Close Brothers Share Discussion Threads

[roidstermuthafukk] 21/12/2007 09:26

morning saffy!.........i dont think we are far away now!

[roidstermuthafukk] 21/12/2007 09:25

9.30am announcement??

[safman] 21/12/2007 09:25

yeah, watching v closely on this one.. their main shareholder did say £30 a share.. no stipulations.. a bit tongue-in-cheek ..

good luck..

saffy..

[roidstermuthafukk] 21/12/2007 09:23

964p.....i'll bet 2days the day!

[roidstermuthafukk] 21/12/2007 09:22

small volume.....up 17p to 962p.....been tight for 2 days.....think there is gonna be an announcement 2day or monday.....would be a nice crimbo prezzie.....think break up, with the cash in the bank....could be worth 2bln+.....i.e.13pounds plus....heres hoping!

[roidstermuthafukk] 20/12/2007 22:03

ps expect an offer/ break up deal..or return to shareholdrs by new year...merry crimbo!

[roidstermuthafukk] 20/12/2007 22:02

nahhhhhh...only worth about 12.50 IMHO....thats not print your own money if it was i would print a zillion quid LOL!

[hotstuff] 14/12/2007 17:41

Up 85p tonight.Company in talks with a number of possible bidders.Print your own money imho.

[roidstermuthafukk] 04/12/2007 06:33

nice 1 saffy............heres looking to 30 quid.....??

[safman] 02/12/2007 12:58

Cenkos 'hostile' offer attacked by Close Brothers shareholder
By Rupert Steiner
Published: 02 December 2007

The biggest shareholder in Close Brothers, whose loyalty is crucial to the future independence of the British merchant bank, has broken cover to attack Cenkos, the banking minnow behind a £1.4bn approach.

Speaking for the first time about the "hostile" offer, Tim Ingram, chief executive of Caledonia, which has held 12 per cent of Close Brothers for 25 years, said: "This is as hostile as you can get. They [Cenkos] have gone entirely the wrong way about it.

"While we have to look after our shareholder interest, a proper bid, at a proper price, by a proper serious person, would be properly considered. But they haven't got any of those elements in this."

Close, which was founded in 1878, rejected the bid offer as "wholly inadequate" last month.

The comments will be a serious blow to Cenkos chairman, Andy Stewart, who last week embarked on a City charm offensive to win over Close's key investors. Ingram was the only shareholder to rebuff his overtures, but Stewart is hoping the investment chief will eventually come round.

Ingram is having none of it, virtually ruling out any hope of being persuaded otherwise.

"I think I was asked whether I would speak on the phone to someone or other, but I don't see that there is anything to discuss," he said. "It's not an offer for a start, and the price mentioned is way below what the business is worth."

The Cenkos offer values Close at 950p a share, and when asked if he might back a bid closer to the £11.58 figure mooted by an analyst last week, Ingram said: "If someone offered £30 a share, in cash, unconditionally, then of course we would talk to them."

Cenkos, which is a tenth of the size of Close, teamed up with Iceland's Landsbanki, to make its indicative cash offer last month.

While Close Brothers has refused to meet with Cenkos, in the past few days Cenkos said it was buoyed by discussions with other shareholders. Cenkos has accused the investment bank, which also owns Winterflood Securities, of underperformance.

Ingram does not agree: "I am surprised such a hostile approach has been taken to such a well run bank. It has got record earnings, the strongest capital ratios of any bank its size, and an excellent return on capital."

saffy..

[malcolme2] 02/12/2007 12:50

Telegraph reporting that Close mulling sale of Winterflood as defence. Seeing as it has a dominant postion in market making AIM shares there may we be a lot of interested parties.

So looks like could be a sale and then a one off dividend to pay back shareholders. Eitherway if the city views that this is an undervalued asset and will be realised then the share price should rise hence forcing Cenkos to up there bid if they really want CBG.

Heres hoping for interesting and profitable times ahead.

[safman] 29/11/2007 13:44

going until the final stint.. by the looks of it.. i don't think it will happen.. CBG are not interested at all at that price..

saffy..

[safman] 29/11/2007 13:29

Cenkos Securities PLC
29 November 2007


THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE
UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN

Cenkos Securities Limited ('Cenkos')

Possible cash offer for Close Brothers Group PLC ('Close Brothers')


Cenkos announced on 8 November 2007 that in conjunction with Landsbanki Islands
HF ('Landsbanki'), it had made an approach to the Board of Directors of Close
Brothers regarding a possible cash offer for the entire issued share capital of
Close Brothers at a price per Close Brothers share of 950 pence.


Cenkos wishes to confirm that notwithstanding the intervening market turbulence,
it remains together with its partner determined to pursue their proposal at a
price in cash per Close Brothers share of 950 pence.


Cenkos would highlight that between close of business on 7 November 2007, the
date of its proposal, and close of business on 28 November 2007, the FTSE 250
index has decreased by 4.9%. If Close Brothers' closing share price on 7
November 2007 had fallen by the same percentage over this period, its share
price would now be 723 pence. The proposed offer price of 950 pence per share
represents a 31.4% premium to that price.


Cenkos would also note that Close Brothers' share price has decreased by 24.2%
in the twelve month period ended on 7 November 2007 (or a decrease of 17.8%
total shareholder return over the same period), compared with an increase over
that period in the FTSE 250 index of 5.4% (or an increase of 8.2% total
shareholder return). Furthermore, in the three year period ended on 7 November
2007, Close Brothers' share price has increased by approximately 10.4% compared
with an increase over that period in the FTSE 250 index of 70.9%.


Cenkos has had meetings with many of Close Brothers' significant shareholders
and has been encouraged by their response. Accordingly Cenkos is disappointed
that the Board of Close Brothers has been unwilling to meet to discuss its
proposal.


Cenkos strongly believes that Close Brothers shareholders would wish to have the
opportunity of considering its proposal. Accordingly, we strongly urge the Board
of Close Brothers to meet with us to discuss the proposal further.


This announcement does not constitute an announcement of a firm intention to
make an offer under Rule 2.5 of the City Code on Takeovers and Mergers ('the
Code'). Accordingly, there can be no certainty that any offer will ultimately be
made.

Enquiries:



David Rydell / Dan de Belder / Rosanne Perry
Bell Pottinger Corporate & Financial 0207 861 3232


Sources: Share prices and total shareholder return have been sourced from
Bloomberg and Factset. Total shareholder return assumes gross dividends
reinvested into security. Twelve month and three year periods calculated by
reference to closing prices on 7 November at the start and end of each period.

HSBC Bank plc, which is regulated in the United Kingdom by the Financial
Services Authority, is acting for Cenkos and Landsbanki and no one else in
relation to matters described in this announcement and will not be responsible
to anyone other than Cenkos and Landsbanki for providing the protections
afforded to customers of HSBC Bank plc or for providing advice on matters
described in this announcement.

Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the
'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in
1% or more of any class of 'relevant securities' of Close Brothers, all
'dealings' in any 'relevant securities' of that company (including by means of
an option in respect of, or a derivative referenced to, any such 'relevant
securities') must be publicly disclosed by no later than 3.30 pm (London time)
on the London business day following the date of the relevant transaction. This
requirement will continue until the date on which the offer becomes, or is
declared, unconditional as to acceptances, lapses or is otherwise withdrawn or
on which the 'offer period' otherwise ends. If two or more persons act together
pursuant to an agreement or understanding, whether formal or informal, to
acquire an 'interest' in 'relevant securities' of Close Brothers, they will be
deemed to be a single person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant
securities' of Close Brothers by Close Brothers, or by any of its 'associates',
must be disclosed by no later than 12.00 noon (London time) on the London
business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose 'relevant
securities' 'dealings' should be disclosed, and the number of such securities in
issue, can be found on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.

'Interests in securities' arise, in summary, when a person has long economic
exposure, whether conditional or absolute, to changes in the price of
securities. In particular, a person will be treated as having an 'interest' by
virtue of the ownership or control of securities, or by virtue of any option in
respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the Code, which can also be found on the
Takeover Panel's website. If you are in any doubt as to whether or not you are
required to disclose a 'dealing' under Rule 8, you should consult the Takeover
Panel.

The distribution of this announcement in jurisdictions other than the United
Kingdom may be restricted by law and therefore persons into whose possession
this announcement comes should inform themselves about, and observe, such
restrictions. Any failure to comply with the restrictions may constitute a
violation of the securities laws of any such jurisdiction. This announcement
does not constitute an offer or an invitation to purchase or subscribe for any
securities or a solicitation of an offer to buy any securities pursuant to this
announcement or otherwise in any jurisdiction.



This information is provided by RNS
The company news service from the London Stock Exchange

saffy..

[ukneonboy] 25/11/2007 12:58

Any offer for CBG pitched at less than £10.50 per share is doomed to failure.

CENKOS need the goodwill and the continuing support of the entire CBG workforce and management team to make any deal a success.

Culture clashes and differing work styles can usually be addressed with "cash" rewards and incentives, so as most CBG employees have share options, CENKOS needs to materially increase its FINAL offer.

Winterflood Securities is doing well, the Venture Capital arm is doing well, so CENKOS has adequate room for manoeuvre, should it's takeover intentions be genuine and well intentioned.

Sit tight and await further developments :)

UKNEONBOY

[gammybaby] 10/11/2007 07:06

it appears if you look at the broker notes thta they will come back next week with an incresesd offer, and then I susspect we will get others coming in toi the fray...but please dyor etc

[baht] 10/11/2007 00:03

Gammybaby Is that just wishful thinking or do you have a good reason for suspecting the 11.5 SP? Please elaborate.

[gammybaby] 09/11/2007 23:14

loser......next week....up to 11+ imho!25% premium over 9.50 = 11.50+......we shall see!

[konkel] 09/11/2007 14:45

I'm out at 915p....my view is there's no chance of winning it at 950p but Andy Stewart is not the type to overpay. My guess is no-one else comes in, Cenkos don't get it at 950. Ergo, bid lapses and stock falls to 750p.

[tipsytoad] 09/11/2007 10:46

Company name: Close BR.Grp.
Company Description: City merchant banking; corporate finance; banking activity comprising treasury, property lending, insurance premium finance, debt factoring, credit management and residential mortgage arranging; asset management; asset finance consisting of commercial asset finance, consumer finance and specialist finance services to the armed forces; market-making

covers a broad spectrum

[tipsytoad] 09/11/2007 10:44

this has to be the safest bank stock to invest in

at least someone wants to buy it- lol

[tipsytoad] 09/11/2007 10:11

taken the plunge and bought in on the drop

hope this is not the kiss of death for you guys

[gammybaby] 08/11/2007 11:11

LONDON (Thomson Financial) - UK investment bank Close Brothers has rejected
as too low an approach from rivals Cenkos Securities and Landsbanki about a
possible 950 pence per share offer for the group.
"The directors consider that this offer is wholly inadequate and accordingly
have rejected the approach. The board does not propose to pursue discussions
with the consortium," Close Brothers said in a statement.
Close Brothers shares were up 18.4 pct at 900 pence by 9.20 am.

[e-mail]

[gammybaby] 08/11/2007 11:05

agree....i see 10-12 for it...good uk inv bank, wait for the yanks to start sniffing around it when they wake up!