Member Info for terrace

One of TEF house brokers is guiding NAV of 342p for end of March 2020....

350p is neither fair nor reasonable.

Even that would not have me doing cartwheels
..best if the offer is kicked out on a ten year view.

*£5 is only 1.5 x up to date NAV perfectly sensible for a company with TEF guided ongoing PBT numbers.£3.50 is a fire sale number

£5 a share is fair and reasonable but will anybody pay that?

Maybe applies to non directors as well as current and past directors..check it out on Google.

Think that gains might be free of tax for Directors of AIM listed companies

475p to 500p is fair and reasonable...
350p is not.

It may be that the bod are bound to sell their shares to CBRE at 350p even if a higher offer emerges

Is the 75% total share votes or headcount .

https://www.standard.co.uk/business/jim-armitage-swoop-for-telford-offers-grounds-for-hope-on-housing-a4181601.html

Any rival offers need to be published prior to 6 August.

My advisors says that a meeting will take place on 6 August to vote on the offer.If 75% of those voting accept,the company will be delisted and payment will appear on our accounts shortly thereafter.He says the current SP indicates only a slim chance of a counter bid and that CBRE's offer could well be successful.

At what stage do the BOD have to explain why they are recommending an offer a little over NAV.

Does no other corporate entity believe that TEF are worth acquiring at a premium to the CBRE offer with a similar ongoing deal for the management?.

The BOD do read this board so they must realise that loyal long term holders feel betrayed by 350p and see no reason to support a takeover at a few pennies over NAV.

takeover rules

https://www.burges-salmon.com/news-and-insight/publications/guide-to-public-takeovers-in-the-uk/#offer-structures

Just been informed that the BOD will not be able to discuss the CBRE situation at next weeks AGM.....great!

Xdent...correct decision for the BOD maybe but a few pennies over NAV is no good for the rest of us.Whatever the final outcome the BOD have burned a few bridges now.

The Directors need to explain to us why we should accept 350p a share as being in our long term interests not just theirs

Yes ex dividend we have bourne the pain of changing focus to an IPRS provider and someone else wi see the benefit not us
We have paid the transformation costs with nothing to show for it.