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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Mcalpine (A) | MCA | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 547.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 547.50 | 547.50 |
| Top Posts |
|---|
Posted at 01/2/2008 09:20 by miamisteve This is what I received from my bank on the 24th of january which is where I heard about mix/ match being cancelled.-------------------- MERGER WITH CARILLION PLC. THE ACQUISITION OF ALFRED MCALPINE PLC WILL BE AFFECTED BY MEANS OF A COURT SANCTIONED SCHEME OF ARRANGEMENT UNDER SECTION 425 OF THE BRITISH COMPANIES ACT 1985. . MERGER PROCEEDS: RATE OLD: 1 ORD SHARE ALFRED MCALPINE PLC OF GBP 0.25 NOMINAL RATE NEW: 1.08 NEW SHARES CARILLION PLC OF GBP 0.5 NOMINAL ISIN NEW: GB0007365546 / CH 821214 AND GBP 1.654 IN CASH OR GBP 1.654 LOAN NOTE CARILLION PLC 2007-13 AND 1.08 NEW SHARES CARILLION PLC OF GBP 0.5 NOMINAL ISIN NEW: GB0007365546 / CH 821214 . PLEASE NOTE THAT THE MIX AND MATCH FACILITY HAS BEEN CANCELLED. OPTION 1: ACCEPT THE BASIC OFFER (CASH AND SECURITIES OFFER) . OPTION 2: TAKE STOCK + LOAN NOTE ALTERNATIVE (TAKE STOCK AND LOAN NOTES INSTEAD OF CASH) PARTIAL ELECTIONS: WE HAVE BEEN ADVISED THAT PARTIALS ARE ONLY PERMITTED TO DECIDE BETWEEN CASH AND LOAN NOTE ALTERNATIVE. LOAN NOTES MAY ONLY BE TRANSFERABLE TO MEMBERS OF HOLDERS FAMILY AND RELATED TRUSTS, FRACTIONAL ENTITLEMENTS TO THE LOAN NOTES WILL BE DISREGARDED. THE LOAN NOTE ALTERNATIVE WILL BE MADE ON THE BASIS OF GBP 1 NOM.VALUE OF LOAN NOTES FOR EVERY GBP 1 OF CASH WHICH A ALFRED MCALPINE SHAREHOLDER WOULD OTHERWISE BE ENTITLED TO RECEIVE. THE CARILLION PLC NEW ORD SHARES WILL RANK PARI PASSU IN ALL RESPECTS INCLUDING THE RIGHT TO CARILLIONS FINAL DIVIDEND IN RESPECT OF THE YEAR TO 31.12.2007. FRACTIONAL ENTITLEMENTS WILL BE AGGREGATED AND SOLD IN THE MARKET. THE ALFRED MCALPINE DIRECTORS INTEND UNANIMOUSLY TO RECOMMEND THE OFFER. CARILLION PLC RESERVES THE RIGHT TO ELECT TO IMPLEMENT THE ACQUISITION BY WAY OF AN OFFER. AN ACCEPTANCE CONDITION WOULD BE SET AT 90 PERCENT. RESTRICTIONS: SHAREHOLDERS OUTSIDE THE UK WHO HOLD THEIR STOCK VIA A UK NOMINEE COMPANY MAY ELECT FOR STOCK PROVIDING THEY OBSERVE THE LOCAL LEGAL RE- QUIREMENTS OF THEIR COUNTRY OF RESIDENCE. PERSONS IN THE USA, CANADA, AUSTRALIA OR JAPAN (THE RESTRICTED COUNTRIES) MAY MAKE AN ELECTION FOR THE MIX AND MATCH ALTERNATIVE, BUT NOT THE LOAN NOTE ELECTION, WITHOUT RESTRICTION. THERE IS IS NO EXCEPTION UNDER THE TERMS OF THE OFFER WHEREBY PERSONS IN THE RESTRICTED COUNTRIES OR WHOSE SHARES ARE HELD WITH A CUSTODIAN IN A RESTRICTED COUNTRY WHO EMPLOY THE SERVICES OF A FUND MANAGER WITH FULL DISCRETIONARY POWERS BASED OUT- SIDE OF THE RESTRICTED COUNTRIES MAY ELECT FOR THE LOAN NOTE ELECTION. AS UBS AG CANNOT TAKE ANY RESPONSIBILITY WHETHER ANY OF YOUR CUSTOMERS COMPLY WITH THE SALES RESTRICTIONS DESCRIBED ABOVE, UBS AG WILL EXECUTE ALL INSTRUCTIONS RECEIVED BASED UPON THE CUSTOMERS RE- PRESENTATIONS THAT THEIR LEGAL STATUS IS IN LINE WITH THE EXEMPTIONS UNDER EXISTING LAW. EXPECTED TIMETABLE: 14.01.2008: CARILLION EGM 21.01.2008: SCHEME MEETING + ALFRED MCALPINE EGM . APPROVED 08.02.2008: RECORD DATE 08.02.2008: LAST TRADING IN ORDINARY SHARES 08.02.2008: COURT HEARING TO SANCTION THE SCHEME 11.02.2008: COURT HEARING TO CONFIRM THE CAPITAL OF REDUCTION 12.02.2008: SCHEME EFFECTIVE DATE 26.02.2008: UPDATE 23.01.2008 THE SCHEME IS DEPENDENT ON SHAREHOLDER APPROVAL, AND THE SANCTION OF THE COURT, BUT ONCE SO APPROVED IS BINDING ON ALL SHAREHOLDERS. . THE BOARD OF ALFRED MCALPINE IS PLEASED TO ANNOUNCE THAT AT THE SCHEME MEETING HELD ON 21.01.2008 TO APPROVE THE PROPOSED SCHEME BETWEEN ALFRED MCALPINE AND SCHEME SHAREHOLDERS, THE RESOLUTION APPROVING THE SCHEME WAS PASSED BY THE REQUISITE MAJORITY ON A POLL. . FURTHER, PLEASE BE ADVISED THAT THE MIX AND MATCH FACILITY HAS BEEN CANCELLED. THEREFORE YOU HAVE ONLY THE CHOICE BETWEEN 2 OPTIONS, INSTEAD OF 7 OPTIONS, AS PREVIOUSLY ADVISED. . |
Posted at 25/1/2008 15:11 by gbb483 There's also nothing on MCA's web site nor has there been an RNS about the mix and match being cancelled.Option 1 (default) 1 MCA = 165.4p + 1.08 CLLN Option 2 (Max Cash) 1 MCA = 547.45p Option 3 (Max shares) 1 MCA = 1.5475618 CLLN Options 4, 5 & 6 - as 1, 2 & 3, except with loan notes instead of cash. Options 2, 3, 5 & 6 will be scaled back depending on demand (to satisfy those pedantics who want to know why there is a loan note alternative to the max shares option). |
Posted at 25/1/2008 09:40 by lms Many thanks for your help.I have just phoned my stockbroker and they don't seem to know anything about the mix and match being cancelled ? They have explained the mix and match to me, i.e. 1.08 Carillon share in either cash or shares plus £1.654 extra for each MCA share held. However, this is not of any help as they don't know what cash value Carillon have set per share for this offer !*!? ? |
Posted at 22/1/2008 00:25 by lms Will someone help me please ? I don't understand this max and match offer at all!The basic offer seems simple enough i.e. 100 shares in MCA = Basic offer of 108 Carillon share plus £165.40 cash But what does this mix and match offer ? Can we elect for All cash ? if so how much ? or All shares ? if so how many ? I have seen a figure of £3.8205 quoted but is this in addition to £1.645 ? HELP PLEASE |
Posted at 10/12/2007 11:49 by ed 123 Looking better now after the early sell-off.CLLN looks good to me. They absorbed MWLM well and it boosted their share price. It's likely that they will do well out of MCA, imho. MCA had reached about 612p in the market before the slate revelation, so to buy it now for 558p looks a good deal to me - although it does involve the issue of CLLN shares at an assumed 363p and there have been the slate costs. About half of the cash element should be covered by the planned sales. Assuming the takeover proceeds, 2008 will be a year of adjustments. 2009 should show what can be achieved. MCA's business services may be expected to grow in line with the outsourcing sector, say 15% p.a. MCA's contracting side will provide additional resources for CLLN's Middle East operations, where they seem to be going flat out. The target for annual savings is big, but based on their MWLM experience, I would give it some credance. I think both sets of shareholders will vote for the deal. MCA will be absorbed and CLLN's shareprice may tread water for a while - some new shareholders selling and some accounting for execution risk. In September 2008 the interims should give news about integration. The March 2009 final announcement should include a firmer statement about progress. 2009, if all goes well, should see eps boost (one-off costs finished, savings and business growth continuing). CLLN, in better market conditions, had reached 430p. With continuing growth in their own business and a contribution from MCA, assumuming that the credit market issues are improved, CLLN's shareprice could reach 500p-ish with the finals announcement in March 2009. This is only my guess, of course, but, to me, a potential 40%-ish rise in 15 months is worth holding on for. We'll see how it goes. |
Posted at 05/11/2007 17:21 by ed 123 Thanks, Mikey34 and miamisteve.Yes, there is no certainty of any formal offer but the institutions want it to go through. If the US markets avoid a big correction I suppose CLLN will be worked back up to 400p and a formal offer for MCA will be made. In the meantime it could be worth a punt on CLLN if we see 380p again. That might be a safer play than a punt on MCA from here, although, imho it's highly likely that MCA will receive the expected bid. Sadly, there has been no other expression of interest. Perhaps the credit market has been a dampener? |
Posted at 20/10/2007 12:37 by ed 123 I'm one of those holding both MCA and CLLN. I'm happy to keep holding both because in my view MCA is virtually certain to be taken over at a price above the current market price. Also, if CLLN get MCA for 570p (assuming the deal doesn't have CLLN below, say, 390p - which is by no means certain) then CLLN holders will get a good deal. If CLLN's shareprice weakens too much then it can't do the deal. If someone else wins MCA, then CLLN should see a relief rally. So, I view it as win/win for me, but only time will tell.I expect the coming week to see some further expressions of interest in MCA. The major shareholders want to sell it and, so far, the only interested pary is struggling with a largely paper offer. This situation is shouting for venture capital to step forward and I think it highly likely that they will. Evens odds that 3i will express an interest next week? |
Posted at 19/10/2007 09:06 by ed 123 Good point, Mikey34. I expect Andy Brough will be in discussion with both MCA and CLLN. He may well have given CLLN the green light to make the initial approach.After a slow start this morning, MCA is firming up. I think this spells the beginning of the end. MCA ......... RIP |
Posted at 18/10/2007 10:35 by ed 123 Yes, a quiet period is likely now. Once a price has been accepted for the Slate Divsion it will make MCA easier to value.Apropos the PFI investments, I wonder if MCA are waiting for a UK interest rate cut? If the UK economy shows some signs of weakness and inflation remains under control, the value of these investments may firm a little. That said, they are long term and so less sensitive to short term interest rate movements. I see BBY picked up Covion today. It's only add-on size but they are always looking and could swallow something much bigger. Another thought, the Business Services Division of MCA might be of interest to CPI. It would fit nicely with their Capita Symonds Division. There are many possibilities. :-) |
Posted at 26/5/2007 12:16 by wilbur New Star, Fidelity and Threadneedle were some of the fund managers to increase their stakes in design-builder Alfred McAlpine in recent months despite an investigation of fraud that knocked £23 million from earnings.A broker upgrade on bid speculation caused a 1.4% uptick in the share price to 486.75p yesterday although the rally has stalled today. Dresdner Kleinwort re-rated McAlpine (MCA) to hold from reduce and raised its target price to 482p from 458p. The broker said bid speculation in the European construction services sector could outweigh more negative fallout from the fraud investigation such as writedowns and lower margins. 'Speculation may be fuelled by Russian oligarch Oleg Deripaska's statement that he may buy more stakes in European construction firms, after his build-up of major positions in Hochtief and Strabag,' the broker wrote. Earlier this month Bridgewell upgraded its advice to overweight from neutral after a meeting with company officials assured the broker that core businesses strength would more than offset a rising tax charge. New Star, including its UK Alpha fund run by Citywire A-rated Tim Steer, increased its stake to more than 5% from 2.9% just before the fraud investigation broke. Fidelity bought in with a 5.56% stake, Threadneedle increased its holding to 3.64% from 2.18%, Standard Life moved to 3.13% from 1.82% and Artemis bought in with 0.925 stake. Schroders had held to its 12% holding while Legal & General edged up a tad to 3.57%. Shares in Alfred McAlpine dipped last month after it reported that systemic fraud over several years at its subsidiary Slate would hurt sales and profit by £22.9 million for calendar year 2006 and £30 million in 2007. McAlpine said it had installed a new management team at Slate after firing its managing director and disciplining its operations director. Other senior managers complicit in the fraud resigned. A new finance director is due to be appointed. The company also said it had closed one quarry and cut 166 workers from its Slate operation. But the investigation found that key financial control procedures in the core Alfred McAlpine businesses are 'robust and appropriate,' the company said. |
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