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The following indicative timetable sets out expected dates for the implementation of the Scheme.
Event
Time and/or date (1)
Court Hearing to sanction the Scheme
8 March 2021
Last day of dealings in, and for registration of transfers of, and disablement in CREST of, AA Shares
8 March 2021
Election Return Time
6:00pm on 8 March 2021
Scheme Record Time
6:00pm on 8 March 2021
Suspension of listing of, and dealings in, AA Shares
7:30am on 9 March 2021
Effective Date of the Scheme
9 March 2021 (2)
De-listing of AA Shares
8:00am on 10 March 2021
Last date for despatch of cheques or settlement through CREST for cash consideration due under the Scheme and share certificates in respect of the Alternative Offer
Within 14 days of the Effective Date
Long Stop Date
30 June 2021 (3)
I invested in the name and this continues to be a winner. Was caught a little by surprise by the acquisition ( I understand the rationale), but a good performer. Surprised they are so generous to themselves with the compensation options going forward though.
Unless you elect to invest more money and elect for the shares, you will get cash. the default is cash. So if you haven't responded, you will get cash.
See all the short selling activity in this share.
Unless you elect to put in new money, you will get cash at 35p in the next couple of weeks
After the injection of equity of c. £260m, the refinancing of the B2 notes is in place. the replacement bond, which is less leveraged (after the equity injection) priced at 6.5% today (so 1% wider than what they were previously been charged).
I always thought there was more upside than 35p but this gives some credence to directors than refinancing would have been difficult without at a minimum a 1-for-1 rights issue
I am taking the Cash -
The problem with the Topco, you don't have any voting rights, and unlikely to be liquid. And there are limited rights etc attached to it.
But more importantly, if you take the Topco option - you will have to fund further cash into the structure. Check out the AAplc website and they outline the requirements. But big point to note is you need to put new money in.
Apologies Sparkle1
Apologies, I missed a filing. Albert Bridge have transferred the stake they controlled to the original fund investors. I can't see this getting a bump now. 14th January for the vote, 14-21 days later we get our money.
If they are a partner in the deal, it will have to be disclosed.
Sorry if I am missing something, but where does it say that ABC have sold it (they haven't)
If they pay 40p to one shareholder they will have to pay to all. I think it is unlikely to be honest. Think 35p is cheap but don't see enough dissenting voices.
On their website - voting documents out. and timetable
As described in the Scheme Document, to become effective the Scheme will require, amongst other things, the approval of AA Shareholders at the Court Meeting, the passing of the Special Resolution at the AA General Meeting and the subsequent sanction of the Court. The Scheme is also subject to the satisfaction or waiver of the Conditions and further terms that are set out in the Scheme Document.
Notices of the Court Meeting and the General Meeting, which will be held at Fanum House, Basing View, Basingstoke, Hampshire, RG21 4EA on 14 January 2021, are set out in the Scheme Document. The Court Meeting will commence at 11.00 a.m. and the General Meeting at 11.15 a.m. (or, if later, as soon as the Court Meeting has concluded or been adjourned).
In light of the Coronavirus (COVID-19) outbreak, AA Shareholders will not be able to attend the Court Meeting or the General Meeting in person. AA Shareholders are strongly encouraged to vote by appointing the Chair of each of the Court Meeting and the General Meeting as their proxy. The Chair of the relevant Meeting will vote in accordance with the voting instructions of the appointing AA Shareholder.
A conference call facility has been arranged to allow AA Shareholders, proxies (other than the Chair of each of the Meetings) and corporate representatives to listen to, and to ask questions in relation to, the business of the Court Meeting and the General Meeting.
I prefer it this way. Until there is an offer document out or Albert Bridge declare their intention, nothing to say or do.
it would be a kin to investing in a private company. The shares you get will be unlisted and very difficult to trade. The Private Equity owners are likely to have pre-emptive and drag along rights therefore before you can sell you have to allow them to buy at that price (they have the right, but not the obligation to buy) and will likely have the right to sell your shares if they are selling a majority of theirs (at the same price).
There is likely to be no reporting requirements beyond UK law (albeit Company is likely to continue reporting results for bondholders) very limited control on shareholder votes etc.
But the main thing you will also have is an obligation to fund your pro-rata share of the new capital - which will be greater than the cash component you are likely to receive.
A lot of this information is available on the AAplc website under investor relations
So announcement was made on the 25th November, they have a maximum of 28 days to co-ordinate the Scheme documents.
From there, a vote by shareholders needs at least 21 days notice
From there, need a court hearing date, which could be another further 10-14 days,
And day after court hearing, it is confirmed, they have a further 14 days they are obliged to pay out the shareholders.
So maximum 28 + 21 + 14+14 = 77 days. These are all calendar days. so 2-3months max. It can be shortened as the first step (28 days can easily be shortened, and usually is) but the other dates are difficult to change. So 50-75 days is the range (from 25th November)
We have to wait for the Scheme Document to be released, which should be forthcoming soon. Then, there will be a vote of shareholders 21 days later, and if approved by 75%, will require a judge to approve at a Scheme hearing. Then cash will flow. So minimum of a month time, could be longer.
Very surprised by the GoCompare purchase - But still like the name.
So you will be forced to sell, but you won't have tax liability if you bought them above £3. Only pay tax if you make a gain.
However, If your shares were gifted to you for free (via work scheme) then you will make a profit and will have to pay tax.
Only pay Capital Gains Tax - so no national insurance and no income tax. You have a separate CGT tax free allowance of £12,300 and pay CGT above this. So unless your value is above £12,300 don't worry about it.
I personally think you are better off with this taken private as an employee as the Bidco are injecting £378m to pay down debt
Anyone following this name. Starting to look at it, and optimistic about the prospects. But wondering if anyone else following
Chilliboots - Is that comment to me? Don't understand. I am long, I have always stated I am long. My point I was making the shares since the first announcement have been trading in relation to take over and not on fundamentals. I think if the potential bidders walk away this share price will drop.
But. I am long. I see probability weighted, bid will happen (no idea on price, but still working of assumption of 40-50p).
If it trades down, it will likely settle in the low 20's for a short period of time. But think it will recovery into a 40-50p range pretty quickly as the fundamentals have not deteriorated.
I am long, happy to stay long, and if it trades down, will buy more. I am indifferent to movements in the short term, this money (overall share portfolio) is invested for a medium term. AA is less than 10% of my holdings.