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"It could similarly be a blocker from BHP to keep it as low as they can for obvious reasons.
What will be revealing is how and when it goes."
Nothing to do with blocker or unblocker. It is BHP, since the lifting of sanctions, rushing to buy and heard of others following them. In the mad rush the share price has got trampled upon all the way from 43.90 to 35.95. It is like when bargain hunters rush in a sale and trample over the merchandise as they fight with each other to buy. lol
Thanks Quady for clarification. I have again posted before I saw your response
Sorry Quady and other readers but the thought that Citi has final say raised my Blood Pressure and I have ended up duplicating views already expressed.
Sorry Quady I have seen your further clarification since I replied. Surely the bidder is not prevented from buying up the shares of those in favour of the bid. The bidder could then end up with a very comfortable majority and either get rid of the board or make life very uncomfortable for them.
Hopefully I am not wrong . if I am wrong there is no such thing as free world if Citi can decide weather I sell something that I own and have paid for from my hard earnings .
Good morning Quady, The article implies that even if majority of shareholders support a bid, NM and his BOD can block it. Have I understood this correctly? If I have then we are wasting our time talking about bids as NM wants to go to production and that is it.
"I'm convinced he's cooked something up with BHP "
If this was the case why wait till the stand still ends. BHP could have made a friendly at bid any time. Also why none of the others have bid so far. it all leads me to believe that it is either BHP hostile bid or off to production.
I am not opposed to your view but just a thought. These people might have come on board because they were offered a very generous pay-out in case of take over within next xxx period.
OR their personal circumstances were such that they had to take the first job that came along
Good morning AKGold, I am not familiar with legality and machinations of a bidding war but I firmly believe that if NM has his way no bid will succeed. So I would be interested in views on the following scenarios which all assume that NM votes against them because he has a crazy price in mind.
1. Let us assume that BHP puts in a bid and it is acceptable to over 50% of shareholders. Does it then go ahead and NM has to sell his shares?
2. Now lets us assume that Major X over bids BHP. Can BHP vote against the higher bid? If yes then say we have (BHP + NM + others against the bid) less than 50% for the bid and the higher bid fails. Are we then back to 1 which with BHP support crosses the 50% threshold and the company is sold for less than what was on offer!!
3. Surely the prospect of company being sold at lower price would force NM to vote for the higher bid which may then cross the 50% thresholds and BHP are forced to sell or come up with a higher bid.
4. Enter NC with their shareholding and we have more possible scenarios
It all seems to me to be very confusing and messy and that may be the reason why none of the others have bid so far. If I was a major wanting to bid I would have bid now and make the bid subject to PFS. But as I have said I know nothing about machinations of bidding so await to read reactions, opinions, and comments of others
"Pregnant with anticipation mate. You can have that for nowt"
Good Morning schlemiel. We are all pregnant and personally praying for a premature birth as the suspense is killing. Hope it is not elephants pregnancy otherwise it would be a very long wait lol .
bennc 7 I interpreted it slightly differently. if you take up your 1000 rights then you are buying 1500 shares as each 2 rights buys 3 shares. the extra below is for any additional shares you wish to buy. But then I could be wrong and you right. Who knows. Only Barclays knows. Wish they were as user friendly as other brokers in their instructions.
Since typing this I see that calamari has also interpreted as I have.
I asked the same question of 97p. on this board a few days ago but no one seems to have answered. HL are only asking 88p.
Also tried to sell a small quantity of rights but Barclays did not sell even though I had asked fractionally lower than the quoted price. On the basis of "In for a penny in for a pound" I have decided to take up my rights and hope for the best.
Good morning Blue Baron, I am with Barclays and could not see how all this works. They are saying my entitlement is 1 for 1 at 97pence ! I assume therefore that 2 shares at 97p. buy me three new rights shares which gives a price of 64.67pence per each new share. That does not make sense when reported price for the new share is around 84pence
Help anyone or Barclays if you are reading this. I could not see (but may have missed due to v user friendly Barclays site LOL) any charges being levied by Barclays. Family member has HL account but have not yet checked what HL are saying.
" but Morrisons could be a take over target....but for who?"
Amazon?
"if not FNV whats the next cab off the rank in excuses why the sp hasn't risen?"
It is waiting for NM s presentation on Wednesday . Also waiting for RNS releasing the length of queue of bidders. Good news is everyday it is delayed the queue keeps growing. lol