Member Info for tabhair

The delay here is so vexing.

We should have been paid out by now, instead we are left in limbo waiting for our 50p a share while the business continues to accrue value which is going to ultimately drop to Harwood.

The last update suggests that the Scheme document may be updated. In my opinion, it should be updated and made more favourable to shareholders who are having to wait. I don't think an extra penny or two a share for the offer would be unreasonable at all.

Another shocking update today.

The same failed chairman who botched this takeover, who owns almost no shares, who has presided over a dire business performance is now installing another lackey and showering him in nil cost options from day one.

The corporate sleaze here is terrible. The chairman should resign and a truly independent director who represents shareholders should be installed. If independent shareholders do not agitate for change, then we will continue to get the same poor results.

I strongly recommend that shareholders vote against the slate of management and directors that has been put forward for the AGM. If you do not make your voice heard, these people will continue to trample over your interests.

It's the end of the road for FitzWalter, at least for now.

They tried to launch a bid with 22% of the company. When it came to the AGM, they were only able to get the support of just another 6% of shareholders to oppose the CEO.

Outside of FitzWalter, the vast majority of shareholders are supportive of management and are evidently opposed to a takeover.

Personally I have written a letter to the IR team asking them to consider this offer.

This company IPO'd nearly five years ago at 600p. Prior to the offer, the undisturbed share price was about 270p. Anyone who bought at IPO hasn't received a dividend and is down 55% on their investment. I think Fitzwilliam can be pushed for a little bit more and that in the absence of another bidder, their improved offer should be accepted.

I hope I am wrong for the sake of shareholders, but this waiver extension doesn't inspire confidence that LIT is going to be able to carry on. The company is already undergoing a strategic review, and a one month extension to the loan suggests to me that an offer is in an advanced state and that the lender is willing to grant just enough leeway to get an orderly sale.

My guess is that company will get an offer sometime this month. What the price will be we can only guess, but given the distressed state that the company is, I think long-term shareholders are going to be disappointed.

Will there be any value remaining to shareholders in the event of a sale of the company?

The company has sustained several significant hits to the balance sheet in the 6 months since their annual results. Also, they were already in breach of their lending covenants as of six months ago (the waiver of which expires in a few days) and are completely at the mercy of the lender now.

Will their banker be gracious and continue to extend financing at the current extremely generous terms (2% interest), or will they impose heavier penalties, or even force a sale of the company at a fire sale price to secure their interests?

Unless management can pull a rabbit out of the hat, there's a greater chance than not this is a zero.

I am 90% sure that some sort of deal will get done. I can't predict the timing, nor the nature of the deal, but I would be surprised if Treatt is still a public company in 12 months time.

I have been told that Dohler are most interested in the citrus oils/beverage extracts part of Treatt's business. One possibility is that a third party could bid on Treatt (with Dohler's blessing) with the condition that this part of the business is sold to Dohler post-acquisition.

Another possibility is that Dohler can just wait until April 1st for the bidding window to open again. The way that the share price is cratering, I think it's fair to say they'd have no problem getting this deal over the line at 305p (the minimum) they can offer.

Natara's 290p offer is going to fail. There's no other current offer, nor a likely prospect of an offer anytime soon.

Maybe Dohler will come back in six months and offer 305p to take out the shares they don't already own? Or maybe they will use their minority stake to block and frustrate any potential deal.

This is a real mess for shareholders and Dohler now hold all the cards.

I suspect that if Dohler come back in 6 months with a 305p offer, most shareholders will bite their hand off.

I think getting 290p today would have been a better outcome.

"They’re happy to take shares at any price it seems."

Döhler bought their shares at between 255p and 265p, well below the current offer.

"Will they go to 25% to block the bid themselves"

Looks likely.

"….or 30% and bid …."

They are prevented from bidding for 6 months. I think they would need a waiver from the Takeover Panel to bid sooner (not likely).

It's great to see shareholders getting engaged in this. At the same time, many people don't have Facebook.

Nonsense - I think the deal in its current form has very little chance of going through. I think maybe 5-10% chance, maybe less in reality.

I recommend that everyone sends a short message to Treatt investor relations to let them know you are opposed to the deal.

cosec@treatt.com

It's important to let them know we are not happy at their attempt to steal the company.

It's so hard to predict what the final payout will be. My low confidence estimate is about 10p, maybe a little less.

I got to a slightly lower number than you.

Pessimistic as quite often with these things, the outcome is worse than you can imagine. Also, Ory Weihs sold every single share he had remaining after the tender for just 6p.

"Further to the completion of the Tender Offer, the Company also announces that Ory Weihs today sold his remaining 494,527 shares in the market at a price of 6p per share."

I got a quote for a slug of shares at 6.4p just before the market closed.

Was going to buy a very small position but got scared and chickened out.

The company offered to tender 70.9% of the shares at 11p. If you elected to take part in the tender, and you had 1000 shares, you will get paid out 11p for 709 of the shares, leaving you with 291 shares remaining.

It's those remaining shares that have not been tendered that are now trading. Management have said we may get 10p for them, or we may get nothing at all. I imagine a lot of people don't want to hold a security that is about to be suspended and would rather take 8p now than deal with the uncertainty.

If you go by what the company is saying, you should tender your shares.

They are offering 11p for 70.2% of shares, but are claiming you will only get 10p for the remainder.

You have your answer now, deal closing in the next few weeks and the spreadsheet is down to just a penny, so you could just sell into the market.

It looks like Edi Truell is trying to pull a fast one to stop the payout of the DCU's.

I got a message from my broker saying the Jambo SRC loan notes have been removed from my account as they were declared worthless.

Harpazo2: You are assuming that every Dollar of cash has already been returned to shareholders. I don't think that this is the case.

Group cash at the end of the year for 2024 was $35m. They are due to receive a guaranteed $7.5m and another sum in the range of $3-5m. So that gives $45.5m to $47.5m gross cash. They have distributed $20m of that already in the first tender, that takes the gross total down to $25.5m to $27.5m range. If we take the midpoint of gross cash, we get $26.5m. We also have wind-down cost of $11m-$13m. Let's take the midpoint of that as well and say there's $12m in wind-up costs. That gives us $14.5m to distribute. Divide that by 141m shares and we get 10.3p a share.

I think you're misreading this.

Before the tender Premier Investissement had 73,478,567 shares. They tendered the full amount, which means they're share holding is reduced to 47.02% of its previous size.

73,478,567 * 0.4702 = 34549622 shares.

That's exactly the number of shares they are now reported as having.