Member Info for Truby

Says on here the high was 109.60? But odd small amounts often trade higher or lower.

Hi Jam - I did the same, just sold my entire holding at 109.40, and agree a bit of patience has paid off. I considered selling when first bid came in, so got more than 10% more. If I'm leaving another 10% on the table, so be it. I don't want to take the risk of waiting for final outcome, as I had been feeling a tad uneasy in recent days, wondering if the first bid would be approved on JUne 5th or whether it would all unravel. I held on because of big buys by the likes of Sand Grove Capital, who have cleaned up nicely having bought over 20million I think in recent weeks. Well done to them, they helped me too. I remember how sick I felt last Nov when price plummeted, so am feeling very lucky. Good luck to all holders. There may be a few more pennies to be had yet. Overall Kcom has been a reasonable investment, can't work it out exactly as I switched accounts a few times and lost track of purchase prices, but just glad not to have lost my shirt - which I have done in the past on one major investment that turned to dust. Ghastly lesson. So cheerio everyone, and again, good luck :)

says irrevocable undertaking by Invesco, in respect of their 47-odd million shares, to vote in favour, which would have lapsed on 4th June, has been extended to 30 June. So I assume they need a few more weeks?

Threshold apparently reached on the 9th of May and they've got over 26 million shares but no mention of price paid.

Well spotted re updated list, Jam. I hadn't expected that to be revised. Hmm, yes, UBS now in with a chunk, and Bank of America have also either entered the arena from scratch or increased their stake to disclosure levels. As a 25 April Invesco had 40.9million shares. Now they have 50.9million. I'm as puzzled as you are that we have not seen RNSs on major buys and sells. Maybe if they notify KCOM directly they don't have to issue a public rns? Whatever, some serious amounts of stock have been acquired at offer price or above which suggests some feel a higher offer is possible. On basis an alternative bidder has to offer 10% more, the game plan could just be to get BIdco to offer a few pennies more, with threat of not backing deal if they refuse. That seems logical, to me at least, but what do I know?

Obviously not reinvesting dividends, doh! Unless grouped under telcos or something with dividends from other stocks required to be reinvested proportionately across all holdings. I just find it dd that the buys are small amounts.

more yesterday, at 98 and a smidgeon above. Relatively small amounts, but even so. Could there be some other reason as to why they are adding above 97, other than expecting to be able to get a few pennies more? There's no dividend to be had, as that's included in 97 offer price. Could it be due to a contractual type arrangement where they are obliged to add, maybe reinvesting dividends or something, until such time as the offer goes through?

Sand Grove now have over 25 million = 4.91% having bought about 1.1 million yesterday between 97.80 and 98. And AXA Investments have disclosed a holding of 8.67million shares = 1.68%, as at 24 April so late in disclosing,bit appears.

Thanks Jam, interesting. Today's RNS sets out timings, but presumably if another bidder, such as Norge Bank, comes forward they can do so at any time? I wish I was more clued up on these things.

Hi Rooky, they bought two lots: 105,640 shares at 97.99 and 13,908 at 98. Plus they disclosed a "Transfer In" of 12,084 shares, but I don't know what that means? I also see Bidco disclosed no holdings, via Form 8. Does anyone know if that's a standard disclosure?

Sand Grove. They now have over 24mm shares = 4.71% of the company. Which suggests they are going to push for a higher price.

98.

HI Jam. I just had another read of offer RNS and it says: "An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm on the 10th Business Day following the commencement of the Offer Period and, if appropriate, by no later than 3.30 pm on the 10th Business Day following the Announcement in which any securities exchange offeror is first identified." So perhaps disclosure from whoever bought Majedie's and Fidelity's shares will be forthcoming? I was actually looking for something along the lines that Bidco could buy in the open market but didn't find anything.

PS and 21 days needs to lapse after 10% counter offer, during which time Bidco do not up their offer, before Telios and Invesco and Board are released.

Hi Jam. Just to clarify, the way I understand it, any counter bid would have to be 10% higher to release Teleios and Invesco and the board from their irrevocable undertaking to back Bidco offer. These guys represent about 26% of the shares. But that doesn't in theory stop a group of other investors from backing a counter-offer that is not 10% higher but is still higher than Bidco offer. That imho would be hard to achieve; got to round up well over 100 million shares. I assume conversations are taking place, I.e. that other investors could be pushing for a few pennies more. I'm not sure of the rules but presumably Bidco could up the offer by a couple of pence if it meant getting the deal done.

Hi Jam/Chillipepper
I'm in the same boat too, and wondering the odds of the acquisition not going through and there being no alternative bidders. They need approval from shareholders representing 75% of the shares for the deal to go through. So far they have just over 25%. The irrevocable undertakings given by board members and Telios and Invesco will lapse if a third party makes an offer that is10% higher (my basic interpretation of RNS so please read yourself - it's Appendix 3) providing that within 21 days of such an offer Bidco doesn't up their price. Fidelity sold their 13-odd million at 98, and so far no RNS indicating who bought them. Jam, I've also wondered whether BIdco can buy in the open market if they want, and in theory I can't see why not if shares are being offered, but I do see a problem if they pay up for shares as that would suggest they hadn't offered the best possibe price, so I don't think they bought Fidelity's chunk. Could they have bought Majedie's 17-odd million? I guess it's possible, but like I say I don't know rules. We are seeing some increases in holdings. On 25th RNS Tavira owned 8,853,369 representing 1.714% of the shares, and on 26th another RNS disclosing Tavira's holding to now be 12,486,369 rep 2.417%. This was via CFDs, where they added 3,633,000 shares at price of 97.4945p, so they have substantially increased their holding at a premium to offer price. Could be a punt on their part where they figure downside to be 97 (assuming current offer goes through) and upside to be 10% more than 97. I'm watching closely, but not inclined to sell out just yet.

LOL, thanks. Yes, very good point about the 1%; that had clean slipped my mind! And Sand Grove and Tavira increased their positions at a tiny tad under 97.50, so more than offer price. Telios and Invesco are the only ones that we know of so far that have given irrevocable undertakings to vote in favour of the offer, while Majedie had given a non-binding letter of intent to vote in favour, but as we know they sold instead. Should be an interesting week!

And presumably whoever bought Majedie's 17 million-odd on 25th will also need to disclose their holding. I've just been through disclosures and made a list, as follows, which accounts for just over 60% of the shares, so looks like some disclosures still to come. PIs apparently account for about 10%.

24/04/2019 Miton Group 18,965,467 3.67%
24/04/2019 FMR/FIL 13,478,508 2.60%
24/04/2019 Standard Life 10,073,039 1.95%
25/04/2019 Pru/M&G 23,313,404 4.51%
25/04/2019 Majedie 17,006,505 sold @ 97 0.00%
25/04/2019 Norges Bank 13,338,233 2.58%
25/04/2019 Telios 83,127,586 16.09%
25/04/2019 Invesco 40,914,913 9.85%
25/04/2019 Aberforth Partners 38,611,147 7.47%
25/04/2019 Vanguard Group 15,229,246 2.95%
25/04/2019 Threadneedle AM 10,885,000 2.107%
25/04/2019 Sand Grove Cap Mgt 10,230,000 1.98%
25/04/2019 Tavira Securities 8,853,369 1.714%
25/04/2019 BlackRock 20,096,100 3.89%
25/04/2019 Jupiter AM 6,151,348 1.19%
25/04/2019 Chelverton UK 8,250,000 1.597%
25/04/2019 FMR/FIL 13,478,508 sold @ 98 0.00%
26/04/2019 Sand Grove Cap Mgt 14,135,155 2.74% Increased Long via CFD*
26/04/2019 Tavira Securities 12,486,369 2.417% Increased Long via CFD**

I think you're right, yes, so presumably we'll get an RNS tomorrow, as trade date was 25th?

PS on second thoughts, I reckon Fidelity's sale of 13million-odd at 98 is genuine, so someone's paid a slight premium.