Member Info for Raleigh

Why put so much emphasis on JPM when the shares appear to me to be in a trust. Their holdings vary. I see nothing 'particular ' about them.

https://uk.reuters.com/article/uk-health-coronavirus-britain-housing/english-house-sales-rebound-to-near-pre-lockdown-levels-zoopla-says-idUKKBN23G37X

All being well it will be fully capitalised and ready to recover with a new board and plan as covid recedes. A straightforward proposition which with funding they indicate obviates the need for merger and acquisition.

This is an earlier post of mine.
"According to trust net, JPM shares are held within JPMorgan European Smaller Companies Trust, focusing on generating long-term growth by 'scouring European markets for tomorrow’s European and global market leaders.' At 31st January2020 it was the third largest trust holding at 2.2%, behind Falck Renewables and ERG."

So if that remains the case, I think it depends on how the trust manages it's affairs. Though it would be nice to see it buying more and more shares!
I imagine JPM will be given opportunity like IKO.
And it seems they are happy to have shares 'loaned out' against cash, whilst retaining the voting rights? But others on here may have greater knowledge on that.

No confirmation of timing at all. They simply say what they say about 8th. July. To be plain, they may not mean it in the way I have used it. But that date is there and is relevant to them.
There has been no mention of a Rights issue - so on the face of it any offer to shareholders cannot be sold on if not taken up.

I take this as the source of my attempt at timing - "The equity raising process is expected to complete by 8 July 2020 however will require prior approval by shareholders"

On timing, Sig said it will be over the coming weeks, but if they are to sort the cash out by 8th. July they need to account for notice period to shareholders, so I think they would need to RNS details likely 3 weeks before, and giving a couple of days earlier record date. I think 14 business days may be the required notice between opening and closing the offer?
C D and R are guaranteed a minimum of £72.5m. £60m of that will be placed in the first tranche at 25p.
I have no idea who will be included as part of the "broader range of investors" but from the second £90m tranche, CD and R will invest at least another £12.5m, and after that the opportunity of another £12.5m "dependent on the take up of the preemptive offer by existing shareholders."

It does not take much imagination to conclude recapitalisation is a necessary and very positive factor. And if all goes to plan I would not be surprised to see a further improvement when that is concluded.

The greater majority seem to have liked it. I doubt they are all baffled.

You never know, do you. And I expect one or two on here would not mind if it dropped back.

We pi's are looking at being included in the second tranche - "CD&R, a leading global private equity manager has agreed to invest up to £85m as part of the equity raise, with a guaranteed minimum of £72.5m, provided that an acceptable deal with the Group's RCF lenders and private placement noteholders is agreed. While the exact percentage holding will be determined in due course, CD&R will hold approximately 25% of the total enlarged issue share capital. The initial tranche of its participation will be placed at 25p per share. The residual quantum of its equity investment will be placed as part of the second tranche, a portion of which will be firm placed and the outcome of the remainder will be dependent on the take up of the pre-emptive offer by existing shareholders."
They say "The equity raising process is expected to complete by 8 July 2020 however will require prior approval by shareholders"
So I think we can not so far off expect to be notified of a timetable with a record date for qualification as an existing shareholders of maybe a couple of days prior to that announcement.

The old adage is they can only sell once......
I shall wait it out.

please delete 'other large investors'.

We may all have noticed a tendency in previous times to drop back on usually a placing price when it is announced. And there is then the thought that the placing shares may come onto the market if not subject to lock-in. But like other raises at this time, undoubtedly positive under the circumstances, the share prices are coming off a low and eventually finding a place to settle and wait for progress. I do not know the detail of what we shall be asked to vote on regarding the funding, but we have been given a fairly good picture. And we know the base level of 25p has done nothing to deter investors. The price will find a level sometime after the funding hopefully completes in July. On my reading the new shares will predominantly go to the cornerstone investor who has no reason to sell, existing other large investors, possibly of a similar view, then the 'broader range' under the open and preemptive offers - as I see it by definition including pi's. Price - all I can say is it will likely be 25p or over. That being the case, in the shorter term you have to hold shares on a record date to qualify.
It seems to me it may be a case at this time of shares being 'worth' what people are prepared to pay for them. And there will be forward pricing by investors confident in changes already made and the recovery plan to business as even better than before.

An easy to read summary.
https://www.sigplc.com/~/media/Files/S/SIG-Corp/reports-and-presentations/2019/2019-full-year-results-presentation-v1.pdf

Could not care less what you say you are personally up to.
But thanks for the chat.

No boxing match. The RNS talks of a pre-emotive offer. For some reason Takenorisk wants to waffle around it with articles of association which do not cover the need. Anyone would think he does not want existing holders to have the opportunity of more shares at discount.

I am glad it is the final time. Specifically it is in an earlier post of mine -
quoting myself "It is not an acquisition. It is not a capital investment. Those are the limited circumstances. That is the articles." That is it - alright shareholders? Agree or disagree, they do not have enough latitude within the articles anyway.
My posts cover my views - obviously not yours. But we do not know what yours are. Perhaps you will post how you see it all fitting, the relevance and limitation of articles of association specifically in this case including why the limited circumstances are not as I read them and put them on this board ) the wider placings and open offer incorporating a preemptive offer, and why there will be a vote on whatever comes next. I have nothing to add to my posts, or alter. It is all reasonably straightforward to me, But I am sure your contrary views will be welcome, if you would just post them to put things right.It is a question of DYOR as they say.
I have answered yours.
Now perhaps you will answer mine - your last post makes it all the more important.
Do you argue then that the limited authority of directors extends to cover this fund raise? Please do so. And raise all that cash without shareholder approval. Your quotes by the way.
Fire away.

Do you argue then that the limited authority of directors extends to cover this fund raise? Please do so. And raise all that cash without shareholder approval. Your quotes by the way.

And I prefer to not go down the road of when is a pre-emptive offer not a pre-emptive offer.