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Cng Travel Share Discussion Threads
Showing 1301 to 1323 of 1325 messages
|Anyone else with an account with TDW struggling to get their money?
TD are STILL saying they can't pay out as the registrar has not passed on the money.
How do you get through to senior management at TD to make them wake up and see it is THEIR mistake???|
|Thanks Robsy, I believe it all points to mistakes at TDW, but they are now telling me they will have it sometime next week. Quite unbelievable!|
|I'm with Selftrade and I got mine weeks ago!|
|Has anyone received payment yet?
TDW are fannying about saying they cannot pay out yet?|
|Is anyone aware of when we get the money?
I believe the corporate action letter referred to "as soon as possible".|
|I also hold CTV through a Selftrade nominee acct. and I was also called at home asking about my decision on the t/o.
Does anyone know when we actually get our money from the take over bid ?
PS> assuming it was selftrade that gave privy information to a third party, has anyone taken any action or reported the situation to a regulator or otherwise ?
EDIT - just read that this seems to have already been raised a few posts back ... think this could be worth informing the regulator - selftrade seem to have acted with gross negligence.|
|Well, you know what they say... Don't get mad,
get even... and revenge is a dish best served
Without the votes pinched by selftrade,
I doubt they would be there yet...|
|And so the battle is lost.|
|They'll be increasingly confident if they can get the shares off the insti's at a premium as they will be getting closer to the holding required amongst themselves and their buddies.|
|Ha, just had a guy called Meron Mesfin from a company called Georgeson call me "letting me know" about the corporate action, as he put it. They have been instructed by Corp Travel Group he told me.
Doesn't sound like a contifident CTG when they result to calling all shareholders making sure they aware of the action...|
|How is it that EVO can get 15.25p per share when they sell???
Seems outrageous that the directors will go and sort out their city buddies (ok big assumption that it is a director buying) at a premium to the offer, just so they can get it through and give the rest of us 14.5|
|The offer may fail. They need 80%. No doubt they
will keep slipping the deadline, but in the end
perhaps they will need to improve the offer?...|
|So, if there are no "other" offers on the table, why are Winterfloods still happy to pay 14.5 per share?|
|And the reply from SElftrade
Dear Mr Roberts
Thank you for your message.
As your stock is held in a nominee account we will inform you of any pending corporate actions by sending a secure message to your message inbox, within your Selftrade account. You may be required to act upon the information you receive, therefore it is imperative that you read your messages in your inbox.
Going forward, it is necessary that you inform us of your option before the deadline as provided on the letter. Looking at the CNG corporate action, it did advise you of the action to be taken should you not elect any of the options provided by the 13th June 2007.
Please be aware that Selftrade does not compile and word the details of any corporate actions; we forward the letters to clients from the Company Registrars as they are sent to us.
Should you have any further queries please do not hesitate to contact Customer Services on 0870 600 6044.
Selftrade Customer Services|
|I wonder if that was old Finbarr discovering that
the banks won't touch him with a bargepole?...|
|No offers forthcoming - oh dear.
25 June 2007
CNG Travel Group plc
CNG Travel Group plc ("CNG" or "the Company")
On 22 May 2007, Corporate Travel Holdings, Inc. ('CTH') announced a firm
intention to make a recommended offer for CNG at 14.5 pence per CNG Share.
On 31 May 2007, the Company announced that it had received indicative proposals
from two parties (the 'Potential Offerors'). Each of the proposals was at an
indicative price which would trigger the undertaking by CTH shareholders
to accept a competing offer of at least 16.5 pence per CNG Share, or increase
the price payable pursuant to their offer to a level above the competing offer.
On 14 June 2007, CNG announced that, having concluded its review, one of the
Potential Offerors did not intend to make an offer for the Company.
The remaining Potential Offeror has now informed CNG that it is not in a
position to proceed and will not make an offer for the Company.
In the absence of any improved offer, the Independent Directors continue to
recommend the cash offer by CTH of 14.5 pence per CNG Share, the closing date
for which is 3.00p.m. on 4 July 2007.
The holder of 1% or more of any relevant securities in the Company may have
disclosure obligations under Rule 8.3 of the Irish Takeover Panel Act, 1997,
Takeover Rules 2001 to 2006, as applied.
A further announcement will be made in due course.|
|I have a small holding in these and my broker (Abbey) sent me the offer details and stated if they did not hear from me by the due date no action would be taken.I regard the Selftrade default action as quite amazing. AFAIK the offer can only be made unconditional when 80% level of acceptances have been reached.Then they have the right but perhaps not the obligation to acquire the remaining shares by compulsion.
Wonder if there are any large shareholders outside the concert party irked enough to resist what is going on by preventing 80% acceptance. That might concentrate the minds of Ross and Smurf into improving the company for everyones benefit rather than trying to work a flanker on their fellow shareholders.Interesting to see if a competing offer that the concert party would be unwilling to outbid were made what would they do? Would they decline the rival offer themselves as not being in the best interest of the company and block 80% acceptance for the rival bid to succeed. Would not surprise me at all; no more brass neck involved than what is going on at the moment.|
|For the record , this is my mail to Selftrade.
I was surprised to see that I have taken up the offer on this company without giving any specific instructions , like many shareholders in this compnay I am not happy with what you have done.I would like to put on record that I did not want to accept this offer and I think that Selftrade should not (without explicit consent) be appointing themselves proxy for the shareholder.
|That is just ridiculous. Once an takeover offer becomes unconditional (the takeover conditions are met), a sharteholder no longer has the option 'not to accept'. A takeover is for the entire equity. And you are consistantly evading the key issue of 'explicit consent'. It doesn't matter how hard they tried to notify. That is irrelevent. If they didn't get 'consent', the status-quo should have prevailed. By their actions, they have in effect, 'rigged' the vote. What other brokers have done this? So far, it seems to be unique to Selftrade...
I absolutely recommend, that anyone who has been caught by this, get a complaint into Selftrade. By all means use their internal mail system. Just get your complaint on the record. It may well make no difference in the longer term, but you will at least own the moral high-ground in any future dispute, should there turn out to be any adverse consequences to having lost control of your shares...|
|I understand your point Katy but look at the inverse of your argument. Imagine an offer was made for your shares and you were away on holiday. The offer was completed and if you didn't accept you would remain a minority shareholder in a company without a listing. That would be a horrible situation to find yourself in. They did send everyone messages and gave them 7 days to forward instructions. The moral of the story is to definitely check your inbox on a regular basis. That is how you chose for Selftrade to contact you and thats exactly what they did.|
|The people we are discussing didn't consent to their current position. They already had a position = status quo. That is the whole point. The change was done 'de-facto', by default. Imagine you decided not to vote in an election, and were then later informed, that your vote had been cast for you, in favour of the government candidate, on the grounds that the government of the day, had recommended that course of action. Personally, I think what Selftrade did, is a pretty damn serious issue...|
|Agreed Katylied, but its only a matter of weeks. I imagine most people were waiting for events to pan out and were unlikely to have sold the position anyway. Hold tight is all you can do really.|
|But they can get 14.5p on the bid right now.
Except now, control of their asset (right
to sell) has been taken away...|