The Artisanal Spirits Share Discussion Threads

[wagtail] 26/6/2009 15:14

There is an RNS out today from the non-exec directors suggesting that shareholders should do nothing until they have discussed the offer with the Financial Advisors.

[shawzie] 26/6/2009 14:55

There is nothing that the Panel can do about the offer price.
I for one will not sell until forced, by Aspen getting more than 90% of the issued shares.
Has anyone telephoned the non-exec Directors (Jones, etc.,) regarding advice received from Financial Advisors to the Company?

[shawzie] 26/6/2009 14:41

Telephone Michael Bird on City Takeover Panel - 020 7382 9026 and make your grievance known.

[taurusthebull] 26/6/2009 12:49

I agree with all your comments and i will not be selling at 34p.There will be about 13.33 miliion shares in issue after the 2 July.And therefore Mr Stevens will need a further 2.5 million shares to reach the 75% mark.Having looked at the other majority shareholders of Barclays,TD Waterhouse and Pershing,i cant see them selling out at 34p either.We should all stick together for a price nearer the real value of the company.

[gizzimodo] 26/6/2009 10:56

Refuse the offer and let them buy in the market. If they want it pay a fair price.

[prallum] 24/6/2009 09:55

What a stitch up. How can this kind of manipulation be allowed. I for one will not be accepting Aspens offer unless it is at well over £1.50.

How was Aspen able to get this deal on such favourable terms? It is beyond belief.

Did the company need this loan from Aspen to survive?

[gizzimodo] 23/6/2009 11:39

Accounts to 31/12/08 show reserves of £16m approx, add back the loan of £1.75m divided by the number of shares that will be in issue following the conversion gives a NAV of around £1.30 or so. Why would long term holders sitting on losses want to sell at 34p. I believe his background is in commercial property so lets assume he will break the company up and take the commercial side. He ends up with a huge profit on his investment. Who is to say that was not on the agenda from day 1. Either way it stinks.

[stud-muffin] 23/6/2009 10:59

Jfishy

You are correct. I forgot that and just saw the 57% holding and made a snap assumption.

They could well go higher - but MM's are foxy here.

I will watch and see.

Good luck to any holders here - it has been over the past 5 years a less than rewarding exercise and despite this stich up being predicted very accurately by someone a long whle back I for one had hopes ART would come good.

SM

[stud-muffin] 22/6/2009 15:36

Very strange a 30% premium to the offer.

The MM's are asleep or they do not beleive this is a done deal at 34p.

Got to say I would be a seller and a quick one.

[8trade] 22/6/2009 15:15

Make that 43p, am i missing something here ?

[8trade] 22/6/2009 15:15

Offering 34p for the rest of the shares they dont hold !

mm bidding 42p, i know what i would be doing.

[shawzie] 22/6/2009 15:13

Well, it has finally happened.

[shawzie] 12/6/2009 10:24

I suppose the end of June will determine in some measure the future of Artisan.

A buyout by the chairman at a price above the current share price but well below the current NAV -
something like Puma Brandenburg (PUMA) where the share price has been sitting at 42p and a Cash Offer has now been made at 60p but the NAV is 100p.

[grahamg8] 16/5/2009 07:25

SLL, sorry about that. I have my correct new holding written down so I clearly did the right 1/40 calculation at the time. I hope this error did not leave anyone thinking that 1/3 of their new holding had gone AWOL.

[sll] 09/5/2009 11:34

graham - that should be a net 1/40, following the 1/6000 and then the 150/1. in effect 6,000 old ART became 150 new ART, which is why there have been so many 'trickle sellers' in the new quantums of 150, 300, 450 etc. If your original holding was below 6,000, or did not divide by 6,000 exactly, then odd balances and fractions were sold for holders at that time (at what 'now' looks like a good deal- with hindsight).

[grahamg8] 09/5/2009 09:24

Denmat, the share consolidation took place on 19/01/07 @1/6000 and then 150/1 ie you now have 1/60 the number of shares prior to that date. So if you are still working on your old total the equivalent current price is

[denmat] 08/5/2009 15:04

iv had shares in artisan for several years and havent looked at them for years. have they been 1/4 some time in the past or do i still have the same amount of shares as i did 10 years ago??

[sll] 02/5/2009 11:45

Thanks graham, that's very helpful.

[grahamg8] 02/5/2009 08:54

SLL, Aspen would only be 'obliged' to offer equal to the highest price they paid for their new shares ie 34.125p. With over 50% shareholding they would have control and may just do this ie aren't interested in adding further shares. Clearly as long as the share price is above 34.125p the offer would be rejected by most shareholders. However they might want to increase their holding to 75% which allow special resolutions to pushed through AGMs and EGMs. To achieve that then they would need to offer a premium (normal market requirement to prise shares off existing shareholders) to the share price at the time. How big a premium is a bit of a guess but lets say 20%, with a 50sp that means an offer at 60p. They may try for total control ie buy >90% of shares and take the company out of AIM or perhaps reverse in Aspen and keep the listing. This would require an offer much closer to the NAV ie north of 100p. My prediction is for a fluctuating share price for the next two months as the market tries to second guess the Aspen intentions.

[sll] 01/5/2009 19:35

shawzie, I have done some work on this matter and come to a potentially more favourable conclusion for holders here. My analysis suggests that Aspen Finance would hold 56.63% of an enlarged ART share capital if they elected to convert £1.75m of convertible unsecured loan stock (CULS) at 34.125p (being the relatively attractive pricing available to them, but only up to 30/6/9). At 31/12/8, the ART TNAV was £16.095m or approx £1.96 per share. Rolling forward to 30/6/9 and assuming a further trading loss of (say) £1.250m (just a guess) in the second half (n.b. first half year to December 2008 = £1.525m pre exceptionals and goodwill write downs etc) the TNAV post conversion becomes £16.095m less £1.250m loss plus £1.750m (of new equity) = £16,595m or £1.24 per share (bearing in mind the enlarged number of issued shares of 13,341,455 ords post CULS conversion). The next variable in this developing equation becomes the pricing of the offer that Aspen Finance would then be 'obliged to make' to all other ART holders if they do in fact go above 30% of ART. May I presume that such an offer would be something north of tonight's close (50p) and closer to the projected status (ante offer as above) of £1.24 (the projected TNAV per share as at 30/6/9). Quite happy to be challenged on any of the above figures if I have misunderstood or misstated anything.

[shawzie] 01/5/2009 16:18

Invested in Taylor Wimpey a few weeks ago.
Pleased to see that "goodwill/intangible assets" have been removed from the Balance Sheet.

SLL if the Artisan chairman converted his loan to shares before the year-end
he would then control roughly 60% of the Company. Assuming that the year-end loss reduces TNAV per share to between 80 and 100 pence per share, any offer for the remaing shares might well be 20 to 30% below the TNAV say 60 to 80 pence per share. All very much guesswork but stimulates the grey cells.