Connemara Share Discussion Threads

[r 2 d 2] 22/4/2013 09:23

sallad.. shouldn't you be telling the market about your holding ?

[sallad3] 22/4/2013 09:21

at least its underwritten any liquidation distribution!

question is what was highest price? Sure as heck wasn't the exercise price of their options that actually triggered the first obligation for a takeover.

going to be fun

[r 2 d 2] 22/4/2013 09:18

pages 6 and 7 :

Mandatory Offer

A Bidder is obliged to make a cash offer for the remaining securities in a Target if any of the following apply:

�� it (or any persons deemed to be acting in concert with it) acquires a holding of 30% or more of the voting rights of the Target;

�� its holding (or its holding combined with any persons deemed to be acting in concert with it) of less than 30% of the voting rights increases to 30% or more; or

�� its holding (or its holding combined with any persons deemed to be acting in concert with it) of 30% or more, but less than 50%, of the voting rights increases by more than 0.05% of the aggregate percentage voting rights in that company in any 12-month period.

Any mandatory bid must be for cash, or include a full cash alternative. The price offered must be equivalent to the highest price paid for any shares in the Target in the previous 12 months.


Minimum Price

An offer price cannot be less than the price paid by the Bidder (or persons acting in concert with the Bidder) for shares in the Target in either the:

�� three-month period before the commencement of the offer period; or

�� 12-month period before the commencement of the offer period, if the Panel believes that this period is more appropriate in the circumstances and directs accordingly.

Similarly, if during an offer period a Bidder, or any person acting in concert with it, acquires shares or other securities in the Target at a price greater than the offer price, the Bidder will have to increase its offer.

Also, a cash offer or cash alternative must be made where the Bidder, or any person acting in concert with it, has purchased offer-type securities in the Target for cash, during the 12 months before the commencement of the offer period, which confer in the aggregate either:

�� 10% or more in nominal value of the issued securities of that particular class; or

�� less than 10% in nominal value of the class being purchased in circumstances where the Panel feels such a course of action is just and proper.
The cash offer or alternative must be

[sallad3] 22/4/2013 09:03

ss

Care to comment now? Suggest you look at the last Minesite video presentation and the 162Group factsheets etc. before you do.

[r 2 d 2] 22/4/2013 08:58

There is a rule 9 there as well :

[share_shark] 22/4/2013 08:56

Oh I have sallad3 and it is correct. See my post 1135.

[sallad3] 22/4/2013 08:55

r2d2

Also check the Irish rules that are the overriding law

[share_shark] 22/4/2013 08:55

WRONG....................!

CON is an IRISH company!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!.

Not liable for UK takeover code

Liable for Irish Takeover code

I can see clearly how one or two are trying to muddy the waters !

[sallad3] 22/4/2013 08:54

ss

DYOR

[r 2 d 2] 22/4/2013 08:54

A bid required to be made under Rule 9 of the City Code on Takeovers and Mergers, broadly where: the bidder and any persons acting in concert acquire shares carrying 30% or more of the voting rights of a target; or if a bidder, together with any concert parties, holding not less than 30% but not more than 50% of the voting rights increases its holding. Rule 9 requires a mandatory offer to be made in cash (or be accompanied by a cash alternative) and at the highest price paid by the bidder or any concert party for any interest in shares of the relevant class during the 12 months prior to the announcement of the offer.

[r 2 d 2] 22/4/2013 08:54

Rule 9 of the City Code on Takeovers and Mergers

[share_shark] 22/4/2013 08:51

sallad3.

Forgive me but where is your information to clarify this..........

Where is the RNS re the mandatory takeover bid?

sallad3 22 Apr'13 - 08:33 - 1130 of 1130


curry

Methinks you need to also work out how much of the cash (after fees ... hate to think how much was trousered by the Nomad/Brokers!) has been used to pay the balance of Teeling'Finn salaries; and then how much is left over; how fast it will be spent on their ongoing salaries.

(don't forget to allow for payments due to the State

Where is the RNS re the mandatory takeover bid
-----------------------------------------------------------------

There is absolutely NO REQUIREMENT for this.INMHO

Happy to be corrected though. Show AIM ruling link for this please ?.

[sallad3] 22/4/2013 08:33

curry

Methinks you need to also work out how much of the cash (after fees ... hate to think how much was trousered by the Nomad/Brokers!) has been used to pay the balance of Teeling'Finn salaries; and then how much is left over; how fast it will be spent on their ongoing salaries.

(don't forget to allow for payments due to the State

Where is the RNS re the mandatory takeover bid?

[caveat_emptor] 22/4/2013 08:27

Stuffed!!!!

[currypasty] 22/4/2013 08:10

so, of the 9 million shares issued, directors bought 5.1 million of them, by way of owed salary, and new cash from them..

[mike111d] 22/4/2013 07:56

Not a holder here but a sensible move IMO.

[r 2 d 2] 22/4/2013 07:54

sallad, how many did you buy in the placing ?

[r 2 d 2] 22/4/2013 07:52

Well done sallad. It took a shareholder to take legal action for the company to act (to settle liabilities).

[sallad3] 22/4/2013 07:05

Now that I am no longer bound as an insider...

Where is the RNS re the obligatory takeover offer under the Irish Takeover Panel Rules?

[sallad3] 22/4/2013 07:05

Now that I am no longer bound as an insider...

Where is the RNS re the obligatory takeover offer under the Irish Takeover Panel Rules?

[sallad3] 21/4/2013 12:51

En tes reves!

Normal service restored