Augean Share Discussion Threads

[qvg] 03/11/2021 15:45

One of my brokers (Cannacord Genuity) has received the cash. I have not checked th other (Interactive Investors)

[lbo] 03/11/2021 11:45

Still scheme shares in the account just now but they have until close of business today according to the RNS?Under the terms of the Scheme, Scheme Shareholders on the register of members of Augean at the Scheme Record Time (6.00 p.m. on 19 October 2021) will be entitled to receive 372 pence for each Scheme Share held at the Scheme Record Time. Scheme Shareholders' cash consideration under the terms of the Scheme will be settled or dispatched, or, in the case of any Scheme Shareholder that holds Scheme Shares in uncertificated form (that is, in CREST), transferred to such person through CREST, by no later than 3 November 2021.

[morro] 03/11/2021 10:59

Anyone received their money? 3rd November was the latest date it was due.

[qvg] 19/10/2021 14:28

i was too optimistic on dates. cash should be in by 3rd November

[kinwah] 18/10/2021 13:53

It was interesting that the voting turnout for the General Meeting was just 68.5% which is very low for an attractive offer. I hope it is enough to convince the court today that the takeover is valid. I even got a call from a proxy solicitor chasing me to vote. I am not sure of the Takeover Panel requirements but I think the final document ought to have had new proxy forms with it for convenience. I reckon many shareholders threw away their early documents as they referred to meetings which were adjourned/cancelled. French Connection is going through a similar scheme of arrangement and I'd expect 68.5% of the issued share capital to vote as the bidder already has 25.4% taking the total to a more usual 94% for these schemes.

[qvg] 13/10/2021 12:06

i think 21st October

[respecter] 13/10/2021 11:46

So can anyone tell me when the shares are taken out and we receive funds?

[tomps2] 24/9/2021 08:33

Christopher Mills mentions Augean at 33:48 in the latest Interview with PIWORLD

Watch the video here:

Or listen to the podcast here:

[harry rags] 23/9/2021 20:20

After the 1st of October

[sandperson] 23/9/2021 18:04

So we can sell up without worry of price increases?

[harry rags] 23/9/2021 17:14

In accordance with the Auction Rules, MSIP Bidco and Eleia Bidco are prohibited from further revising the price of their respective offers for Augean made pursuant to the Auction Rules unless a third party announces a firm intention to make an offer for Augean. Accordingly, it is expected that the MSIP Auction Offer will lapse on 1 October 2021 in accordance with the Conditions as set out in the Scheme Document.

[respecter] 23/9/2021 15:50

Is the final end game?
Do we have a date for when we are potentially being taken out at 372p?
The reason for asking is that you can sell at 370 now and deploy the money elsewhere rather than wait for the 372 in xxx days/weeks time. If the opportunity arises of course.

[darrenp746] 22/9/2021 22:56

Slightly disappointed after the prices paid this afternoon.

[pdosullivan] 22/9/2021 21:58

Well done everyone. A great outcome.

[harry rags] 22/9/2021 21:49

THE TAKEOVER PANELOFFERS BYANTWERP MANAGEMENT LIMITED, A COMPANY INDIRECTLY OWNED BY FUNDS MANAGED OR ADVISED BY MORGAN STANLEY INFRASTRUCTURE INC., AN INDIRECT SUBSIDIARY OF MORGAN STANLEY,("MSIP")ANDELEIA LIMITED, A COMPANY INDIRECTLY OWNED BY A CONSORTIUM CONSISTING OF INVESTMENT FUNDS MANAGED BY ANCALA PARTNERS LLP AND FIERA INFRASTRUCTURE INC., ("ELEIA")FORAUGEAN PLC ("AUGEAN")On 16 September 2021, the Panel Executive announced that, in accordance with Rule 32.5 of the Takeover Code, it had established an agreed auction procedure (the "Auction Procedure") for the resolution of the competitive situation in relation to Augean.The Auction Procedure has ended and the offers of MSIP and Eleia following its conclusion are as follows:MSIP: Eleia:22 September 2021361 pence per Augean ordinary share 372 pence per Augean ordinary shareTHE PANEL ON TAKEOVERS AND MERGERS ONE ANGEL COURT LONDON EC2R 7HJ TEL. [phone]

[morro] 22/9/2021 21:44

hxxps://www.thetakeoverpanel.org.uk/publication/view/2021-19-augean-plc-result-of-auction

[waggle] 22/9/2021 21:41

so where is the rns? or indeed announcement on their website?

[morro] 22/9/2021 21:28

Eleia have won and bid £3.72

[harry rags] 22/9/2021 21:09

Auction Procedure will consist of a maximum of five rounds which will all take place on the evening of 22 September 2021. As soon as practicable following the completion of the auction procedure on the evening of 22 September 2021, the Panel Executive will make an announcement setting out the prices of the offers to be announced or confirmed by MSI Bidco and Eleia Bidco by no later than 7.00 a.m. (London time) on 23 September 2021

[qvg] 22/9/2021 20:25

the longer the wait, the higher the winning bid?

[pdosullivan] 22/9/2021 20:03

Hopefully there will be some white smoke tonight as opposed to a 7am RNS

[darrenp746] 22/9/2021 18:34

Shame it’s not live streamed

[harry rags] 22/9/2021 14:20

The auction procedure will consist of a maximum of five rounds which will all take place on the evening of 22 September 2021. In the first round, only the offeror with the lowest offer as at the commencement of the auction (or, in the event of both offers being at the same price, the offeror that last announced a revision to its offer) may make an increased bid. In the second round, only the offeror that was not eligible to make a bid in the first round may make an increased bid (and it may do so even if no increased bid was made in the first round by the other offeror). If the auction procedure has not concluded after the second round (which it will if no increased bid is made in the second round), there will be up to two further rounds, in which only the offeror that was not eligible to make a bid in the prior round may make an increased offer. If the auction procedure has not concluded after either of these two further rounds (which it will if no increased bid is made in either such further round), there will be a final round, in which both offerors may make an increased bid.Sounds like a boxing match - the question is who will strike the knockout blow ?

[harry rags] 22/9/2021 12:45

Up to 5 rounds so you can guess again up until tonight interesting that you need to pay 375 to buy them in the market