Member Info for Piltick

Newboy, I feel for you. This is the thing that usually happens to me, so I know what it's like. Still, you may get a chance to come back in.

I wouldn't bank on there being a 40% reduction in share price after the takeover, that may well be already baked in. If the market expects a 40% reduction soon, why would they continue to hold shares pre-takeover?

Clarification RNS out today. So it would seem that this is what has been holding up proceedings for a while, waiting on confirmation of Ben White's beneficial shareholding. Hopefully now that PHE has got this information, things can now move ahead.

Volume now over 12M shares. There must be some big ones amongst all that.

I entirely agree telephoneman. It's no good trying to work out the financial "value" or worth of W2T looking at their balance sheet etc. This is a strategic takeover, and I believe that we have to consider the prospects of the expanded company when the two are merged, versus the prospects of PHE and W2T as they stand individually as at the present time.

Dodger, TBH I wasn't even aware that the takeover panel would have to be involve in this deal. But I suppose it is fairly pertinent as its objective is "to ensure fair treatment for all shareholders in takeover bids".

http://www.thetakeoverpanel.org.uk

If I got on my bike I would have to pedal about 600m miles to get to Protos! I think you are possibly confusing me with Ledzep?

I notice that the "significant shareholders" list has still not been updated on the web site, despite the company having received notifications recently from Paul Warwick and Ben White / Yady. So I can only assume that PHE has not yet received fully up-to-date and accurate notifications from all significant shareholders. Clearly this is critical information for completion of the takeover transaction, so it must be fair to assume that they would have updated the data in the web site if they already had it all to hand.

Let's hope we see this updated this coming week, followed by the issue of the shareholders' circular.

Not really, streaky. For this takeover transaction W2T has not been valued in terms of £Sterling, but has been valued relative to PHE, and of course the value of PHE changes as the SP changes on a daily basis. The ratio of PHE's shares that is proposed for this transaction would imply that PHE is worth 1.5 times W2T, or looking at it another way, W2T is worth two-thirds of PHE, and that will remain constant regardless of any movements in PHE's share price, unless of course a new ratio is agreed during negotiations.

I didn't say that Peel see W2T as a hindrance.

That makes sense to me stokey. I believe that it became clear to all concerned that W2T was not going to be able to raise the funding required to develop the first DMG, and the only way it was going to happen was for Peel to take on the role of "developer" and provide the funding themselves. It would be understandable if they weren't prepared to do that under the current arrangement between PHE and W2T, as that relationship is confusing for potential customers, confusing for Peel, and it seems confusing for W2T themselves judging by some of their press releases. It's my belief that Peel decided that the only way forward was for PHE and W2T to become a single entity through merger.

stokey, I think the indications are that there is still more sorting out of the shareholders to be done before they can proceed with the circular, because if that was all done and dusted then I'm sure that the web site would have been updated by now. As you rightly say, it would appear that this is not the fault of the company, because they have to be informed by the shareholders of any changes that have been made.

Regarding the location for the EGM, I know that you believe differently, but I really don't see that as being cause for the delay. Many companies have managed to make alternative arrangements to hold AGMs, GMs and EGMs during the current restrictions. It's not exactly rocket science! They've had several weeks to figure out a solution, so I'm sure they will have an answer for that one.

I know I've said this before, but I am hopeful that we will surely see some movement this week. I see that the list of "significant shareholders" hasn't been updated on the web site yet, so perhaps they still have some fine tuning to do before that can be finalised, then the issue of the shareholders' circular for the takeover. Then onwards and upwards!

OK, thanks guys. Very helpful.

Or indeed, how different.

Thanks Kenny. I know about PHE's DMG system, I was wondering how similar this Californian system is to the DMG.

Which system are you referring to, Kenny, the DMG or the one in California?

Does anyone know of any differences between this system and PHE's DMG? Or are they related?

I averaged down during the past couple of days. Now I'm at B/E, never thought I'd see that situation for this investment!

And the MCAP is still only c.£2 Million, which seems very low.