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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Colt Grp S.A. | COLT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 189.75 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 189.75 | 189.75 |
| Top Posts |
|---|
Posted at 14/8/2015 17:09 by dickbush Hi,nyla08 and bethsdadIf you want to accept Fidelity's 190p a share offer just contact whoever holds your shares on your behalf and tell them you want to accept the bid. They should take care of the admin for you. I'm assuming here that you do not hold the share certificates personally. If you do then you will have a form to fill in. See the recent RNS's for information on that. If you do not submit your shares, and Fidelity do not reach 95% of the total outstanding-where they can compel the minority to accept the bid-you will be a minority shareholder in an unquoted Colt. The downside is that no one knows when or if Fidelity will sell Colt to another acquirer at a more realistic valuation than 190p. Also, you may not receive any information on the company's business except the annual accounts. It is always possible that no sale ever takes place. Holding on to your shares is, therefore, a gamble on a much higher valuation taking place in a year or two. I cannot advise you. You have to decide for yourself. I am in a position to be able to hold onto some of my shares in the non-quoted Colt. Please note that I have been advised by Barclays that an unquoted company's shares cannot be held in an ISA. I do not know what directors will do with their shares. It's anyone's guess, but mine would be that the Fidelity-employed ones (e.g. Rakesh Bhasin) will have accepted the 190p bid on the understanding that they will have another way to participate in any higher bid down the road. |
Posted at 13/8/2015 12:14 by dickbush Settlement of considerationThe consideration to which any Colt Shareholder is entitled under the Offer will be settled (i) in the case of valid acceptances received by 1.00 p.m. (London time) on 11 August 2015, on or before 26 August 2015; and (ii) in the case of valid acceptances received after 1.00 p.m. (London time) on 11 August 2015, but while the Offer remains open for acceptance, within 14 days of such acceptances being received, in each case in the manner described in the Offer Document. Delisting and Repurchase Offer As set out in the Offer Document, now that the Offer has been declared wholly unconditional, BidCo intends to procure that Colt makes a request to the U.K. Listing Authority and to the London Stock Exchange for the cancellation of the admission of the Colt Shares to listing on the Official List and to trading on the London Stock Exchange. Delisting would significantly reduce the liquidity and marketability of any Colt Shares not purchased pursuant to the Offer, and their value may be affected as a consequence. Following the Delisting, BidCo intends to procure that Colt makes an offer to the Colt Shareholders in respect of whom valid acceptances of the Offer have not been received, to repurchase their Colt Shares at the Offer Price. |
Posted at 30/7/2015 11:54 by robwt When Fidelity announced the offer for Colt at 190p, there was a lot of action for about a week after with the share price reaching 193p. I got out of a few at over 190p. Since then, the share price has hovered around 187p with all those shares being bought up.Could there be a buyer out there who has been hoovering up all available with a 187p tag for the last month...the trend has included some large quantities. If so, we might see a hike in the share price above 190p if Colt come out with a bullish report tomorrow. Buying at 187p could be a nice earner whatever happens. I wonder how many shares Fidelity have had an acceptance for. I was surprised that Standard and Ruffer indicated acceptance at a time when Colt seem to have turned the corner. Although they should be looking out for their investors and trying to get the best deal, it seems like they just accept what is a lowball offer. But they are part of that big club of fatcat fund managers who rarely achieve any decent returns. I don't buy any of it. Colt management think Fidelity are undervaluing the company and they are talking about their real boss. Also, some prominent financial writers on the other side of the pond have given it the thumbs down. |
Posted at 26/7/2015 11:53 by robwt Thanks Mirko, a great find that endorses the horrible feeling of being shafted is being felt by more than us long term, long suffering Colt UK investors. The article is spot on!It was great to read the NY Times Pulitzer prize winning financial journalist Gretchen Morgensen is writing about how Fidelity are trying to get Colt on the cheap. I said in a post the other day that we needed someone from the UK financial press reporting on this. Who would have thought one of the best financial journalists in the world has spotted this Fidelity/Colt debacle. Gretchen has a reputation that far exceeds anyone this side of the pond. I think we should all be very happy at getting our beef written about by a lady who has been described by her peers as "The Most Important Financial Journalist of Her Generation". A very pleasant surprise and great read on this wet and grey Sunday morning. |
Posted at 22/7/2015 21:11 by dealy I actually think the stock will drop back down to 160p if the bid fails. At least in the short term. The market is so fickle and nervous right now.For this reason I off-loaded half of my stake at 191p when the bid was higher. Colt is not the only undervalued stock out there. The resource sector is trading at 1932 style levels. If the bid fails we are back to waiting for a predator to pounce. Meanwhile the over-valued pound will eat into earnings. And the economies where Colt operates are still lack luster. It took Colt years to do the bleeding obvious: get rid of wholesale voice, get rid of IT services and focus on data and data center services. Going private is another piece of the puzzle (get away from the useless analyst community in the UK). I am going to settle for 190p and re-invest in the resources sector. |
Posted at 21/7/2015 19:54 by dickbush "If the Offer becomes or is declared wholly unconditional BidCo intends to procure that Colt will make an application for the cancellation of the listing on the Official List of the Colt Shares and for the cancellation of the admission to trading on the London Stock Exchange`s market for listed securities of the Colt Shares. It is anticipated that the cancellation of the listing on the Official List and the cancellation of the admission to trading on the London Stock Exchange`s market for listed securities will take effect no earlier than 20 Business Days after the date on which BidCo has, by virtue of its shareholdings and acceptances of the Offer, acquired or agreed to acquire issued share capital carrying more than 80 per cent. of the voting rights of Colt." |
Posted at 21/6/2015 14:51 by dickbush BidCo has received irrevocable undertakings to accept or procure acceptance of the Offer and to vote in favour of the Shareholders Resolutions and against any Impeding Resolution from Ruffer LLP and Standard Life Investments in respect of 70,148,176 Colt Shares representing, in aggregate, approximately:o 23.4 per cent. of Colt's issued share capital held by Independent Colt Shareholders; and o 7.8 per cent. of Colt's issued share capital. The irrevocable undertakings referred to above will cease to be binding if the Offer does not become or has not been declared wholly unconditional by the date falling 109 days after the date of this announcement (or, in the case of Standard Life Investments, such later date as determined by BidCo). |
Posted at 19/6/2015 11:37 by palace andy Some snippets from Citigroup* Fidelity entities already own 66.6% of Colt and it says it has received irrevocable undertakings to accept the offer for another 70.15m shares (7.8%). Fidelity needs to request the board convene an EGM for a shareholder vote to remove the relationship agreement which stipulates it cannot go above 75% (approval requires a majority of the independent shareholder votes cast). Subject to the removal of the relationship agreement Fidelity needs 80% to delist Colt and 95% to squeeze out. *This move comes as something of a surprise since Colt acquired its sister company KVH only in December 2014 for EUR130.3m. KVH was wholly owned by Fidelity and so the transaction effectively moved part of KVH into the public arena - not a natural move prior to taking Colt private in our view. We rate Colt Buy with a target price of 175p which this offer exceeds. Our Buy case on Colt is predicated upon its asset value, a result of heavy investment over many years which the company has consistently fallen short of converting into strong financial performance. We have hopes though that the corporate restructuring being advocated by the new CFO would bring benefits in due course. In our view independent investors might be justified in thinking that Fidelity is not acting on a purely altruistic basis but also that they are unlikely to get a better offer. There is a small chance that this offer flushes out a trade bid, but given the length of time that the company has been available for an approach we would not place a high probability on this. |
Posted at 19/6/2015 09:58 by dickbush From TelecompaperFidelity makes buy-out offer for Colt Friday 19 June 2015 | 09:04 CET | News Colt's largest shareholder Fidelity Investments has made an offer to take the European carrier private. However, Colt's independent shareholders said the bid of 190 pence per share undervalues the group, and a sale to a third party could achieve a higher price. Colt said the directors' assessment was based on its new business plan, which has been provisionally approved by the board and further details of which will be announced soon. While the independent directors, having been so advised by Barclays, consider the financial terms of the offer not fair to the shareholders of Colt, they also recognised that some shareholders may be interested in accepting the bid. Accordingly the board has made no recommendation to shareholders whether or not to accept the offer. Furthermore Fidelity has stated that it will not sell its shares in Colt before the end of 2016, so the immediate offer to cash-out may appeal to some shareholders. As a result Colt's board said it would convene a meeting of shareholders to consider the offer. Fidelity, which has supported Colt since its creation, said its offer also takes into account Colt's business plans and offer shareholders a premium of 35 percent on the average share price in the past year. In total its offer values Colt at GBP 1.72 billion. It already has the support of holders of 7.8 percent of Colt's shares, in addition to its own shares in the operator. |
Posted at 23/5/2015 15:43 by mirko Dotcom survivor Colt Group made a return to London gainers board on Friday on hopes of a bid from the US. Level 3 Communications would be an ideal buyer for Colt, analysts at Cowen & Co said.With Level 3 having paid down debt from the 2011 purchase of Global Crossing, its management should now look at tackling its poor performance in the highly fragmented European corporate broadband market, the broker said."As the pieces come together in the US, Level 3's next major initiative could be to look to European M&A," Cowen told clients. "Colt's mostly continental-focused network makes for an ideal complementary footprint both from a long-haul and metro-fibre perspective."Europea |
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