latife
16 Oct 2015
done deal! What will happen to those shared holders who refrained from voting????
HamptonCaught
16 Oct 2015
Well, that's the Alkane Energy ride over for me. Much more focused on PPG now which actually looks a much better business anyway.
mnbvvvvvvvvvvvcxz
16 Oct 2015
Offer went unconditional 7.00amYesterday Does nobody read the RNS announcements?Its a done deal!
HamptonCaught
15 Oct 2015
Loldemort - many thanks for the clear explanation. Looks like I have no real choice but to sell before the deadline, then.
Loldemort
15 Oct 2015
Re: Offer extended This is an absolutely standard thing to happen in these circumstances. Shyould you worry about it? Of course! It's *designed* to make you act.The UK takeover code is more about getting a tidy, liveable, outcome in reasonable time than it is about taking care of every last little private investor like us. To that end, companies are allowed to use both a carrot *and* a stick. The carrot being the offer price, the stick the threat that if you don't take the offer, you may never be able to sell the shares again.Although takeovers almost always specify some large proportion of acceptances as being required, this can be changed by the bidder at any time (with notice). If they initially specify 90% that's because that's what they would *like*, but they may well be prepared to live with less.As has been said, the takeover can continue as long as they get more than 50%, but they must maintain a listing for the shares. At 70% they can delist the shares, effectively trapping anyone who hasn't accepted. At this point, since the company is a subsidiary, they can start doing all the nice things with transfer pricing that means it will never make a profit again, so say goodbye to you divvies. Yes, there are protections for minority shareholders, but they aren't great.70% is the point where the stick becomes available, and the normal thing to do if the offer is declared unconditional in all respects, at over 70%, is to accept or sell in the market before you get trapped.
dabba
15 Oct 2015
Offer extended as far as I can see, although BB threat of delist, they are giving a rolling two week notice on the offer. Offer extended Barbican announces that the Offer is being extended and will remain open for acceptance until further notice. Barbican will give at least 14 days' notice prior to the closing of the Offer.
IB Investor
14 Oct 2015
Re: BB Offer Delist This may not clarify as I have not read the prospectus in detail. My understanding of the Uk rules were that if you own over 30% you have to make an offer for the rest at the highest price you have paid, At 50% you have won, but the remaining shares can still exist, but dont have to be listed. I have been caught out by this several times decades ago as the new owners can do things such as consolidate the shares effectively getting your shares for nothing. This tends to happen when there are a lot of smaller share holdings, and I dont expect to happen here. They can also stop Alkane paying dividends. At 90% they can compulsorarily purchase the remainder.I haven't looked at the rules in detail this century as I have been burnt by these takeovers in the 80s/90s and have since made calls based upon this understanding.
o mealheiro
14 Oct 2015
BB Offer Delist If I read the offer document correctly the takeover was subject to becoming unconditional only if BB got at least 90% of Alkane shares, they have 77.93%So why is it now unconditional? And threatening to delist if you don’t agree to sellConditions to the offerThe following is a summary of the Conditions to the Offer. The detailed Conditions (and the extent to which any of these are capable of being waived at the sole discretion of Barbican) are set out in Appendix I. The Offer will be conditional upon:• acceptances received of not less than 90 per cent. of the Alkane Shares to which the Offer relates;• the United Kingdom Secretary of State for Energy and Climate Change confirming in writing that it does not intend (i) to revoke or recommend the revocation of any interest in any petroleum exploration and development, appraisal or production licence in the United Kingdom held by any member of the Alkane Group; or (ii) to require a further change of control of any such member, in each case as result of the implementation of the Offer; and• fulfilment of those other Conditions listed in Appendix I to this announcement.
dabba
14 Oct 2015
BB offer - delist I'm just a bit worried about this statement in the offer. anyone offer an opinion it?Intention to De-list Alkane Shares from Trading on AIM Following the Offer becoming or being declared unconditional in all respects, Barbican intends to seek to cancel the admission of Alkane Shares to trading on AIM as soon as possible thereafter (''Cancellation''). In accordance with AIM Rule 41, on 16 September 2015 Alkane gave notice of the intended Cancellation which, subject to the Offer becoming unconditional in all respects, will take place at least 5 business days thereafter. Alkane will provide further details of the Cancellation timetable in due course although, for the avoidance of doubt, if the Offer does not become unconditional in all respects Cancellation will not take place. The Cancellation will significantly reduce the liquidity and marketability of Alkane Shares.
middler2
14 Oct 2015
Still not 80% It seems BB still have less than 80% and have hardly moved from 77.81% on 9/10/15 to 77.93% on 13/10/15. Is someone big holding out? Is it really game over?
mnbvvvvvvvvvvvcxz
14 Oct 2015
Re: Otto Meriten Oddo Meriten Asset Management Oddo Meriten is the brand of Oddo Meriten Asset Management GmbH and Oddo Meriten Asset Management SA, Paris.
middler2
13 Oct 2015
Otto Meriten Not sure who they are, but they now own around 4.3% - friend or foe?
HamptonCaught
12 Oct 2015
So going by the new extended offer, if I don't accept and the bid is wholly unconditional, then BB have informed AIM that the remaining shares will be delisted. Does that mean that I would stand to lose the lot? If so, it smacks of blackmail, surely?
Ripley94
11 Oct 2015
Re: RNS ~ Takeover Offer 36
Ripley94
11 Oct 2015
Re: RNS: Extension Can you reverse your acceptance when they do this ?
