|Now 20p. I don't really understand what's happening. All I know is all I need to know,that I have accepted the tender offer and will get 40p. I just wanted to echo the sentiments of previous Posters that Investors are misguided to sell in the market when they will receive more (and pay no commission) in a matter of days by accepting the tender offer at 40p.
I think it's worth stating for the next NRG type "work out" situation that, if you have Direct Market Access(DMA) there's nothing to stop you putting in bids and trying to buy at slightly more than the MM bid say 36 or 37p-there's obviously no guarantee that you will make any purchases and you could be left with a series of small purchases but it's food for thought.
|dOWN TO 30P CHAPS|
|The point is that in this case the number of shares not tendered or already owned will be a fraction of 1% so it is not worth imho taking bonuses in lieu of dividends for tax reasons which far outweigh the downside of paying me a few quid
Also it is a tough market for rec cons. One of the best is Michael Page, which has scaled down a bit but is still faring well as a quoted company
But NRG will own 99.9% or whatever so they will give it their all and the North is nowhere near as affected by the recession in top technical professional jobs as the South East and NRG have got deals signed giving them exclusive rights to place all advertised vacancies for about 20 of the biggest and strongest Northern employers, none of whom are especially hit by the recession
Also I will be there standing in the way of them reselling unless they pay me properly and while they do all the work they cannot prevent me from following in their fortunes in regards to the shares
The 90% trigger thing 2 people have now mentioned is when an MBO or buyout.takeover occurs but that is now, post tender, hardly worth it just to get my shares
I may see a higher offer from them, and in future years dividends, but I will be left holding my tiny chunk of their company.
THEY DID IT BY TENDER OFFER BECAUSE IF THEY DID IT BY COMPULSORY TAKEOVER AT 40p THEY WOULD FALL FOUL OF LSE RULES SINCE THEY ARE MAJORITY SHAREHOLDERS WHO ARE OFFERING A LOW PRICE BY TAKING ADVANTAGE OF THAT FACT ITSELF (THEY HAVE LONG HELD 50% plus and made massive purchases in 2008 at above 40p (see ADVFN) AND BY PASSING ON THE DIVIDEND TO FURTHER LOWER THE PRICE WHEN THERE WAS NO NEED TO REDUCE THE DIVIDEND TO ZERO THE LSE WOULD GET INVOLVED Charles Stanley know that
So instead they picked the moment to use Charles Stanley to make a tender offer and the pernicious document was used to simultaneously convey that the shares would be delisted
I gave the same advise over PKL which delisted in this way at 30p and 3 years later offered me £1 which I took
As for people selling in the market for less than 40p they are mugs, unless of course they have a large holding (another pernicious element in the tender was that you had to tender 100% of your holding, something that I suppose they just get away with but I suspect you are seeing people reducing, and taking my gamble in the same small way). If I had masses of these shares and the money meant a lot to me I might sell some in the market so as to hold an amount I was happy to hold
You may as of yesterday have lost the ability to buy as the tender offer has officially expired and MM's may genuinely have no stock|
|BTW trading recently has been more or less exclusively on Plus Markets. Difficult to dig out the historics, but there has been a very slow stream of small sells.
|Good luck mryesyse, I do hope it works out for you. I agree there's more value here but whether you'll see it I don't know. You'll be cut-off from information & don't budget on expecting dividends, they could easily starve shareholders & take gains as bonuses. Any future valutation will still be what the Board says it is (maybe not legally but in practice). I too thought they could force a sale if external shares were less than 10%
(stick with it & become a real nuisance)
|Correction no trading atall since well before the tender offer|
|Hasn't the AGM result put them potentially at a level where they can force you to sell (>90%?), or is that just when they can do whatever they want?|
|I got another letter from Charles Stanley imploring me to sell and setting out the reasons why it was a bad idea to hold a delisted company
Well if I am part of the 0.15% that remains in private hands it will be a small price to pay to include me when they pay themselves dividends
DONT SELL HOLD INTO DELISTING
I'll be on this board in years to come telling you I was right!!!|
|Annual report and tender docs now online.
|The reason for these sells is that folk are selling part of their holding in the market and taking some into delisting. The tender docs do not permit partial acceptances.
As for buys, if you hold none and are a buy and hold stalwart, they are worth 40p so go for it
30,000 OK but mm's would gag at a large buy order
As I said I think this greedy old pair are going to get a nasty shock at how little recruiting there will be in the North 2009-11 (which has yet to feel the effects of the south in terms of employment, most job vacs are in the north west see jobsite) its unemployment has barely risen in the over 25 age group YET........so it will not be plain sailing for them in the years to come, they will have their sleepless nights|
|What surpises me is the small sells going through this week.
All people had to do was wait a couple of months more for a guaranteed 40p to come through, 10% more! Madness!
5/11/08 5000 O 35.0 40.0 8:08:28 5,000
05/11/2008 12:45:50 36.25 4,000 O 1,450.00
05/11/2008 11:19:02 35.80 1,500 O 537.00
04/11/2008 16:10:13 35.00 10,000 O 3,500.00
04/11/2008 09:31:34 36.25 5,269 O 1,910.01
31/10/2008 14:29:17 36.25 7,100 O 2,573.75
I can buy for 39.7, which unless I get 30k shares wont give a return with dealing/stamp costs. Anyone get any cheaper?!|
|Interesting to note that TDW, where I hold my NRG in an ISA, today sent a letter with two options of which the default option was NOT to tender for the shares at 40p. I was surprised by that since I had assumed that they would no longer be acceptable in an ISA. Perhaps just an error!|
|So anyone know how I get them easily from ISA to cert?!?
Without paying the spread etc...|
|Well I hold certs anyway.
recently I got £1 a share from PKL in the same scenario
bought at 30p, they took it private without even making a tender offer, then out of the blue in august came an offer for £1 a share or a share cert in another private co BINGO
I almost sent the acceptance by courier!!
Can you guys hold one simple share cert
At the end of the day they are making all the decisions but with lower costs and small shareholders have no real say anyway
Basically they want you to accept 40p very much indeed and they are using an armlock which I'm not in so by their actions I know to hold|
|That's the rub. Most small PIs will hold their shares in an ISA so they can't hold on even if they wanted to!|
|Sounds as if its easier to just flog them...
Not sure if I would have to trade them out of my ISA prior to tender date, and no idea how companies handle such a situation. Badly I presume, as getting them transferred from their (presumably) Nominee account etc etc is going to be messy. And they will probably have some untrained oik trying to work out how to sort it!|
|Good luck with your plan Momentos, though you won't be able to keep them in an ISA Account.
I will be taking the 40p & a loss. If it's money you can afford to lose/ignore then it might work out but as as director+shareholder in several private companies, I wouldn't willingly accept a minority shareholding in closed company without being a director, you are completely at the mercy of the board.
I'd happily keep my holding & wait if I could see a reliable exit. They're worth much more than we're being paid. Shafted is certainly one word which springs to mind.|
|If its not too much hassle (I hold shares via a HBOS ISA) then I am going to hold on.
I believe this is a two - parter, as part of an exit strategy / value realisation by the Morans. Part one, get the company back private. Part two after a suitable interval (5 minutes!) private sale at a higher price.
As already indicated to a degree, this means one of two things will happen:
1. The Morans will come back with a better offer to the hold-out shareholders after the tender offer.
2. I will have to wait for when and if the second sale goes through.
As I bought at 40.9p I have the option of a small loss now or hold for possible jam later.
I am tempted to hold purely on the basis of the derisory offer.
I may well fire off an email to NRG in disgust at the offer and would encourage others to do so also.|
|Thought this offer was under-priced from the start but even more galling now.
Tender was 23% above market close at 29th October. Since that figure was `locked-in' the ftse has risen 13%
Fair price would be 70p. Shotgun price 50p+|
|Check plus markets?|
|Agree with everything already posted re tender offer and passed dividend. Just shows how powerless minority small shareholders are when controlling interests and financial investers (Jupiter)can do what they want without too much thought for other owners of the business. Nothing illegal of course, but immoral? This is certainly not a fair price.|
|Just noticed no trades listed for several weeks, thats rum. dont sell, hold or try to buy|
|I'm keeping my shares on this occasion, normally I would sell on a delisting.
To be honest this is actually a buying opportunity. The list of clients they have is massively impressive and even if they permanently resist paying a dividend to themselves its obviously worth a lot more and the only people who know for sure are the exec directors
Fortunately I have under a thousand shares but how mean to exclude investors selling half their holding
If I had 30,000 I would sell some in the market.
Also they will now be working 100% in their own interests. I'd buy as many as you feel happy with and if you are happy with keeping your few just do so
There may be an element of false optimism on their parts as the markets they work in will be slowing recruitment for a year or two as the North will be hit hard after the south but in this case do as the exec directors are doing and leave in it in the capable hands of their greed, you won't be sorry you did hold some into delisting|
|You can see why they wanted to buy back shares and not give a dividend. All that nonsense in the final results about return to shareholders was just a screen for what was going on in the background and a sucessful attempt to drive the price lower :(
Just got a quote, I can either sell my 30,000 shares now for 36p or wait until december to get 40p a share.|