Aa Share Discussion Threads

[goblin99] 03/12/2020 22:38

To understand the Battle of Little Bighorn, one may wish to delve into the mind of resistance - victor or not, time will tell:https://assets.website-files.com/5dc2f910334099c12dd619b2/5f0d78953a3bfef0445fe24e_Heads%20I%20Win.pdf

[csmwssk12hu] 03/12/2020 22:35

Just read that back and smiled and thought probably not that far from the truth

[csmwssk12hu] 03/12/2020 22:34

Word is they are all smoking joints and eating space cake and last one standing on one leg with one had on nose and other on head gets to decide takeover price

[lloydiee69] 03/12/2020 20:08

when do i get my 35p ..just changed my dealing plan with share centre ...gone from 1% down to £7.50 per deal ..quids in

[goblin99] 03/12/2020 19:57

I'm not 100% sure what you're getting at Stinger, but I take on board I need to take the emotion out. I should take a leaf out of your book, think more rationally. It is very frustrating not knowing. ABC need to tweet more - I'm beginning to think we are the wee dog and major holders are the alligator... I know, overthinking it again. Jaspoland, I think you're right - meetings are being held in an office?! Are you on the inside as well? They're keeping a tight ship, that's all I'll say. Do your best Stinger, the more bits of info we gave, we can build the jigsaw puzzle together... hopefully have it finished by the new year!

[jaspoland] 03/12/2020 19:48

I believe the meetings are taking place in an office but I might be wrong

[the stinger] 03/12/2020 19:44

goblin, your getting too emotionally involved with all your thoughts on this. Try relaxing more.

[goblin99] 03/12/2020 19:00

I don't understand... does DK have 27% and do PE only need 30%? How about ABCD? I thought they owned 20% and were playing hardball with their 39p? This is all very confusing - must admit, these meetings must be intense. So much movement in such little time. Can we expect an announcement tomorrow? I've heard Friday is regarded as a good day, because it's before Monday... well Monday of next week. Apparently it's good because the papers can publish over the weekend, and then other interested party(s) can mull a higher bid over Sunday breakfast with said newspaper ont table. I was told that is the main advantage over publishing on a Friday - the 'mull' factor can add a few pennies. If true, I'd expect an interloper perhaps to come out of the woodwork! What do you think?

[the stinger] 03/12/2020 18:01

goblin, bidco are now going for takeover, idiots on here don't realise they then only need 30%. They already have 27% with DK.

[jaspoland] 03/12/2020 15:56

Kelso29 there's our answer with regards that trade. DK picked them up. Another 6mil for the consortium

[goblin99] 03/12/2020 15:43

A lot of market news in he school yard - things have changed in the last few decades... mobile phones, trading apps, spread betting. In my day, used to be conkers aged in the oven and marbles.

[mokeywales] 03/12/2020 15:16

Word is schools finished for the day.

[the stinger] 03/12/2020 15:11

No probs goblin

[goblin99] 03/12/2020 15:04

Wow, sudden change from yesterday. Good update Stinger - let's hope they don't reduce the offer less tomorrow!!

[goblin99] 03/12/2020 14:52

https://www.theqca.com/article_assets/articledir_378/189061/Research_Report_The_Role_of_NEDs_in_Growth_Companies_Email.pdfPage 7, 1.3. NE Director responsibility is the shareholders (will include most stakeholders) The reality is, a reasonable of NE D hold positions in several companies - if they are good or achieve the 'aim' then they may be sought after!

[the stinger] 03/12/2020 14:47

Word is a 39p improved bid!!..

[bing_b] 03/12/2020 14:27

Isn't the responsibility of the non exec board members to protect the interests of the stakeholders in the company as a whole rather than the shareholders specifically?

I believe, from memory, the AA has often referred to acting in the best interest of the wider stakeholders. To me this is indeed all about 'reducing the burden of debt to allow for further investment'.

I think the question ultimately becomes 'should we as shareholders be sacrificed in order to advance the genuine interests of the wider stakeholders'? Despite being a significant (for me) shareholder I'm not sure I honestly know the answer to this. Although I do suspect that if this really is the situation the board is faced with, other interested parties will be watching closely, and eventually a happy medium between shareholder and stakeholder interests will be found.

[amran01] 03/12/2020 14:01

Citi told me there is no appetite from external investors to do a saga type capital raise. Apparently they have already tried. I don't believe them because I think they just want this deal done so they can get paid in full.

[goblin99] 03/12/2020 13:52

It is significant that the offer RNS provided a glimpse into why the board deemed it necessary to reduce the burden of debt. One of the reasons given, to allow for investment required. This is where the board may see the 'crux of the problem' lies; they may be able to service the debt (once its eventually refinanced), however it would leave very little FCF to do much else.

[goblin99] 03/12/2020 13:49

Well, this is where the significance of the non-exec director comes into play, with an oversight to shareholder value - somewhat different criteria compared to the CEO/CFO. I'm sure there are a few ways to address the debt issue, repaying some of the debt hence removing some of the shackles off the AA. Someone previously mentioned a Saga type structure - are or is there an interested party willing to do this??

[bing_b] 03/12/2020 13:28

A question if I may. To what extent could major shareholders such as ABC and Cleveland investigate the practicality of rolling over the upcoming bond maturities at a reasonable cost that still allows the debt pile to be paid down over time?

I feel that the current board are, perhaps understandably, driven primarily by the desire for an injection of additional funds in order to invest and grow the business. This would be a perfectly meritorious outcome / strategy for the business as a whole, but not so for the existing shareholders who would be undermined (i.e bought out cheaply) in order to achieve this additional funding. As such, finding an acceptable solution to the debt problem may not be in the best interests of the current board as this might stifle their ambitions for the business, thereby creating a conflict of interest. I am interested as to what extent the major shareholders could challenge this.

[kelso29] 03/12/2020 08:45

Jaspo all good.
Bit weird that trade doesn't add up though

[jaspoland] 03/12/2020 08:31

Kelso29 no still long and strong. Was enjoying the BB until the muppet show arrived.