Imprint Share Discussion Threads

[apatel21] 06/3/2008 16:35

I totally concur with what your saying Des i.e. they saw little possibility of higher offers and were therefore happpy to take their 115p now rather than wait for all the official shenanigans to finish. I would have done the same if i was able to. Just makes me nervous as their is still a possibility that the whole thing ends in a stalemate - worse case scenario IMHO.

[deswalker] 06/3/2008 16:24

apatel,

They've jumped ship because they want their money now rather than waiting for the deal to complete. Time value of money and all that. They realise that Premier is going to get this done at 115p and so there's no incentive to wait. Possible blocks come from OPD's 2 mill shares, management's couple of percent and possibly RAB (to avoid losing face after yeseterday's purchase ?) but apart from that it looks plain sailing for Premier to me.

But I'm probably wrong again. I have been so many times with this share. I'll be delighted to get out at 115p (hopefully sooner rather than later) and move on from this dog.

Des

[williebiz] 06/3/2008 16:20

You could always do what somebody suggested on the TMF thread, some strategy roughly about selling short the same number you are long??? Check it out. Would limit any losses/gains from this point on.

[apatel21] 06/3/2008 16:14

To be honest i am nervous williebiz - i have a significant holding and i wish TDW hadn't frozen my shares so i could sell some. Its just i follow some of the shrewdies involved in IMP and it makes me nervous when they jump ship.

[apatel21] 06/3/2008 16:05

Not sure what there to "Woo" about when the share price is down 2p

[williebiz] 06/3/2008 16:04

MMs making a killing today, they deserve their slice of luck ;-)

[williebiz] 06/3/2008 16:03

Woo baby!!!

4,000,000 traded! So far...

[gengulphus] 06/3/2008 15:43

Yes - though note that an irrevocable undertaking to vote in favour of the Hydrogen scheme is not the same thing as an irrevocable undertaking not to accept any other offer. And since the Hydrogen scheme vote seems likely to be completely dead (as Premier are now nearly able to block it on their own), I'm not really certain that the irrevocable undertakings to vote in favour of the Hydrogen scheme have any real relevance any more...

Gengulphus

[williebiz] 06/3/2008 15:33

2.6m traded so far today

[williebiz] 06/3/2008 15:26

No worries, Des - irrevocable actually means 'we can change our minds if somebody offers enough dosh' ;-)

[deswalker] 06/3/2008 15:23

Thks williebiz. Had a senior moment there. This whole fiasco is driving me mad !!

[williebiz] 06/3/2008 15:21

Which helps reinforce the thinking that Premier will want (at some near stage) to improve its offer to get above HYDG's offer by at least 10%.

121p should do it.

[williebiz] 06/3/2008 15:19

So they can't get out of their irrevocable undertakings just yet (Premier's offer not more than 10% above HYDG's offer, in the case of Para 3 stockholders above).

[williebiz] 06/3/2008 15:17

FYI:

APPENDIX I

DETAILS OF IRREVOCABLE UNDERTAKINGS, LETTERS OF INTENT AND LETTERS OF SUPPORT


1 Hydrogen has received irrevocable undertakings to vote (or procure
the vote) in favour of the Scheme at the Court Meeting and the resolutions to be
proposed at the Imprint EGM from the directors of Imprint in respect of 439,701
Imprint Shares in aggregate, representing approximately 1.15 per cent. of
Imprint's current issued ordinary share capital. These undertakings are
conditional on the current offer by OPD for Imprint lapsing or being withdrawn
or the directors of Imprint otherwise being released from similar undertakings
already given to OPD in respect of their holdings of Imprint Shares. Details of
these irrevocable undertakings are as follows:



1.1 John Gordon has given an irrevocable undertaking to vote in favour of
the Scheme at the Court Meeting and the resolutions to be proposed at the
Imprint EGM in respect of a total of 51,500 Imprint Shares representing
approximately 0.13 per cent. of Imprint's current issued share capital;



1.2 John Hunter has given an irrevocable undertaking to vote in favour of
the Scheme at the Court Meeting and the resolutions to be proposed at the
Imprint EGM in respect of a total of 4,000 Imprint Shares representing
approximately 0.01 per cent. of Imprint's current issued share capital;



1.3 Robert Thesiger has given an irrevocable undertaking to vote in
favour of the Scheme at the Court Meeting and the resolutions to be proposed at
the Imprint EGM in respect of a total of 375,201 Imprint Shares representing
approximately 0.98 per cent. of Imprint's current issued share capital; and



1.4 Colin Webster has given an irrevocable undertaking to vote in favour
of the Scheme at the Court Meeting and the resolutions to be proposed at the
Imprint EGM in respect of a total of 9,000 Imprint Shares representing
approximately 0.02 per cent. of Imprint's current issued share capital.



2 The undertakings referred to in paragraph 1 above will cease to be
binding if a firm announcement of a competing offer for Imprint is made, the
value of which, in Altium's reasonable opinion, exceeds the value of the
consideration offered by Hydrogen pursuant to the Acquisition calculated as at
the date of such announcement by 20 per cent. or more.



3 Hydrogen has received irrevocable undertakings to vote (or procure
the vote) in favour of the Scheme at the Court Meeting and the resolutions to be
proposed at the Imprint EGM from other Imprint Shareholders in respect of
9,090,368 Imprint Shares in aggregate, representing approximately 23.72 per
cent. of Imprint's entire existing issued ordinary share capital. Details of the
irrevocable undertakings are as follows:



3.1 Artemis Investment Management Limited has irrevocably undertaken to
vote in favour of the Scheme at the Court Meeting and the resolutions to be
proposed at the Imprint EGM in respect of 1,205,000 Imprint Shares representing
approximately 3.14 per cent. of Imprint's current issued ordinary share capital.



3.2 Gartmore Investment Limited has irrevocably undertaken to vote in
favour of the Scheme at the Court Meeting and the resolutions to be proposed at
the Imprint EGM in respect of 3,101,010 Imprint Shares representing
approximately 8.09 per cent. of Imprint's current issued ordinary share capital.



3.3 Baycliffe Limited has irrevocably undertaken to vote in favour of the
Scheme at the Court Meeting and the resolutions to be proposed at the Imprint
EGM in respect of 2,325,358 Imprint Shares representing approximately 6.07 per
cent. of Imprint's current issued ordinary share capital.



3.4 Brian Hamill has irrevocably undertaken to vote in favour of the
Scheme at the Court Meeting and the resolutions to be proposed at the Imprint
EGM in respect of 2,459,000 Imprint Shares representing approximately 6.42 per
cent. of Imprint's current issued ordinary share capital.



4 The undertakings referred to in paragraph 3 above will cease to be
binding if the Scheme lapses (unless Hydrogen then makes a takeover offer for
Imprint within 14 days). The undertakings will, in certain circumstances, also
cease to be binding if a competing offer is made for Imprint which exceeds the
value of the consideration offered by Hydrogen pursuant to the Acquisition by
more than 10 per cent..

[williebiz] 06/3/2008 15:11

Irrevocable means they can't change their minds ;-)

[deswalker] 06/3/2008 15:09

The Hydrogen RNS dated 20 Dec listed the following IMP holders as having given irrecoverable undertakings to vote in favour of the HYDG scheme and theire percenatge holdings ...

Artemis (3.14)
Gartmore (8.09)
Baycliffe (6.07)
B Hamill (6.42)

And letters of intent from ...

UnivSuperann (2.84)
Morley (2.87)
P Casey (3.29)

Some of the numbers will have changed since 20 Dec but theyll do.

So which of the above have sold in the last few days (I've lost track). Casey for starters. What about Hamill and Baycliffe ?

[apatel21] 06/3/2008 15:02

Schroders are out - will be interesting to see who's left

[apatel21] 06/3/2008 14:57

Whats worrying is that most of the shrewdies have abandoned ship. I wonder if davidosh is still holding?

[williebiz] 06/3/2008 14:40

Don't agree with your interpretation.

[apatel21] 06/3/2008 14:39

It seems to me they are not as a desperate to accumulate anymore (Note a couple of large trades @ 113.5 today). Strange?

[williebiz] 06/3/2008 14:30

Presumably giving discrete instructions to their broker

[apatel21] 06/3/2008 14:27

Why has the offer dropped to a 112.75p if Premier are out hoovering up as much stock as they can up to 115p?

[williebiz] 06/3/2008 14:26

Gengulphus explained it here a few days ago if you scroll back. Basically the takeover code doesn't allow results to be published under certain takeover circumstances and IMP board don't want to transgress.

[steveford77] 06/3/2008 14:21

I agree with Nigel. There's so much going on currently and this bulletin board is essential in trying to keep up with whats going on. Lets make sure it remains focussed on helping us to make the right judgements rather than point scoring.

By the way, I just called Imprint to find out when their results would be released. They will 'let me know' when they know what they are allowed to do. Why might they not be allowed to put more stuff into the public domain?