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[dusseldorf] 10/4/2013 07:58

JoJo_Jo - I'm interested in your post re:
I understand companies have until 2014 to conform to the 25% free-float threshold, so they could take 'virtually complete ownership' for about 12 months, in which time they could get it back on track. They could then sell some of this increased holding at a premium early next year, and still retain control with 75% (similar to now).

Have you seen a regulation about concert parties not owning more than 75% coming into force in 2014?

[begorrah88] 10/4/2013 07:10

'The Company has today, with the consent of the Panel, agreed to a further extension of this deadline under Rule 2.6(c) of the Code until 5.00pm on 10 April 2013.'

Maybe they are holding off the figures as well then.

It'll be a day of staring at the phone today then at HLO.

'Once upon a time at home
I sat beside the telephone
Waiting for someone to pull me through
When at last it didn't ring, I knew it wasn't you'

[xow98] 09/4/2013 22:30

HCL's year end is December. For the 2011 year end the company released its Unaudited Preliminary results on the 2nd April 2012. Given that it is now the 9th April 2013, why have we not had any update on the full year's trade for the year ended December 2012?

Surely this is material to the shareholders of the company given the current situation we find ourselves in.

[begorrah88] 09/4/2013 22:15

I'll go for an RNS saying 'we have received no firm approach from the concert party/Tosca and will therefore continue to drive the business forward and look for capital injection opportunities'

[jojo_jo] 09/4/2013 20:38

Who cares?
Nothing anyone posts here will make a blind bit of difference!
They successfully locked the price at this level on Feb.6th.

I agree everything has been kept very close to the insider 'community' chest. I guess only a couple of officers in each camp are privvy to the information, and the BOD is clearly very wary of any wrongdoing after the history here under KB.

There would be little mileage in dragging it out longer, as any improvement at HLO could increase its value/price.

There is considerable kudos in being stockmarket listed. That makes me wonder if they may have engineered a way of holding nearly all the shares (eg. 90%) and staying listed. I understand companies have until 2014 to conform to the 25% free-float threshold, so they could take 'virtually complete ownership' for about 12 months, in which time they could get it back on track. They could then sell some of this increased holding at a premium early next year, and still retain control with 75% (similar to now).
The only other way they can recover their capital is by re-floating sometime in the future. They could recover it over time through retaining profits, but a flotation would give them both profits (via dividends) and capital (shareprice) gains.

Accordingly they could pitch a cash offer acceptable to the vast majority with an option for bigger, seriously under water holders like CT and Jupiter to recover their losses too over time by staying invested.
This or something similar is a possibility. Anything that avoided privatisation would be hugely share price positive, regardless.

Just thinking aloud.

Que sera sera.

IMPO/DYOR/NAI
Jo

[begorrah88] 09/4/2013 13:52

.....or the board are leaving messages on Tosca's phone saying 'only one day left now and we haven't heard from you....hello?.....hello?....is anyone there?...hello?....if we don't hear from you by the end of the day we may have to consider a further extension....hello?........please call us or something...'

[dusseldorf] 09/4/2013 13:38

either the deal is being conducted in absolute secrecy, behind closed doors and no-one outside of the circle of trust knows what will be offered (hence no volume or price movement) - or, the deal price has been known about for 3 months ago when the trading update was issued and some parties where clearly 'party' to the insider information.

Place your bets now should find out tomorrow.

[sammydeals] 09/4/2013 13:33

Very quite here shhhhhh

[jojo_jo] 03/4/2013 13:35

Yes, only a week this time, which implies they are now very close to an offer. They may be feeling out other major shareholders (eg. Mr Tibbles, Jupiter) for their views on what they would accept. With over 8% those 2 holders alone could almost stop a bid going unconditional on their own.

I can't see either of those two accepting less than 2p, so to avoid a fight and possible rival bid they may need to come up with that. I, personally, will vote against any bid under 2p/share.

2p/£4m is small beer, and is doubly covered by HLO's current cash (c.£9m). Also I don't think they will have to pump much actual new money in, perhaps £5m - £10m tops, as the banks will probably accept guarantees from Tosca/Ares. The caveat being that they may choose to eliminate bank debt and pay them off. The banks might settle for a lot less than is actually owed, eg. 50p in the £1. That would make the deal even more of a bargain for Tosca&Co. It would also enable them to ease its passage through a shareholder vote by facilitating a higher bid per share.

Let's see what they come up with, bearing in mind they need 90% acceptances to go
unconditional.

IMPO/DYOR/NAI
Jo

[dusseldorf] 03/4/2013 07:46

Personally I'm viewing this as positive progress. Deals of this nature take time and to me a further extension is no surprise as suggested in my last post.

I'm pleased it's not another month and I think we can assume this means an offer is forthcoming as they will have revoked the offer today if it was not.

One more week is no big deal - bring on 10th April(!) I don't think this suggests anything about the offer price because I can guarantee the cost of buying out shareholders will be minimal (even if it was at highest 2p - circa £4m to acquire shares not already owned to buy the company outright!) compared to the capital negotiations.

[begorrah88] 03/4/2013 07:12

Gotta laugh!!!!!

Right, they're serious this time,this will be the very last extension unless........The Company has today, with the consent of the Panel, agreed to a further extension of this deadline under Rule 2.6(c) of the Code until 5.00pm on 10 April 2013. This revised deadline will only be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.


.....they decide to extend it yet again.

Doesn't give much hope of an offer above .54

I get the impression that there isn't much of a will from Tosca and they think they are doing HLO a favour at that price.Not a sniff of any encouragement from the board to improve anything and who continue to give the impression of rabbits in the headlights just letting things happen to them rather than being an active participant.

[graham1ty] 03/4/2013 07:07

Another bloo*y extension !!

Cant they get their act together ?

Trying to be positive......with at least another two months trading under their belt since the first announcement, at least all concerned have a better idea of underlying trading.....if it was dire in Feb, and had not improved, might they not have pulled the plug by now ? The more time, the more chance that framework agreements come through, that some cash is generated.....or is that wishful thinking ?

[jojo_jo] 02/4/2013 18:22

Anything is possible, but I don't personally see another extension. There's not much point for Tosca&Co. It's not going to cost them much in real terms to acquire HLO, and an improvement in conditions at HLO going forward could increase its value/cost. I notice the NHS is crying out for more specialist staff in some areas, eg. Midwives.

I'm happy to wait. In fact I'll buy more if that turns out to be the case, as I expect a big improvement in prospects for HLO. Accordingly this (tomorrow) may be Tosca&Co's last opportunity to get HLO for less than 2.5p/share.

As I said, not much point in speculating. We'll know their plans tomorrow.

IMPO/DYOR/NAI
Jo

PS. It's much harder to get a second extension (they have to ask the Takeover Panel specifically and give good reason). It's nigh impossible to get a third under the 'code'. From their last RNS:
"The Company has today, with the consent of the Panel, agreed to an extension of this deadline under Rule 2.6(c) of the Code until 5.00pm on 3 April 2013. This revised deadline will only be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code."

[begorrah88] 02/4/2013 17:41

I think it more likely that there will be another extension with some even more desperate wording such as 'we really,really mean it this time, no more extensions, this is it,full stop, no more messing us around, either you let us know if you are making an offer by the 4th of May or we will be forced to issue an even more strongly worded extension on the 4th of May....no, seriously,we mean it this time'

......or words to that effect.

[dusseldorf] 02/4/2013 16:37

I suspect the 750k was a speculative punt - no news leak here.

We may not get any news other than a delay tomorrow, I hope not, but until I see the whites of the RNS I'm preparing for delay

[jojo_jo] 02/4/2013 15:21

This looks like the best short term bet on AIM today!

I see an offer of at least 1p. Nothing less will get them anywhere near the 90% needed to go unconditional.
Only 2p or more would virtually guarantee 90% of the vote, so perhaps something in the middle, eg. 1.5p.

'D' Day tomorrow. It will be very interesting, that's for sure.

IMPO/DYOR/NAI
Jo

[bill182] 02/4/2013 15:05

Someone has just purchased 750,000 @ 0.50p. I wonder if any news has leaked!

[graham1ty] 02/4/2013 11:32

Real brinkmanship......wait until the last day. Bankers or Tosca not prepared to work over Easter ? Staggering lack of volume, lack of speculation ( and lack of inside information...)

[jpat4] 02/4/2013 09:57

GCM resources

Michael Tang secured the GL for GCM which will be transformational.DYOR

[bill182] 02/4/2013 09:56

Dusseldorf - I have to agree it is all looking rather ominous, and Tosca et al appear to have played a blinder with the indicative minimum offer which has put a damper on trading activity.

I just cannot see them getting sufficient agreement at the current offer, but expect they will get sufficient commitment at circa 1.00p. However, I certainly won't be buying until we have some concrete news, which of course will be too late if the news is good. GL.

[dusseldorf] 02/4/2013 09:40

I think whatever happens will disappoint some shareholders.

Trying to be optimistic I'm hoping for 0.75/1p share, however, given information such as an offer always leaks and the fact we have a static price indictates we are in fait accompli situation at 0.54 will be all that is offered - assuming it's not extended again

[jpat4] 02/4/2013 09:12

GCM resources

Michael Tang secured the GL for GCM which will be transformational.DYOR

[jpat4] 02/4/2013 09:12

GCM resources

Michael Tang secured the GL for GCM which will be transformational.DYOR

[bill182] 02/4/2013 09:11

So....tomorrow 5.00pm is the deadline. I think we will see a bid at the 1.00p level.

[graham1ty] 01/4/2013 07:46

Busy weekend for the advisers.....

Options;
Bid at a reasonable level, 2-2.5p, the price before the trading statement
Bid at derisory level
No bid, as they cannot agree, but the Company says it is in a position to continue and confident of getting through, with new framework agreement in place and prospect of fund raising in the future
Goes into administration....

Place yr bets....