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selftrade want the answer by 8th @5pm, its a difficult one to answer but i have worked it both ways and in my case i think it will be Option 1 for me as with more shares left there MAY be a possibility in the future of the share price of Astaire rising enough to make the losses much smaller or even break even.
Option 2 only gives you a third of the shares and the share price would have to rise a great deal to have any chance of break even and i cannot see that happening.
Except that with option 2, you have twice as much cash to put into whatever share you buy with the proceeds, and so can potentially make twice as much on it... Which option does better at recouping your losses and getting you back to break-even is really a question of which of Astaire and that share does better.
I suspect there could be an over-hang on the Astaire share price as (former) Dowgate Shareholders seek to unload their Astaire shares, especially those who accept the Alterrnative Offer who wish to convert their residual holding into cash. This could represent a buying opportunity in the short term.
And oddly enough, anyone who wants to play it that way should also go for the Alternative Offer. E.g. if such an overhang drives the Astaire shares down to 3p to buy, then each 10 Dowgate shares become 9 Astaire shares plus 10 more bought with the 30p cash under the Basic Offer, but 3 plus 20 more bought with the 60p cash under the Alternative Offer...
|davidosh: When is the AGM ....It should have been by 3rd July as needs to be within 15 months of the last one by law I thought ?? DGT are nomads and advisors so surely they would know and abide by rules ? Shareholders must want the chance to ask a few questions ?
Why have certain key staff members and shareholders gone with Blue Oar (oooops Astaire !) if the true value is suggested by the board as follows...
"Based on the current carrying value of DCS ("Dowgate Capital Stockbrokers
Ltd") of £2.9m and the proposed buy out price of DCA ("Dowgate Capital Advisers
Ltd") of £1.5m, the value of the Group's subsidiaries, ignoring any sale
premium in the case of DCS, is £4.4m equating to just over 11p per share. This
compares with the Company's share price of 6p.
Why can the company not be broken up and bid for to extract value that way ? Look how much was paid out for DCS ? The business is not worth only a million now surely ??|
|gengulphus: Looksalike Astaire going hostile and pleading to DGT pi's in their offer document. Will rawlinson survive this? What do holders think? Is it worth going with a different bunch of shiezters? ...
If that's your view of them, you presumably just want to get out and it's just a matter of which route out is better - accepting the Basic Offer and then selling the Astaire shares, accepting the Alternative Offer and then selling the Astaire shares it produces, or just selling the Dowgate shares.
Accepting the Basic Offer and selling the Astaire shares is currently worth a bit under 7.5p per share, with 3p of that subject to uncertainty about whether the offer succeeds and the rest subject to that uncertainty and also quite a lot of uncertainty about what the Astaire share price will be by the time you get them.
Accepting the Alternative Offer and selling the Astaire shares is currently worth a smaller amount under 7.5p per share, with 6p of that subject to uncertainty about whether the offer succeeds and the rest subject to that uncertainty and also quite a lot of uncertainty about what the Astaire share price will be by the time you get them (but with only 1/3rd as much of the return subject to that extra uncertainty compared with the Basic Offer).
Just selling the Dowgate shares is worth about 5.75p at present, but has the benefit of certainty about it going through once the sale has been agreed.
Personally, I reckon that accepting the Alternative Offer and selling the Astaire shares is the best of those three routes - but that decision does depend on how highly you rate certainty about getting out.
If you do decide to accept one of the offers, there is also the question of when you accept it. In general, individual shareholders probably want to wait until the offer goes unconditional or at least gets up to more than 50% acceptances, the reason being that when you accept, your shares go into escrow and you're likely to have problems about withdrawing your acceptance, as you might wish to if e.g. a better offer came along. The main exceptions to that general rule are:
* If you want to accept to increase the number of acceptances and so increase the chances of the offer going through. This is not usually at all significant for individual shareholders, as their shareholdings are such small percentages of the shares - but in this case the company is small enough that it might be an important consideration for some of the larger individual shareholders.
* Cases where waiting and watching is too much hassle and you value getting the acceptance out of the way more highly than the risk of missing out on a better offer. E.g. with the first closing date of this offer being July 15th, someone who was going on holiday for the second half of July might well reckon it was better just to accept now.
... DGT in one RNS were saying offer excluded the private broking arm. Is this correct?
No. The offer document describes a standard takeover offer, which if it succeeds fully and ends up with Astaire acquiring the remaining shares by compulsory acquisition will mean that Astaire owns all the shares and so owns the entire company.
I don't remember the RNS you describe and haven't found it in a quick look - which doesn't mean that I'm saying it doesn't exist (I haven't looked for it very hard), just that I can't confirm its existence or comment on exactly what it said. But I'm pretty certain that if it does exist, it must be about a different possible offer or be about a tentative idea that got expanded into an offer for the entire company.
|propane: lol, have a look at this post from the Blue Oar bb............sound familiar?........lol........more of the same for you guys if you accept their shares instead of cash!!!
What's happened to all the warrants dgt held?
Blue Oar bb.........
I've just had a look at the 2007 report and accounts to see how much the board has taken in remuneration. Monk took £298k and Roberts £359k. In total this board cost us £1.6 in remuneration, plus many millions in shares and share options, which are effectively diluting shareholders at a discount to cash and net asset value. And they have been responsible for a 75% fall in the share price.
In response to the board's claims of what a great job they are doing: "It's all about the share price, stupid!"|
|propane: RNS out.........
Looks like you're all gonna be put out of your misery!....someones gonna snap up dgt's clients for 5p or 6p per share imo.............wouldnt be surprised if you get stuffed on the sale price.
14 April 2009
Dowgate Capital plc ("Dowgate" or the "Company")
Share price movement
The Board of Dowgate notes the recent movement in the Company's share price.
Since last Autumn, the Board has received a number of tentative approaches from
third parties, none of which has resulted in an offer being made for the
The Board received a further approach last week regarding a possible offer for
the Company and has noted the third party's interest and agreed to provide key
information on Dowgate subject to a suitable confidentiality agreement being
signed which has not yet happened.
If any further developments arise in relation to the above a further
announcement will be made.
For further information contact:
Dowgate Capital plc
Tony Rawlinson, Chairman Tel: +44 (0) 20 7492 4777
Neil Badger, Director Tel: +44 (0) 1293 517744
Grant Thornton UK LLP
Philip Secrett Tel: +44(0) 20 7383 5100
Colin Aaronson Tel: +44(0) 20 7383 5100
Rule 2.10 of the City Code on Takeovers and Mergers
Pursuant to Rule 2.10 of the City Code on Takeovers and Mergers, Dowgate would
like to confirm that, as at the close of business on 9 April 2009, the issued
share capital consisted of 41,437,923 ordinary shares of 7.5p each, of which
1,950,833 shares are held in treasury. Accordingly, the number of shares
carrying voting rights is 39,487,090. The ISIN reference number for these
securities is GB00B1VYT114.|
'who was hailed as a saviour?'
Tony Rawlinson, the current chairman of dgt, he took over from the previous crook, 'Stephen Barclay'........
Also, This is an old article (pre share price consolidation)
I dont know if it is still relevent re: the 73m shares exercisable at prices of between 0.26p and 1.25p up to mid-April 2014......
maybe someone here can confirm one way or the other?
DOWGATE CAPITAL (DGT).
Article from:Investors Chronicle Article date:June 24, 2005
The parting of the ways of Dowgate's (formerly CFA) founders Stephen Barclay (this March) and John Shaw (last July) may have been friendly, but the news of their departures - and the sale of all their 94m shares (15 per cent of the share capital) in December - has not been good news for investors. In April 2004, the share price was 1.5p - it's now less than a third of that and will struggle to rise. This is because there are still options over nearly 73m shares exercisable at prices of between 0.26p and 1.25p up to mid-April 2014, plus warrants exercisable over 15 per cent of the shares in issue and exercisable at 1p until mid-June 2006.|
|davidosh: In just nine months I am afraid there has been awful destruction of shareholder value and reduction of the asset base. In March the highlights were as follows;
* Strong balance sheet with tangible net asset value of £2.65m
* Proposing 0.6 pence per share final dividend for 2007 making a total of 1p
for the year, a yield of 7.4%
* Share buy-back programme initiated to improve earnings per share
Now at the year end...
* Weakened balance sheet with just £1.8m of net current assets.
* Almost certain loss of dividend
* Share gift to new hires of 15% of the company.
At the start of the year the share price was 15p and there were only 36.7m shares in issue. At this year end the share price looks set to be a quarter of that price and with 41.4m shares issued and the net assets per share have nearly halved. There is a new shareholder buying up the stock at these low levels and another has departed the company with a key holding mainly gifted as follows
Mr Edmonstone's beneficial holding in the Company
now amounts to 4,424,333 ordinary shares of 7.5 pence per share, representing
11.2% of the issued share capital.
I have seen my shareholding lose very nearly six figures in just two years and I really do feel shareholders have been let down badly. I shall not be investing in any people business like this again as Imprint and now Dowgate have been very bad investing experiences for me. The assets seem to walk out of the door every night and some seem to think they are worth far more than they really are in this market.....some never come back the following morning !!
Shocking stuff and if there were any morals and fairness in the world of Dowgate then one party should hand back their gifted shares and the other their bonus payments gained in the past year. That way shareholders who have lost nearly everything might just have a chance of salvaging something. Just my thoughts and honest opinion of the whole saga and in fairness I did make my views known to all the directors from the outset at my first knowledge of this golden employment package.|
|trader_clive: As jsc says with the meeting on 2nd May, some encouraging signs may come out of that meeting. We could see more interest in DGT a week Tuesday. We are just in a dull trading period at present - after good results when the share price has drifted to current good value levels - where investors are frustrated enough now to sell out, and I can understand this, after being in IDN which did the same - falling back after results, thin constant selling, a drift in share price, then later on it recovered back to where it was before results. I believe that DGT share price will recover unless there is bad news, and who is saying that there is going to be bad news to come! So it could be a question of time. Sell in May and go away until St Ledgers day can be a bad time for shares as well. The question is what eps and pe ratio are we expecting this coming year?|
|guru11: propane - I am no rookie, DGT is just one of my huge portfolio, and I have probably been around the stockmarket many more years than yourself, before the first privatisation float. People who cant take the heat of being in a stock or the stockmarket, when it is going down or in the case of current DGT share price dip, should go in for cash ISA's or premium bonds.
However it is surprising that DGT has taken another bash today.
The fundamentals with a 55% profit increase has to be good.
It is like a snowball sometimes the stockmarket with punters having stop losses, the lower the stock goes down the more people sell.
Eventually someone will say - hang about DGT is now cheap and then the price will then start to go back up. We have taken a fair hit since results, but a loss is never a loss until one sells.
It is all to do with timing. Get it wrong on a stock like DGT and one can feel a bit worried and bitter. It is not "what" you buy it is when you buy and sell it that counts. One can make money out of a bad stock and loose money on a good stock if the timing is wrong!|
|guru11: ruffian2 - We can lower the pe ratio then with the reduction in corporation tax in the budget as well believe though that wont be this year though, probably next year from 30% to 28%, making 6.35.
Good to see some full year predictions from SPE though.
All in all the sells after results were just punters moving on for another quick kill elsewhere, although with DGT they may have made no profit here.
The problem with the AIM market when you add up
market maker spread of up to 8% or even more, broker fees and stamp duty of 2.5% on buy / sell one needs to clear 10% just to break even, so it may not be worth keep buying and selling.
Mind you DGT share price could remain fairly solid from now on.
Worth holding onto in my opinion. Septemeber could be an interesting month not just for DGT as a number of good smaller stocks have results then.|
Dowgate Capital share price data is direct from the London Stock Exchange