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Real-Time news about Castle Acq. (London Stock Exchange): 0 recent articles
|arthur_lame_stocks: It´d be nice to know more about the pension fund itself, for example is it exposed in anyway to changing mortality assumptions. I always thought not because they´ve bought annuities for all of the members.
I´d also like to know exactly how big the surplus is. Presumably the fund now consists of a load of annuities and a load of fixed income securities, which effectively belong to shareholders if they can ever get their mits on them.
Perhaps the company are waiting for a change of government to see if there is a change in rules.
Look on the bright side though. If my assumptions are correct, the value of the FI portfolio should be rising nicely and the share price is significantly below this value so the yield to shareholders is much higher.|
|grgkecer: At least the share price hasn't gone down. Presumably the present strategy will be pursued "diligently" until the cash runs out.|
|rambutan2: good spot arthur, and fits in with my post 27 suspicions of share price being made to fit a deal. been plenty of interest in gleeson over recent months. mr mills as ambitious as ever...
9 January 2006
MJ GLEESON GROUP plc ('Gleeson' or 'Company')
Statement re press speculation
The Board of Gleeson confirms that it has formally rejected an outline proposal
from a third party not connected with the Board or management of the Company to
acquire the entire issued share capital of the Company (the 'Proposal'). The third party is an AIM quoted investment holding company with no active employees or connection with the construction, housebuilding or property sectors (the 'Vehicle').
The Proposal, which was conditional and subject, inter alia, to due diligence,
comprised shares in the Vehicle and a partial cash alternative (subject to
funding) at 345p per Gleeson share. The Proposal envisaged that the Board of the combined company would comprise Gleeson's current Chairman and Chief Executive, its new Financial Director, and four non executive directors, two of whom would be nominated by Gleeson. Assuming full acceptance of the share element of the Proposal, Gleeson shareholders would have owned in aggregate approximately 97 per cent. of the combined group's issued share capital.
|rambutan2: noted that caq share price seemed to drop to present price on no volume. do hope that doesnt mean that mms have got wind that that will be price it taken private at?|
Castle Acquisitions share price data is direct from the London Stock Exchange