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QED Quadrise Plc

1.20
-0.29 (-19.46%)
Last Updated: 10:15:44
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Quadrise Plc LSE:QED London Ordinary Share GB00B11DDB67 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.29 -19.46% 1.20 1.19 1.21 1.37 1.15 1.37 26,187,605 10:15:44
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs 0 -3.09M -0.0021 -5.71 17.94M
Quadrise Plc is listed in the Crude Petroleum & Natural Gs sector of the London Stock Exchange with ticker QED. The last closing price for Quadrise was 1.49p. Over the last year, Quadrise shares have traded in a share price range of 0.66p to 3.30p.

Quadrise currently has 1,494,904,968 shares in issue. The market capitalisation of Quadrise is £17.94 million. Quadrise has a price to earnings ratio (PE ratio) of -5.71.

Quadrise Share Discussion Threads

Showing 7376 to 7399 of 11175 messages
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DateSubjectAuthorDiscuss
24/9/2015
11:12
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

maddox
24/9/2015
09:16
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
09:04
Absolutely. Concur.
quepassa
24/9/2015
08:38
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

maddox
24/9/2015
07:49
Richard XII

See takeover code section N. Thanks

r ball
24/9/2015
06:44
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

quepassa
23/9/2015
21:33
Does anyone know how long they can continue extending the deadline?
richard xii
23/9/2015
19:24
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

maddox
23/9/2015
19:12
Now this could get interesting.http://www.egi.co.uk/news/hedge-fund-aims-to-disrupt-lone-stars-quintain-bid/?keyword
cszjrh2
23/9/2015
17:09
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

quepassa
23/9/2015
16:32
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!

inki
23/9/2015
16:04
you would have accepted by now.
r ball
23/9/2015
16:02
It is close 71.73% versus the 75% required... so they may indeed manage it by the extended 30th September deadline..
trytotakeiteasy
23/9/2015
15:52
no reason to accept.
r ball
23/9/2015
15:46
Ha ha. Thought it was going to be close...
cszjrh2
23/9/2015
11:29
deadline today.. will 75% threshold be met.. or will bid be increased??
trytotakeiteasy
23/9/2015
07:46
Two days ago it looked to me like IIs were offloading at below Offer Price. Yesterday however there was buying above...I fear they've got enough acceptances but my reading of the market/tea leaves is that it's going to be close!SoP
cszjrh2
23/9/2015
07:23
5.5million trade at 31p.
Looks promising.

deadly
23/9/2015
07:03
What happens today, do you think, if they don't get enough votes? Will the share price climb higher as the market expects they will have to raise their offer? I see the share price is already slightly above the offer price this morning.
winsome147
21/9/2015
10:02
Not sure, I know scheme of arrangement has minimum 75%, but I thought a takeover not done as a scheme of arrangement could operate with a lower threshold.
scburbs
21/9/2015
10:01
As far as I understand ( but check for yourself) , there are two thresholds under the TAKE OVER CODE:-

1. If you get 75% acceptances you can go unconditional and apply to take the company private.

2. If you get 90% you have the automatic right to buy up the balance of shares. That is to say the right to compulsory purchase any balance of outstanding shares over 90%.


Bidco/Bailey had built into their offer another Acceptance Condition of their own choice that they would only complete the bid ( SUBJECT TO CHANGING THE FIGURE - as they did on Friday ) if they got 90% acceptances.

Effectively they had put a rider/condition on their bid, over and above Take-Over code regulations.

On Friday, they changed that condition to bring it in line with the Take Over Code figure of 75%.


My personal interpretation of the initial Bidco 90% Acceptance Condition was that they wanted to be conservative and perhaps initially felt confident of getting 90% without too much difficulty - and/or perhaps wanted a useful get-out clause if something transpired during the bid process.

Perhaps also an indirect way of encouraging investors to accept the offer.

But this 90% figure was never set in stone unlike the Take Over Code figures so it was always a flex figure.

My personal interpretation of the Friday announcement is that they do not feel confident of getting a knock-out 90% so they lowered it, as they had the right to do, to the lower Take-Over code figure of 75%.

So you might have had a position if they got 80% (hopefully not!) where they had the right under the Take-Over Code to go unconditional but their own Acceptance Condition of 90% effectively barred them from completing.

I always personally viewed the special BidCo 90% figure as a technicality/get-out clause and viewed the Take Over Code figures as the real hurdles.


Now both figures are aligned at 75% .


The clock is now ticking fast.

Second Closing is this Wednesday 23rd at 1300hrs.

You'll know pretty soon after that if they get 75% or not.

If they do get 75%, they have effectively won at 131p and can go unconditional and they would most likely apply to delist.

The Offer will in my understanding then remain open for at least 14 days so that you can still accept the 131p.


If they don't get 75%, they have two main choices.

1. Either to walk and that's curtains for the bid, or

2. To increase the bid and post a new offer document at a higher price.



This is only my interpretation of the rules and offer ,so read the prospectus for yourself please.


My personal view is that it is touch-and-go if they will get 75%.

But that's my guess only given the relatively low 53% acceptance level at First Closing combined with the growing strength of the property market.


If I had to put a figure on it - in my view and guess only- it is 50/50 that they will get 75%.

If they don't get 75% - in my view and guess only - it is 70/30 that they would increase the bid.

I must stress that these are my personal views and guesses only and nothing more.


ALL IMO. DYOR.
QP

quepassa
21/9/2015
09:37
QuePassa, that's how I understood it under Take Over Code Rules. 75% minimum.
winsome147
21/9/2015
09:34
But surely they are caught by the Take Over Code at 75%.

If they don't get 75%, they cannnot go unconditional and the whole bid collapses under the regulations of The Take Over Code with the 53% being returned to shareholders.

ALL IMO. DYOR.
QP

quepassa
21/9/2015
09:15
Winsome147, The acceptance condition is part III section A1, i.e. the offer is conditional upon acceptances at least equal to the acceptance condition which was set at 90%.

The acquirer is free to reduce this to 75% and they are also free to reduce it to 50.1%. Given they have over 50% already this ability could be a worry for holders, albeit their ability to implement their plans would presumably be much more constrained if they reduce it below 75%.

scburbs
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