Member Info for parkside13

Ha odd share price behaviour. Could the Brothers Grimm be considering a proper bid??

Think that is right. I think the thing that sticks in the craw is that they have snapped on - allegedly - an offer for the outstanding minorities at such a poor premium to the prevailing share price. having, as you say. managed this thing so poorly as a listed entity all the way down from 420p to 60p and then almost lurching into an offer at 70p it gives the impression that the whole thing is a "stitch up". Undoubtedly the equity has lost quite a bit of value, either by their own incompetency's or through macro issues nonetheless, as you say, in that situation you cut costs as far as you can, renegotiate debt as far as you can and then ride through it, if you are able. You act like a listed Company, you put our sound, logical, well explained RNS's and brief your shareholders. You have the highest levels of corporate governance and you grind it out until things start to improve. To have mismanaged your listing for four years and then to say "naah don't like this any more lets see if we can get away with 70p to buy it back" is just preposterous. In fairness not so much the Brothers fault as their idiotic advisors. But I am sure that having tried the nicely nicely approach they will be seeing if they cant do it some other way. You never know they may even offer a fair price but I'm not going to hold my breath!

Yup was the right decision. Well the only decision. I just wish they'd have appointed me. I was rooting for the eighth advisor role; reasonable fees, sound advice etc. I'm not sure we've heard the last of this though!

Couple reasons. 1 institutions won't take new equity having been shafted by the existing equity. 2 the Bozos won't want to be diluted. So that won't work. The bleak issue here is the Company is very poorly run, the macro backdrop is terrible and the debt is far too high. If the Bozos don't make a bid, then it will be a hugely long and dangerous haul for the equity holders. But as always the shares will be a complete punt.

Why do you keep posting on different share chats on lse re Bankia? You have said the same thing on the Barclays chat on here! Is this some sort of inane attempt to get the world to buy Bankia shares? I'm absolutely thrilled that you made money out of Essar, really I am. But if you don't have anything useful or relevant to say re the current Essar debate I suggest you toddle off and perhaps go and post something on the Daily Mail comments section extolling the merits of Bankia. I'm sure the readership there would be thrilled by your stunning observations.

Your valuation of REH is deluded. The only way it'll be worth anything is if the Welsh project gets planning. Then the loan gobbles up most of the equity value.

I really have no idea what you are saying bluntly. Anyhow, we shall see what unfolds.

Who knows frankly. It'll depend on the conversations between the larger minorities and the bankers. The downside might be 40-50p with of course all the upside if there is any, and the eventual upside 70-75p with a bid. They could go bust with that debt pile and the ebitda coverage is poor but they clearly think they can get through this.

I do grow weary of the posters coming on here claiming that they have averaged down, that they have made a tidy profit etc. It adds nothing to the debate. Most investors, 99% maybe, have lost vast amounts of capital in this piece of excrement, me included. It was a punt and I knew that but having gloating tits coming on here and telling us how wonderful they have been in making money is just preposterous. Well done all of you but now f..k off and go and play with something else. You add nada to the issue that is unfolding here. If you have something interesting and insightful to say, say it. But "yeeha I made a profit" adds rien.

I agree. The idiotic bankers who floated this and the LSE are as culpable as the Bozos. Mind you unlike say Mike Ashley, they haven't learnt a thing re running a listed Company. Very poor CEOs and advisors. No wonder Lidiard is leaving!

Yup sat here with mine. I've no idea which way it is going to go but if hendersons and standard life, who between them own 5%, are right then they won't sell and there is value at 70p. So it'll either go for 70p or a bit more, else it'll get voted down and the shares will fall to 50p or something like that.

Hey Bhaj am I to infer that you have jumped from your beloved Essar? Lesson learned never invest in a minority run by a pitiable excuse of a management team if you think it is anything more than a complete punt. I went for a punt in this pile of excrement and lost. Hey ho. I've readjusted my sights around future punts in piles of excrement. The brokers (jokers) who floated this and the LSE have a lot of thinking to do after this. In truth you can't entirely blame the Bozos. When a shiny investment bankers floats in a feeds you endless BS about the opportunity to float you fall for it. And the Bozos clearly have.

Quote from an analyst "the worst RNS I have ever read from this excuse for a quoted Company". Says it all really.

They will establish an "independent" body of the Board to assess the offer. The Companies Act says that shareholders have to be treated equitably and fairly. The Bros cannot bid their existing stake and so it will be the 22% odd of the existing minorities that will vote if it comes down to it. Then I suspect it will be a threshold of 75% of those actually voting (and remember it is very tricky for private shareholders to vote) to pass the deal. So mainly it'll be the large institutions. If it gets approved then when it gets over 90% that will invoke the "compulsory purchase" of the remaining 10% - a sort of drag along. I think that is how it'll work. But they have made an offer at 70p and it may go up a bit (but in truth who knows). Then it is up to the minorities as to whether they, as a body, accept it. If they don't then we carry on. But the offer is there and as a big institution you may forego recovery for liquidity. Mind you at 70p you might be mad!

I've written to the senior independent director today voicing my incredulity at this offer. I suggest others do if they feel strongly. Chap is Simon Murray at Essars London office. They will take notice if enough communicate their displeasure. Company's Act says so and it's quite powerful.

I'd wait for £3 definitely. Or maybe go for £4. I don't know you seem to be brilliant without any advice!!

Well good old SL has made its views clear. I agree the Bozos are totally unfit to run a listed vehicle. Prats. Rich, but prats.

Be all over the shop. The big guys will be debating the price. Depends on the attitude of the fca and lawyers etc. and interpretation of cos act to treat all shareholders fairly!! what a mess.

It'll come down to what price the fund managers agree with Essar and indeed whether Essar will pay. £2 is fanciful. I used to be a fund manager and right now they probably want shot of this piece of rubbish. So if they agree it'll likely be 70p or something like that. Then the Bozos can retreat to their Indian pleasure palace, happy in the knowledge they've arbed around £1bn from this deal!! Classic!

Hey Bhaj. Nip down to Essar HQ and tell the brothers Bozo that they are complete and utter bankers. Unfingbelievable.