Glisten Share Discussion Threads

[boadicea] 16/2/2010 20:40

billbyrne - There is no doubt that the offer of 140p is opportunistic but given the share price over the past few months they cannot be entirely blamed for that.
The only reservation I have is that, as in so many other similar cases (see ALM for a potential example where the bid has not yet arrived) it appears that the share price has been deliberately depressed in recent weeks in order to make the offer look reasonably generous. This is not difficult for a predator to do in thin markets given an already sizeable holding in his own or other friendly hands. A modest strategic feed of sales to counter any buying can repeatedly knock any attempted rally on the head and discourage new entrants.

Those who think it is going too cheaply can vote against. Note that the proposed scheme of arrangement requires a 75% majority on two of the critical votes, so there is no need to be put off by the 50+% pledged support.

From the Offer document -
"To become Effective, the Scheme will require, amongst other things, the approval
at the Court Meeting of a majority in number representing 75 per cent. or more
in value of the Scheme Shareholders present and voting, either in person or by
proxy, at the Court Meeting and the passing of the Resolutions necessary to
approve certain matters to give effect to the Scheme at the General Meeting. The
Special Resolution requires votes in favour representing 75 per cent. or more of
the votes attached to Glisten Shares voted at the General Meeting, whether in
person or by proxy, and the Ordinary Resolution requires 50 per cent. or more of
the votes attached to Glisten Shares held by Independent Shareholders voted at
the General Meeting whether in person or by proxy."

I am not trying to influence either way at this stage as I haven't decided which way to vote myself.

[topvest] 10/2/2010 20:46

Missed out on this one. Looked at this a few weeks back, but price went up a tad so thought I would leave. That's this one and Hallin Marine, I have almost bought. Not good.

Well done to those that bought near the bottom!

[billbyrne] 10/2/2010 19:42

Look at the statement below taken from the final results and I think you
will agree that the price being paid is no where near enough. They should
take more time to rebuild the profit to 2008 levels before selling, maybe
then long term shareholders will be rewarded as well. imho
I agree, the directors are looking after their own interests.


Commenting on the results, Paul Simmonds, Chief Executive of Glisten plc, said:
"Although our results for the year are below our original forecasts, our
confidence, optimism and determination to continue to make Glisten one of the
very best young food businesses in its sector remain undimmed.


We have made good progress again this year and, although this was overshadowed
by shortcomings in the fourth quarter in Halo Foods, this has been quickly
corrected. We are very pleased with progress since then and we feel that the
prospects for the business are excellent


We have had a good start to the new financial year with like-for-like sales
ahead 13% at GBP25.0m after 17 weeks of the year. Group margins are in line with
forecasts and all parts of our business are in growth and profitable.


Halo Foods has started the year well with a profitable first quarter and growth
ahead of the Group average."

[silverscoop] 10/2/2010 12:13

As a past holder of GLI who sold out last month following the poor figures, (my opinion), and the real possibility of a future dilution, I am obviously dissapointed for myself and anybody who paid more than the 140p now offered. I got out with a small profit, which would now be a large profit, but there are others who will have lost quite large sums. I think the Board have consistently put their own interests first and this is yet another example. Shame on you !

[hashertu] 10/2/2010 11:19

I lost money on PIXL too.

[foxman14] 10/2/2010 10:11

Yea maybe I'm getting cynical after FDMG and PIXL. I should be happy I bought a small stake last month for 82p however I'm sure some of the long term holders are disappointed given that the share price was over 400p at its peak

[hashertu] 10/2/2010 09:25

Foxman. Raisio will own 85% and management 15% of Glisten/Bidco as I understand the document.

[foxman14] 10/2/2010 08:31

Another attempt by management to get a company on the cheap!

[boadicea] 17/1/2010 21:38

Given the sharp rise on Friday afternoon, I assume GLI is the subject of a weekend tip or something similar. Does anyone have any clues?

NB. The 14267 deal (reported late so shows as a sell) took place when the quote was 73/75p and they paid a huge 5p premium for a moderate size block - so someone (thinks?) they know something!

[daihardtoo] 14/1/2010 10:31

Payin £625k per quarter should not be too onerous - they claim to be generating cash now & without any divis or deferred consideration to pay it should be well within their means.

The bigger question is whether they are going to roll over for the banks and further dilute all shareholders or pay the £900k. If their cashflow can sustain it, for the majority of shareholders paying the fee would be better than giving away 5% of the company for a pittance.

[dnfa1975] 13/1/2010 16:59

The Group has agreed amended loan facilities of GBP32,000,000 with its lenders. Whilst the facility agreement has not been entered into it is intended to be in place over the next few weeks. These facilities, provided by Barclays Bank PLC are renewable on 31 December 2012 and are at variable rates which average 3.61% over LIBOR. GBP7,500,000 of this loan is repayable in quarterly instalments

between March 2010 and December 2012 (existing facilities show repayments of

GBP6,600,000 to June 2012). As part of agreeing bank facilities the Group has issued a warrant with a six year life over 5% of its issued ordinary share

capital (circa 750,000 ordinary shares) at a warrant price of 12.5p. The cost incurred in relation to these loans is GBP640,000. The Group also has a

commitment to issue two further tranches of warrants each of 2.5% (circa.375,000 ordinary shares) at 12.5p in February and May 2010 or pay two amounts of

GBP450,000, one in February and one in May 2010.



....


paying £7.5m in quarterly installments starting this March looks a big ask to me

[silverscoop] 13/1/2010 15:52

Can't see any real recovery here. The debt levels, @ 3 x Mkt Cap, are far too high and will put severe strain on the finances. Only when the Directors vote to resume the dividend, (instead of awarding themselves big pay rises and more low priced shares), will I look to get back in.

[geoffrey] 11/12/2009 12:47

Update is logically cautious with appointment of a new Chairman. I also regard the news as positive and am disappointed with the initial market reaction.
Some press coverage could help for a better understanding of significant recovery potential which is looking likely IMHO.

[nurdin] 10/12/2009 07:18

Very good update imo...

[qs9] 10/12/2009 07:15

Not a bad update, any views?

[nurdin] 23/11/2009 07:46

Marked up at the open...bodes well for the day ;o)

[boadicea] 20/11/2009 17:01

Maybe. It's quite a good move up (6.5p) on just 25k shares traded so won't need an avalanche of buys to get it there.

[nurdin] 20/11/2009 16:28

Looks like 100p will come sooner than you think boadicea :o)

[boadicea] 20/11/2009 14:51

I had expected this to move back up towards the 100p mark (or at least 90+) by now. However it takes news flow to get these smaller co's noticed, I suppose, and some may be awaiting confirmation that it's back on track before coming in. No reason to be impatient yet.
Today sees the first move in the right direction for some time. AGM is booked for 10th Dec - another 3 weeks - so it's unlikely that any expectations of that have moved the price.

[geoffrey] 16/11/2009 12:07

The bank renegotiation is old news. Facilities anyway are in place for concentration on improving volumes and margins and forgetting past problems. I feel a lot more positive now and expect a share price re-rating to progressively take place over next 6 months.

[boadicea] 05/11/2009 12:45

This could be on a nice recovery path imho.
Lets hope the mm's don't have too many on the shelf.

[nurdin] 05/11/2009 12:10

Wouldnt be surprised to see Directors buying here...;o)

[nurdin] 05/11/2009 09:42

Chart starting to turn nicely here now