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Pendragon don't seem to have put out an RNS about any significant legal claim so presumably think it is just a try on .
They can offer 29p or more or walk away. If they buy at a price higher than 29p they have to increase their offer to the higher price. Pendragon (todays Q3 statement) is making good profits - I expect the bid to succeed but if it didn't a 1p dividend (covered 3 -4 times) and/or a share buyback would be probable. How big is the big sum re the Japanese project?
Hedin offered 28p a share earlier this year. At the interims (6 months since the initial approach) the balance sheet was £46m better than then which is equivalent to about 3p a share. If that has continued - we are another 3 months into the 2nd half - 32p to 33p would make a lot of sense.
"Discussions between the parties are ongoing and the Board of Pendragon has granted Hedin Group access to complete its necessary due diligence." As this is the first time Pendragon have said that due diligence and discussions are taking place - I take it as a very positive announcement.
Everything crossed. If they were going to withdraw I don't see why wait until the last minute. They own a lot of shares which will drop in value if they were going to pull out.- it surely makes sense to firm up the bid, even 29p is a significant increase on the current 26.5p and much more than it would be without the bid.
Hedin have built a 27% stake in Pendragon which with no dividend is dead money. They would show a nice profit if they sold at 35p which would give them the cash to bid for another business. But if the bid fails the share price would probably drop back to below 20p -about the price they paid. This is their chance to break into the UK market - I would expect (hope) for a 32p bid to secure the backing of the board.
Should we take the 27p or wait for 29p or will there be a slightly improved offer which would get board backing? Last year on 7 October there was a trading update - nothing this year. If the board are going to defend against the bid then a positive update perhaps with the prospect of a dividend or share buyback or both would help.
They have until close of business Monday 24 October - unless extended. Disappointed how quiet everything is.
Hedin already have about 27% with the collapse of the £ UK assets are getting cheap! If the board asks for 32p it’s a deal.
Whilst expected good to see things are underway and weather looking good!
"i3 Energy plc (AIM: I3E) (TSX: ITE), an independent oil and gas company with assets and operations in the UK and Canada, announces the commencement of operations for the drilling of the Serenity appraisal well on UK Licence P.2358, Block 13/23c. i3 owns a 75% working interest in the field. The Stena Don semi-submersible drilling unit is now on contract to i3 and is on location preparing for the spudding of the well, which is expected to occur later this week. The drilling programme is expected to last approximately 30 days. "
Majid Shafiq, CEO of i3 Energy plc, commented:
29p bid required 5 major shareholders to commit. 4 said yes but because 5th didn’t , bid is not going ahead. Still means 21.5p is too low
Not very clever to produce a trading update with sales etc for 2023 - Doesn't anyone read what they send out?
We expect to report Group underlying profit before tax of c.£33m for the first-half of FY22 (H1 FY21: £35.1m).
Group adjusted Net cash as at 30 June was £2.8m (31 December 21: net debt £49.7m).
Come on Hedin!