near correct, BA and Virgin are going to be fighting tooth and nail for Flybe.
I hope for your sake you are not short based on this terrible research. Not a nice Christmas present.
Starbright - the balance sheet is otherwise known as a statement of a company’s net worth!?
I think they do realize but they’re not theirs until they have flown on them for three years. They Cant put them on the balance sheet as there is too much uncertainty as to ownership, then there is the question as to how they are valued. I think this is the reason why there has been such a huge mismatch in the Flybe share, because software and research tools haven’t picked up on this valuable contingent off balance sheet asset. Only now are public investors picking up on this thanks to the media. I’m incredibly excited for tomorrow!!!
From a parliamentary report "The most valuable slots in the UK are at Heathrow Airport and capacity constraints have driven up the price that airlines are prepared to pay for slots on the secondary market. The value varies considerably by time of day, with an early morning slot pair reported to be worth around £15 million, falling to £10 million at midday and £5 million in the evening.Oman Air set a record by paying US$75 million for a pair of take-off and landing slots at Heathrow in early 2016"
In summary it is difficult to attribute a value to these slots and there are many variables, but I imagine the "well north of £100 million" figure is very conservative.
https://www.independent.co.uk/travel/virgin-atlantic-flybe-takeover-airlines-richard-branson-a8649831.html
Don’t think ive seen a mention of the value of the Heathrow slots in any press “well North of £100million”.
Blimey, IAG and Virgin head to head! Can’t quite believe this. Some of these crazy valuations being thrown around are now looking a bit conservative!! Well done all. Plenty more gossip to come from the Sunday papers and then it’s wallop time!
Anyone else watch channel 4 news just now? They had a report on Brexit which ended with a shot of a banner on a building saying "get the job done". And low and behold what zooms across the sky, one of our very own dash 8s!!!!! How Apt!