I also wonder whether all of the holding changes by CRS are partly to keep Saba on their toes with the short position held against their CRS stake...! |
Yes. It’s logical. Why wait for an extra 20% when MM potentially a much bigger pay day.
Can you buy shares in MM? The work they are doing if it comes off is compelling. |
8 million is about 4%, which is what the Thursday-dated Form 8.3 declared. They are down to 6 65% of DLAR voting shares.
I agree with TAS above, that's what CRS are doing. If Morphic Med is worth what their NAV statements say, it makes sense to use any spare cash to buy back their own shares. It would be unwise if someone wanted to make a £1.50 offer on DLAR, but CRS aren't going to wait. (It doesn't mean it won't happen, just not in CRS's time frame.) |
It looks like CRS has sold 8 million ordinary shares and replaced them with CFD’s which don’t carry voting rights but are easier to transact ie sell.
Clarification on this point would be good. |
CRS probably see higher upside on Morphic Medical than on DLAR at this point in time so they are using proceeds from DLAR sales to buy back their own shares in anticipation of a MM payday |
Have they actually sold them or converted them into some other financial instrument? |
I hold both DLAR and CRS. CRS's entry price on DLAR is such that I think they will take an exit at 120p rather than gamble getting 150p - or having to wait a lot longer. Remember CRS are being forced by activist investors to liquidate (slowly). |
CRS Just reduce their holding by alot. Looks like they don't want to wait anymore. Been waiting this long for a big price... Why did they offload now I wonder... |
Agreed, crane will have to let this all play out. Looks like if someone wanted the whole lot, they could let the agreement lapse, and proceed without penalty? |
 Re. October 15th RNS, my reading is that a Put and Call clause has already been agreed.
The Transaction is to be implemented under a put and call option agreement entered into between De La Rue Holdings and the Crane NXT Purchasers on 15 October 2024 (the "P&C Agreement"). The effect of P&C Agreement is to entitle either party to require the other to proceed with the Transaction upon satisfaction of certain conditions. On satisfaction of those conditions, the parties will enter into a share purchase agreement (the "Share Purchase Agreement"), the terms of which have been agreed between De La Rue Holdings and the Crane NXT Purchasers under the P&C Agreement.
Also there's this:
The Crane NXT Purchasers have the right to terminate the P&C Agreement in the event that the conditions referred to above (including successful implementation of the Reorganisation) are not satisfied by a long-stop date of 6 April 2025. This long-stop date may be extended by either party for a period of up to 40 business days, depending on the nature of any conditions that remain to be satisfied at the initial long-stop date.
Finally, this matters:
The Transaction, because of its size in relation to De La Rue … for the purposes of the UK Listing Rules … [etc ]…is not subject to shareholder approval.
It's pretty binding, as I read it. I don't expect DLAR or Crane to be reluctant to complete, there is just a lot to do. So some sort of extension might be agreed. |
Ill be honest and admit I am not sure
But its all getting too complicated for me. |
Legally committed? What does that mean? |
De La Rue is legally committed to sell - Crane has a call option to acquire Authentication. Any bid would make no difference - unless Crane wanted it to. |
Yes, I know, but there could be a bid for the whole entity, at which point Crane get told to sod off - and they have to wait months either way before they know and can complete. |
Crane is buying a division, not the shares |
No sale by Crystal Amber but 5 million shares on to a contract for difference disclosed here: https://polaris.brighterir.com/public/de_la_rue/news/rns/story/rd8dq3wThe holding in company announcement is only about votes not economic interest which remains at 15.86% |
Would the £1.50 target include the disposal not occurring, and someone coming in for the whole group? |
It is a bit odd, as we are now in a bid situation.
However, it is also prudent to take a little profit off the table and let the rest run. It's not their first rodeo. |
So much for Bernstein's 150 price target! |
what game is Crystal Amber playing?
on 30th Jan they reduced from 16.48% to 15.86%
now they reduced further from 15.86 to 13.31%?
they don't seem that confident of getting a better price if they wait? |
And so they should |
Also, to me it looks like the reference to a 'debt instrument' doesn't mean that the price for the shares would be part cash, part debt instrument; it means that PSFC are proposing that as part of them taking control, a chunk of cash on DLAR's books would be lent back up the chain to them. It's no surpise that the board have unanimously rejected that proposal imo. |
I don't think that's the case, is it? The RNS says that the deal currently being proposed would result in control passing to the PSFC Entities as a result of the share buyback. It doesn't say that they are proposing to buy the whole company. So a bid at 125 for teh whole company, ideally without the conditionality that the PSFC deal has, would presumably be better? |
Yes, but someone is going to buy it at £1.25, so any new bids will have to better that... |
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