Trafficmaster Share Discussion Threads

[estienne] 04/6/2010 10:51

Don't let them tempt you! It may be worth the wait.

[estienne] 04/6/2010 10:30

Now quoted at 47.12 to buy!

[tom306] 04/6/2010 10:05

There is an interesting explanation here - particularly about nominee holdings

www.ashurst.com/doc.aspx?id_Content=3116

[a0148009] 04/6/2010 10:01

Gerd I think your assessment is probably right - this is a blatant sellout by the directors well below value to preserve their jobs, pension rights etc and serve their own financial interest - but only needs an offer of 10% or more to release the institutions from their irrevocable undertaking.

Still early days - hopefully disenchanted institutions are buying stock to defend the bid.

AO

[lfc4ever] 04/6/2010 09:58

clarification sought:

"To become effective, the Scheme requires, amongst other things:
(i) the approval of the Scheme by a majority in number of Trafficmaster
Shareholders representing 75 per cent. or more in value of Trafficmaster Shares
(or the relevant class or classes thereof) entitled to vote, either in person or
by proxy, at the relevant Court Meeting;"

This is ambiguous.

I assume it means that there are two conditions
(a) a majority of those voting must vote in favour
(b) the total vote in favour must be at least 37.5% of the total shareholding (50% of 75%).

I see others have interpreted it as meaning that if 25% of the shareholders vote against, the scheme is blocked.

any corporate lawyers know the answer?

[restassured] 04/6/2010 09:38

Anyone know whether a bidder can up their bid before the vote,on the basis they don't think they have enough support to win it?

Has this happened before?

[restassured] 04/6/2010 09:21

60p cash and I will reluctantly agree.

[gerdmuller] 04/6/2010 09:18

You can now practically get the full bid price if you sell minus costs. I have never known that so early in the process.

I believe the Vector is either the stalking horse or that they know they will have to go higher.

The 47p can never be serious but management seems to have fallen for it so they have no credibility whatever happens.

But once 80p starting being talked about Vector would have used their bid to lower expectations. This they have probably done.

If a bid comes in shortly in the mid 50p range I think a majority will be relieved and accept whereas they would never have done so a few weeks ago.

This is why they were in no rush to announce a price they wanted to make shareholders sweat.

[restassured] 04/6/2010 09:06

47p bid someone is hopeful of a higher bid

[estienne] 04/6/2010 08:50

I have just been quoted 46.94 to buy.

[sdavis] 04/6/2010 08:03

48p to buy. Someone has. Maybe we will get a new offer!!

[tom306] 04/6/2010 07:31

Howson Tattersall have sold nearly 4m shares. So who is buying apart from Gartmore? Perhaps we will see today from the new 8.3s.

[sdavis] 03/6/2010 15:28

Feeling is mounting for a counter bid!

[len1y] 03/6/2010 15:27

I believe Aberforth held 15.53% (25,345,128 shares) although the undertaking is only for 17,428,428 shares - I assume they are not beneficial owner of the difference and that other person does not like the price either?

[tom306] 03/6/2010 15:27

Over 1m shares today bought at 46.75p or more! The more is 2,000 shares bought at 46.858p!

[restassured] 03/6/2010 15:19

You have to wonder the fact that these insitutions did not come out and support the bid with Schroders and Aberforth,may well mean they are as disgusted by the low price as the rest of us.

[restassured] 03/6/2010 15:16

Good spot.Maybe they are making some phone calls.

[tom306] 03/6/2010 14:33

I see that Gartmore bought 625,000 shares yesterday at 46.65p after the offer price was announced. The margin they will make on that is less than the interest on the cost so I guess they must be thinking there is a chance of another bid.

[ceepeecee] 03/6/2010 12:48

I too have e mailed tony eales objecting to this stitch up takeover..the e mail has gone through but no reply received

[restassured] 03/6/2010 11:52

btw BLNX got an upgrade today with 61p price target compared to current price of 29p

[lfc4ever] 03/6/2010 11:10

Well, let us up bidders come out of the woodwork, a la Raymarine.

[restassured] 03/6/2010 10:56

More than that Trafficmaster apparently see great growth opportunities ahead.However the management think they should grab it without allowing their shareholders along for the ride.


It is not a done deal until the shareholders vote.Contrary to what the management,who collectively own less shares than I do, believe.

[gerdmuller] 03/6/2010 10:51

Yes, I have guaranteed stop loses on this with IG. My spread bets were only opened a few weeks ago during takeover talks my main holding is in an ISA account and can be long term if needed.

I think everyone is aware that the price will fall if no takeover takes place but my point from previous posts is that the company is not struggling. With earnings growing it is still rated relatively low and within the next year or so it is quite possible that the price can be over or around the current level. This company is not a basket case but one with relatively good fundamentals in a growing market.

If this takeover fails there is also always the possibility of a further approach at a better price. In negotiations you don't just accept whatever people offer you. If you don't like it you have to get a better deal or just walk away.

[tom306] 03/6/2010 10:41

lfc
But what if the 60-80p range touted by Panmure can then be achieved? After all, they advised Vector in the negotiations! :-)

Some investors will think 47p a great price, others won't. So everyone needs to do what they think is right for them. If the bid can't get a majority of shareholders then it doesn't deserve to go ahead. That's democracy.