The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
"A person making a statement that they do not intend to make a bid will normally be bound by that statement for a period of six months. This is often referred to as a "2.8 statement" as it is subject to Rule 2.8 of the Takeover Code. Any such statement must be clear and unambiguous. It is essential that parties involved in making public bids are aware of this principle."
Give the below a good read on squeezing out, and de-listing etc.
https://resourcehub.bakermckenzie.com/en/resources/global-public-ma-guide/europe-middle-east-and-africa/united-kingdom/topics/before-a-public-takeover-bid
The door is shut tight now to JD, he can't register a bid situation again for 6 months which is too far away. The only way now is cva by the looks of things, and he'll pick it up from that. I said at the weekend, they should have suspended it first thing Tuesday but clearly the Board don't care about what might be best for shareholders interests. CFO has gone, interim CFO will be helping PWC who will take charge, along with Hilco! I'm absolutely appalled, I have to confess I thought better of JD than that and that he wouldn't want to damage his reputation, but how wrong was I. Same goes for his wife. I wouldn't buy anything from either of them now, and never again. They are finished in my eyes. my views of course. GL to those still holding, but it's a brave move.
Perhaps there's a lesson to be learned here for @thetakeoverpanel in that may be they should check first that the likely bidder has sufficient finance in place to launch the bid before allowing a bid situation to be registered, and then peeps hopes won't be raised unnecessarily. It was wrong in my view to allow Dunkerton to raise a bid situation through the company when he clearly hadn't got the finance needed to even contemplate it in the first place. And perhaps there's a lesson to be learned for us all, which is to think twice before investing when the bidder still has finance to secure. imo. Nite.
Same happened with eurasia, ramped all the way up from nothing to 42p on bid situation arising, but there were no bids communicated to shareholders, the takeover panel were useless, and at the end of the day, 8 years on from the initial mention of interested parties, there have been none, and the sp has fallen right down to 1.5p. A very similar scenario. imo.
Rayte, if someone has bought that much then it's a complete stitch up, it's heading to de-list and going private and those that recently bought in with large holdings will do okay. Does make you wonder if they did know what was coming doesn't it? I don't buy it that Kellett doesn't know Dunkerton of knows him through the friend of a friend and all that!
Then why did it hit £4.35 within the first 15-20 mins of trading? The sp has been played with for some time, take it down in the morning, pull it back up in the mid to late afternoon, or vice versa, pull it up in the morning and drop it in the afternoon, it's been going on for ages! It will probably be back up in the £4.20's by COP!
I have a sneaky feeling this will come good. Currently the underdog, not a sausagedog! But I think it will be crufts prize winner, wait and see, but Aussie land is full of gold, and incentives right now from the Govt for extracting it, so it's a case of getting the best equipment in to find it, and that's why I think ECR may have to JV with a major before long, if they can get one interested enough to take on some of the risk with them. imo.
You have to sell in your HL trading accounts, clear to your bank and then pay the funds in to your stocks and shares isa, so it takes a few days to complete. HL stopped doing automatic transfers a few years ago now, such a pain!
Herewith Guardian one;
https://www.msn.com/en-gb/money/news/superdry-shares-fall-after-ceo-rules-out-making-takeover-offer/
43 mins ago on msn
My 500,000 now showing, but that was also a buy.
33069 is mine, it was a buy.
I've also just bought another 500,000, yet to come through.
Now holding 8 million shares, and hopeful :)
Hi Munichmann, I still have my 16 shares! But just too risky imo, if it falls below 10p, might be worth a small punt, but I just think that cva is a huge risk now. If there was merit in the company's trading status, I would have expected others to step forward by now to bid, even Oakland furniture man himself could bid at this low a price, but no one wants to take it. I do agree the clothing is somewhat outdated, it's okay for the country set in parts, but most of it is certainly not for the younger elements. And that's the dilemma, how do they revamp it, and how can they afford to do that whilst carrying the debt as it is? The company should really come out and give a forward looking statement after that disgraceful rns at 4.30pm when market had closed for the long Easter break, they must have known in advance what was going to happen, and to do that, was just disrespecting shareholders totally. That's why I've fallen out of love with it, if they shovel the dirt on to shareholders like that, then forget it, JD has lost his credibility, and who would want to do business with someone who is prepared to do that to their shareholders, and not once, but he's now done it twice! He won't get a third attempt I hope! my views.
It's dead, it will go to CVA, rmember the snippets i posted at the weekend about Hilco, look what they did to Wilcos. Dunkerton will pick it up from the administrators, swing traders just suck more in and then they do their preplanned drop and there will always be casualties. Dunkerton has let investors down, he deserves likewise, but he'll win through on administration is my guess. GLA, just don't get caught in to the spiders web by the swing traders.