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Mallett Share Discussion Threads
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|Received my Mallet takeover funds today
This was because I refused to accept the pathetic offer
My shares were compulsorily purshased on Dec 25 2014 and funds distributed six weeks thereafter
29 Sept 14 offer announced
20 Oct 14 declared unconditional (75% acceptance)
3 Nov 14 offer closed and first funds distributed
13 Nov 14 compulsory acquisition notice ( 90% acceptance)
18 Nov 14 shares delisted
25 Dec 14 remaining shares stolen
5 Feb 15 funds paid for stolen shares
10 Feb 15 Barclays stockbrokers credits my account
time between offer announcement and receiving compulsory purchase funds ... 19.5 weeks|
|I don't doubt that the SGI deal is by far the most likely scenario but PG and the other major holders wouldn't have bothered with the get out clause if it was a completely 'done deal'.|
|For anyone still in any doubt this deal is as good as done.There will be no increased offer from SG or anyone else.I suspect the deal was brokered by PG and that it was the best he could muster given the circumstances.If there was anyone out there who felt there was some hidden value they would have shown their hand long ago.Our capital will be far better invested elsewhere.|
|Right. Look like I must read announcement in full.|
|All of the parties would be released from their irrevocable undertakings if a competing bid of 66p or above was received from another bidder.|
|In original announcement:
Bronsstädet AB has given an irrevocable undertaking to accept the Offer in respect of its beneficial holding of 3,897,500 Mallett Shares, representing approximately 28.2 per cent. of the existing issued share capital of Mallett.
Conclusion is that this is likely a done deal unless some nasties come to light in due diligence.
I have seen nothing from SG as to why they have made this acquisition. Assuming the Mallett name continues, something will have to change to rebuild profitability at Mallett.|
|the assets are there no doubt - however the problem is the liability: one of the most incompetent board of directors on the LSE, including a majority of seriously over-paid and underperforming "executives" - chaired by a pompous and arrogant Lord Something who believe he can walk on water. he cannot.|
|I might have this wrong but presumably the inventory is held at lower of cost or valuation. Therefore there must be an assumption that there is some profit to be made. My view better 60p than nothing when the business finally runs out of cash- which it will.|
|Inventory in the form of high value antiques immensely difficult to value and highly illiquid.From my own personal experience in the business the antiques trade generally is on its knees.I have written my own stock down mentally by 50% as disposing of it at auction rather than retail.Our own sales fell off a cliff from a thriving business exporting worldwide.|
|Yep, £11.2m inventory as of end of august, with net debt offset by property assets.So they've sold the business at a 30% discount to the value of the inventory - nothing for the business itself, the brand, the connections, or other intangible assets. Roobish.|
|Elmfield - tesco trades at nearly double the booked value of the equity, not half.Fine, management and accountants can be too aggressive with their assumptions when arriving at an estimated fair value in the accounts.But my understanding is the assets here are largely an inventory of antiques, which should be fairly easy to accurately value and fairly liquid, and were only valued a month ago.Bad bad show, IMO.|
|My 7000 at 45.95 seems like I called the bottom for the first time in my life.|
|what a great offer for an inviable business. Its not made a profit for 8 years.|
|Of course not related but in a way it is,
What is tesco worth, I suspect less than it is valued at today.|
|Sorry my previous post should have read 74.3% not 72%.|
|SG will not increase their offer.It has already been agreed by holders of 72% of the stock.This has the feel of a deal brokered by PG who I imagine will be content to get out without too much damage having been done and I think the majority of us will feel the same way.Maybe question dubious stated asset values in the future and build in a margin for error when deciding if there is any value?|
|Steady on Spob, lets not get carried away|
Because they are scum of the earth|
|Wigwammer, just reading up after the initial news and its virtually a done deal with 74.3% acceptances.The Board have 21,200 shares!Pathetic!It's a shame because IMHO there're worth a lot more but take some consolation that IMHO the Boards gravy train has well and truly hit the buffers. BTW look out for Stanley Gibbons Group,they're going places.
|Not sure why there would be a counter offer - the chairman himself is saying 60p is a fair price. The question therefore is - if 60p is a fair price for the equity today, then why on earth did they release accounts on the 28th august saying the fair value of the equity is 90p?|
|I believe that if forced, Stanley Gibbons would happily increase their offer.But the big question is whether there will be a competing bid?
|If it were to succeed then Stanley Gibbons would obtain the 23.75% stake in Masterpiece completely free of charge. I firmly believe that Gibbon's real interest in Mallett is their stake in Masterpiece.
|The offer is clearly too low. Lets see if there is a counter bid.
|any view rainmaker?|