shareordie
29 Mar 2019
Sandgrove 71.6% is that figure right, because they would have to declare a take over offer above 30% if I remember rightly. If its 7.16% then they takeover company needs 95% of the shares to compulsory purchase the rest (off memory) so they could just be blocking that to get more money out of them.
Gamesinvestor1
29 Mar 2019
Sandgrove Bought another 100,000 shares yesterday. They now have 71.6% of the company the share price is now 216.5 or 1.5p above the offer price. This is now highly unusual – there must be a feeling this isn’t over and the management must come under some pressure to get the offer up or look to another bidder if one is waiting patiently. Games
shareordie
19 Mar 2019
Takeover Bid It’s certainly interesting.
Gamesinvestor1
19 Mar 2019
Manx Directors According to this document: [link] Manx directors only own 0.52% of the issued share capital, so their recommendation is only that – major shareholders could say no thank you and the management would have to have a rethink, or Basalt would have to come up with a better offer. Here is the blurb :- “â€"“Accordingly, the Manx Directors intend to recommend unanimously that Manx Shareholders vote or procure votes to approve the Scheme at the Court Meeting and to vote or procure votes in favour of the Manx Resolutions at the General Meeting, as they and each of their spouses and controlled companies who own or control Manx Shares have irrevocably undertaken to do in respect of their own beneficial holdings totalling 597,173 Manx Shares, representing approximately 0.52 per cent. of the issued share capital of Manx as at the Latest Practicable Date. In addition, the Manx Directors consider the terms of the Acquisition to be in the best interest of the Manx Shareholders. “â€â€ Well I certainly won’t vote for this robbery – but my shareholding doesn’t amount to much in the grand scheme of things. But why would Sandgrove take a 7% stake in the company at a price above the offer price from Basalt? This is not over - well at least until the fat lady sings !! Games
Gamesinvestor1
19 Mar 2019
Sandgrove Capital I guess Sandgrove is not linked to Basalt? If not then they have some competition :- “â€""""Sand Grove Capital Builds 6.5% Manx Telecom Stake In Transaction (ALLISS) LONDON (Alliance News) - Manx Telecom PLC said Tuesday Sand Grove Capital Management LLP built a … Alliance News19 March, 2019 | 4:39PMEmail Form LONDON (Alliance News) - Manx Telecom PLC said Tuesday Sand Grove Capital Management LLP built a 6.5% stake in the Isle of Man-focused telecommunications firm in a transaction last Friday. Sand Grove held 7.5 million shares in the firm following the transaction, equivalent to a 6.5% stake in the 115.1 million shares outstanding in the firm. Shares in Manx closed 0.2% lower at 215.11 pence on Tuesday."""" Games
Gamesinvestor1
19 Mar 2019
Takeover Bid Some companies buying Manx Stock now :- Declared on the 19th : Liberum bought 127,602 shares yesterday at 2.150872 Sandgrove Capital bought 115,094,463 shares or 6.54% of the company Declared on the 18th: Cigogne 85,000 share bought at 215.6 Are they hoping for a small increment from Basalt or are they expecting another bid? Games
shareordie
18 Mar 2019
Takeover Bid No I didn’t look through all, but some were sales. And I have re deployed into something that could bring some profits in the next month or so. Just a quick decision on my part. I think fpo is quite undervalued and the next month of so could see me in profit on that. Maybe I get to miss out on something with manx, but I might not miss anything and I end up sold for more than the offer, (only a but more though)
Gamesinvestor1
18 Mar 2019
Takeover Bid shareordie, Did you read through all of the RNS’s, as it seemed to me that most of them where just obligatory declations of the fact they held greater than 1% of the company - part of the form 8.3 declarations. The forms, like most of the stock market entries are stupidly obtuse and it’s such a waste of effort when a single one line statement of what has happened would be more efficient.
shareordie
18 Mar 2019
Takeover Bid I sold all mine Friday, as the RNS’s see to suggest all the institutions had sold up, so you could be right it’s a done deal. I got a bit more than the offer price it was 215 something
Gamesinvestor1
17 Mar 2019
Form 8.3 disclosures Lots of disclosure form 8.3s being filed declaring a greater than 1% interest in Manx. Not always a very clear form to read, but some appear to imply that some have bought shares, and these are not the bidder. Does this imply that they are optimistic the share price might go higher because of a counter bid, which the management surely would be obliged to put to shareholders if it was at a significant premium to the initial bidder?
Gamesinvestor1
17 Mar 2019
Takeover Bid The 215 includes the dividend. It’s not that great a deal. Gary seems to think he will struggle to afford the cost of 5G role out so maybe he wants an easy out here? After all he will take a huge pay off and the put his feet up on a Manx yacht, or a TT sidecar or summat.
Gamesinvestor1
17 Mar 2019
Takeover Bid I guess there are no more bidders and this is a done deal?
shareordie
14 Mar 2019
Takeover Bid Looks like loads of institutional sales today on rns,so I presume they are picking the shares up in the market.
shareordie
14 Mar 2019
Takeover Bid Not strange if the offerer is buying off the market makers as many as they can at 215,someone said peel hunt says its going to cheap, so maybe the offerer might have to up the offer to get enough shares to automatically purchase, so maybe today they are buying above the offer price because they know they may up the offer in the near future. Trading at 216 says that might be true.
Gamesinvestor1
14 Mar 2019
Takeover Bid It seems strange, or maybe not I’m not sure, for the share to be trading exactly at 215, given that the thing still has to be approved by the shareholders. Normally there is still a discount to the trade price based on the possibility, however remote, that the deal doesn’t go ahead. In fact the price it’s at now includes the May dividend - very strange. Unless there is a feeling that 207+dividend=215 is too low and another bidder is a possibility. If they are saying that Vannin can make this grow at a compound rate of 15% a year compared to the 1% in the last 5 years, then they are selling this on the very very cheap. It’s possible here that the management are in cahoots with this infrastructure company who have said, look lads, give it to us at this cheap price and we will give you massive bonuses after the completion of the deal, obviously we can’t put this in the offer document, but here is a side agreement, keep it under your hat. I’m guessing that that kind of practice is not out of the question. Greed can often overide rationality and fairness !! Games
