|Accumuli has finally become 'Cumulus' and simply evaporated, however if anyone has acquired NCC as a result the 'Scheme of Arrangement' I have created a new NCC thread in the hope that ACM's influence will breathe 'new life' into the larger consortium, for info see: http://uk.advfn.com/cmn/fbb/thread.php3?id=33869903|
|Shares will finally be delisted tomorrow. I understand that the cash payment component and the NCC share issue should be implemented on Tuesday or Wednesday next week.
RNS Number : 7679L
30 April 2015
Suspension of trading of Accumuli Shares on the AIM Market of the London Stock Exchange
In connection with the recommended offer being made by NCC Group plc to acquire the entire issued and to be issued ordinary share capital of the Company to be effected by way of a scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme"), Accumuli announces that, with effect from 7.30 a.m. (London time) today, trading in Accumuli Shares on the AIM Market of the London Stock Exchange was suspended.
The suspension has been made in accordance with Accumuli's application to the London Stock Exchange, announced by Accumuli on 30 March 2015. In order for the Scheme to become effective in accordance with its terms, it remains conditional on, inter alia, the sanction by the Court of the Scheme at the Scheme Court Hearing which is scheduled to take place later today. Subject to the Court sanctioning the Scheme, the Scheme is also expected to become effective later today.
The cancellation of admission to trading of Accumuli Shares on AIM has been applied for and, subject to the Scheme becoming effective, is expected to take effect at 7.00 a.m. (London time) on 1 May 2015.|
|In effect the shares are due to be suspended and then delisted at the close on Wednesday (April 29th).|
|To mark the end of ACM I have just created a new NCC thread that hopefully is more regularly attended than the last one and invite former ACM holders to join me. For information I have also included a brief resume of the Company in the header and provide links to NCC Investor Info and Half Yearly Annual report.
To see NCC new thread http://uk.advfn.com/cmn/fbb/thread.php3?id=33869903|
|I see that my ACM holding completely disappeared from my ISA Portfolio today and as a result I was momentarily alarmed by seeing an 'overall loss'. I'm hoping soon to see this 'spring back' into positive territory when and as my NCC share allocation and cash is distributed. I therefore don't know why ACM was still being quoted on AIM, post scheme of arrangement. Apparently 3,435,235 were reported as traded up to 1700hrs closing up 3.18% (+1.125p) at 30.63p. Seemingly, there were some 'Happy Bunnies' at NCC as it also closed up, gaining +5.5p (2.75%) on the day to finish at 205.5p.|
|Amazingly this decision was made by just 36 voters who presumably must have their reasons for unanimously supporting the scheme of arrangement.|
|I've gone for the maximum NCC shares option as I do believe NCC have a promising future. Not as much upside as ACM did sadly, but still a good bet in the current market.|
|Yes, I had a read of that, AA. Not that CGT will apply as they're in an ISA, but I like to treat all my shares the same, for my own accounting purposes. It keeps things tidy....|
This may be of interest particularly the Shares and Cash section if you have up to 50000 (or thereabouts) shares.|
|Only 61% voted. But they were all in favour, 0% against.
I think the timetable said NCC shares on 30 Apr and cash by 14 May?|
|When can we expect the cash?|
|More of you seem to have gone for either the default or 'max NCC shares' options, so I may have done you a (minor) favour in going for the 'max cash' option.
Basically, more shares would have left me rather overweight in one share; but mainly, due to the shares prices both slightly declining, the cash offers the best immediate value.|
|Today's offer by Arris for Pace represents an immediate 28% increase to PIC holders, their merger is also part cash/part shares, but the Premium offered contrasts greatly from that accepted by ACM for NCC merger, it exemplifies just how poorer deal is that we have. Interestingly, many Pace holders are still not happy that the offer is enough....!|
|I have gone for the default option too. Top splice but keeping most of the skin in this exciting game.|
|Me too, I`ve put in for all mine in NCC shares.|
|I'm going for the default option because NCC is a great company with good prospects and has under performed price wise recently. I think that will reverse once this deal is complete and the benefits come through. Nothing changes the case that this is a very strong growth area and NCC is a strong player .|
|Barclays deadline is tomorrow, though I'm not sure how they'll work that, as the meeting is also tomorrow.|
|Deadline set by iii for proposed Corporate Action for them to be notified by ACM holders is 1500hrs today, otherwise the Default option of part cash (5.97p) per ACM share and a 0.1218 part of each new NCC share will be applied.|
|I generally agree with the above sentiment and have finally decided to opt to maximise my eventual NCC holding and see how it unfolds in the hope of making 'a poor deal' better. Incidentally, I note the NCC thread is not a particularly lively BB, with surprisingly little or no comment about this deal.|
|I gedit, sharw. I was just confused about being given a vote on the distribution but not a vote on whether one actually took place or not.
So I might as well just get my choice back to Barc. As things have gone over the last week, there's practically no net difference between the three options at the end of the day.
The only option that isn't good right now is to sell ACM in the market.|
|B1ggles - it sounds as if the other ones you mention were ordinary bids where the choice is either to accept or to hang on to your shares and your broker must ask you what you want to do. Only when the bidder has reached 90% of the shares can you be forced to accept.
This case is not a bid - it is a scheme of arrangement and requires a vote at a company meeting. If the vote is for the scheme then every shareholder is bound by it. The 'mix and match' facility which is the three choices you have only comes into effect after and if the meetings have voted in favour.
The question is the same as for a company AGM - will your (nominee a/c) broker let you vote? Some will for free and some will charge a silly amount (£20 or £25). In the case of Barclays there is no mention of a charge but here is the procedure:
|sharw "That's the problem with nominee a/cs".
Well, yes and no. I seem to remember that, for previous takeovers, Barc have sent options like '1 Accept the cash; 2 Take no action', one of which will be the 'default', ie the one they will use on your behalf if you don't reply.
Thus there had always been the option to not vote in favour. With this one, I am offered three ways of voting in favour and none of not doing so.|
|sharw - I calculate that the crossover point is where/if NCC shares reach 195.3p. If they go below this it makes sense to sell ACM shares directly rather than await the NCC/cash option (does not take into account any dealing costs).|
|B1ggles "...if my broker (Barclays) is typical, there doesn't seem to be any way of voting against this pitiful offer.."
That's the problem with nominee a/cs although some are OK - iWeb do not charge for attendance at shareholder meetings or proxy votes. Interestingly a Scheme of Arrangement (which this is) is the one time that the small shareholder comes to the fore. In addition to a vote requiring 75% of shares in favour there is a vote requiring 50% of shareholders in favour.
I also felt the offer was very low but if that were the case where is the counter-offer: other rivals must have had a look and the accepting institutions must have been convinced.
igoe104 ...."I`m turning all mine into NCC shares.." - well only if an overwhelming number of people want cash - don't forget this is a mix and match offer. It values NCC shares at 199p. With today's closing price of 199/200.25 there is not a lot in it at the moment. Some people may want to maximise shares for CGT purposes.
As usual I became very annoyed with one part of the small print - If you are allocated a fraction of a share it will be aggregated with others and sold in the market. You will then receive the proceeds but only if they are £5 are more. With the price at £2 that says "get stuffed, the company will pocket your money".|
|I am going for option 1. Essentially a top slice. Still keen to be in this sector.|