Crystal Amber Share Discussion Threads

[dashton42] 23/6/2011 16:15

So, let me get my head around this. Peel have around 63% acceptances, which includes Crystal's, unless an offer >250 comes in.

Warren James hold 25% now, meaning that Peel cannot get the 90% required to force the delisting, unless they can persuade Warren James to sell to them or do some other deal.

Erm, that's as far as my analysis gets me...!

[haroldthegreat] 23/6/2011 15:54

now have over 25% of voting rights

[dashton42] 23/6/2011 15:44

Warren James now hold 21.85% of PWS shares. If this rises to 25%+, I think they can prevent PWS shares from being delisted. This is all getting quite interesting...

[dashton42] 17/6/2011 16:30

and..



Finally:

[dashton42] 17/6/2011 10:57

More PWS news on FT Alphaville:

UK M&A wrap
Posted by Neil Hume on Jun 17 09:38.

John Whittaker has responded to the stake-building efforts of Warren James Holdings.

The billionaire property developer has been able to declare his £96m offer for film studio Pinewood Sheppterton unconditional as to acceptances on Friday morning, and repeated his intention to de-list the business (if he gets enough votes).

This morning's statement from Whittaker's Peel Holdings:


It is the current intention of the Board of Peel Acquisitions that if the Offer becomes or is declared unconditional in all respects and if Peel Acquisitions then holds over 75 per cent. of the issued share capital of Pinewood, Peel Acquisitions will procure the making of applications by Pinewood to the FSA for the cancellation of the listing of Pinewood Shares on the Official List and to the London Stock Exchange for the cancellation of admission to trading of Pinewood Shares on its market for listed securities. It is anticipated that such cancellation will take effect no earlier than 20 Business Days after the Offer becomes or is declared unconditional in all respects.

The question is whether he will get to 75 per cent. If he doesn't, a stub of Pinewood equity will remain listed on the LSE.

He's already got 63.3 per cent in the bag, so the odds are that he will prevail. that said, we still don't know precisely how much stock Warren James has bought. All we do know is that they owned around 5 per cent before yesterday's rumoured purchase of a further 10 per cent. And 15 per cent will be enough to prevent Whittaker from squeezing out minority shareholders.

[dashton42] 16/6/2011 15:40

PWS up 7% now. Nice! Don't stop before 250, please...

[dashton42] 16/6/2011 15:21

Good spot by roscodagama on the PWS BB:

[dashton42] 16/6/2011 13:54

PWS now up 4%, volume not far off Tesco's !!

[dashton42] 16/6/2011 12:10

Pinewood shares up 3% on heavy volume today, in an otherwise dire market. Can't see the reason for this so far, but hopefully something's happening...?

[kenmitch] 07/6/2011 13:03

Looks as though the bid is a done deal now?

Critical article about that in The Sunday Times but I don't have a link.

[dashton42] 02/6/2011 07:04

Office of Fair Trade

Merger Update

RNS Number : 5807H

Office of Fair Trading

31 May 2011

Enterprise Act 2002 - Prior Notice of Merger

The Office of Fair Trading received on 9 May 2011 a Merger Notice under Section 96 of the Enterprise Act 2002 (the Act) in respect of the proposed arrangements for:

Anticipated acquisition by Peel Acquisitions (Pegasus) Limited of Pinewood Shepperton plc

The OFT now gives notice that in accordance with Section 97(2) of the Act the period for consideration of this Notice has been extended by a further period of 10 working days. The period for considering this Notice will therefore expire on 21 June 2011.

[dashton42] 02/6/2011 06:51

kenmitch - yes, it was Simon Thompson's article which first got me interested in CRS.

As well as the FT's article the other day on the possible interest of a European fund comes news that the bid by Peel is being probed by the OFT (see below).

The date for completion of the report is given as 21st June - which explains yesterday's RNS. I'm not an expert, but presumably a possible referral to the Competition Commission would not be good news, although maybe it would provide more time and support for a rival bid to be tabled...?

From today's FT:

"The Office of Fair Trading has launched an investigation into the proposed acquisition of Pinewood film studios by Peel Holdings, the real estate investment company owned by property magnate John Whittaker.

The competition watchdog told the Financial Times that it was looking at the provision of studio facilities for television production resulting from a sale. Possible outcomes include referring the case to the Competition Commission.

Mr Whittaker, a billionaire, announced in April his 200p a share offer to bring Pinewood under the Peel umbrella.

His investments range from airports and infrastructure to retail. Peel owns John Lennon Airport in Liverpool and sold the Trafford Centre in Manchester in January.

Peel, Pinewood's largest shareholder with 29.7 per cent, is also an established studio landlord. It is behind the development of MediaCityUK in Salford, the new home for the BBC and ITV.

"It is possible, given Peel's existing relationships with the BBC through ... MediaCityUK, that the acquisition of Pinewood is part of a mosaic of more significant development potential involving the BBC and its London assets," said Peel Hunt analyst Malcolm Morgan. "We cannot speculate on the overall value to Peel of Pinewood in this scenario."

Peel has 27,000 acres of land in its portfolio, offering "a wide breadth of opportunities for filming locations". MediaCityUK has seven television studios.

The OFT will make a decision on June 21..."

[kenmitch] 01/6/2011 17:43

I think the deadline has been extended by a week?

[haroldthegreat] 01/6/2011 14:52

they dont have much time to make a bid!

[dashton42] 28/5/2011 17:07

Thought it was about time Crystal Amber had its own BB.

Interesting article in this weekend's FT:



Fund enters picture in Pinewood sale

By Salamander Davoudi in London

Published: May 27 2011 23:06 | Last updated: May 27 2011 23:06



A European investment fund has emerged as a potential rival bidder for Pinewood Shepperton film studios following last month's recommended offer from Peel Holdings, the studio's largest shareholder, valuing the business at £96.1m ($158.5m).

The mystery fund is understood to have hired Zurich-based investment advisers Clariden Leu. It has not yet approached the board of Pinewood and its interest may not necessarily lead to an offer.

The board of Pinewood on Friday changed the structure of its recommended takeover from a scheme of arrangement, requiring approval from three-quarters of shareholders, to a straightforward takeover offer, which needs only 50.1 per cent approval.

Pinewood has irrevocable commitments from its directors, Crystal Amber fund, its second-largest shareholder, and Peel Holdings. Together they represent 63 per cent of the total share capital.

Should the European fund make an offer at 250p or higher, Crystal Amber would be allowed to withdraw its support for Peel's offer.

Some minority shareholders are unhappy with Peel's 200p per share offer. One person close to shareholder talks said some of them may not accept a bid.

"Minority shareholders have done enough to let it be known that they feel the offer is not acceptable in its current form. We think it is worth more than 200p," said one minority shareholder.

Peel Holdings, which owns 29 per cent of Pinewood, made an improved offer of 200p a share last month for the film studios following rival interest from Mohammed Fayed, former Harrods owner. Peel's original offer was 190p a share plus the dividend.

Two shareholders said that initial discussions with Mr Fayed centred on a possible offer of 210p. He then discussed the possibility of offering 250p for the whole of Pinewood, they said.

Peel was unwilling to sell its 29.7 per cent stake and Mr Fayed chose not to bid for 71 per cent of the company, the shareholders said.

Peel and Pinewood and Mr Fayed declined to comment.

Pinewood will send out an offer document to shareholders on June 3. Under the terms of Peel's offer each shareholder will receive 200p per share and a final dividend of 2.5p.

The offer values Pinewood at £96.1m, a premium of 22.1 per cent to the closing share price the day before the approach was announced.
.

[hyper al] 22/3/2006 20:36

For some reason can't read pdf.

Did this ever list on AIM. I assume not.

[elmfield] 11/11/2005 09:42

TO LIST ON AIM IN LONDON!

[elmfield] 17/1/2005 18:24

.news out. big resource uplift at norseman.

[elmfield] 12/11/2004 13:37

some more good news out will explain rise. 100,000 oz at 17g per ton in new find at norseman!!
one dollar aus here we come?

[elmfield] 07/11/2004 16:47

tried to cut and paste chart, failed, but it is worth a look..
not a holder, just watching. price 63aus cents up from 40 odd in 6 weeks,