Member Info for Fourprinces

Made £180k on WRN. Same again would be nice.

All locked in for two years

Shares in the cash shell behind Sir Martin Sorrell’s new vehicle rose almost 50 per cent at one point after they started trading yesterday afternoon, highlighting concerns that the market for its shares would be volatile before a planned reverse takeover.

The UK Listing Authority is understood to have initially blocked the relisting of Derriston Capital — whose shares were suspended in May when the reverse takeover was announced — because of concerns that there would be a false market. This is because the share capital of Derriston will represent less than 1 per cent of the enlarged group once a reverse takeover by Sir Martin’s S4 Capital is completed.

However, in an abrupt change, the authority lifted the suspension of trading yesterday afternoon.

Investors sent Derriston’s shares up sharply. They closed up 4½p, or 40 per cent, at 16p. More than 8 million of the 25 million shares in issue in Derriston have already been traded.

Sir Martin, 73, turned WPP from a wire basket maker into the world’s biggest advertising and marketing company over 30 years in charge. He left WPP in April after an investigation into his personal conduct. He denies any wrongdoing.

He is using Derriston to build his “next generation” advertising company. Derriston is due to seek shareholder approval on September 27 for the reverse takeover of S4 Capital, the vehicle for the new advertising venture.

In a statement yesterday, shortly before the suspension was lifted, Derriston warned there “can be no guarantee that the outstanding conditions” on the acquisition will be satisfied.

Sir Martin has put £40 million into S4 Capital and raised £11 million from fund managers.

The UKLA declined to comment.

10 to 1 just applies to director shares I think

Page 157

https://www.derristoncapital.co.uk/S4-Capital-Prospectus-FINAL-Clean.pdf

He’s looking for 100%

He’s spent over £22m in cash. Just let that sink in.

There'll be more TR1s today.

He’s been buying from over 12

Since 2017 Miles has picked up over 35m ordinary shares and over 60m shares via Argento.

Good post. Ramble away.

https://www.investegate.co.uk/obtala-limited--obt-/rns/director-pdmr-shareholding/201809120913215325A/

6m just gone through

Fair enough. Bye.

Whatever’s going to happen is going to happen at 15-20

would tend to agree - veering towards taking it private IMO. Expect a steady stream of TR1s here and then it's off to the races.

And why ;)

Miles I think

"thumbs up emoji"

Piri’s shares in eco now worth circa 4p of value to Piri. 3.125m eco shares £1.4m at today’s eco price. Piri market cap £900k.