dandigirl
02 Feb 2017
Re: Emerald Cut-Off: 3 Feb. 2017 17.00 h... Disappointing news from Emerald. An increase from 185p to 200p is not that great, especially as it would have paid for itself if beaten later. Emerald should not have gone into this if they were unwilling to offer at least one increase. Whoever got cold feet in the Emerald group should be ashamed of their limitations. They will have to live with the fact that they let PUB get away without a fight. As it is, this is a great deal for the purchasers. Congratulations and well done to them. Enjoy your great buy!
dandigirl
30 Jan 2017
Re: Emerald Cut-Off: 3 Feb. 2017 17.00 h... Will they? Won't they? Counting down to Friday.
dandigirl
24 Jan 2017
Re: Emerald Cut-Off: 3 Feb. 2017 17.00 hrs. SP declining to the bid price. Can't believe that Emerald will allow this bid to go ahead without at least a little tussle!
dandigirl
20 Jan 2017
Emerald Cut-Off: 3 Feb. 2017 17.00 hrs. From the Scheme Document...."""""Following Emerald's indicative proposal to acquire the entire issued and to be issued share capital of Punch, in accordance with Section 4 of Appendix 7 of the Code the Panel has confirmed that Emerald is required, by not later than 5.00 p.m. on the date falling seven days prior to the date of the Meetings, either to announce a firm intention to make an offer for Punch in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. Based on a date of the Meetings of 10 February 2017 as set out in the Scheme Document, Emerald would need to make such an announcement by not later than 5.00 p.m. on 3 February 2017. There can be no certainty that any firm offer will be made by Emerald."""Good to know!
dandigirl
18 Jan 2017
SCHEME DOCUMENT SD published yesterday. 180p is a steal. I shall be voting against!
dandigirl
13 Jan 2017
Re: 2017.01.11. Anybody know if there is a deadline for another bid? d
dandigirl
30 Dec 2016
2017.01.11. ""Both Patron and Emerald have until 11 January to either make a firm offer for the pub group or walk away.""
dandigirl
16 Dec 2016
Emerald/McIntosh Overnight I have come to think that Emerald/McIntosh will make a bid at 200p or more. Why?McIntosh wants PUB. He was the founder and knows/understands PUB. His bid of 185p is already above the Heineken 180p. O.K. it is subject to... but this is normal. He simply cannot walk away at this stage without giving it a go. He might think that he does not want to take on Heineken but I don't think so. Moreover, in making the initial bid he would have made an allowance to have to increase it. Finally, McIntosh & Co already own over 2% of PUB and every 10p increase in the price means an extra £500k in the kitty if ultimately unsuccessful. If he bids at 200p, a price he is probably still content with, and Heineken increase theirs, i.e. he loses - he has at least covered a substantial amount of costs. If they don't he has what he wants for 15p ps more than his opening 185p. Hope this makes sense - well it does to me so I have bought a few more PUB this morning hoping to make 10p ps on them. Fingers crossed. d
dandigirl
15 Dec 2016
200p plus .. a quick read of the Vine bid document requires any competing bid to be above 200p for the irrevocable undertakings given by some shareholders to fall away. I'm watching happenings. We can but hope. d
dandigirl
15 Dec 2016
191.25 SP moving ever closer to starting with a '2'. Nice. d
dandigirl
14 Dec 2016
Re: NEW ARTICLE: Punch drunk after two takeo... The debt position is well known. You could have commented on the NAV ps surely.
II Editor
14 Dec 2016
NEW ARTICLE: Punch drunk after two takeover bids "Shares in LSE
UBunch Taverns have rocketed as the second largest pub group in the UK confirmed it's at the centre of two takeover bids. Valuing the company at around £400 million, rival offers from brewing giant AMS:HEIA:Heineken and Punch's ..."[link]
dandigirl
14 Dec 2016
Re: Offers both less than net assets Yes, FT gives Book Value ps of £3.53 and a Tangible BV ps of £2.86. Way to go then, hopefully. d
LoadsaDosh2
14 Dec 2016
Offers both less than net assets Both offers way less than stated asset value. Hold for improved offer.
dandigirl
14 Dec 2016
158p Well, well, well. So, 2 possible offers on the table. 174p and 185p. That would be a nice Christmas present and make for a good start to 2017. d
