Minerva Share Discussion Threads

[smurfy2001] 28/5/2011 15:56

But for the de-list not to happen, then one would assume Kirsh would decline the offer.

Why would Kirsh do that?

I can't see how/why the banking covenants would be relaxed just because of new ownership. Not de-listing would open up a greater chance of a capital raise. How else would the banking covenants be relaxed?

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fireplace22 - 28 May'11 - 14:03 - 8301 of 8304
It the bidders are prepared to go unconditional at above 50% it means we can stay in for the ride under the new management as they can't delist below 75%. With Kirsh still in we should be guaranteed that figure. Seems like it may be worth holding on, counterbid or not (unless you have bigger fish to fry). IMHO.

[smurfy2001] 28/5/2011 15:44

Even if they let Wallbrook by relaxing the financing terms there's still a pile of debt, how will they reduce that?

Personally a Wallbrook let and a higher buy out price makes more sense to me. I wonder if the sharks have been hovering Minverva with knowledge that a Wallbrook letting is indeed imminent, i.e., to grab Minerva at a discount before the let.

I'm personally not going to support a rights or open offer, which is the only way forward in the long term assuming a buyout does not take place.

[clarkey26] 28/5/2011 15:20

Agree next week could be interesting, we may get further insight/comment on what the II's make of the offer, similar to last time. We wouldn't want this to delist, relaxing the financing terms and a letting would be excellent. Do you think they will even get 50% support at this level if people believe the terms will be relaxed to allow a better letting opportunity?

[baldeagle5] 28/5/2011 15:03

Fireplace - now you're getting it! Look at RPT.l to see what will likely happen WHEN (not if) the Walbrook let gets confirmed. ;-)

[fireplace22] 28/5/2011 14:03

It the bidders are prepared to go unconditional at above 50% it means we can stay in for the ride under the new management as they can't delist below 75%. With Kirsh still in we should be guaranteed that figure. Seems like it may be worth holding on, counterbid or not (unless you have bigger fish to fry). IMHO.

[sami69] 28/5/2011 10:26

Baldy - your sources say that 'Walbrook is close to be let'

If this were the case 120p would be steal and the board would be mad to sell out... Even 160p would look like a good bargain..

Any more gossip on this front?

[david77] 28/5/2011 09:36

baldeagle5 - a 'Norwich' court order (or something like that) means that a discussion website MUST provide your real identity to a court.

[baldeagle5] 28/5/2011 09:16

quay - let next week unfold....

[quays85] 28/5/2011 01:53

Baldeagle if you read it you would see that it was published on Fri 27th and further to the initial article on Thurs which detailed other potential bidders - cant see Kifin countering the offer as even when offering the 50p he said that he wasnt happy to take nearly 1 billion of debt onto his books hence the paultry amount - as the article states he may try to negotiate to retain his 30% and hold out for some decent new management and higher returns and I wouldnt blame him

[baldeagle5] 27/5/2011 23:24

Yesterdays news idjun!

[quays85] 27/5/2011 22:43

Doesnt look like Kirsh will be making a counter offer - but lets wait and see

[ak47high] 27/5/2011 13:51

Upset, not at all baldeagle......a Walbrook letting in the next few weeks would be perfect. Been a nice ride up from 11p.

[baldeagle5] 27/5/2011 10:28

My understanding of matter is as follows - WHEN the banks (note NOT if) give their approval to the covenant amendments that this will trigger a counter-bid by Kirsch - he of course has the benefit of having acquired just under a third of the company for less than 20p. It will be difficult for anyone to outbid beyond 130p unless a Walbrook let comes through (and my sources say this is close to being let)from a pure rent v debt payment profile.

This is only just beginning to get interesting now. Kirsch will be the first mover.

[ianio5691] 27/5/2011 09:43

someones happy to buy 125k at £1.16......

[baldeagle5] 27/5/2011 09:39

Like I said yesterday, this is the easiest money you will ever make in the stock market (and thats saying something!!)

[baldeagle5] 27/5/2011 09:39

Interesting to see an increasing long posi on the RNS of 200k by HBK Master Fund.....ummmmm.

[sami69] 27/5/2011 09:33

price action suggests something is happening..

[baldeagle5] 27/5/2011 09:29

130p - but don't hold me to the day of announcement - wouldn't want to upset AK47!!!

[sami69] 27/5/2011 09:22

What's your prediction Balde?

[baldeagle5] 27/5/2011 09:17

Hold onto your hats lads - another announcement imminent from Kirsch.

[semoy] 26/5/2011 17:28

Wondering what the Value of the Portfolio is worth here? Not sure where to look on the Financials page of ADVFN .. any help appreciated

[baldeagle5] 26/5/2011 16:45

AK - I said Kirsch was the issue - in that the BOD need his acceptance in all reality to get the deal through (even though its only a 50% arrangement to go unconditional)- not that he was the bidder at that point - look back at the post - it was the discount to NAV that needed to be acceptable.

Dr - If the banks don't go with this given the 'in principle' agreement thus far then you can mail me 'umble pie for the rest of my days.

[dr knowledge] 26/5/2011 15:42

Great news today, but Mr Eagle, a lot of us have been here for a long time and are aware that we have that teeny weeny problem of £1bn bank debt. Let's hope their contingencies don't frighten the bidders (too much!). ;-)

[ak47high] 26/5/2011 15:14

Did you not say it was Kirsch who put the minimum of 120p in place? Would he not have been better keeping quite if he was planning to put an offer in?

[baldeagle5] 26/5/2011 14:34

Sami - then I really would be eating 'umble pies!!!
If Kirsch throws 130p down (Walbrook is the key factor here I understand) then given his stake, it would very likely be the top.
I must admit I am perplexes as to the shares trading at 113p - there is a 3p downside with a 7-17p upside - not bad odds for an arbitrage bid play given the near certainty of the deal. I filled up at 112p this morning.