Tge Marine Share Discussion Threads

[andrbea] 19/10/2009 08:18

stick I reckon

isn't it a win-win anyway?

we either get the offer price, which is roughly what our shareholding is worth.

or tge reject it as derisory and hold out for more (which should help the price)

nia dyor

[pelleeds1980] 18/10/2009 20:34

Yeah deadline from Halifax is 22nd October i.e. Thursday, really not sure what to do if TGE isn't going to respond. Stick or twist?!

[fredhoyle] 17/10/2009 11:33

the clock is ticking -tender offer closes on Nov 3 and we're still awaiting Board announcement on the appointment of independent advisor to give fairness opinion

[pelleeds1980] 16/10/2009 13:21

Any of you guys had the corporate action through regarding the £37.50 offer?

No word from TGE yet to say if they think this shoddy price is fair value for their company

[pelleeds1980] 08/10/2009 16:31

Agree with you there hope theres's some mileage in this one yet

[fredhoyle] 08/10/2009 16:30

No way TGE Board could deem this offer fair value- it would be criminal and any third party would risk being sued for giving a false fairness opinion

[pelleeds1980] 07/10/2009 08:39

Yes not happy with a measly 40% when this could have multi-bagged

Awaiting the board's response to see whether they see £37.50 as fair value

[andrbea] 07/10/2009 08:36

51 shares bought
why ?

if it should rise to say 45 quid, we'd all sell up on the open market LOL

the predator would be happy: less paperwork as fewer shareholders on the register to pay out the measely 37.50 to...


nia dyor

[pelleeds1980] 05/10/2009 10:08

So take the money basically, 40% for me but if this was left to the market Im sure would have given a great return over the next few months.

[stegrego] 05/10/2009 08:56

They have 76% already so i dont think it matters - is a done deal at over 75%

[stegrego] 03/10/2009 16:12

Another bloody fit up!

List at a ridiculous price and then decide now its cheap that you no longer want to be listed.

Genius.

[pelleeds1980] 03/10/2009 15:41

Whats the alternative as they have said there will be no market for the shares?

[fredhoyle] 03/10/2009 13:45

looks like they'll be making another killing at our expense- £37.50 is a totally derisory offer at little more than the cash that's in the business- so nothing for the business itself- cheeky in the extreme! They aren't getting my shares.

[maxwellsdemon] 02/10/2009 16:59

Cayzer family make killing on float
One of the UK's wealthiest financial dynasties has reaped hefty rewards after a German shipping company in which they hold a majority stake, TGE, floated yesterday to achieve a market capitalisation six times its former value. nearly £160m (€103m).

The Cayzer family took 50% control of TGE two years ago for just £12m, a sixth of what the company is worth now. Bonn-based TGE raised proceeds of £21.3m through the float and achieved a valuation of nearly £160m.

The family bought the stake in TGE through its quoted vehicle, Caledonian Investments, which is headed by nephew of the late Lord Cayzer, Peter Buckley. The 49.5% holding was purchased through a management buyout from French utility Suez, who retained a large stake.

The float is also a coup for London's Alternative Investment Market, as the second largest so far this year. The junior market has suffered from a lack of flotations due to market volatility.

The initial public offering was run by City broker Kaupthing Singer & Friedlander. Shares priced at £130 and soared on debut to £134.50. Proceeds went towards repaying debt to parent company Caledonia.

In September the Cayzer family, acting through their trust, took a 15% stake in Church House Private Bankers, a regional UK private bank for an undisclosed sum.

Caledonia has built up strategic holdings in a range of financial services companies such as Close Brothers, Rathbone Brothers, British Empire Securities, Polar Capital, and Eddington Capital.

The Cayzer family and Peter Buckley fell four places in the Sunday Times Rich List this year from 116th to 120th. However their fortune has grown from £630m to £690m, and the family stake in Caledonia is worth £539m.

[maxwellsdemon] 02/10/2009 16:22

Was it not Caledonia who floated TGE on the market making x20 on their initial investment?

Maybe it might be an idea to keep the shares? Any thoughts anyone?

[pelleeds1980] 02/10/2009 15:53

Do you still pay dealing fees with the tender offer?

[andrbea] 02/10/2009 15:51

we get out at today's price then, via the tender offer

shame about the delisting.

[kiwi10] 02/10/2009 15:48

RNS Number : 1763A
Caledonia Investments PLC
02 October 2009




Caledonia Investments


Tender Offer


Caledonia Investments plc, Gas Fin Investments S.A. and gas fin s.a. ANNOUNCE PURCHASE OF SECURITES IN TGE Marine AG AND TENDER OFFER


This announcement is not for release, publication or distribution, directly or indirectly, in or into the United States, Canada, Australia, Japan, the Republic of Ireland or South Africa or any other jurisdiction in which the same would be unlawful (each a 'Restricted Jurisdiction').


Initial Share Purchase


Caledonia Investments plc, Gas Fin Investments S.A. and Gas Fin S.A. (the 'Offerors') announce that today they acquired 141,937 Registered Shares of TGE Marine AG ('TGE' or the 'Company'), representing 11.66 per cent of the Company, from certain institutional shareholders (the 'Initial Share Purchase'), taking the Offerors' combined shareholdings in the Company, together with those of Gas Fin GbR, to 76.21 per cent in aggregate. The price agreed for the Initial Share Purchase was £37.50 per Registered Share, which represents a premium of 14.05 per cent over the closing mid-market price of a TGE Registered Share on 1 October 2009.


Tender Offer


The Offerors believe that there is no longer a significant benefit to the Company in retaining a quotation on AIM. Therefore the Offerors intend to take the necessary steps to procure the cancellation of admission to AIM of TGE's shares. Before doing so, the Offerors consider that it is appropriate to offer all other Shareholders and Depository Interest Holders the opportunity to sell their Registered Shares or Depository Interests ('Securities') at the same price as in the Initial Share Purchase, being £37.50 per Registered Share or Depository Interest, by way of the Tender Offer described below.


Shareholders and Depository Interest Holders ('Tender Offer Participants') will be given the opportunity to sell their Securities in the Company by means of completing a Tender Form (in the case of Registered Shares held in certificated form) or a TTE Instruction (in the case of Depository Interests held in CREST). A Circular and accompanying Tender Form will be sent to Tender Offer Participants shortly regarding the Tender Offer setting out the terms and conditions of the Tender Offer and instructions as to acceptance.


Tender Offer Participants may tender all or some only of their Securities. There is no obligation for Tender Offer Participants to sell any of their Securities however they should be aware that, following a de-listing of the Company from AIM, there will not be a ready market in the Company's Securities.

Background and reason for the Tender Offer

TGE is a leading provider of engineering services for the design and construction of gas carriers and offshore units. Previously owned by Suez-Tractebel S.A., the Company was acquired in 2006 by a consortium involving several members of its then management team, including Vladimir Puklavec. In 2007, TGE decided to divest its onshore division in order to focus on growing and developing its marine gas carrier business and in May 2008 the division was sold to its management team led by Mr Puklavec. Mr Puklavec no longer held a management role in TGE, but remained a shareholder through Gas Fin Investments S.A., Gas Fin S.A. and Gas Fin GbR. TGE was admitted to AIM in May 2008.


Since the Company's admission to AIM, the global financial crisis that began in the latter part of 2008 has had a direct impact on the markets in which the Company operates. Restricted credit and falling economic activity have affected shipyards generally and, even in the Company's niche of small gas carriers, when financing has been available, ship owners have been cancelling or deferring orders in anticipation of materially lower build costs. As a consequence, TGE has not signed any significant new contracts in its core markets in the past 12 months.


The deterioration in the macro-economic environment has significantly reduced the Company's performance expectations compared with those held at the time of its admission to AIM. The Offerors continue to believe that the Company's expertise and position as a clear market leader in its field will enable it to take advantage of the opportunities that will arise once shipping markets recover and remain fully supportive of the Company's management team. However they recognise that new facilities for shipping loans will only become available gradually and that the pace of recovery in TGE's markets will depend on an upturn in the global economy. In view of the current market capitalisation of the Company and the lack of liquidity in its shares, the Offerors consider that the Company is no longer suitable for a public listing.


2 October 2009



Enquiries:


Caledonia Investments plc


[phone]

Tim Ingram







Gas Fin Investments S.A


[phone]

Gas Fin S.A.



Vladimir Puklavec







College Hill


[phone]

Tony Friend



Roddy Watt

[andrbea] 02/10/2009 13:51

no small change those 3 back to back buys

70k (3times) at 37.5 pounds/share = 7.87 mln pounds worth

[andrbea] 02/10/2009 13:19

yep....

tge (14%)

342k in vol in the buy column already today

bid up 5 quid today

once a 100 quid/share

[and01] 02/10/2009 12:59

342670 buys just in !