Member Info for tabhair

I think a distribution is imminent.

The company has pledged to return capital by the end of this quarter. They are going to want to get the initial distribution out before the break for Christmas. Could easily get an announcement this week. That is just my guess though.

Is anyone able to submit a limit order to sell their GTE shares? I can only sell via the market maker and the offered price is terrible (458p). Would rather just hold on to the shares than sell that low.

I posted this else. I am also expecting the full 7p from the DCU's within one year.

hxxps://www.stmgroupplc.com/docs/librariesprovider45/archive/offer/scheme-of-arrangement-documents/project-atlantic---scheme-document(143884015-1).pdf

I've been reading the scheme of arrangement document to see what comes next with the DCU's.

This is the timeline based on my reading (if I'm wrong on anything, please correct me).

First question, is what are the conditions in determining the the actual monetary pay out.

"Subject to the DCU Conditions being met, the calculation of the Loan Note Principal Value shall be based on an assessment of change in the net attrition rate of customer numbers, which means, the netting off of new customer wins against customer losses on an annualised basis across, in each case, the STM Group business during the period from 30 September 2023 until the last day of the month prior to the Effective Date."

The actual amount we will receive is based on client attrition from 30 September 2023 to 30 September 2024.

Markets were quite buoyant/stable in that period, borne out by STM's recent results. Based on that, I don't see any reason why that pay-out shouldn't be the full 7p.

Second question, when will we be informed of what we're due to be paid out?

"Bidco shall prepare and deliver to a representative appointed by STM the calculation of the Loan Note Principal Value for review no later than 15 business days after the Effective Date."

Also.

"Within 10 business days of determination of the Loan Note Principal Value referred to above, Bidco shall issue the Loan Notes, each Loan Note being in a principal amount equal to the Loan Note Principal Value."

Effective date was the 31st of October 2024. Bidco have to tell STM the valuation 15 days after the effective date. Bidco then have 10 days after that to issue the loan notes to shareholders.

In other words, we should have loan notes in our possession with the exact amount we're going to receive by the 25th of October 2024.

Final question, when will the loan notes actually pay out?

"Other than as set out below, the Loan Notes will be issued on the Loan Note Issue Date with a term which shall end on the date falling 12 months after the Effective Date (the “Final Redemption Date”)"

The loan note will pay out 1 year after the effective date. In other words, we should receive the money on the 31st of October 2025.

The company could do a B share redemption, that would mean the returned cash is treated as a capital gain rather than income.

I would be very surprised if they did ordinary dividends. There are very large shareholders here who won't want to have to surrender half of what's left of the liquidation proceeds as income tax.

North American sale confirmed as being completed today.