Celadon Pharmaceuticals Share Discussion Threads

[verger] 20/8/2009 13:30

Blimey! Peel Hunt are now phoning me, and I've only got 8000 shares!

[wywcu1] 20/8/2009 12:59

Not so sure about that Ibrox. The City is an unforgiving place and believe me I know.

[ibrox] 20/8/2009 12:51

He'll sit tight like an MP and hop everyone forgets about it.

[wywcu1] 20/8/2009 09:59

Here's an interesting question - on the assumption that the current offer is not accepted and we don't get a revised offer, what will Jay do?. I personally think that his position would be untenable having recommended the offer only to have it rejected. Any thoughts?

[ianst99] 20/8/2009 09:54

Yes bid at 232.5 but price being achieved ranges up to 232.97
level 2 NUMS and WIN at 232.5 someone one paying above bid price

[verger] 20/8/2009 08:41

Indeed, but bid price subbornly stuck at 232.5.

[dpeach] 20/8/2009 08:06

uppola ;-)

[wywcu1] 19/8/2009 10:12

Have they just bought that 1,800 at 237p?

[dpeach] 19/8/2009 09:59

Peel Hunt managed to buy 220 shares yesterday then !!

[b1ggles] 18/8/2009 10:39

Got mine from Barclays yesterday.

Option 2 is "Do nothing and retain your shares at this time". I'm doing nothing.

[dpeach] 18/8/2009 10:24

wywcu1, looks like KBC managed to pick up all of 717 shares yesterday !!
The investors chronicle says 'sit tight'

[wywcu1] 17/8/2009 19:37

Well done churchtower.

[churchtower] 17/8/2009 16:57

Received my Corporate Action Notice from TD Waterhouse this morning. The Default Option is "Do not accept". The deadline is shown as 27th August 2009 (subject to possible exension). I shall allow this Option to apply to my holding as like so many on this Bulletin Board I am considerably dissatisfied with Nastor Investments offer.

[wywcu1] 17/8/2009 13:34

Could be going into play! Had a call from a guy from Peel Hunt earlier asking if I had voted yet (presume he means had I signed the acceptance form).Not sure if he was surprised with my answer (stealing the Co.at this price).Oddly enough when I asked what the response from other P.I.'s were he said that he did't know because I was the 1st that he had called.
I have had this happen only once in 20 odd years of trading and that was with TRT (which was rejected by the shareholders).
The fun may be about to begin.

[verger] 17/8/2009 10:19

Will it be another week of people nibbling at these shares, or will there be some chunky biting! Bid/offer narrowing to 232/235 so mms tempting people to bite.

[bookworm1] 15/8/2009 13:34

Yes that what they want you to think but private equity groups exist to make money for shareholders whether it is eventially in dividends or capital. As a shareholder you would have a greater diversifed portfolio and probably faster growth prospects than is available on the aim market.

All I'm saying is it is easy to frighten small shareholders that it is in their interest to vote in favour of the acquisition but if you dont accept that it is then if the voting is between 50 - 75% the acquiring company will have to absorb anyone who votes no and as a long term investor this this could be a good thing. I am prepared for that eventuallity. I'v never been to a private equity AGM they are usually quite exclusive about who they let in. This would be a back door entrance!

[wywcu1] 15/8/2009 13:31

Well going on the sentiment of the P.I.'s on this thread it seems very unlikely that they will get anything like 75%. At 232.5p the Company is basically being stolen from under our noses. I started stake building 11 years ago and could have sold out a profit at any time in the past 8 years but held on with a target of £4 (FWIW). I just can't understand Jay recommending this offer. If we needed funds I could understand it, but we are cash rich, don't pay a dividend because he told us he was looking for suitable aquisitions and now this. Oh well lets see how it pans out. Totally O.T. I bought 20k GKP 3 weeks ago at 12.2p. It is now 37p and could go either way. Lots of excitement on the BB - no tip intended.

[boadicea] 15/8/2009 13:10

bookworm - Would the private equity group be a listed company?
If not, then wouldn't there be a potential difficulty in realising the value of the investment?
It's not a prospect that fills me with enthusiasm.

[bookworm1] 15/8/2009 11:40

Investors Chronicle recommends hanging on to your shares and I agree with them. There is a chance that the bid will get revised. Also if they get more than 50% but less than 75% shareholders who do not accept the offer will become shareholders in a private equity group. As a long term strategy that might work out as a better investment than Celsis IMO.

[boadicea] 14/8/2009 22:36

I nearly always have such a feeling with buy-outs and private equity.
In the first place , the share price too often gives the impression of having been manipulated for a period - sometimes as long as a year or so - before the offer finally comes. (RTD was the most blatant case of this that I recall.)
I am also naturally suspicious of 'agreed' offers for healthy and successful companies where there is an obvious temptation for mutual back-scratching between the parties to the exclusion of the shareholders. In the current case, I believe the preliminary report was uncharacteristically down-beat with the deliberate aim of softening-up the shareholders to accept a low-ball offer. Dividend policy is another weapon in their armoury.

This doesn't mean all invetors will necessarily end up with a bad deal; just that one has to be aware of the game being played and adopt a corresponding strategy.

At least in this case the market is giving out a clear message that a better offer is expected.
In most similar cases that I recall, where an offer was expected to go through (e.g. RTD or NSB), the share price has always remained at a discount of a few per cent to the offer price which is where it began on the first day - around 227/233p (bid/offer).
Our best hope is for a 'hostile' party to enter the scene.

[wywcu1] 14/8/2009 20:08

boadicea I have no intention of accepting but I have a horrible feeling that we are being stiched up (one way or the other).

[boadicea] 14/8/2009 19:09

Sounds very odd to me. I don't see how they can send a cheque before the offer goes unconditional although I think you would probably get an acknowledgement.

However, if you intend to accept the offer and don't expect it to be increased, are you not better off selling in the market as the sell price is 233p? You will get your money without waiting for what may be months.
If you think the offer will be increased - you can wait until that happens as my belief is that you will then get another chance. Note that if everyone (includung institutions) does that it actually increases the chance of a better offer.
If it goes unconditional you will also get another chance at whatever price that is at.
If it lapses, we are all back to square 1 anyway.

I suggest you read the small print carefully and if in doubt, please don't go by what I have said (it's what I would do or expect to happen, not advice to you) but phone your broker.

Personally, I'm sitting on my hands and hoping the ball ends up in their court to make a more reasonable offer - minimum ~260p but if contested then probably ~285p imho.

[wywcu1] 14/8/2009 17:57

boadicea, I hold a large % in certificated form. The acceptance document requires me to sign and send the share certificate. As soon as it is received Capita Registrars are duty bound to send me a cheque. Hence my original question. The offer document is not 100% clear.

[boadicea] 14/8/2009 17:41

wywcu1 - These answers are what I believe but you would need to check them -

1) I think it's in the market rules that the same offer must be made to everyone so you would get the better offer.
2) They never own the full 49% because the acceptance doesn't operate until the offer becomes unconditional. The shares remain with the original owners. The question is only what happens to the shares already held by North Atlantic if the offer lapses. They could continue to hold as a trade investment, with the possibility of making a further offer later, or they could look to place them with institutions. They would not normally dump them for less than they paid.