Kopane Share Discussion Threads

[adam] 01/8/2010 13:05

Obtala can get out if the offer lapses or is withdrawn. That can happen if there is a knockout bid ensuring JP Morgan and all the others off the radar vote it down or looks like they will succeed in voting it down - causing it to be withdrawn.


But I think that is unlikely since KDD has been prostituted around since 2009 and any counter bid would likely to have already been made unless the process was mis-handled.

Clearly Kenny is buying now because there were other bidders, or so I understand and he has a fair stake in Firestone so you have to trust his judgement given they are about to start selling product from BK11. He would have waited if he thought he was sole bidder. Equally there could be a bid for FDI but that shouldn't block the KDD acquisition as it looks like a sensible combination.

[wdurham] 01/8/2010 12:49

123asd - yes, Lanstead and J P Morgan can wriggle out, though Lanstead can only get out if another offer is more than 10% greater than Firestone's.

Obtala cannot. I think Philip Kenny knows who he is dealing with.

[andy] 01/8/2010 12:20

smarm,

Read your comments about "10 year shareholders", and the only thing I can say is if Phil Kenny reads these baords, why doesn't he take the trouble to ring shareholders whose phone number he possesses, as he can clearly see they are unhappy?

I would also question why he doesn't inform shareholders of meetings at Conduit in advance, for example, rather than just the people on Conduit's list, (of which fortunately I am one), being contaacted?

And why such short notice?

[123asd] 01/8/2010 11:27

Wendy - please note the following from Friday's RNS:

"The irrevocable undertaking from Lanstead will lapse in the event that an alternative offer for Kopane is announced pursuant to Rule 2.5 of the City Code on Takeovers and Mergers ("Alternative Offer"), and the valuation of the consideration payable pursuant to the Alternative Offer represents an improvement in the reasonable opinion of finnCap Limited of not less than 10 per cent. over the value of the acquisition.

The undertaking from JP Morgan Fleming will lapse and cease to be binding in the event that: (i) the Admission Document and the Scheme Document are not issued prior to 20 August 2010 (or such other date as Firestone and Kopane may agree); or (ii) the Scheme does not become effective, lapses or is withdrawn in accordance with its terms; or (iii) a third party announces an intention to make a general offer to acquire the issued share capital of Firestone which is recommended by the Firestone directors; or (iv) a third party announces an intention to make a general offer to acquire the issued share capital of Kopane which is recommended by the Kopane directors."

[debbiegee] 01/8/2010 09:56

Perhaps its a condition that FDI demanded and as with most legal clauses there is a loophole ?
No co in their right mind would include such a clause ?

[half a scargill] 01/8/2010 09:33

Wendy - what possible reason would Obtala have for doing that?

Could it be they just want their money as fast as possible, or some other "skeleton" we don't yet know about?

Seems a strange thing for a company to do - "We support this bid of x.xxp, and will do even if someone offers us more".

[wdurham] 01/8/2010 09:27

debbie - if you read the documentation, it seems they are pretty much locked in:

" This undertaking will continue to be binding even in the event of a higher Competing Proposal for Kopane being announced, and cannot be withdrawn other than in the event of the Scheme lapsing or being withdrawn. "

[gobbyash] 01/8/2010 08:31

Sunday Express

[debbiegee] 31/7/2010 18:59

Could not Obtala change their minds if a better deal was put n the table ?
They dont strke me as loyal ?
They too are only intersed in the most they can get without doing the work themselves ?

[wdurham] 31/7/2010 17:18

There will be no counter offer. Read the docs. Obtala are locked tightly into voting for this deal, full stop, and they are the only holding that can make a difference.

The only alternative is a hostile bid from an as yet unidentified party which succeeds in spite of no support from Obtala. Likely? You tell me.

[pembury] 31/7/2010 16:58

smarm- plenty of time if anyone is serious
FDI offer only put forward 21/07

[smarm] 31/7/2010 16:37

debbie - but that's not on offer. Will you take the FDI shares or vote against?

S

[debbiegee] 31/7/2010 15:50

Personnally Id rather have my 17p and be able to decide where to invest it !

[wdurham] 30/7/2010 18:07

They did another ESA since then, adam.

[adam] 30/7/2010 15:43

Lanstead had 24m at the last AR

[wdurham] 30/7/2010 14:27

Hmmm.

Does that mean that Lanstead only have 30 million left of all the shares issued to them under the ESAs? Or that the rest of their holding is sitting in CFDs or whatever? Or, for some reason, they have only committed 30 million of what they are SUPPOSED to have to the scheme?

If they really only have 30 million, no wonder the price is where it is.

PS willoic - I read that to mean that IF they exercised any of their options, the resulting shares would be voted in favour. Options don't carry voting rights.

[smarm] 30/7/2010 14:24

pembury - there isn't much time if one is to be forthcoming.

S

[giant steps] 30/7/2010 14:14

Another fine example of displeasure with Kopane Directors, "options-only" brigade

[willoicc] 30/7/2010 14:11

Isn't nice to know that directors do not own a single share between them, but are able to commit their share options to the scheme.

This included options which have an excercise period from 29.8.2010 till 29.8.2018.

They are not able to exercise them yet, but can commit them.

What a racket?!!!!

[giant steps] 30/7/2010 12:45

Perhaps not

[hectorp] 30/7/2010 12:37

frighten me.. 20p ? FDI? ... "it cannot be". ( someone once said that)
- there must be somthing to say for fundimentals.
H.

[giant steps] 30/7/2010 10:16

hectorp, i'm thinking very low 20's for firestone and 10-p for kopane

Seems as though we are back on usual contrary tracks !

[hectorp] 30/7/2010 10:08

Hope not! low enough imo.

[giant steps] 30/7/2010 09:43

Seems like we get a falling firestone share price to close the arbitrage gap,
perhaps FDI get that sinking feeling as funding pressures get transferred,
guess it's the price to pay for realising a world class asset.


FDI 26.5p-27p, KDD 11-11.5p