D1 Oils Share Discussion Threads

[mrs robinson] 14/10/2010 07:59

Activist investor penalised by Takeover Panel sells 27.5% stake in D1 Oils that had tied hands of its management

Simon Bowers guardian.co.uk, Wednesday 13 October 2010 21.14 BST Article historyDisgraced activist investor Brian Myerson, who was severely penalised this summer for involvement in a secret shareholder concert party, has sold a blocking stake in struggling biofuels group D1 Oils, paving the way for a takeover.

Principle Capital, a Myerson-controlled investment fund, has been sitting on a 27.5% stake in D1 for months, blocking efforts by the board to secure a future for the business.

Filings released after the stock exchanged closed tonightshowed Principle had sold its entire interest to a vehicle called Harrier Capital earlier in the day. It is believed this new shareholder may be connected to a potential bidder for D1.

The company, which specialises in making biofuel from the tropical oilseed-bearing Jatropha tree, had been in takeover discussions with at least two interested parties in the spring. One suitor - Mission NewEnergy - made an indicative share-based offer for the business, but it came to nothing when it became clear Myerson would block the deal.

Myerson accused D1 management, then led by chief executive Ben Good, of presiding over "a catastrophic destruction of value". He has campaigned for D1 to be broken up and its cash returned to shareholders. In July, however, at an extraordinary shareholder meeting requisitioned by Myerson he called for the entire board to be sacked and replaced with his representatives but was roundly defeated. That left the future of the business in deadlock and cash reserves rapidly draining away.

Yesterday's share sale by Myerson raises the prospect of a takeover deal re-emerging. It is not known how much Myerson received for relinquishing his interest in D1. However, one non-financial reward he appears to have secured was the removal of chief executive Good, who left D1 with immediate effect at the end of August.

In July Myerson was publicly castigated by the Takeover Panel for his role in a unconnected power struggle last year at Principle Capital. He received a so-called "cold shoulder" order - the City equivalent of an Asbo - which is supposed to bar Myerson from takeover situations. Myerson and associates were said to have acted in concert, breaching the panel's takeover code, and to have later given explanations that were "co-ordinated, disingenuous and dishonest".

[solarno lopez] 14/10/2010 07:53

Not necessarilly, it jus depends on what John wants with the company and he is usually succesful with his 'babies'

[mrs robinson] 13/10/2010 18:30

IMHO - points to JT getting DOO for 5p max per share - shame I had hoped for more

[mrs robinson] 13/10/2010 18:17

Register - Registre du commerce - Registro di commercio BS
New entries - Nouvelles inscriptions - Nuove iscrizioni
i
Harrier Capital AG (Harrier Capital SA) (Harrier Capital Ltd),
in Basel, CH-270.3.014.373-7, Froburgstrasse 24, 4052 Basel, joint stock company
(New registration). Incorporation Date: 03.07.2010,
23/07/2010. Purpose: The purpose of the Company to hold interests,
Asset management, counseling and provision of
Management services. The Company may establish branch offices
and establish subsidiaries in Germany and abroad
and participate in other companies at home and abroad.
It can all commercial, financial and other activities
Who exercise with the purpose of the Company in connection
stand. Share capital: CHF 100'000 .00. Issue share capital:
CHF 100'000 .00. Shares: 1,000 bearer shares at CHF 100.00.
Qualified facts: kind / property acquisition: The company
takes the lead in establishing contract in Kind
and inventory from 14.05.2010 50 registered shares with a nominal value of CHF
500.00 of the Commercial House Bad Bubendorf AG, for which 1,000 bearer shares
CHF 100.00 to CHF 50'000 .00 output and demand
be credited. Publication organ: SHAB. Communications to
the shareholders by registered letter or e-mail
if their addresses are known, or by publication in
Shab. According to the founding statement from 03.07.2010 under the
Company no regular audit and dispensed
limited audit. Registered Persons: Koch, Peter, of
Reinach BL, in Basel, Chairman of the Board, with individual signature;
O'Connor, John, Irish Citizen, Dublin
(IE), a member of the Board, with joint signatory to
. Two
Days Registration no. 4780 of 07.28.2010 / CH-270.3.014.373-7 / 05755844

[mrs robinson] 13/10/2010 18:03

solarno - Agree looks like Heritage have taken 13.8% @ 4.5p with the option for the rest at 5p anytime before March
Does that set the value at 5p?
Who is behind Heritage?

[solarno lopez] 13/10/2010 17:26

It certainly looks that way

[kramch] 13/10/2010 17:21

Could someone post the RNS details, these sounds very interesting, has Myerson thrown in the towel?

Don't know whether Mission NE will be our saviour, have a look at their accounts!
K.

[solarno lopez] 13/10/2010 16:50

Having read and re-read the announcments I now have a very clear understanding and view this as a positive transfer of ownership from Principle to Heritage for 50% of Principles holding and possibly 50% in March.

Good news for the future of DOO-DOO.

Perhaps but unlikely with the removal of the deal stopper namely principle that MISSION will come back into the frame

[solarno lopez] 13/10/2010 16:14

And please spell it out clearly step by step for muppets like me

[mrs robinson] 13/10/2010 16:03

Trying to get my head around the 2nd two RNS's?
BaldEagle - what do you make?

[solarno lopez] 13/10/2010 14:41

Don't fully understand the Harrier position but there again I always was a penny short of a shilling!!

[mrs robinson] 13/10/2010 14:39

That explains the drift to 5p
On the Harrier Capital AG RNs it gives the contact as John O'Connor
- sounds like he could be from the same part of the world as JT
Don't think JT ever paid more that 5p for shares

[baldeagle5] 13/10/2010 13:36

Very interesting - this is obviously the Myerson blocker - it seems the company has written a call option with a strike of 5p over 17.5m shares expiring next March - the idea being that this will dilute Myerson below the 29.9% and importantly, the 75% scheme of arrangement necessity for the other bidding parties.

Expect action and soon. I only hope it is in double digits.

[bill182] 13/10/2010 13:31

I see Harrier Capital now own options and shares of 27.54%. Anyone heard of them before?

[liarspoker] 12/10/2010 16:15

Yes, a bid would be very nice worth much more than the current price on that basis. :O)

[solarno lopez] 12/10/2010 16:14

But on low volume

[p@] 12/10/2010 16:13

Looking good today!

[mrs robinson] 12/10/2010 15:56

someone is hungry today

[solarno lopez] 06/10/2010 17:01

I do hope so

[baldeagle5] 06/10/2010 16:19

Looks to me like further bid news is imminent.
About bloody time!

[solarno lopez] 06/10/2010 16:09

Is the price being pushed up so they can have a placing??

[solarno lopez] 06/10/2010 15:07

lets keep it up!!!!

[spaceparallax] 06/10/2010 14:53

the recovery steadily continues.

[solarno lopez] 30/9/2010 12:33

Yes thank goodness at least I hope it is thank goodness MRS ROBINSON

[spaceparallax] 30/9/2010 09:46

looking lively this morning