Bonmarche Share Discussion Threads

[w1ndjammer] 10/4/2019 14:33

yep Cavendish sending out the right signals..

WJ.

[s1zematters] 10/4/2019 10:54

Cavendish now buying at 15p in the open market. Bodes well.

[micha14] 09/4/2019 14:40

Txs. Makes sense. I doubt he ll get Artemis or Cavendish on board. In fact i know cavendish he wont and Artemis wont sell out at 25p. Their buy price wd ve been near 200p. Mmm

[s1zematters] 09/4/2019 11:51

Well Micha, he can not buy in the open market as that would have to RNS any buys and adjust his official bid price up. Moreover, trying to get 20% at anything under 25p would be hard so unless he ups the offer he isn't going to get anywhere near 75% of the shares or enough to get 75% of the votes if he calls a general meeting!

To gain the extra 20% the market thinks he will have to up his bid, to how much though? i would say at least 20-25p to get the 2 large funds on board!

i took some at 13.5 - 14.5p

Great result on my Rene holding today, huge deal.
good luck pop pickers
aimho

[micha14] 09/4/2019 09:30

I am still scared of Day as he ll do all he can do delist it if he gets 75pc because delisting will save him 500K.

[mnomis] 08/4/2019 16:05

Strange - Stadium Capital announced below 5%, but per company, still above, and states that as at 5th April. The silence from the company on this offer is also deafening! Poor show (no wonder it is cheap!)

[jbongo] 07/4/2019 18:40

I see the stakeholders section of the BM website has been updated:

hxxp://bonmarcheplc.co.uk/investors/shareholder-information/major-shareholders/

So the other 3 big boys own 28.8% between them. Hopefully they hold their nerve/hoover up a few more shares.

[w1ndjammer] 05/4/2019 10:30

well it will be easy to track who owns what, they all have to disclose.

WJ.

[mnomis] 05/4/2019 09:43

Thanks WJ. Feel like I can buy an option for 2p, with a potential long-life of upside. Feels like a good trade unless am missing something. Stadium selling, but Cavendish buying, so on balance, still should be enough ...

[w1ndjammer] 05/4/2019 09:25

Disclosure requirements of the Takeover Code

Under Rule 8.3(a) of the Takeover Code, any person who is interested in 1 per cent. or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Takeover Code, any person who is, or becomes, interested in 1 per cent. or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30pm (London time) on the business day following the date of the relevant dealing.

[micha14] 05/4/2019 08:59

Not looking good, stadium clearly sold, no way of knowing how much, will depend if there is enough holders on the open market now, o dear... Why the f did Stadium run is beyond me, i suppose they re USA based and maybe just got freaked out, any views?

[micha14] 05/4/2019 08:59

Not looking good, stadium clearly sold, no way of knowing how much, will depend if there is enough holders on the open market now, o dear... Why the f did Stadium run is beyond me, i suppose they re USA based and maybe just got freaked out, any views?

[peterf79] 04/4/2019 22:38

... or Stadium simply sold out completely. They dropped below 5% so there was no reason to report their holdings anymore.

[peterf79] 04/4/2019 22:37

That is basically what happened yesterday when 5M shares traded hands. Cavendish increased its stake with 2.4M shares to 9.72% of total holdings. Stadium sold 3.3M shares and has now 1.38M shares or 2.76%. Stadium was also the fund that sold 500K at closing on April 2nd. Another 2.6M or about 5% traded hands but apparantly it is not one of the big guys. I guess this is a shake out after the Stadium sale and happened between individual investors. It can also be that somebody is building up a stake that is still less than 5% at the moment.

[jbongo] 04/4/2019 19:28

Am I right in thinking that Cavendish have pretty much doubled their stake today and Stadium have sold around half of their Shares?

Is there an up to date list of who owns what % now?

[micha14] 04/4/2019 14:10

This is becoming sell your golf clubs and max yr credit card kind of stock.
Cavendish doubled their stake today. I spoke to their fund manager yesterday and he doesnt see Artemis or Stadium selling to Day wich means we are partners with a billionaire Day, and he is a better capital allocator than the idiots who sold the stock at 5.7m. Remember we are depressed re Brexit etc, its one bad year at 5m loss. In Nov the balance sheet had 33m of equity and no long term debt. The biz has been churning out 200m annual sales. My guess is it ll be worth 50-60m in 3-5 yrs time which is a ten bagger. And over 25 yr horizon it may be well a multi hundred bagger from here, no kidding. Once Day gets it right there is no stopping it. Dont just do something, sit there for a decade at least.

[micha14] 04/4/2019 14:10

This is becoming sell your golf clubs and max yr credit card kind of stock.
Cavendish doubled their stake today. I spoke to their fund manager yesterday and he doesnt see Artemis or Stadium selling to Day wich means we are partners with a billionaire Day, and he is a better capital allocator than the idiots who sold the stock at 5.7m. Remember we are depressed re Brexit etc, its one bad year at 5m loss. In Nov the balance sheet had 33m of equity and no long term debt. The biz has been churning out 200m annual sales. My guess is it ll be worth 50-60m in 3-5 yrs time which is a ten bagger. And over 25 yr horizon it may be well a multi hundred bagger from here, no kidding. Once Day gets it right there is no stopping it. Dont just do something, sit there for a decade at least.

[w1ndjammer] 04/4/2019 11:06

looks like the Big Boys are buying can`t see Day getting his hands
on 75%

WJ.

[kazoom] 03/4/2019 20:09

Quite so micha, if it becomes clear the "big 3" are selling you can bail out @ 11 for a 2p loss. If they don't you have a good chance of a bigger upside. I wouldn't count on £2 that's too optimistic imho, but a potential multi-bagger.

[micha14] 03/4/2019 15:58

We could be back to 200p in 2 yrs. The problem is that Day may force us all to sell @11p if he aquires 75pc of the shares. I think thats why people are selling at 13p. I d rather die at 11p of Days sword than to run at 13p not watching the conclusion. As long as Artemis, Stadium and Cavendish sit tight we are sure to be back to 200p. Its all with these 3 funds.

[w1ndjammer] 03/4/2019 08:42

if Day is a turnaround specialist, why would anyone sell, he wan`ts
to make a success of the business. so we could be back to 100p in a couple
of years.

WJ.

[kazoom] 02/4/2019 20:44

Artemis, Stadium & Cavendish collectively hold 26.7% of the shares so collectively they can determine what happens.

Artemis alone have 12.5% so in reality they likely have the whip hand here.

[kazoom] 02/4/2019 20:37

The RNS itself specifically says :

Subject to Spectre holding not less than 75 per cent. of the share capital of Bonmarché, and subject to any applicable requirements of the Listing Rules, procure that Bonmarché applies to the London Stock Exchange for the cancellation of trading in the Bonmarché Shares on the Main Market and that Bonmarché is re-registered as a private company.

Of course they could change their mind and attempt to get 75% of the votes at a GM, but thus far they have said they will de-list if/when they OWN 75% of the shares.

[aleman] 02/4/2019 20:20

There is not a scheme of arrangement with a 75% squeeze out here, btw. Apparently that has to be a friendly takeover since it would get initiated by BON. This is an old-style public takeover bid that is rarely seen these days, where 50% gets control and 90% is needed to squeeze out (and, as it turns out, can delist with 75%).



It was my wondering about the possibility of a 75% to squeeze out under S of A and a 75% needed to delist that had confused me initially and made it harder to understand sizematters' semantics about a vote. Thanks to sizematters for further explanation that showed we were on the same page once I realised it could not be a scheme of arrangement.