Dci Advisors Share Discussion Threads

[kimboy2] 13/10/2009 10:34

I believe they need 75% to delist it

They need 75% of votes cast at a meeting to delist.

[badtime] 13/10/2009 10:10

Well...no need to tender at 42...flog them in the open market at that and above...lol

[spectoacc] 13/10/2009 10:02

I believe they need 75% to delist it; that's the key level, and the one I can't see them crossing having seen the price rise above all except the top tender price.

Fair point about say wanting to shift 10m's worth; I guess insts could tender large blocks at 42-44p.

[kimboy2] 13/10/2009 09:45

I think the point isn't what is the price now or during the tender but what will be the price after the tender. I suspect that they are going to be over 50%, if they aren't already, and then they have control of the company.

I don't think that they are going to be very mindful of the interests of minority shareholdings somehow.

[gary1966] 13/10/2009 09:38

SpectoAcc

Raised exactly the same point with my broker who is a very wise man. As he quite rightly pointed out, it is one thing to sell a few thousand shares but another to shift millions in the market. If any of the large institutional investors want out of this then this is their opportunity.

Would say that it is a bit of a game of chicken now. Can take the gamble that the institutions stay put, in which case I can see a good rise in the share price or if they sell out then the PI's left behind would not be in the best of positions. Having held Dragon Oil for some time, I have seen the effect of a major shareholder holding over 50% of a company.

I have sent an e-mail this morning to Dolphin to request that the promised further response from the board is released asap. I will be interested to see what they have to say before making my mind up over the tender. There is huge value to be unlocked here and if they can find a way of doing it, which I suspect they already have an idea of how to do, hence the tender, then it will be very profitable for shareholders.

[spectoacc] 13/10/2009 09:04

Not sure they haven't shot themselves in the foot by buying in the market; still have over a week to decide whether to tender, but now no price below 44p is worth doing (can take 42p bid today), so can't see them getting shares for less than that.

Inclined to hang on & see how far the share price gets squeezed; can't see 75% being acquired with this move, leaving a low free-float. 88k just went through at 44p for eg.

[sammu] 12/10/2009 23:48

Strange to me, as there aren't many entry prices in this share that would make 42p look in any way attractive. Especially with reference to the NAV and recovering global economy, the latter having not been reflected in the share price at all yet.

[tiltonboy] 12/10/2009 16:00

Still happy to tender at 42p. Happy for others to take on the investment decision and possible rewards.

[gary1966] 12/10/2009 15:29

tiltonboy,

You posted that you would take 42p in the tender for a 12% gain. Given the share price movement over the last few days is that still your intention?

My thoughts are that if they don't get the shares through tender that they may continue to buy in the market, which for the patient will probably reap greater rewards. My thoughts also are that the tender offer was announced to keep the shares in a tight range so that they can do exactly what they are doing now, buying in the market.

[tiltonboy] 12/10/2009 15:02

Another big lump gone through today. Expect to see that it is Hallmark buying again.

[gary1966] 12/10/2009 14:32

Well I guess the next announcement from our board re the tender offer will be to let us know what the take up was, as opposed to telling us to reject it and what they are going to do to close the discount to NAV!!

[kimboy2] 09/10/2009 20:12

I would have thought it is the concert party buying up at the moment. They are pretty close to the 50% level. Once they have that they will eventually get full control of the company.

If the Investors and their Concert Parties obtain an interest in DCI Shares in an amount which they consider appropriate, the Investors and their Concert Parties may consider, although there is no current firm intention to do so, requesting that DCI applies to the London Stock Exchange for the cancellation of the admission of the DCI Shares to trading on AIM and seeks approval from the DCI Shareholders for such actions. Such cancellation would require the consent of not less than 75 per cent. of votes cast by DCI Shareholders at a general meeting of DCI.

Other than complain I don't think that there is much the board can do, but we shall see.

[sammu] 09/10/2009 19:19

Tipped in IC I believe.

The longer it takes the board to respond the greater the chance they come back with something of substance, rather than just "don't accept as it doesn't represent true value of shares..."

[gary1966] 09/10/2009 16:18

tiltonboy,

You said you wouldn't tell anyone.

[tiltonboy] 09/10/2009 14:57

250K just gone through at 42.5p. Somebody is keen.

[gary1966] 09/10/2009 10:33

Hopefully not too many will tender at all and a higher offer will ensue. At this rate though we will be above the highest tender price by decision time. At least we only need to decide if it is 40,42,44p we tender at, at the current share price.

Disappointed we still haven't had a response from the board. Surely it can't be that difficult. Either they think it is a good deal or it isn't. At just over 20% of NAV I am not sure how it can be. Especially with deals gone through recently at higher than book cost.

[tiltonboy] 09/10/2009 08:23

Gary,

Looks like one of the trades yesterday was the sale, with Hallmark picking the shares up. Looks like some holders are happy to take these levels rather than tendering. Hopefully, not too many holders will tender on the low side.

tiltonboy

[gary1966] 08/10/2009 09:43

Hallmark are buying in the market as well. Suspect they picked up the 1.4m in the two trades this morning as well. Immediate concern is that if they get the 120m shares in the tender then with the market purchases they are going to be a lot closer to being able to vote through the de-listing of the company. Not always bad but would make the shares very illiquid. Is it possible that they are buying in the market to put pressure on people to tender their shares?

I wonder when the directors not involved in the tender offer are going to release a statement regarding it as it has been quite a while now.

[sammu] 07/10/2009 09:28

If the board reply with a robust, well thought out response, the shares could easily rally more than 20%, which should be sufficent to quosh most individual's temptation.

[gary1966] 07/10/2009 09:05

Temptation will be to tender at 44p given that they have left the door open to purchase more than the initial 120m shares. If I have read the document right, which I probably haven't, then if they choose to do this they do so at the price you tendered at.

[tiltonboy] 05/10/2009 21:47

Gary,

You will get a letter from your ahem!! broker in the next few days informing you of the details.

The tender is open for another two and a half weeks.

Like Sammu, this is the first time I have seen a tiered tender, and it will be interesting to see how tendering holders pitch their price.

tiltonboy

[sammu] 05/10/2009 21:33

I've seen many a tender offer but never a tiered one like this before. Anyway the tender offer doc is available here:

[gary1966] 05/10/2009 21:00

When will holders via nominee accounts receive their tender documents?

Never been involved in a tender offer before and so what is the process?

I assume if they get enough offers in the 32-38p band to get the 120m shares then they just don't take up the ones offered at 40-44p. How do they decide which ones they buy? Is it price first then first to register within a band?

TIA

[tiltonboy] 05/10/2009 16:04

Interesting point from the Tender Offer document is that you will receive what you tender at. So even if tenders are accepted at 44p, and you tender at 34p, you will receive 34p.