Brit Insurance Share Discussion Threads

[roundup] 02/2/2011 08:16

Boros10:- Thanks

[boros10] 01/2/2011 08:42

Once FSA give all clear (I am assuming there are no problems) this should go through. If you want to sell you could call Selftrade and say you want to revoke your acceptance. I would hold on though as you should make a further 24p a share when deal completes and CVP is paid.

[roundup] 31/1/2011 14:15

It's ridiculous this going on month after month. Selftrade has removed it from my portfolio so that (according to them) I don't have a chance to trade it.

[crawford] 24/1/2011 13:43

Should have sold out of this one, I'm trapped too!

[topvest] 24/1/2011 13:20

Your guess is as good as mine. Suspect it will be 2010/11 but may be close.

[vulgaris] 24/1/2011 13:00

topvest

Note your comments on timing. Any likelihood it will spill over into the 11/12 tax year... or >90/99% certain to be this one?

[topvest] 24/1/2011 09:13

Yes, I think it's a done deal but some of the arbitrageurs have probably been caught with their pants down if they have leveraged for a speedy deal and cash proceeds under the existing timetable would already be in. Means that the have to wait 2m longer on a leveraged position...ouch!

[boros10] 24/1/2011 07:16

Acceptances stuck in the low 70's and offer extended again to January 29th.

Final deadline extended to March 18th to allow extra time for FSA clearance.

Topvest are you suggesting that the low and almost unchanged level of acceptances are because arbitrageurs are unwilling to commit their stock until they know that all the regulatory hurdles have been overcome and therefore how long they will have to wait to cash out?

In not accepting, arbitrageurs gives themselves the option to sell shares in the open market in the meantime (although I see volumes are very low).

I bought heavily to take advantage of the CVP payment and what I hoped would be a relatvely short offer period. I clearly got this wrong!

[topvest] 23/1/2011 15:04

Looks like we are not going to receive our cash here for up to a couple of months; I suspect the low acceptance rate is because aritrageurs have been caught out by the delays. They are probably losing a significant amount of money because they will have leveraged our positions. Given a back-stop date of 18 March has been mentioned, this means we may not see any proceeds until the end of March. FSA delays costing us all here?

[harry rags] 12/1/2011 10:07

it is a good something :-)

[chocaholic] 11/1/2011 20:47

Is it a good something or a bad something?

[topvest] 11/1/2011 08:39

Yes, very odd - still only 70%. Something going on!

[boros10] 11/1/2011 08:08

RNS this morning has the number of acceptances actually down on the first close two weeks ago. I am not sure what is happening here. I know a big chunk of the equity is now held by arbitrageurs. Could they be hoping for a better offer from a third party or are they hoping to take equity in the buyout vehicle?

Any thoughts?

[joan of arc] 07/1/2011 18:58

At the end of December only 71% had accepted. At 95% the offer automatically goes unconditional. The deadline is Monday 1pm. Does anyone know what Achilles will do if they don't get the 95% and what might be their lowest acceptable level?

Maybe we are already there with the 71%.

[crawford] 06/1/2011 16:50

Interesting that the share price is now above £10.45; I assume that there is a bit of arbitrage going on - obviously someone is expecting some of the additional 25p to be paid.

[spob] 04/1/2011 12:05

I was just joking

I doubt that will impact us


The floods have arrived too late to affect us imo

[crawford] 04/1/2011 12:00

spob,
that was my fear also - if we have much exposure to the floods.

[spob] 04/1/2011 01:55

It depends on how high the floods go in Queensland

[ac] 03/1/2011 23:03

When do we hear about whether the net asset value at the 31st Dec meets the level for the extra 25 p - should this not be disclosed for purposes of transparency

[spob] 29/12/2010 14:21

yep they have mine also

[harry rags] 29/12/2010 13:41

They have my vote, just give me the money

Thank you

[topvest] 29/12/2010 09:33

Interesting that they are short of the number of votes required. Need 95% to go unconditional (or such lower % as Achilles may decide). I wonder if some large holders were playing difficult to see if they could flush out another bidder? Any chance of this all falling through? Personally, I'd rather keep my Brit shares than take this offer. Brit are a good home for your money for the next decade.

[crawford] 29/12/2010 08:10

News out - I assume everyone has voted?