they would effectively pay at least 28.6p per share by 29th May 2003.
[the 28.6p based on a minimum of 22p (excl. expenses) per share + a maximum of 30% based on "will not be more
than 30 percent above the average of the middle market
quotation for an ordinary share as derived from the Daily
Official List of the London Stock Exchange plc for the ten
business days ending on the business day prior to the
publication of the document containing the formal terms of
the Tender Offer" [thats the 7th May 2003]
"The Strike Price will be the lowest price per
ordinary share (within the price range specified in the
Tender Offer document) which will allow WestLB Panmure to
purchase ordinary shares with an aggregate purchase value not
exceeding £48.5 million (less the costs of the Tender Offer"
Bear in mind;
You need to be on the shareholders register by 5th March 2003.
ARC reportedly received a 35p per share offer in Oct/Nov 2002.
Large institutions (including WLB Panmure) hold this share from considerably more than 25p per share.
Don't forget about those gentle hints of further share repurchases and possible MBO.
In turbulent markets, this at least has a safety net.
Stop. Think for a few minutes. Then blow that loose £10K+ on ARC, SIPP them or ISA them. Whatever. Then sit back and enjoy the guaranteed (exc. weapons of mass destruction) ride.
Am I the only person to think that this is going one-way? Please blow holes in my argument so I can walk away from this one if I need to.
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