Cip Merchant Capital Share Discussion Threads

[shaker44] 01/10/2022 03:39

Maybe they will wait for nav to fall further in this market turmoil, then come in with a lowball takeout of minority. Dunno what Guernsey Law states but regulations there seem pretty relaxed - for companies and directors.

[nortonian] 30/9/2022 20:15

Does anyone know what Guernsey law says about the rights of minority shareholders in unlisted companies is? Can the majority owner force minority owners to sell if they have more than a certain percentage? If so how would the price be determined? I always imagined that CFE would liquidate the company and that minority shareholders would get a fair share of the proceeds. Does anyone have any idea what their intentions are?

[julianreed] 02/8/2022 13:24

I am in exactly the same boat.

Not much help I'm afraid.

I phoned a few weeks ago and was told to watch the cipmerchantcapital.com website for updates.

The NAV has just been updated at 77p per share (July 29th).

Also interested if anyone has any suggested method to trigger this offer.

[yarnton] 25/7/2022 18:00

Unfortunately i have allowed myself to be stuck with CIP shares after de-listing.
Does anyone have any suggestions for possible action to encourage CFE to buy out at the 60p offered price the remaining small shareholders ?

[ochs] 07/6/2022 15:07

Not sure what to do - the best sell price I've been offered today is 35.5p, but buys have gone through at 50p and even 60p, so someone is still buying. Plus the NAV was confirmed as 81p this morning - what a strange situation!

Will those left behind be made an offer by CFE... but only after de-listing and what price is that likely to be at?

[shaker44] 06/6/2022 20:28

So I guess if 7/6 is last day then MM will be pricing for a lot of sellers. But what happens to those left behind?

[ochs] 06/6/2022 13:47

Hi ammons, no unfortunately not - I'm rather disappointed with the whole thing. Currently still holding, as receiving 26.75p a share seems like daylight robbery with a NAV of at least 80p!

[ammons] 06/6/2022 13:20

Ochs, did you ever determine the answer to your question in post No.249?

[ochs] 06/6/2022 12:24

Spread now 20p to 60p! Someone is buying at 50p... and price quoted to sell is 26.75p. Tomorrow is last day of dealing.

[ochs] 01/6/2022 20:16

Looks like a few buyers today at 36p...

[ochs] 27/5/2022 10:10

Any current views? It seems they've made no effort to get to 90% - does that mean they're not bothered about the 13% they don't own? Seems strange as usually with a takeover the purchaser ultimately aims to own 100% and if you take no action early on you still get the offer price (60p).

[share holder] 09/5/2022 12:03

I AM PLANNING TO HOLD.

[galles] 09/5/2022 11:47

In the light of the news, are you selling your little punt or planning to hold?

[galles] 09/5/2022 11:46

Further to the announcements of 1 April 2022 and 20 April 2022 by Corporation Financière Européenne S.A. ("CFE") declaring its final offer for CIP to be wholly unconditional and confirming that there would be no further extension of its offer and that it owns or has received valid acceptances over 48,020,847 ordinary shares in the capital of the Company ("Ordinary Shares"), representing in excess of 75 per cent. of the voting rights of CIP, and in line with CFE's intentions stated in its final offer document dated 18 March 2022, the board of CIP announces that it has applied for the cancellation of admission to trading on AIM of the Ordinary Shares (the "Cancellation"). The Board confirms that it has agreed with AIM Regulation that the Cancellation is expected to occur on or shortly after 7.00 a.m. (London time) on 8 June 2022. Admission of the Ordinary Shares to trading on AIM will be cancelled without the requirement for a resolution of shareholders approving such cancellation pursuant to Rule 41 of the AIM Rules. The Board further notes that, following the Cancellation, the liquidity and marketability of the Ordinary Shares will be significantly reduced.

[paulbutcher1999] 22/4/2022 07:24

Why does the method of transfer matter (stock transfer form presumably). The takeover investor will buy them at 60p and ownership will transfer to them

[mammyoko] 21/4/2022 18:41

Although the ordinary shares in CIP will remain transferable, they will cease to be transferable through CREST. Shareholders who hold ordinary shares in CIP in uncertificated form in CREST will, following cancellation of trading on AIM becoming effective, be sent a share certificate for those Ordinary Shares.

How will you transfer your shares once they're cancelled?

[paulbutcher1999] 21/4/2022 17:52

Yes they have the option to do so. But my understanding is that minority shareholders *also* have the option to sell to them too (same 90% point). Which i would certainly be doing. And that would have to be at the offer price for the rest (60p).

[mammyoko] 21/4/2022 17:43

Price of squeeze-out is 'fair value'. Court will take 'fair value' to include a discount for the lack of liquidity in a minority shareholding. Recent court case saw a 55% discount applied. As a dissentient shareholder you can be legally screwed.

[eezymunny] 21/4/2022 15:44

IF they get to 90% they have the OPTION to compulsorily buy the rest. They have said they will take up this option. I´ve had a modest punt on this outcome...

[my retirement fund] 21/4/2022 15:31

Jeez someone dumped 100K at 21p madness

[paulbutcher1999] 21/4/2022 15:04

But once they get to 90% they are forced to buy at 60p by law arent they? People selling now just throwing money away?

[share holder] 21/4/2022 13:00

Yes they would but I am not sure that they would still be able to do it because of the time lapse and looking at the trades the are not buying.

[my retirement fund] 21/4/2022 11:48

Do they not have to purchase at their last offer?