Range Cooker Share Discussion Threads

[james8] 07/11/2002 10:16

WCB,
I agree with you on both counts, but personally being a shareholder in an unquoted company is not an option for me.

[madskt] 07/11/2002 00:14

Shocked at the news and the shoddy way the news was released after the close yesterday.
While not a holder, I had hoped to become one.

This comment sticks in the throat:

"Commenting on the Offer, John Armstrong, the chairman of Range, said:

"The Independent Directors believe that the Offer is in the best interests of
Shareholders, enabling them to realise their investment in Range Shares for
cash. We recommend that Shareholders accept the Offer."

Bearing in mind when a takeover was first mentioned, the price was around 25p, this is a steal, and to me, looks like shareholders have been robbed. If shareholders want to realise their investment in cash, let them sell on the market ...

[westcountryboy] 06/11/2002 22:12

Is it not the case that the bidders need 90% acceptance in order to buy out shareholders who don't consent? If they don't get 90% (ie if holders of 1.59m shares vote against the deal) I've been told that shareholders who don't consent continue to be holders in the unquoted company. That might be interesting, if this is true!

On another note, I can't understand why ten people sold today at 17p plus costs rather than wait for 18p and no costs.

[leslas] 06/11/2002 16:28

What the FSA do if they sold out at 5p to there friends for instance???

[bluefish] 06/11/2002 15:07

Thanks greg1


Leslas

I agree. Am not too chuffed myself.

:o(

[leslas] 06/11/2002 13:55

It a bloody outrage

[greg1] 06/11/2002 13:44

James 8

Paragraph 3 of the official annoucement states:-

"John Armstrong, the chairman of Range, has agreed to waive his entitlement under the Offer as to 5.86p of the cash consideration for each Range Share that he holds."

Therefore he is only accepting 12.14p per share.

Bluefish you are reading this correctly

[bluefish] 06/11/2002 11:46

Being a relative newbie to stock investment and never having been involved in a share that is to be 'taken over' before would someone be kind enough to confirm that I am reading the information regarding this take-over correctly please?

We are being offered 18p per share by Britannia Living via Altium Capital, that is if there is majority agreement. Special Divi cancelled as a condition of the offer.

We are not being offered shares in the new company as an option.

If there is not a majority agreement on acceptance of this offer, the new team intend to use a section of the Companies Act to force shareholders to relinquish their holdings.(Although if this is the case here........why vote? :o)....pardon my naivety!!!!!)

The new team do not intend to float the new company on the stockmarket.


Help appreciated

bluefish

[james8] 06/11/2002 11:18

Anybody know what to make of this article- says that Armstrong accepted 12.14p for his shares??


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EMU Update

Range Cooker Agrees to $34.9 Million Management-Backed Takeover
By Angus Whitley

London, Nov. 5 (Bloomberg) -- Range Cooker Co., the U.K. distributor of household stoves, agreed to be bought by a company backed by Range management, accepting an offer worth about 22.3 million pounds ($34.9 million).

Britannia Living Ltd., a new company backed by Robin Russell, Range executives Richard Buckley and Christopher Grattan, and funds managed by Graphite Capital Management Ltd., offered 18 pence for each Range share, Britannia said in a Regulatory News Service statement. Shares in Range, that trades on the Alternative Investment Market, closed at 18.25p.

Britannia has ``received irrevocable undertakings'' that 73.6 percent of Range shareholders will accept the offer, it said in the statement.

The takeover will ``remove from Range the financial, managerial and regulatory burdens of being a company whose shares are admitted to trading on AIM,'' Britannia said.

Range Chairman John Armstrong, who owns about 68 percent of the company and recommended the offer to shareholders, accepted 12.14p for each of his shares, valuing his stake at 13.1 million pounds.

[argy2] 06/11/2002 07:38

Given the agreed votes already plus the very suspect acceptance by Nigel Wray there doesn't seem to be much point.Presumably those with Swiss Bank Accounts did better.

[shaggy666] 06/11/2002 07:30

Does anyone know if we can stand toghether and refuse to vote for the sale or does the controlling vote go to the CEO and we have no say?

[argy2] 06/11/2002 03:16

Believed what he was told again.He needs to judge people better.Apart from getting into bed with a couple of very doubtful characters he seems to attract those unscrupulous CEO's prepared to use his fast diminishing influence on his band of followers to their advantage.Allegedly.

[denimag] 05/11/2002 21:32

TW let down again!

[argy2] 05/11/2002 18:44

What a bloody disgrace, 18p and no 1p divi=17p.I smell brown envelopes here and plenty of crooks getting them.Even N.Wray accepted despite everything he has said about them.Perhaps those alleged rumours of his dealings at PSG are true?

[shaggy666] 05/11/2002 18:09

"The Independent Directors believe that the offer is in the best interests
of shareholders, enabling them to realise their investment in Range shares for
cash. We recommend that shareholders accept the Offer," Range chairman John
Armstrong said.

HOW CAN THEY SAY THIS WHEN SOME PEOPLE BOUGHT @ 24P
NOT ME THANK GOD.
DIRECTORS LINING THIER OWN POCKETS!!!!!!!

[shaggy666] 05/11/2002 17:33

Result.......NOT

[oniabsta] 05/11/2002 16:56

18 pence... well that was worth waiting for :o(

[jsredwood] 04/11/2002 13:11

Thanks bluefish I will keep an eye on my account.

[bluefish] 04/11/2002 11:11

jsredwood

Divi was paid into my account and then cancelled on the same day (30th October) Hope that helps!

[james8] 04/11/2002 10:18

My A/C is with comdirect and i haven't received the spec. divi.
I wonder whether the money has actually for cleared for those that have received the spec divi.
IMO, generally speaking what is in Armstrong's interests is also in ours and if he thinks divi (probably for tax reasons) is best retained then it's OK by me.

[jsredwood] 03/11/2002 21:18

Remain confused the Special Divi was credited on the 30th to my account. What happens now?? Can they try and reclaim the dividend??

[pdyke14856] 03/11/2002 17:29

Well I hope you chaps well with this. I personally am not coming back in due to the high spread and the annoying way the board cancelled the divvy.
Should still hit 20p though at least.

[leslas] 01/11/2002 14:55

Its not good practice is it some bought for the divi like me