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Regenersis Share Discussion Threads
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|Here you go sf.
|No new thread yet for BLTG? Anyone care to assist?|
|I agree the tender seems very complicated & now directors have stated that they may sell some if not all of their shares, now makes the should I reduce even more complicated. I agree that reduction of share capital is the right thing to do, just the traditional way of buying in the market would have been better in my view.|
|Paul Scott's comment today.
Tender offer - I haven't seen one of these for a while. Regenersis has sold its legacy depot maintenance businesses, and now has a big pile of cash, plus the data deletion business which it bought not that long ago.
So cash is being partially returned to shareholders, through a tender offer, key details;Maximum £50m cash being used. Shareholders can tender presumably some or all of their shares at a price they choose, within the range of 215p to 250p. Given that the market price is currently 229p, then there's not any point in small investors tendering beow 229p - they might as well just sell in the market.
The strike price mechanism means that an order book is created of everyone's tenders, it's sorted in descending price order, and then the strike price is where exactly £50m of shares is reached. Everyone is paid the same strike price. So if not many people tender, then the price could be as high as 250p. In that scenario, everyone gets the same strike price - of 250p - even if they tendered at below that. If loads of people tender their shares, then the strike price may be at the lower end of the range, or even scaled back if more than 29.4% of shares are tendered (that seems unlikely, but you never know). It's all down to what the Institutions decide to do basically. They might want to take advantage of the liquidity to exit, possibly?
This is a big tender offer, so I suspect it probably won't be fully taken up, which might mean that the tender price could towards the middle to top of the price range perhaps, but that's a guess - I don't know the intentions of the big shareholders. My worry would be if management dump their shares in the tender offer as that would be negative for the share price afterwards. Remaining shareholders have to work out if the market cap, with the reduced number of shares (after the tender offer & cancellation of those shares has happened) is good value or not. I don't really know how to value Blannco.
Note that the remaining business will still have fair bit of cash. If in doubt, talk it through with your stockbroker, to decide what the best course of action is for you personally.
|omg one third of shares will reduce market will be tight as it heads to 900p|
|Sharewatch was spot on here|
|The tender offer will reduce the number of shares in issue and thereby benefit all the share holders .|
|Thanks for the replies above. My point being ... all of this is for the benefit of directors and other large holders. The private investor would probably benefited from the new CGT rule you mentioned (first *5K now tax free)
* edit: first £5K worth of dividend now free.|
|ClosetInv , we are in a new tax year so CGT now 20% (not 28%) , vs divs over £5kpa not in a tax shelter (ISA/SIPP) will be taxed at high marginal rate circa 38% , thus special divs now less attractive than capital gains . Hence a tender offer . Like all tenders the insiders have a big advantage as they will have a much better idea of what the new BLTG will be worth . Selling the old repair biz for circa £80m looks a good deal , but new biz difficult to value . Hopefully the Inv Chron or Equity Dev may publish some estimates next week|
|Why do companies ever do share buybacks rather than divis? Usually tax-related, or the directors have bonus on eps ;¬) But RGS can't do that amount of buying in the open market - it'd go on for ever, with all the attendant problems of expense and issues of insider trading - hence the tender.|
|Why not just pay out a special dividend? That way all current shareholders get to benefit equally.|
|Theoretically, should the share price at the time the tender closes be equal to the strike price that is expected by the investors? Otherwise there would be arbitrage to take advantage of the difference.|
|No wonder scsw rushed to get this months issue out a week early. Wasnt expecting this offer so quick and hence have missed out. ):|
|European Parliament informally agrees GDPR to come into power by 2018
The European Parliament informally agreed Tuesday to replace the EU Data Protection Directive 1995 with the General Data Protection Regulation.
The European Parliament informally agreed Tuesday to replace the EU Data Protection Directive from 1995 with new comprehensive privacy legislation called the General Data Protection Regulation backed by 48 votes to 4, with 4 abstentions.
Once ratified, the GDPR will become law in 2018 across all 28 EU Member States and will take over from the current laws EU Member States implemented in order to comply with the data protection requirements set out in the Directive.
The new rules will replace the EU's current data protection laws which date from 1995, when the internet was still in its infancy. Citizens will have more control over their own private information and it is hoped the new legislation will ensure clarity and legal certainty for businesses.|
|Useful link that metis20 posted a while back.
metis20 29 Mar'16 - 11:18 - 1288 of 1316
hTtp://thepatternsite.com/dutch.html is a starting point - lots of generalisations of course.
I have sold in to the spike (pre rns), probably giving up 10% in hindsight. had hopes I'd be given a chance to get back in, but looks like I'll be out until after the tender offer... and possibly forever now :-(|
|This is a first for em too so would welcome any guidance from anyone.
Seems a very complicated way to return cash, plus I assume there is a cost to run this ''book''?|
|Penpont it is as nw says. You could wikipedia dutch auction for shares, if you wish.Really what you do depends on your view of future prospect for the company and how you run your portfolio. I.e.if you want to reduce and at what price you are happy to do so.Presumably if not enough shares are tendered, the company may buy back the balance at the market price but this is conjecture on my part.....|
|Place offers at different levels and hope you get bought out at high prices above the previous close|
|Can someone with more knowledge of Tender Offers than me suggest how exactly this benefits shareholders, or what the likely best strategy might be?|
|Tender strike price will be in the range of 215p - 250p.
RNS Number : 2906U
Blancco Technology Group PLC
06 April 2016
The Company announces the proposed return of a maximum of £50m to the Company's Eligible Shareholders by means of a tender offer.
On 5 February 2016 the Company, formerly known as Regenersis plc, announced that it had entered into a conditional sale and purchase agreement to dispose of its Repair Services Business (the "Repair Services Business") to CTDI Repair Services Limited (the "Purchaser"), a wholly owned subsidiary of Communications Test Design, Inc., ("CTDI") for cash consideration of €103.5m (the "Disposal") and its intention to return capital to Eligible Shareholders of around £50m in the second quarter of 2016 by way of tender offer (the "Tender Offer"). The Company's ordinary shareholders approved the Disposal and the Tender Offer at a General Meeting held on 2 March 2016 and the completion of the Disposal was announced on 4 April 2016. At the same General Meeting the Ordinary Shareholders also passed a resolution approving the cancellation of the entire balance standing to the credit of the share premium account of the Company.
Key elements of the Tender Offer are:
· up to £50m available to be returned to Eligible Shareholders via the purchase of a maximum of 23,255,813 Ordinary Shares, representing a maximum of approximately 29.4%. of the Issued Ordinary Share Capital of the Company at 5 April 2016;
· Ordinary Shares may be tendered within a price range of 215p to 250p per Ordinary Share (representing a discount of 6.1%. to a premium of 9.2% to the closing price of 229p on 5 April 2016);
· the Tender Offer is structured using a Strike Price mechanism. All successfully tendered Ordinary Shares will be acquired at the Strike Price; and
· the closing time and date is 1.00 p.m. (UK time) on 4 May 2016, with proceeds expected to be despatched to Eligible Shareholders by 16 May 2016.
It is expected that a circular of the Company in relation to the Tender Offer dated 6 April 2016 (the "Circular") will be posted to Eligible Shareholders later today. Certain of the Directors currently intend to tender some or all of their beneficial holdings of Ordinary Shares, as set out in the Circular.
|Cracking news this am|
|A rare blue share in a day of total red everywhere else. Like a strong salmon swimming against the tide. Surely a positive sign.|
|Ur welcome to eat flies. I'm told they have high nutritional content although it could be spoilt by deep frying|
|How long for a crispy fly to duck in?|
|Buddha says many who stand on hill with mouth open will wait a long time for crispy duck to fly in|