Quadrise Share Discussion Threads

[jlo10] 25/9/2015 00:58

Can those who accepted change their mind and unaccept
Good article from CoStar

[quepassa] 24/9/2015 21:03

Important and fascinating article from James Wallace, Finance Editor of CoStar News:-




ALL IMO. DYOR
QP

[cszjrh2] 24/9/2015 17:34

Elliotts holding now just shy of 14%. (Reaches for popcorn)

[maddox] 24/9/2015 17:33

Hi Dov,

Should Lone Star manage to get over 75% then there is no risk of having shares locked-up in a delisted company - the offer period will remain open for a further two weeks once declared unconditional.

Also as I understand it - if the offer is not declared unconditional by day 42 Acceptances can be withdrawn.

Regards, Maddox

[r ball] 24/9/2015 17:16

You don't reject the bid you just don't accept.

28% have not accepted.

Given Elliott 12% there is even more reason not to accept.

[maddox] 24/9/2015 17:07

Hi Dov,

Is it your intent to try and confuse people? Delist? This bid battle is far from over.

Whilst we know how many have accepted the offer - we do not know how many have rejected it. It is thus unknown how many un-decided votes are potentially out there available to Lone Star's entreaties. But it'll be far less than 28%,and then there is the 12+% that Elliott now have control.

A new bidder changes everything. IMHO anyone whom has previously either rejected the offer - or was undecided is now highly unlikely to accept. Also, Lone Star cannot buy the 3% whilst the price remains above 131p.

Game on!

Regards Maddox

[r ball] 24/9/2015 16:55

takeover rules. they can only be declined by the offeror who has accepted your undertaking. e.g. if the bid fails.

[aberdare] 24/9/2015 16:04

can someone help me I top up my shares pot of qed last week and then told selftrade to decline the offer so what is stopping the shareholders who have accepted to now decline or just sell the shares on the open market and the new owners declining comments please

[dov] 24/9/2015 14:29

perhaps they will be happy to have a share in a company that although will be de- listed will still have plenty of value in it.

why did they not do this weeks ago?? like i say regardless of what Elliot say,i cant believe they cannot now push this over the line at this bargain price.

[quepassa] 24/9/2015 14:19

Maybe. Maybe not.

There are not many shares left out there by now .

Of the 15% or so of shares still in theoretical circulation, some may additionally be tied to other hedge-fund type investors.

3% doesn't sound a lot but in the current scenario but it is by no means a foregone conclusion in my view.

The BIG QUESTION is why have Elliott done this yesterday and what are their intentions. They have already claimed that Lone Star's offer " substantially undervalues" Quintain - according to The Times.

What will their next move be?

ALL IMO. DYOR.
QP

[dov] 24/9/2015 14:08

surely its all too late i was not expecting 70% plus acceptance having been 50% plus previous i think the remaining 3% is likely in the next week.

Had Elliot shown their hand earlier then maybe but i think Lone star will crawl home regretfully

[quepassa] 24/9/2015 13:26

Could be interesing....


Elliott versus Lone Star


If Lone Star fail, Quintain management will perhaps be in for a real roasting like Elliott gave to Alliance Trust. No bad thing for investors!!


ALL IMO. DYOR.
QP

[richard xii] 24/9/2015 13:08

R BallThanks.

[maddox] 24/9/2015 12:12

Hi QP, yep and they have a track record in property....

'Since 2010, Elliott Management has expanded into investing in distressed real estate. It has been active in Japanese and German real estate and in 2015 viewed Spain and Italy as offering attractive investment opportunities.[14] Now, according to the New York Times, it has “teams of analysts and portfolio managers in London, Hong Kong and Tokyo and investments worth more $2 billion.”'



Regards, Maddox

[quepassa] 24/9/2015 10:16

Elliott are a force to be reckoned with.

Their resolve is not to be underestimated.

Well-known here in the UK as an activist investor and champion of shareholder rights in the long-running Alliance Trust saga.




ALL IMO. DYOR.
QP

[quepassa] 24/9/2015 10:04

Absolutely. Concur.

[maddox] 24/9/2015 09:38

Hi QP,

Also, there is little incentive for the remaining shareholders to concede now we have a new player in the game. Excellent news, now this is getting really interesting.

Regards, Maddox

[r ball] 24/9/2015 08:49

Richard XII

See takeover code section N. Thanks

[quepassa] 24/9/2015 07:44

Hedge Fund makes pitch for Quintain - according to The Times today.

The Times article says that aggressive hedge fund Elliott Capital Advisors have acquired 68million shares in CFD form and gatecrashed Lone Star's £700m offer for Quintain and the article says that Elliott have claimed that the offer " substantially undervalues" the property developer.

Herewith link to Times (preview of article)




If Elliott control 12.9% of the voting rights of the shares and BidCo have 71.7% acceptances, that leaves a balance of just 15.4% of shares elsewhere, according to my calculations.

It seems clear that a raft of private investors are intransigent and unsupportive of the offer at 131p.

With just over 15% of the free float not spoken for, finding the 3.27%% necessary to complete may start looking a tougher challenge.


ALL IMO. DYOR.
QP

[richard xii] 23/9/2015 22:33

Does anyone know how long they can continue extending the deadline?

[maddox] 23/9/2015 20:24

Hi QP,

Another failure to secure shareholders support and yet another extension. If the Board had any regard to their shareholders' interests they'd be putting an improved offer on the table. Have they no dignity?!?!

Still no reason to accept - 131p looks more lousy every day.

Regards, Maddox

[cszjrh2] 23/9/2015 20:12

Now this could get interesting.http://www.egi.co.uk/news/hedge-fund-aims-to-disrupt-lone-stars-quintain-bid/?keyword

[quepassa] 23/9/2015 18:09

I thought it would be touch-and-go with only a 50/50 outcome of them getting 75%.

What an embarrassment in my opinion for management and their advisors.

They have failed to get the necessary 75% for the second time.

Bad failure again. What a mess.

A strong indication in my view that the 131p increasingly and significantly undervalues Quintain.

With another extension of a week, they hope to creep past the post and get the remaining 3.27% they need to go unconditional. Not sure that they will do it.

It seems to me that the offer of 131p is looking less and less attractive as each day passes with the strengthening UK property market.

Can't think why anyone who has held their ground so far, would now want to cave in.

Personally, in my view I believe that the bid deserves to fail at 131p as almost 30% of investors have not been supportive of the price tabled.



ALL IMO. DYOR.
QP

[inki] 23/9/2015 17:32

Close is not a deal. They are likely to get it, depending what 'kindness' is offered to a major shareholder. The private investors are showing their strength.
It all goes to show what the institutions think of the ultimate beneficial investors!

[r ball] 23/9/2015 17:04

you would have accepted by now.