Belhaven Grp. Share Discussion Threads

[hunting lodge] 09/9/2005 16:30

I've just tried to elect for the Loan Note alternative for my BHG holding at iDealing. However, it seems that iDealing will only let me accept cash - and the CGT bill which goes with it.

Also, the Halifax are insisting that, if I am to take Loan Notes, I have to transfer the shares out of my nominee account, onto a certificate which then has to be sent to the registrar for Loan Notes to be issued - I can only hope the offer is extended beyond 15 Sept for all this to go through!

Anyone else had problems with the Loan Note offer?

[salpara111] 09/9/2005 16:18

Well that is me out at 630. Its been 2 weeks since the offer broke so the balance of probabilities says no new offer is coming so I might as well get an additional 5p a share today rather than waiting.

[domtheone] 08/9/2005 16:31

It was only after closing that the bid/offer price went crazy.

Most of the trades that went through were still around the 633 mark, which is where were back to today.

[salpara111] 07/9/2005 23:38

Interesting spike at the end of the day, I am holding a decent sized chunk and am still not selling as I dont believe that the offer was overly generous and that it could still produce a counter offer.
Having said that I would have to say that I am tempted by the 640 close today as that is a good few £s on my holding over the offer price.

[domtheone] 07/9/2005 09:20

Yep, checkd it again last night. Other option they gave is to do nothing, which is what I will be doing for now :-)

[edmundshaw] 07/9/2005 08:28

Halifax (on line) asked for decisions by 9th September.

[bigbertie] 06/9/2005 20:53

Investors Chronic recommends holding on. However if you are sure there will be no counterbid you should sell in the market now as you will get 631p instead of the 625p that GNK are offering.

[ed 123] 06/9/2005 16:40

Two lots of 50,000 shares bought at 632.5p today. Someone is hoping for (planning?) a counter bid.

[ed 123] 06/9/2005 16:35

Registrar's deadline is 1:00 pm on 15 September.

Squaregain's (ComDirect's) nominee deadline is 5:00 pm on 12 September and it can be done electronically.

Someone is still mopping up shares at around 631p.

Will Halifax holders then have to make a decision not later than Thursday this week? Time is running out fast. Maybe the person mopping up will get lots of shares from nominee holders 9 to 13 September, then announce a counter offer on 14 September.

Should I take 631p now or hold on?

[domtheone] 06/9/2005 15:56

I believe (don't have the forms to hand) that my Share Dealing Co (H'fax) wants forms returned to them by 9th Sep.

Has everyone else got the same deadlines??

[huttonr] 01/9/2005 16:54

The amount seems too small (only .3% of the total shares) for a serious bidder - the current major shareholders are committed to the bid unless there is a 5% higher bid ie 656p and the present increase to 633p doesn't seem enough. My guess is a hedge fund trying its luck.

[maz26] 01/9/2005 11:54

Yes, clearly something is happening.
At least 1 million shares have been bought at or above the GNK offer price.
This implies that either a hedge fund or a potential rival bidder are buying. Either way a lot of cash is expecting a higher bid.
Since the market believes, wrongly in my view. that the offer is too high, then the hedge fund scenario seems unlikely.
The alternatives seem very limited - my guess is that the only plausible alternative scenario is for Scottish & Newcastle going for it.
Any thoughts?

Maz

[huttonr] 31/8/2005 12:19

Some interesting large trades going on at 633p - is anything happening?

[paulf99] 27/8/2005 19:19

I agree who can tell. What you suggest depends on Ross's character - he's done a good job of building up the business, so all credit to him for that. The fact that he got protection for the brewery may mean he had to give up something on the price. I'd like to think there was going to be an auction but the longer it goes without any action, the more I doubt it.

[bigbertie] 26/8/2005 19:25

Yes who can tell. One thing here is that with BHG such an obvious target (and the only significant target in Scotland) the likely buyers will already have run over the numbers, so if anyone else is interested they could move quickly.
The other interesting thing is that all the major shareholders seem to have been happy to pledge support (subject to conditions). Are they so pessimistic about the prospects for BHG? Or perhaps Ross has pushed them into it by threatening to leave?

[paulf99] 26/8/2005 17:54

Bertie

The RNS is here:



it was released around 9am on the 23rd - hard on the heels of the announcement of the merger proposal - which emphasised to me that GNK were doing all they could to dissuade others from bidding.

What interests me is whether there is any serious expectation of an alternative bid - the relatively small amount of non-GNK purchasing (if that's what it is) says to me that no one else is preparing to bid but who can tell?

Paul

[domtheone] 26/8/2005 16:27

How many days can they delay before they have to inform? 3 or 4 maybe?

[bigbertie] 26/8/2005 16:19

Paulf99 - one of the Scottish papers said earlier this week that GK had bought up 5.8% of BHG shares in order to deter other bidders, but I can't find an RNS which confirms this.

[paulf99] 26/8/2005 14:25

Most of that was on Monday. If it had been GNK we would have seen an RNS by now as they already held more than 3%. So perhaps it was someone else than GNK.

[domtheone] 26/8/2005 12:06

About 4.5 million shares traded since the beginning of the week..

[paulf99] 26/8/2005 11:40

Bertie

Wkat makes you think that it's GNK who are buying these shares? According to the ADVFN chart there seems to have been something around 400 000 shares bought in the past 3 days (which is not a lot) but I don't see any sign of RNS by GNK since 23/8 or significant purchases by any of their agents. It would be interesting to know whether these are just speculative purchases from people hoping for a counter bid or if it really is GNK buying them which would suggest they are not so confident of success.

[bigbertie] 25/8/2005 20:59

Price up to 630p now, but apparently its GK themselves who are buying up the shares. They obviously think their bid is not high enough! Stuart Ross (CEO) and his wife get about £1.5 million for their shares and Ross keeps his job and maybe (suggests one paper) gets a main board directorship with GK. And only a few months ago he said he was focussed on developing the business, not selling it. So maybe the game is over. Well we can't complain - I guess most of us bought the shares hoping for a bid!

[bigbertie] 23/8/2005 16:49

Yes and perhaps even one of the big pub companies might be interested - they could maybe sell the drinks distribution business to Bass (it already handles Tennants Lager). Chance for an invasion of Scotland - the English usually don't wamt to miss that.

[edmundshaw] 23/8/2005 16:37

bigb, pretty much sums up my feelings. The synergies require the t/o (and vice versa), but if there's another interested party, they have room to come in. Only requires another 6% or so to move most of the institutions and pay off GNK.