Listen to our latest Investing Matters Podcast episode 'Uncovering opportunities with investment trusts' with The AIC's Richard Stone here.
30pct rule apply's I believe:
The following is a brief summary of some of the most important Rules:
When a person or group acquires interests in shares carrying 30% or more of the voting rights of a company, they must make a cash offer to all other shareholders at the highest price paid in the 12 months before the offer was announced (30% of the voting rights of a company is treated by the Code as the level at which effective control is obtained).
When interests in shares carrying 10% or more of the voting rights of a class have been acquired by an offeror (i.e. a bidder) in the offer period and the previous 12 months, the offer must include a cash alternative for all shareholders of that class at the highest price paid by the offeror in that period. Further, if an offeror acquires for cash any interest in shares during the offer period, a cash alternative must be made available at that price at least.
If the offeror acquires an interest in shares in an offeree company (i.e. a target) at a price higher than the value of the offer, the offer must be increased accordingly.
The offeree company must appoint a competent independent adviser whose advice on the financial terms of the offer must be made known to all the shareholders, together with the opinion of the board.
Favourable deals for selected shareholders are banned.
All shareholders must be given the same information.
My take on the responses is that as you you rightly say they are not giving away any new information-already advised news will be announced end Aug/early Sept-but the fact they are confirming that it IS going to happen is the very bullish marker for me.
Personally I think a director knows the value or potential value of their company better than most so buying under .70 a no brainer to me but yes right now peeps bailing so who am I to argue just buying and waiting until I see something that makes me change my mind about my investment. Sure it may go down to .5 and I've bought to early but if a positive rns's comes next price.8 offered no inbetween no getting back in,so gl if you are leaving and all the best.
Jeez join the club I finally finished closing my position here this morning at .65ish. to much going on with my main holdings ujo and syme. Hope it all comes good just can't keep hanging on with no communications. GLA may be back.