Member Info for spot1034

The response to this offer has been less than lukewarm and it is significant that they have secured support from almost no one. If the large holders (backed up I'm sure by many PIs) refuse to vote in favour, it won't go through. Whether someone else will come in remains to be seen, but if not the continuation of this company under its own steam, presumably with new management at the helm, would be a preferred outcome for many shareholders.

It was announced this morning that Flow Energy is also planning to sell its supply business to the Co-op. https://www.investegate.co.uk/flowgroup-plc--flow-/rns/proposed-sale-of-flow-energy-limited/201804100738143863K/

Must be close to re-entering the FTSE100 if it can hold at this sort of level

My understanding is that Deltic can come back, though only with with the agreement of the RBG management and if the Stonegate offer has lapsed. The Stonegate offer has indeed now lapsed, and as the outgoing CEO may well have been the person blocking any meaningful contact with Deltic, now that he has been shown the door they are able to discuss any takeover offer or merger proposal with Deltic, and it would seem from Deltic's public statements that they on their part would still wish to do so. I would suggest that this is likely to have been the reason the board told Mr McQuater that they wished him to go straight away.

Pushed, for not engaging fully with Deltic which could easily be seen as not acting in the best interest of shareholders. Whatever the merits of their proposal it might at least have been the way to extract a better price from Stonegate, yet they complained that they were never taken seriously. With him gone, Deltic could well return to the table and this story might well have a chapter or two left in it yet.

Time is up for Deltic and they have wave withdrawn. Disappointing that Stonegate have not been pushed harder on this,as I am sure they have always had more to put on the table. However, it might yet be that the large shareholders will not accept 203p and force them to go a bit higher. I will be doing my bit by not voting in favour of the offer next week.

The market seems convinced there is more to come here. Clearly they haven't seen this conversation or they'd be marking the shares down, not up!

They may well have been using this to get more out of Stonegate - that said, I think there might be questions as to why the approach from Deltic hasn't been notified to the market by RBG.

Even if no offer is forthcoming, I don't think this will be a disaster in the longer term. Of-course the price would fall back and it is always annoying to find you could have bought in cheaper, but there is a lot of potential here and a reasonable dividend as well. The next payout - should we get that far - would be in early December if the previous timetable is adhered to.

I mean the buyer will want to get it done quickly!

You never know for sure but I doubt it would be as long as Feb. My guess would be that we will hear something well before the 28th and if there is a recommended bid (which we still don't know is going to happen!) the plan would be a vote around mid September, and if it goes through delisting about a month later. Of-course a protracted bidding war could put it back, but if 200p really is as cheap as some seem to think there will be a desire to get the deal done as quickly as possible.

It will depend on whether there is a counter bid. In theory it could go on for many weeks. However in a case like this where we already know of the bid situation before any bid has actually materialised, I would say that if anyone else is interested they are already watching closely and evaluating the situation. So if Stonegate do make a definite offer, the other party would be likely to reveal their hand pretty quickly and any bidding war could be concluded within a week or two. However there is no hard and fast rule and it could in theory go much slower. Once it is decided who is the highest bidder there will be a vote and if it's formally approved payments probably made within a month or so and the shares delisted - once again it can take longer but the buyer will probably want to get on and take control as soon as possible, In all honesty, once a deal like this is settled it can be a bit of a frustrating wait and many shareholders prefer to sell in the market so they can get their money out and move on.

There are certainly shares changing hands - check the RNS's re. IPC Concept who now hold over 6% and appear to be buying up shares at above the price the management are prepared to pay. As someone has commented on another board, if they think the shares are really only worth 42p, why don't the managers sell to the buyer willing to pay more than this in the market?

Hardly anyone is accepting. It is looking likely that they will either have to abandon their attempt or increase the offer significantly. Do not sell at this price.

And a quick response from the independent directors rejecting the proposal http://www.investegate.co.uk/interquest-group-plc--itq-/rns/response-to-chisbridge-announcement/201705161620113362F/

Interesting development. Management want to take the company private at 42p. I hope they don't get away with this. It surely has to be worth more. http://www.investegate.co.uk/chisbridge-limited/rns/statement-re-recent-share-price-movement/201705161551053313F/

or I might have meant DMGT!!

Trading on a p/e of around 7. Debt now only a small fraction of the market cap and being repaid comfortably from revenue. Dividends about to recommence and this should be a good solid income stock in the years to come. Rapid growth being seen in the digital side of the business. No reason why these shouldn't be around 10 - 12 times earnings which would still be significantly less than DGMT.

Ah well, that'll be it then! Thanks for the info. I am a very satisfied holder as I bought most of mine at around 75p in Spring 2009.

Quite a flurry of activity over the past two days - usually there are only a handful of trades each session. HYC has long been spoken of as a bid target, and every time this happens you can't help wondering if some news is imminent.