Northacre Share Discussion Threads

[tara7] 22/2/2013 10:54

FRM:

Could this be the best builder of the year 2013?

Stands in at an all time low today.


This stock could come to life next week, [results]. Around £7.5M cash due this time next year[profit share from one project and land sale from another]



With debt covered with yet more assets one can buy the whole company for just over £2M.

Director buying last year.

If the design and build part of the group also turns in a profit then one is looking at 100% - 200% rise in the stock short term.

[daneswooddynamo] 21/2/2013 12:17

the most annoying thing is that there could not be a clearer situation where not all shareholders have been given the same information to evaluate the merits of the offer. Damac would have seen the vic gate arrangements as once they announced they might be a bidder they would then have been entitled to receive the same information as other potential offerors. The case officer at the panel was inclined to agree and said he would discuss internally but my guess is that with over 50% spadille acceptances it just isnt worth rocking the boat.

[fireplace22] 21/2/2013 11:28

Can't see how DAMAC can lose, if they don't accept the offer the shares remain listed and they reap the full value of the Lancs and Vicarage. If they do agree to delist no doubt the rewards down the line will be worthwhile. Just looking after their own interest only losers are the PI's who are unlikely to hold on for fear of delisting.

[brando69] 21/2/2013 11:22

have to say that the damac diversion was unwanted... it created false hope of a better price...

[jamie62] 20/2/2013 17:22

Signed, sealed, goodbye NTA

[fireplace22] 15/2/2013 10:15

If DAMAC are hostile, then this may remain listed and business as usual with a different major s'holder. Happened with FEP a few years back someone took a blocking 25% stake to prevent delisting at > 75% and it's still quoted today. Not sure I'm prepared to take the risk and stick around with NTA though.

[daneswooddynamo] 15/2/2013 09:37

as most of us probably suspect Damac will probably sit there and be taken out in a better deal. From what I have read i don't think that they can be legally taken out at a higher price for at least 6 months. They obviously have the clout to do that whereas the little man on the street does not.

Spoke to the case officer at the panel on this. He agreed that the reasons for recommendation section were somewhat on the light side! However reluctant to get involved. Suggested i contact the company and ernst & young. Spoke to the number two at e&y who fobbed me off with garbage about the offeror being responsible for the offer document and suggested i speak to the company. Contacted them by e-mail and waiting for response!

The panel case officer has asked me to let him know how i get on. I'm about to tell him not very well surprise surprise!

If ever there was a clear case of not all shareholders being given the same information this is it. It couldn't be clearer. Basically 75% of nta shareholders know how profitable vic gate will be (ie. the directors and Damac who will know as once they announced themselves as possible bidders they would have been given details/info by the board as they were obliged to do) and of course Spadille. The other 25% shareholders denied this information.

[jamie62] 15/2/2013 09:32

Many thanks!

[fireplace22] 15/2/2013 07:18

Now unconditional, so presumably pay day at or shortly before 14th March.
DAMAC obviously not accepted yet.

[fireplace22] 14/2/2013 21:21

jamie:

14 days from the 28th or 14 days after it goes unconditional - whichever is later. The % age for unconditionality is not mentioned. Can't see them paying early so 14th March at the earliest.


Subject to the Offer becoming or being declared unconditional (except as provided in paragraph 6 of
Part 2 of Appendix 1 to this document in the case of certain Overseas Shareholders), settlement of the
consideration to which any Northacre Shareholder is entitled under the Offer will be effected by the
despatch of cheques or by crediting CREST accounts (as applicable) (i) in the case of acceptances
received, complete in all respects, by the later of 28 February 2013 and the date on which the Offer
becomes unconditional, within 14 days of such date, or (ii) in the case of acceptances of the Offer
received, complete in all respects after the later of 28 February 2013 and the date on which the Offer
becomes unconditional but while it remains open for acceptance, within 14 days of such receipt, and in
either case in the following manner:
(a) Northacre Shares in certificated form (that

[jamie62] 14/2/2013 21:05

Offer document received. Reply by 26 Feb...no mention of payment date. Any ideas?

[dupree] 13/2/2013 09:50

If it's too hard, I can't understand it!

[fireplace22] 12/2/2013 16:31

Because there is still doubt when you get it back at 96p, they seem to have 'forgotten' for now at least their intention to call it unconditional at 50%. So settlement may be protracted if 75% or indeed 90% is required.

[jamie62] 12/2/2013 16:19

Why can i still buy at 94p?

[brechin] 12/2/2013 15:54

My last word on this subject is that we should abolish both the FSA (Financial Services Authority) and the FSA (Food Services Authority) as they have both been proven to be completely ineffectual and useless.

At vast expense to the taxpayer (you should go and see the expensive offices at Canary Wharf of the financial FSA), they have completely failed to regulate their respective industries.

We appear to live in an insane world where no-one appears to care about these complete failures. Indeed, the call is for "more regulation" as if this does anything other than add to bureaucracy and indolence.

I give up!

[fireplace22] 11/2/2013 20:44

This is from the RNS in December:

ADCM envisages, should a firm offer be made, that it would be declared unconditional as to acceptances once valid acceptances have been received in respect of more than 50% of the entire issued ordinary share capital of Northacre.

So why have they not declared it unconditional already?

[david77] 11/2/2013 20:33

I have instructed my broker to accept the cash offer for all of our shares. Assuming that the offer becomes unconditional on 28 Feb or very soon after, then I expect to see the cash around the middle of March.

[jamie62] 11/2/2013 20:04

Spoke to my broker...nothing other than it is supposed to be in the post.

[noddy31] 11/2/2013 16:19

Still no view of the offer Docs on TD Water

[daneswooddynamo] 11/2/2013 10:39

i have spoken to the case officer at the panel on nta and he said he would look at the document and come back to me

[joe say] 11/2/2013 07:25

i know - its humour

but on a serious note we've been stitched up and i would support a complaint

[fireplace22] 11/2/2013 07:20

Joe The FSA, - Isn't the Food Security Authority you think it is.

[joe say] 11/2/2013 07:17

I'd add my name to any complaint - not that the FSA will do much - after all they missed all that horse meat in burgers debacle

[fireplace22] 10/2/2013 17:54

I think it's the latter, if they wanted their cash asap, I'm sure Spadille would have bought them out ala KN or would that smack of a concert party?

[daneswooddynamo] 10/2/2013 17:36

It will certainly be interesting to see if they accept by the first closing date. No reason not to. They want their cash as quickly as possible. Or do they? Of course once they announced themselves as potential bidder they would have been given all the info afforded to spadille and ken macraes bid vehicle so they would have seen the vic gate arrangements. Maybe that is why they didnt bid as they werent that great. Or maybe other arrangements have been made..