Billing Services Share Discussion Threads

[plasybryn] 02/11/2020 17:24

RECOMMENDATIONThe Board considers that the Tender Offer described in this document is in the best interests of Shareholders as a whole. Accordingly, the Directors recommend that Shareholders tender for sale all of their Shares pursuant to the Tender Offer. Whether or not Eligible Shareholders decide to tender any of their Shares will depend, among other things, on their individual circumstances, including their tax position. Shareholders in any doubt as to the action they should take should consult an appropriately qualified independent financial adviser authorised under the Financial Services and Market Act 2000.Denham H. N. EkeCo-Chairman and Non-Executive DirectorJason R. WolffCo-Chairman and Non-Exe

[+eysenck] 30/10/2020 19:13

IG index have also been worse than useless. I've called them 3 times and all they tell me is that their corporate actions team have not received any information. I sent them all the tender docs that Eezy kindly forwarded to me. Still no reply.

[plasybryn] 30/10/2020 19:05

H.L. tell me they can't get hold of it. They have tried to contact the Co. without success. I've told them it isn't acceptable.
We need to see the maths behind how the offer figure is arrived at?
We also need to know how the directors propose to vote.
I have suggested they contact the Co's Brokers or NOMAD.
I'm not taking no for an answer.
I hope you will also keep on at them.

[eezymunny] 28/10/2020 16:05

msg me yr email address and i'll happily forward it

[+eysenck] 28/10/2020 14:10

Sorry, my mistake - I hold in IGIndex not HL. Any contact details info appreciated, Thanks,

[eezymunny] 28/10/2020 10:59

HL have certainly received it. There's nothing much in it in terms of financial detail.

I've now tendered my shares. The outcome is disappointing but there were quite a lot of unknowables in the wind-up.

[+eysenck] 28/10/2020 10:55

Hi Folks, I was hoping someone could help. I've BILL shares held with HL, but they simply keep telling me that their corporate action team has not received any information about the tender offer. Can anyone give me contact information from the tender document, or pm me the actual document. Thanks,

[castleford tiger] 27/10/2020 11:48

serves me right I should read back before posting.
sorry

[castleford tiger] 27/10/2020 11:47

Norm

Everything arrived thanks.
Are the directors tendering for their shares or could it be a better option to wait and see what’s left in Adminisatration?

Thanks
andrew

[bedbel] 27/10/2020 07:30

Hi all,

I received the tender documents 2 weeks ago and had an answer on my questions from Norm Phipps, CEO, yesterday:

The directors are recommending accepting the tender offer and the major shareholders the directors effectively represent are all tendering. The amount of the tender ($1MM) is based on the projected balance sheet at 31 October, and is net of total liabilities of $121k and expenses of $520k, which include the D&O tail policy premium, rent restorement, dissolution and tender expenses and salaries/contingency through the end of the expected dissolution period.



Cheers,



Norm

[eezymunny] 26/10/2020 16:58

If you don't sell now, you'll get a final distribution from the liquidator. If there's anything left.

What we need is an up to date balance sheet but getting hold of the tender doc is proving difficult.

[castleford tiger] 26/10/2020 16:52

lets get this right.
If you DONT sell now you get a share later?
What happens if there is no pot later?

Are the directors tendering all their shares>
Thats the key question.

[scorpio51] 26/10/2020 14:53

Indeed. An earlier poster said 0.6 cents,got the decimal point wrong I think. I won't be tendering at that price,might as well wait for liquidation to see if any more value.

[plasybryn] 26/10/2020 12:35

The Company has announced it intends to purchase the entire issued Share capital at a price of USD0.00606911.

This is a pittance! Weren't we expecting more?

[eezymunny] 24/10/2020 11:54

Any chance you could post it here This_is_me?

[this_is_me] 23/10/2020 23:02

I received the full tender document on 13th Oct. as my holdings are held directly and I am on the share register. That is one of the advantages of not using a nominee account. (except for an ISA) A sponsored membership of CREST is much preferable.

[eezymunny] 23/10/2020 18:29

Something doesn't smell right. It seems impossible to get any details and the tender price seems very low to me. I can't help wondering if they're trying to get "the many" to accept and leave a better final return for "the few (who don't accept)"

Please do post anybody if you get any more details.

[castleford tiger] 23/10/2020 18:01

Re: Billing Services Group Plc – Tender Offer

We are writing with regard to your holding of shares in Billing Services Group Plc (BSG) and to inform you that the Company is proposing a tender offer whereby Shareholders on the record date of 9th November 2020 can elect to tender some or all of their holding at USD0.00606911 per share.

The Directors of BSG consider that the tender offer provides an opportunity for eligible Shareholders to realise the value of their current investment, providing an immediate return of cash now. It also allows shareholders the opportunity to dispose of shares efficiently and free of dealing costs. Please note that the shares do not currently trade on any recognised stock exchange. Following the tender offer the Directors intend to place the Company into liquidation. As the tender offer is meant to return any material value in the Company to Shareholders, it is expected that there will be no material value remaining for Shareholders following the completion of the tender offer.


A little more.

So what if 30% of shareholders DO NOT TENDER will there not be a pot left?

[plasybryn] 23/10/2020 17:23

This is all it says on the H.L. site. Full details not yet sent.

Billing Services Group - Tender Offer
Action required before midday on 5th Nov 2020.
What is happening?
Billing Services Group has announced details of a Tender Offer. You have two options to consider before our noon Thursday 5 November 2020 deadline.
The Company has announced it intends to purchase the entire issued Share capital at a price of USD0.00606911.
What are my options?
Option 1 – Tender your Shares. If you wish to tender a number of Shares please give us your instruction by noon Thursday 5 November 2020, at which point any tendered Shares will be removed from your portfolio. Cash from the Tender Offer will be credited to your account on receipt. Any proceeds will be converted from USD to sterling based on the exchange rate at the time and our standaed currency conversion fees.
Option 2 – Take no action. Shareholders are not obliged to tender any number of Shares. If you do not return an instruction no Shares will be tendered on your behalf and your holding will remain unchanged.
Full details of this event will be sent to qualifying Hargreaves Lansdown clients by either post or secure message. Please note that any instruction you give must be based on the full details provided in the letter and not on the summary information outlined above.

[+eysenck] 23/10/2020 14:58

Hi Plasybryn (we've chatted on the JIL board),

I haven't seen any details at all yet. I hold BILL shares with IGIndex and I've contacted them a few times about this and they said their corporate actions department have not received any information from the company. The BILL website is basically dead, so nothing there either.

[plasybryn] 23/10/2020 11:27

Anyone seen full details yet?

[castleford tiger] 21/10/2020 18:26

I HAVE NOT READ THE DETAIL either is there anything to gain in NOT taking the money now?
tiger

[plasybryn] 21/10/2020 12:28

I think some details are now showing on H.L.

[scorpio51] 17/10/2020 09:37

Have any HL clients received any information on the tender?