Member Info for Jinny122

D day is well into Q1 2020 - check the timeline in the last update, aim is to have it all wrapped up before 1 March 2020. The deciding eventbis the court approval. Rival bidders may possibly choose to wait for release of H1 results (assumed for next week) and the outcome of the shareholder vote if they want to do anything.

Not if a third party goes public with a higher bid before any admin process. How can the administrations then argue they've maximised proceeds of sale for ALL creditors if they sell for lower price. The business appears more than viable.

Thankfully the hedge fund's 29.9% holding is excluded and cant be voted. They need 75% approval from the shares they dont already own. At the last update they had around mid-40% and those pledges are structured so that they automatically lapse if a higher bid emerged - smart move by the supporters.

It was just to prove that Olayan has had historic interest in buying the company as part of a consortium for £850m/£900m. Olayan group are huge investors with several billions to play with and own around 12% of CPR and have done for 15 years and took up their full rights in the fund raising. Key thing is that they have not pledged support for the 5p offer

If Cohen sold to the new investor last week, then it makes no sense to dump 0.9% at near historic lows a week later. Brexit about to be resolved and a new majority gov incoming are reasons to hold. So today's reduction rns looks more like a strategic move more than anything else. Question is what is the strategy ?

https://www.scotsman.com/business/companies/retail/bank-considers-joint-bid-of-163-900m-with-consortium-for-carpetright-1-908423

I wonder what will happen if the bid is rejected, as the current offer is woeful. I can see that Olayan has not consented to it yet from the info we have. Olayan supported the 2007 takeover attempt at £850m and have held the stock for more than 15 years - I doubt they'll find 5p anything but woeful.

October 2007 half year results: Net debt £41m, Sales £250m, profit £27m. There was an £850m takeover bid for the equity put in on this basis and citing tough market conditions.

October 2019 half year: Net debt £27m (much lower than 2007), sales tbc and profit tbc (but expected positive after rent reductions and £19m cost savings). But the business is being sold for £15m equity value (less than 2% of the 2007 bid price).

Can anyone explain this phenomenon???