Best Of The Best Share Discussion Threads

[feverfan] 21/6/2023 22:05

I’d appreciate others perspectives but what are the downsides of not accepting the offer? He has 50% so it’s going through for whoever accepts. But if he doesn’t get 75% he either has to pay more. Or you keep your shares and benefit from potential upside in the longer term, with potential downside if he does some funny business. He wants 100% so he will pay a little more to get there IMO given how low ball this current offer is. If he gets 75%, I am expecting (personal view only) he will still want the shares and therefore have a way to extend the offer and accept then. At 90% he can squeeze out and force it at £5.35. So why accept the offer now when there’s an offer of £5.35 as a backstop, unless something crazy happens to block the deal somehow - feels very unlikely and even if there was some legal problem it surely ends with Sagi paying a tiny bit more anyways.

He can’t walk away now as he’d be stuck with a 30% investment in a company he doesn’t control or agree with the direction/ why would he want to.

Paul Scott seems also to be holding out.

[feverfan] 21/6/2023 21:43

The challenge comes from whether shareholders don’t let him get to 75%. It’s stalemate if he lands up between 50-75 and if shareholders are happy to trust him (he might have a reputation for fleecing minority shareholders but his ability to generate value in his companies can’t be questioned). And he knows online gambling so I wouldn’t bet against him. Just not sure I would want to own this into a delisting - way too risky. Would keep if he has to keep it listed as there’s potential upside if he can deliver. Question is if Mr Slater and the other big II holders are happy to follow him or say it’s too risky and sell up and walk away. I fear too many will roll over and walk as the company they’re now invested in is a million miles away from the cash generative, dividend paying, boring low risk steady cash flow machine. Now there is massive regulatory reputation and execution risk.

[davidosh] 21/6/2023 21:39

I am extremely unhappy as I attended the AGM last year and specifically said that Sagi will want to get his hands on the company for himself and the directors said that could not happen it was a strategic deal that benefitted everyone.

It looks set to happen.

I suggest we all write an email to the Takeover Panel as this is a slow creep takeover at a discount to the market price before the announcement and it is worthy of investigation in that the share price moved down from £6 during the 10 days before the RNS too.

I do not appreciate being legged over and the fact that FinnCap the advisers independently viewed it as unfair and not reasonable to be recommended is incredibly rare so the directors who went against that have completely let shareholders down.

On a P/e of less than nine and cash in the bank I am sure institutions would have taken William Hindmarch's stock with new incentivised management on board and delivering for all of us.

Let the Takeover Panel hear your concerns and request a review of why this can be possible. They are there to protect minority investors.

[investographer] 21/6/2023 20:53

Looks like the deal has been accepted- so that is that! Absolute Charaltans- the lot of them- that is how people get rich- whilst those loyal shareholders got stitched up!

[bridggar] 21/6/2023 20:37

So who is going to robustly challenge this bully I wonder? The answer may surprise....

[investographer] 21/6/2023 18:55

Rupert Garton, the Hindmarch crew and everyone involved in the over inflated 24 pound placing that ripped off shareholders Inc Slater need to be investigated by the police and the FCA to see if there was anything untoward.The Directors who sold their shares during this dodgy placing made tens of millions for themselves, setting themselves and their families up for generations. Shareholders who took part in that despicable placing were royally shafted. Disgusting

[bridggar] 21/6/2023 12:09

Himdmarsh has sold shareholders down the river. He needs to be hauled to account. Dereliction of duty.

[peart] 21/6/2023 11:09

Teddy Sagi is on Wikipedia - it makes for interesting reading.....

[slopsjon2] 21/6/2023 10:58

It would seem that finnCap don't agree with management and think this is not a fair offer.

"The Independent BOTB Directors accept the advice of finnCap who have advised as to the financial terms of the Offer. finnCap has on balance determined that, in their opinion, the financial terms of the Offer are not fair and reasonable."

Very unusual

[peart] 21/6/2023 10:22

Interesting Feverfan, re end of Qtr 3 2023, if this goes ahead in this form or an increased offer, it should not take too long to finalise - we are not talking of a monster company here....Thanks for the heads up.

[feverfan] 21/6/2023 10:05

I struggled to find dates also amongst all the info and disclaimers. There was something by end of Q3 2023 but I am waiting for the offer doc to be published soon which should set out the timeline.

[blackfinance] 21/6/2023 09:12

You can be sure..just like Kape Sagi has done this deal behind closed doors...the board have already been bought.....the moral of the story is..if Sagi is on the register stay clear !!

[peart] 21/6/2023 08:53

Has anyone discovered any dates for this proposed transaction?

[peart] 21/6/2023 08:52

I would say the offer is derisory, but business is business. I've been here before when a wealthy businessman operating mainly outside of markets gets involved in a company. They are generally not interested in shareholders but themselves, which is fair enough, but also a fact. They see an opportunity and are ruthless in how they carry it out. I don't know, but could current management have been manipulated into believing they had a great partner here and were going to go international with him, only to discover that the real terms on offer for such a procedure were far too harsh to be realistic, so they were backed into a corner... Or perhaps this was part of a medium term plan to get out, having already made their millions. Just a couple of thoughts, of which we will never know - perhaps it's different again...., I don't know obviously. I doubt Slater Investments are very happy. I'm sure long term holders wished they'd cashed out when it was in the early £30's - I know I do, but at the time I naively didn't realise the extent that Covid was helping the business!

[slopsjon2] 20/6/2023 23:10

Well, I think he has already wrestled control of the company, as the previous owners have milked what they wanted and told the shareholders to sod off.

[feverfan] 20/6/2023 22:23

Read the finncap recommendation at the very bottom of the RNS. They don’t recommend the offer and basically say it’s miserly. Teddy’s going to have to squeeze me out :D Looking forward to hearing Paul Scott’s take as this was his biggest holding so he must have a chunk! Feels like I may as well wait as the first hurdle is he has to get to 75. If he doesn’t he gets stuck in a quagmire and given his stated desire to own the own thing I think he’ll come back with a little more ££ (not expecting miracles) but happy to wait for now. If he gets to 75 it’s game over and we all take our 535p and walk away vowing never to touch anything he goes near! FWIW the fact he hasn’t done this as a scheme of arrangement shows he doesn’t think he’ll get 75…which means this is just about wrestling control of the company, which he now has. Long term though this is only going one way…and I fear there’s no buyers now for this other than Sagi so that’ll keep a lid on the price. Will be lucky to get 550p at this rate but will ride to the end :)

[eezymunny] 20/6/2023 18:57

Quite hard to muster 25% to vote against a scheme, no?

[n0rbie] 20/6/2023 18:24

Slater must feel pretty hard done by too given the £24 purchase price. Basically a write off at these prices.

[slopsjon2] 20/6/2023 17:13

Don't know if you might have missed it but they released their results at 14:15 today.

[feverfan] 20/6/2023 16:25

Yup he’s not done scheme of arrangement and would need 75% for that. I think this is a shakedown and he will come back to get the remaining bit needed to get to 75% with a higher offer and then delist. Hopefully Slater and other big shareholders hold out for the bigger offer and make him pay a little more.

[triskelion] 20/6/2023 16:21

I don't see any reference to concert parties and wonder why Globe Invest Ltd thinks such a mean offer is going to be acceptable. Presumably soundings taken previously but the question remains.
Isn't it the case you can't be bought out otherwise than by a scheme of arrangement (75%?) or after a bid has gained high level of acceptances (same, or maybe 90% or something?)
Zero intention of selling.

[bridggar] 20/6/2023 16:20

Hindmarch should hang his head in shame. What a cop out. Can't wait to see BOTB fail post acquisition.

[mammyoko] 20/6/2023 15:47

If KAPE is anything to go by, I don't think GIL will increase their offer much - initial offer was at $3.44, final offer at $3.60.