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Dowgate Capital Share Discussion Threads
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|Alltrue subsidiaries close following FSA investigation
By BFN News | 05:29 PM | Friday 29 January, 2010
Alltrue Investments PLC (ATR)
Alltrue Investments says that administrators have been appointed to its two operating subsidiaries Falcon Securities (UK) and Montague Pitman Securities. The Company says that the action follows a review by the FSA of Montague Pitman's activities in particular in relation to advising on, and arranging the sale of higher risk securities to retail clients. Montague Pitman is liable to pay compensation to clients in respect of any mis-selling claims that are up held. However if Montague Pitman's assets are insufficient to cover identified liabilities then Falcon, as the Regulated company becomes responsible. Given these circumstances, the directors of each of Falcon and Montague Pitman have concluded that both businesses have insufficient assets to meet potential future liabilities. Alltrue says it is considering a number of possible courses to restore shareholder value and the Company will therefore publish a circular as soon as practicable setting out its investing policy going forward for which it will seek shareholder consent.
Story provided by Business Financial Newswire|
There seems to be an ADVFN thread for Astaire under its old name of Blue Oar - http://www.advfn.com/cmn/fbb/thread.php3?id=14331656 . Not very active, though!
Checked my account and cash and shares are now credited.
Interesting that Astaire are rumoured to be after DAN; which, unfortunately I also have shares in; thinking of using the cash to average down on DAN.|
|I also received all my cash and shares last week from my brokers and by post.
I assume this BB will be closed down on the 18th as Dowgate will no longer be listed.
Also there does not appear to be a BB for Astaire on Advfn, anyone found one elsewhere? not that it matters much as i cannot see them moving much anytime soon, i will tuck them away and forget them unless they happen to shoot up one day then i will get rid.
Concentrating on some oil recovery stocks now and making a lot more money on these in a short time than i ever made on DGT in years.
Good luck to all.
|If you accepted the offer more than say 2 weeks ago, I'd suggest you ask Halifax what the situation is. My guess would be slow admin on Halifax's part...
|Have not had mine; hence my post. I'm with Halifax?|
|Eh? Why on earth do you think you don't get your cash or shares? The offer is now unconditional, which means that it is binding on Astaire and a shareholder as soon as the shareholder accepts the offer - and the shareholder gets the cash and shares a week or two later.
Those who had accepted before the offer went unconditional on July 20th will generally have received their cash and shares by now - certainly I received mine last week.
|Ad infinitum; as long as this goes on we dont get our cash or our shares. Nice move by Astaire- we're locked out of the market with sinificant amounts involeved.|
|Yes, thanks from me also Gengulphus, I was just taking a look here for guidance on this "disposal".
|Gengulphus you are a star - brilliantly concise. Thank you.|
|The effective date is when both sides become unconditionally contractually committed to the deal. July 20th is when Astaire did that; your acceptance date is when you did. So it's the later of those two dates.
When a takeover produces both cash and shares, you have to apportion the base cost of the original shares between the cash and the new shares. This is done according to their respective values, valuing the shares at their closing price on the first trading day after the deal. A gain or loss is realised immediately on the cash equal to its value minus its portion of the base cost; if and when you sell the new shares, a gain or loss is realised on them based on their portion of the base cost. See http://www.hmrc.gov.uk/helpsheets/hs285.pdf for more details and an example (example 7 in the document).
|Anyone know the correct treatment of this transaction:-
1) What is the effective date? I'm working to 20th July when it was declared unconditional.
2) The cash is obviously a cash disposal. How are the ASTR shares too be treated for CGT purposes? Is this a disposal of DGT shares and a simultaneous acquisition of ASTR at the mid-price value of 5.75p per share? Or what?
Thanks for any advice.|
|I was at the AGM - the Astaire decision to support Badger (and the subsequent Announcement on Directors Appointments) would suggest that this was their 'quid pro quo' for the Recommended Offer from Messrs. Buckley and Badger. Interestingly, they all had a nice lunch together afterwards!
This will be my final posting so good-bye and good luck!
|From the RNS on the 24th it said the new share were expected to start trading on Aim on 31st July, originally it was going to be the 27th.
On checking my on-line accounts there are no Astaire shares listed on there for trading neither the cash balance in the account so you cannot trade them if you wanted too.
Also i have not got a cheque or share certificate for the ones i keep at home.
Has anyone else received their entitlements yet?
I have not seen any more RNS's saying another delay.
|What happened to you all at the AGM ?|
|Astaire moves in on City rival Ruegg & Co
23 July 2009
City investment banking firm Astaire has acquired Ruegg & Co, the niche corporate finance adviser focused on AIM and Plus corporate clients. The move comes just days after Astaire confirmed the acquisition of another of its rivals, Dowgate Capital.
Ruegg & Co is authorised to act as a nominated adviser for AIM by the London Stock Exchange and as a Plus corporate adviser by Plus Markets Group. It is retained by 19 client companies of which four are listed on AIM and 12 are listed on Plus Markets.
Edward Vandyk, the chief executive of Astaire, said "Ruegg is a well respected adviser with an excellent track record of working with smaller quoted and unquoted companies. Its business fits in well with our own corporate advisory business."
Astaire is paying £315,000 in shares for Ruegg along with £25,000 in cash. Last year the firm generated pre-tax profits of £131,000 and had net assets, made up largely of investments and cash, amounting to £187,000.
Brett Miller, the managing director of Ruegg, said: "We are delighted to be joining Astaire, which provides a large and stable platform offering a wider range of services (such as research and sales) than we have been able to offer hitherto from which we can continue to do business and support our existing and future clients."|
No, I accepted the Alternative Offer with respect to all my shares. So when the offer went unconditional this morning, the sale contract created by the offer and my acceptance came into effect, and so I ceased to be the beneficial owner of my shares and Astiare started to own them instead. I.e. while I agree that minority shareholders have rights and those definitely include attending the AGM, I'm basically no longer a shareholder in the company at all.
Before anyone points it out, yes, the exact timing of the shares being legally transferred and the time people have to be on the share register to qualify to attend the AGM might well work out as meaning I'm entitled to attend. But I no longer have any economic interest in Dowgate shares, nor am I likely to acquire one again in the future.
So basically, it's over and out as far as I am concerned!
See you there!|
|Gengulphus.....If you hold the shares as a minority you are still a shareholder in DGT and the questions do need to be asked.|
|Astaire have declared the offer fully unconditional, with 75.80% acceptances:
They've started the process of delisting the company - comparing this with the level of 73.81% declared for acceptances up to and including last Wednesday, it looks very much as if they were waiting to hit the 75% level that allows them to do that. They've also extended the offer until further notice and are making the usual noises about using their compulsory acquisition powers if they get enough acceptances.
So I'm no longer a shareholder, and the remaining Dowgate directors escape my questions about what exactly made it worth giving Dru Edmonstone a large percentage of the company for a few months of work... :-/