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Thank you DoubleD7, your affirmation of rejection to this offer is music to my ears, I urge others with the same mindset to come out of the woodwork and raise the profile of minority shareholder resistance. I have a gut feeling that FTO could be monitoring these chats from a past comment I read some days ago, I do not wish to elaborate on the foregoing as I may be way off the mark and completely wrong.
Thank you roger.ed it, is important that momentum is maintained to ensure that us minority shareholders get a fair deal from this lot.
Thanks once again Del44 for your insight; you have been quite remarkable with the quality of your contributions. Underneath, I am seething with anger at this takeover move and its associated offer; indeed if I let myself go I would probably be barred from this chat line, thus I have to restrain myself. I do hope that minority investors defy the FTO approach in its current form and remain resilient. It is no more than corporate mugging in my view.
I believe similar words were uttered by Margaret Thatcher to Ronald Regan during some international crisis point. I urge minority investors to dig there heels in and reject this offer. Granted the share price has been lack lustre, however providing their accounts are not creative and reflect the true financial position of FTO we are not discussing a company that is on its last legs. WE DESERVE BETTER!!! MY POSITION WITH RESPECT TO THIS COMPANY IS CASH RICH IF I ACCEPT 10p PER SHARE, HOWEVER I FEEL THAT I AM BEING EXPLOITED, THUS I AM DETERMINED TO MAKE A STAND.
Your 1% could be vital, it can be done given a meeting of the minds. Let us have a go to throw this disgusting proposition back in their lap(s) with all the strength we can muster. Thank you for your contribution.
This gives me some degree of comfort, as I hold a significant volume of shares and am singing from the same song sheet. Thank you for your response, it is most appreciated.
I do hope that the minority shareholders offer sustained resistance to this derisory offer. The quality of the FTO reporting on this chat line is extremely impressive with some very cogent persuasions as to why we should not accept the foregoing. I find the whole situation very disturbing: I just wish I was more forensic in these matters, unfortunately I do not have the skills to hand.
Thank you for your quick response Dell44; I would be telling lies if I said that I do not have any self interest in the situation, however I do feel for those that may have had their hands burnt in FTO, particularly when you consider the value of the company to what has been offered.
If one does not accept the offer and the necessary quota of acceptance is reached., can they acqire your shares on a compulsory basis at less than 10p per share? If not then surely it is worth taking a stand and try and hold out for more?
Providing I do not have to sell the family silver it would have my support. Let us not make life easy for these opportunists.
I totally agree calisto, however I am out of my depth on this type of action, perhaps some more learned/hardened investors out there could come up with an effective approach to achieving this aim. Bringing people together would be the answer but how?
My heart goes out to those that have been well and truly disadvantaged with this decision to purchase at 10p per share; however I will be glad to see the back of this company. Fortunately I will still come out with a healthy profit at 10p and will be delighted if the further 5p evolves. I have felt that the Sword of Damocles has been taken away; at the same time I have learnt a salutary lesson with respect to foreign owned shares from a country and culture that I do not know well.
Very interesting, how did you come across this? As time goes on more questions than answers appears to be the trend with this company; indeed I am not convinced of their commitment to transparency that was promised when changing from Premium to Standard listing on the LSE. I could sell tomorrow at the last quoted price and make a significant profit as I purchased the majority of the shares when the were a penny or two; however I am hanging on for some upturn and will be following their activities more closely.
Thank you for clarifying the listing status and the non-effect on pricing, I do wonder why the sole institutional investor pulled out shortly after this was announced.. The reasons for the listing change from the 2014 Interim statement is as follows (quote) "As a result of the FGIH Transaction and the change of status of the SPM joint venture, the Company was no longer able to maintain a Premium Listing on the London Stock Exchange"(unquote) The foregoing says a lot yet says nothing. Have you any idea what was the nature of the deals were that brought about this measure?
I believe that my recent comment on Premium to Standard listing may have a ring of truth in what I would call the wind of change. Institutions may think twice in investing in a company that has gone from Premium to Standard listing which entails less stringent requirements of both corporate governance and transparency, despite FTO assurances on the foregoing contained in the 2014 Interim Report. I have gone through my life with the adage "Never believe anything you hear and only half of what you see" In this day and age I question everything that is put before me. I am possibly a sad person.
Thank you Valdez for your response it is most appreciated, I hope they keep their word. I have held a significant volume of shares in FTO for quite some time without acquiring a more intimate knowledge of this company. From the chat I hear it is time to address the foregoing.
I stand to be corrected, however I believe it was Legal and General that pulled out after the announcement of the change in listing status. Somehow I just felt that something was going on that I did not understand. As I said earlier I may be way out and hope I am.
I do not know, can someone offer an answer?
I may be light years out on this however the wind of change for me was when FTO changed its listing status from Premium to Standard on the LSE. I believe the former requires higher standards of both corporate governance and transparency than does the latter which has to conform to EU minimum requirements that are lower. I refer to an LSE pdf (quote) " A Premium Listing means the company is expected to meet the UK’s highest standards of regulation and corporate governance – and as a consequence may enjoy a lower cost of capital through greater transparency and through building investor confidence." (unquote) Investor confidence from these chats appear to have been eroded. I am not a professional investor and cannot speak from a position of authority, perhaps I watch too many dramas?
Thanks to both of you for the feedback. Del44 - Are you a lot more comfortable today with these shares than you were yesterday?