Bond International Share Discussion Threads

[swiss paul] 27/10/2016 21:51

erm ahe bus yet?

[zoolook] 25/10/2016 21:13

Oh dear. So much for skim reading. Thanks Boadicea. I'll read through more thoroughly tomorrow.

[zoolook] 25/10/2016 09:56

Just so I am clear - the proxy form just issued has to be filled and sent back to be received by them this weds at 11am (not long) and is to vote for or against the Constellation offer at 121p Yes?

Is a vote against already in the bag BTW ?

[eeza] 25/10/2016 09:18

From the Circular being posted today.
"adjourned General Meeting, which will now take place at 11.30 a.m. on 31 October 2016"

[weatherman] 25/10/2016 07:32

OK - thanks for that ... I guess this won't be the end of the news flow.

[flyfisher] 25/10/2016 06:43

weatherman - The meeting to have the vote on constellations offer was adjourned, so your vote was defunct.
They will now arrange another meeting to vote on the symphony offer and your broker should again seek your vote for that motion.

[boadicea] 24/10/2016 21:43

weatherman - I'm not sure what 'accepting' the offer really means, as a majority vote in favour of a resolution to take the STG route will scupper the Constellation offer (as I understand it). Whether Barclays will take your acceptance as a mandate to vote against a pro-STG resolution is not clear and you have every reason to be confused.

Barclays tend to be among the least flexible of the on-line brokers but you could possibly ask them to proxy your vote at the meeting in favour of the Chairman without specifying for or against so that he can use his discretion - which will logically be to follow the board's advice to shareholders, whatever that turns out to be on the day!

At least we seem able to trust the board to get the best possible deal out of the situation.
Good luck - and please report back on how you get on.

[weatherman] 24/10/2016 17:23

OK - on the 19th I accepted Constellation 121p offer following management guidance. Now they have revoked that advice, and say shareholders should withdraw their acceptance and accept STG instead. However, when I phoned Barclays I was told I can't withdraw unless there is a revision. I'm confused.

[zoolook] 24/10/2016 12:18

Update from Symphony:

[battlebus2] 24/10/2016 08:04

This saga just gets better and better.....

[cockerhoop] 24/10/2016 07:50

Increased offer 127p-129.5p

[boadicea] 20/10/2016 17:16

Watch this space - or rather the RNS News space - The story still has legs!

[eeza] 20/10/2016 16:49

Well they would need to table an increased offer before 24th, else vote may go in favour of the certainty of Constellation's Nov 11 payday.

[apatel21] 20/10/2016 16:41

Looks like they are weighing up an offer. I would think it needs to be at least 125p+.Constellation have said that 121p was their final offer.So it's now Symphony's for the takingTheir previous irrevocable undertakings could have withdrawn their support for Symphony if a bid of 135p or more was tabled.Was that an indication of the max amount they were willing to go to in a bidding war ? And therefore have capacity to bid more

[eeza] 20/10/2016 12:35

STG advises shareholders to take no action & is considering its options.

Increased offer + more certainty on the distribution date ( ala Constellation) ?

[pj 1] 20/10/2016 09:06

WTM must be looking very cheap when off shore, esp as its being sold off due to (temporary?) slowing order book. +3% divi

[battlebus2] 19/10/2016 20:53

I think it's the best outcome for a quick payment to holders, anything to see the end of this saga and at a relatively fair price.

[boadicea] 19/10/2016 20:40

I certainly don't recall a situation in which a BOD has advised shareholders to outvote them although I fully understand how it has arisen.
I suppose there is still time for STG to increase its offer, or even for a further party to enter the auction, particularly bearing in mind that the price now differs little from the original 105p bid at that time for someone with a pocket full of dollars!

In general terms, many British companies will now look cheap to foreign buyers and we can expect an increase in predation as a result. Perhaps one should reinvest the proceeds from BDI with that in mind..... Suggestions?

I am sure readers here will have some.
I would start with companies in relatively new expansion fields and not encumbered by legacy db pension deficits - say SCT, PAYS, and DOTD as good examples among those I am acquainted with.

[cockerhoop] 19/10/2016 17:04

Whilst they have to vote for the competing offer - couldn't make it up!!

[davidosh] 19/10/2016 16:41

Now they want us to back Constellation bid at £1.21

[battlebus2] 16/10/2016 12:25

Hi Exbroker, I've sold a few along the way from 88p so don't hold anything like that. The management have done very well here to get in a position well above the low ball 105 offer. I'll not be voting against.

[exbroker] 16/10/2016 12:11

Hi bb2
Good to see you in this one as well. I started buying when the first bid came out having done a sum of the parts calculation, been ok but have not managed to buy much stock, less than 25k.

[battlebus2] 15/10/2016 13:27

Another letter in the post asking to vote against.........