Dowgate Capital Share Discussion Threads

[davidosh] 08/7/2009 16:14

I do not see why any shareholder who has held shares during the period in question cannot attend and ask questions at the AGM. You do not vote of course as the right to do so would have passed to the buyer. Directors need to be held to account and you have a right to know the answers. Let them try to stop you I guess.

Many on BBs are all mouth though and swear like crazy with name calling etc but would never say boo to a goose face to face. I am a straight honest talker and attend many AGMs. Directors probably call me the names behind my back but that is life. At least I feel I have done my best to protect my investment.

[mentoruk] 08/7/2009 16:00

DavidDosh

I had originally planned to raise this at the AGM. He said it at a meeting I attended some months ago. He also stated that he was happy to commit to not being Chairman by the next AGM. It least he was correct there, but probably not in the way he intended!

My understanding is that if the Offer(s) go unconditional before the AGM then the Dowgate shares will then be vested in Astaire and we will not be entitled to attend the AGM unless you have held back at least one share.

[davidosh] 08/7/2009 13:03

Where did TR assert that he had no such ambition? I had always expected the MBO situation to be most likely after the mess was created. Did nobody want to pay up for the DGS bit of the business that was acquired only two years ago ?

I fail to see how the best price for shareholders has been achieved here and Astaire is not a company I would choose to hold shares in as recent events and news have suggested.

The AGM is very important and answers to many questions are needed. TR having resigned will no doubt fail to make an appearance. Are any of you guys going or you simply throw money away without understanding how or why ?

[ranoszek] 08/7/2009 12:25

mentoruk

Write to them, I did last week and, guess what? No response. Is there a case for SFO investigation.

[mentoruk] 08/7/2009 11:42

As anticipated, the remaining Dowgate Directors have waved the white flag - I find it extraordinary that Rawlinson was leading an MBO of Dowgate's core business whilst being the Executive Chairman of Dowgate. As stated previously,I suspect the AGM will now be pre-empted by the Astaire Offer(s) going unconditional. The 'gang of 3' have a lot to answer for but I hold the 'Emperor with no clothes' particularly culpable and oblivious to his conflicts of interest,(especially having asserted that he had no ambition to buy DCA). I hope the AIM team and the FSA take note.

[whitewestie] 08/7/2009 08:54

I have also accepted Option 2 based on the assumption that i cannot see Astaire share price moving forward much in the medium term in this current climate, it may even fall if the offer is accepted and lots of Pi,s decide to offload the Astaire shares they are allotted.

I think investing the cash in other shares with much more better prospects could make up the losses much quicker than staying in here and maybe waiting years for any results.

ww

[lr4850] 07/7/2009 17:24

See DGT have acted with a stunnung response -- not?? Suppose they have to do something to justify their huge bonuses and pensions. Nice work if you can get it?

I have accepted option 2.

[ranoszek] 07/7/2009 15:29

Option 2 accepted and just put in the post. Gives me greater flexibility in terms of investing the cash.

[davidosh] 07/7/2009 15:06

I understand that the Dowgate board will make a statement by tomorrow. The last statement they made was before the TR resignation so I wonder if the views have changed. What is the strategy now regarding the DCA division ? Are they just going to lie down and be tickled by Astaire ?

[whitewestie] 07/7/2009 14:19

No recomendation from the Dowgate board about this offer yet and i dont expect to see one.

On 22nd June the RNS states that they are assessing the terms of the offer and an announcement will be made in due course.
They have had over 2 weeks to assess it and only 1 week left before closing date, anyone waiting for there recommendation could miss the deadline and be left with more or less worthless stock.

Still think i will accept Option 1 although not happy about Astaire.

ww

[serratia] 07/7/2009 12:50

Thanks Gengulphus

[gengulphus] 07/7/2009 11:58

Just received the offer document from Jarvis.The offer is 30p + 9 Astaire or 60p + 3 for 10 DGT.It then says 'and so on in proportion'.Does this mean you can take 75p and 0 Astaire ?

No - it's just saying that things are worked out in proportion if your number of shares is not a multiple of 10. E.g. if you have 1,003 shares and you accept the basic offer, you get 1,003/10 * 30p = £30.09 in cash and 1,003/10 * 9 = 902.7, rounded down to 902 Astaire shares.

Gengulphus

[propane] 07/7/2009 11:09

Accepting Astaire stock would be a case of 'more of the same'........another bunch of crooks!

[serratia] 07/7/2009 11:05

Just received the offer document from Jarvis.The offer is 30p + 9 Astaire or 60p + 3 for 10 DGT.It then says 'and so on in proportion'.Does this mean you can take 75p and 0 Astaire ?

[davidosh] 06/7/2009 23:27

I think the DGT board is the one to ask and they should be able to give a straight answer. The whole issue of salary, pension payments and bonus pay compared to actual profit is one which needs clarification.

lr4850....If you want a company with growth, net cash and a low rating just take a look at MUBL with results coming this Thursday. A nice contract last week with Morrisons and it is a well run rapidly growing business due to the demise of Woolies ! Take a look and the directors have promised a dividend in the near future. On a p/e of four it could double and still be very cheap.

[lr4850] 06/7/2009 22:43

davidosh

No, haven't got around to it, but to be frank I haven't got any faith in them whatsoever. If anyone else would care to do so. I'll lend my support - I don't think my original e-mail was very good. I have written to the FSA, but perhaps I would have been better off writing to the SFO?

Good luck to all of us here. I certainly need it.

Option 1 v option 2--- Gengulplus makes some interesting points. I will make my mind up tomorrow morning; my only wish is to find another share which would make up my losses.

[davidosh] 06/7/2009 22:34

lr4850....Did you put the same question to the Dowgate board ?

[gengulphus] 06/7/2009 22:05

WhiteWestie,

selftrade want the answer by 8th @5pm, its a difficult one to answer but i have worked it both ways and in my case i think it will be Option 1 for me as with more shares left there MAY be a possibility in the future of the share price of Astaire rising enough to make the losses much smaller or even break even.

Option 2 only gives you a third of the shares and the share price would have to rise a great deal to have any chance of break even and i cannot see that happening.

Except that with option 2, you have twice as much cash to put into whatever share you buy with the proceeds, and so can potentially make twice as much on it... Which option does better at recouping your losses and getting you back to break-even is really a question of which of Astaire and that share does better.

mentoruk,

I suspect there could be an over-hang on the Astaire share price as (former) Dowgate Shareholders seek to unload their Astaire shares, especially those who accept the Alterrnative Offer who wish to convert their residual holding into cash. This could represent a buying opportunity in the short term.

And oddly enough, anyone who wants to play it that way should also go for the Alternative Offer. E.g. if such an overhang drives the Astaire shares down to 3p to buy, then each 10 Dowgate shares become 9 Astaire shares plus 10 more bought with the 30p cash under the Basic Offer, but 3 plus 20 more bought with the 60p cash under the Alternative Offer...

Gengulphus

[lr4850] 06/7/2009 21:36

Worse is that his Dowgate Certificates were in the boot.

[maxwellman] 06/7/2009 21:23

anyone think this is the ultimate insurance job



Car for sale in local garage



Try ringing them up and just asking if the Lambo has any damage -- bloke gets a little agitated :)

[lr4850] 06/7/2009 21:13

Thanks mentoruk

I am going to take my chance with Astaire with my quite substantially holding. Read it and weep Rawlinson et al. :-) and the fact that I am not the only one that is going to do so.

[lr4850] 06/7/2009 20:47

Hi

I tested Astaire a little with an e-mail about DGT's board renumeration packages and got this reply:


Dear Mr ???????

I am replying to your email to Astaire on the basis that my firm is financial adviser to Astaire in respect of its offer for Dowgate. I am afraid that under the UK Takeover Code, the board of Astaire is unable to enter into correspondence with its target's shareholders in relation to a live takeover bid other than in a general communication.

I regret that Astaire is unable to make any comments on the subject that you raise as payments to any employee of Dowgate are a matter for its board and your enquiry is best addressed to them.

Kind regards

Adam D. Hart
Managing Director, Head of Corporate Finance


Fairfax I.S. PLC
46 Berkeley Square
Mayfair
London
W1J 5AT
www.fairfaxplc.com

Phone No: [phone]
Main: [phone]
Mobile: [phone]
Fax No: [phone]
Email: [e-mail]

[mentoruk] 06/7/2009 20:43

Ir480

I suspect there could be an over-hang on the Astaire share price as (former) Dowgate Shareholders seek to unload their Astaire shares, especially those who accept the Alterrnative Offer who wish to convert their residual holding into cash. This could represent a buying opportunity in the short term.

Astaire's latest (2008) Accounts show that it is loss-making but the enlarged group could have critical mass to form a viable business which can take advantage of the upturn when it happens and be a larger player in the smaller companies sector which will probably feature fewer Nomads etc. It appears to have sufficient cash to see it through in the mean-time.

[lr4850] 06/7/2009 20:32

Cheers ww

Similar to my thinking, but mfar more eloquently and coherently put. Come on other holders. What are your takes?