Cybit Share Discussion Threads

[buenos aires] 22/12/2009 17:48

chorister

If you have sold , good on you .

Personally I am enjoying this years Cybit's Xmas Pantomine .
with 75p on the table ,what is the rush . Another 5 to 6 weeks and it could be over anyway ,and its so much more fun if you are still invested.

The initial proposals will be passed ,I am sure ,but the second round requires 75% of scheme shareholders to approve and the Board will then announce the take-over of MPS . ( this is just my opinion )

Then 75% is highly possible to achieve ,with MPS institutional vote ,but not a foregone conclusion. If enough Cybit shareholders vote against the Schame ....sorry scheme .

I dont think that this deal in my opinion is necessarily in Cybit's best interest ,so they may reconsider after all .
.
Personally I think they will be quite happy to see us all off at £1 per share ,which still grossly undervalues the company,but better than 75p .

IF YOU DONT MANAGE TO VOTE THIS TIME ,THEN PLEASE DO WHATEVER IT TAKES TO VOTE NEXT TIME ,or simply turn up at AGM with proof of your Cybit share ownership. ( Cybit's web site has the prospectus )
HOW YOU VOTE IS UP TO YOU.

[chorister] 22/12/2009 16:20

The last time this company's shareprice was at this level was nearly 5 years ago, when everything was booming. Since then it has remained more or less impervious to the company's improving fortunes. Now we are facing possibly years of austerity.

You must be mad to vote against this - take the money and run.

[ffp] 22/12/2009 16:10

Ta, have sent them an e-mail.

[red imp] 22/12/2009 16:02

I've just spoken to Barclays Stockbrokers where my Cybit shares are held in a nominee account

Although they have sent out the Scheme Of Arrangement document to shareholders they will not be sending out voting instructions, so if you want to vote either way you will need to contact them. They will then pass on your voting intentions to the registrars.

They have now got my 'No' vote recorded.

[ffp] 22/12/2009 14:47

and Barclays

[sanity] 22/12/2009 14:37

Pedr01,

TDW have put up an option to vote in the EGM and Court Hearing online, nice and easy. Which I have done. Just need to get Selftrade sorted out. THX.

[pedr01] 22/12/2009 14:11

Sanity

I am with Selftrade as well, and have received the following answer.

"Thank you for your message.

As a result of holding shares in a nominee account, shareholders forfeit their rights to vote at company AGMs/EGMs. Voting rights are therefore generally passed to the nominee company. However, Selftrade does not take part in any voting in AGMs/EGMs and cannot take instructions from customers on how to vote. If you hold an ISA or Trading account you can proxy vote. It you wish to do this please provide us with details i.e. for which resolutions you wish to vote for and which resolutions you wish to vote against. We will also require details on where the meeting is being held and the date, once this has been received we will forward this to the relevant department."

They have confirmed that when they say trading account they mean the DEALING account, so, as far as I understand we just send them a secure e-mail with the details etc of how we want the proxy vote to be cast.

However, since I have not received the scheme circular I do not know what the resolutions are etc.

Could someone post up the resolutions please so that I can have sight of the wording etc


Thanks loads


ps ... good old selftrade, why make it easy when it could be oh so difficult.

[tehart] 22/12/2009 14:01

I have a nominee account with Lloyds and called them to lodge my vote no problems.
Interesting that calls are being made .... seems its not as clean cut as I may think.
I would love to see this bid fail just to see the shake up and aftermath.

If bidco get desperate we may see the bid price above 75p

[sanity] 22/12/2009 11:28

I am having difficulty in registering my vote. I have two brokers one for my SIPP the other for ordinary dealing (Selftrade and TDWaterhouse) Neither could take my vote intially, TDW have comeback and have noted my intentions, though admit they are loooking into the issue (they have a new online voting service which I recently subscribed to). However thought it odd that two brokers were experiencing a problem. My initial thoughts are perhaps process has not been followed. Anybody else experienced the same?

[johndee] 22/12/2009 07:21

Something much more I am sure. Bidco will need to more than double their bid if they want the company.

[sdavis] 21/12/2009 18:32

They called me as well: not in to take the call though.

[geminian] 21/12/2009 17:47

I am wondering if Bidco have got wind of the pending "NO" votes, as I had someone stating to be from Bidco ring me today to find out how I was likely to be voting.

As I have indicated on the board I said my vote is no/against the offer.

Hopefully, although my holding is very small/insignificant, added as a cumulative total with other no voting investors we might get excess of 26 - 30% of the shares, enough to block the deal.

[pedr01] 21/12/2009 16:06

Are you in a nominee Tehart ?? I haven't seen any corporate actions with regard to voting from my nominee was wondering if i need to chase them.

[tehart] 21/12/2009 15:13

My vote has been sent as NO.

I doubt we will get the % we need but stranger things have happened in the past.

Marry Xmas

[buenos aires] 21/12/2009 09:19

There must be a very good reason why Cybit has embarked on this "scheme " .

My personal opinion ,and is ONLY A GUESS is as follows .

1. Cybit wants to merge/takeover with Minor planet systems .
2. A plan is devised to merge the 2 cos ,and eject the non institution investors.
3. It needs careful planning as there are dangers everywhere and no one can be trusted.
4. So the plan is to have a "scheme of arrangement" in place to enable a satisfactory conclusion.

A. Offer Cybit shareholders 75p per share ,and approx 10% will sell right away. These shares are mopped up . No hedging is allowed and every shareholder has to make themselves known if they have 1% or more . ( ambush less likely )
B. The "scheme" is easily approved at the AGM. All shares are now "scheme shares" and are bound by rules set out by the board and their advisors .
C. An announcement is made that Cybit is buying MPS in a 3 for 1 share swap.
D. The enlarged co is now worth 75p + 33.3% ,which is £1 per share .
F. With the help of the institutions holders of MPS ,this is comfortably approved .
G. The small shareholders of Cybit and MPS are courteously shown the door and are thanked for their investment in the 2 cos.


The above is ONLY AN OPINION ,so please make up your own minds.

IF YOU ARE GOING TO VOTE NO ,SIGN AND DATE BOTH CARDS ,CROSS THE BOX OF YOUR CHOICE ,AND SEND BY REGISTERED POST ONLY £4.95P

[sdavis] 21/12/2009 07:02

If you do nothing the Directors are your proxy and have your vote,which will be "yes". So to vote "no" you have to advise your nominee or return the voting paper yourself.

Re the above discussions, I aree wih most of it.

- CYH would do better with a large cash injection (leases in-house for a start)
- CYH would recover without the bid anyway
- CYH should publish the interims

As for the share price rising above 75p without a bid, this would take some time in my opinion, maybe 12 months. PIs are not coming to the party, neither are institutions. They will so, but it will take time and contract wins.

Chances of a second bid: a possibility, but it would propably have to be without the approval of the Board. RH et al would then be fighting for their lives. That would be interesting! However, in the scheme ofthings, I give a second bid a 10% chance.

S

[buenos aires] 20/12/2009 22:30

howun42nut
This is from the DOCUMENT circular to shareholders on the registar ,it also applies to nominees ,but the broker who holds your shares will take the attitude that its really ALL UP TO YOU. SO ACT NOW .

IT IS IMPORTANT THAT FOR THE COURT MEETING , AS MANY VOTES AS POSSIBLE ARE CAST SO THAT THE COURT MAY BE SATISFIED THAT THERE IS A FAIR AND REASONABLE REPRESENTATION OF SCHEME SHAREHOLDER OPINION .YOU ARE THEREFORE STRONGLY URGED TO COMPLETE ,SIGN AND RETURN YOUR FORMS OF PROXY AS SOON AS POSSIBLE .

For this to happen there needs to be a majority vote cast in favour of the resolutions ,which will probably pass . 50% is not difficult to achieve .
But this is only the first stage ,where all our shares are then converted to "scheme shares" .
IT IS NOW THAT 75% OF THE SCHEME SHAREHOLDERS MUST APPROVE THESE DODGY PROPOSALS . SO AT LEAST 26% MUST VOTE NO. SO WE MIGHT AS WELL START NOW !! The 3 voting option boxes are not easy to spot on 1 of the voting cards ,another sneaky example .

I am confident that the second vote ,the 75% pass mark will not happen ,BUT I suspect they have a cunning plan .Quite clever really ,kill 2 birds with 1 stone .

But you already know this!!!
To all small genuine share holders
PLEASE VOTE NO ON BOTH VOTING CARDS ,SIGNED ,DATED ,AND SEND BY REGISTERED POST £4.95p ASAP

[billy18] 20/12/2009 21:56

incorrect sanity...if you do not notify the nominee

account concerned,they vote WITH THE BOARD OF DIRECTORS RECOMMENDATION

[ffp] 20/12/2009 21:42

Thank you sanity, simple answer in the end. So I just e-mail them?

[sanity] 20/12/2009 21:29

If your shares are in a nominee a/c, unless you let your broker know how you wish to vote they will vote how they see fit.

[howun42nut] 20/12/2009 20:33

buenos aires I'm certainly not trying to get people to do anything they don't want to do , it was my understanding that for this takeover to take place 75% of shareholders must vote YES , not that 25% must vote NO to stop it, therefore if you do nothing you are voting NO , if this is wrong I stand corrected and would appreciate any other views to the contray.

[man overbored] 20/12/2009 19:28

LOL. If you are the nominee, you ARE Barclays. If you have no certificate, then a nominee holds them for you.

The old FBB eh? Frank Spencers almost to a man.

[ffp] 20/12/2009 19:24

IF YOUR SHARES ARE NOMINEE ETC ,GET CONFIRMATION OF YOUR INTENDED INSTRUCTIONS

how do I make sure if I am a nominee?, will Barc. send me a voting form?

[buenos aires] 20/12/2009 18:53

howun42nut

If you do nothing ,then you are giving the yes camp an advantage .
VOTE NO ,SIGN ON BOTH SIDES AND SEND BY REGISTERED POST £4.95 .
( Any other way is exactly the same way as posting it yourself ,and cannot be relied on whatsoever .)
People that have invested here are not your average private investor ,they have probably been here for years ,unlike me ,so can smell a rat from the word go. I have a pet theory about all this but it can wait till monday .

Nice subtle way you try to get people to do nothing ....they are not all Homer Simpsons !!!

VOTE NO , SIGN BOTH SIDES ,DATED ,AND SEND BY REGISTERED POST £4.95p
IF YOUR SHARES ARE NOMINEE ETC ,GET CONFIRMATION OF YOUR INTENDED INSTRUCTIONS .