Eg Solutions Share Discussion Threads

[dirtydennis] 14/8/2005 01:15

But this weekend several said they were now likely to accept the current price rather than see the proposal fail


Seem to recall them buying for less than 10 pence what hope have we got? Now I think they get 80p or thereabouts.

[dirtydennis] 14/8/2005 00:51

TO NOSEY THEN...LOL

[gerry2] 14/8/2005 00:49

DirtyDennis - 13 Aug'05 - 23:13 - 22766 of 22768 (Filtered)


DirtyDennis - 13 Aug'05 - 23:29 - 22767 of 22768 (Filtered)


DirtyDennis - 14 Aug'05 - 00:21 - 22768 of 22768 (Filtered)

Buried in the Old Vics Cellar .
LOL

[dirtydennis] 14/8/2005 00:21

Gerry 2 you still got me on block-or are you to nosey
LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL OLOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL

[dirtydennis] 13/8/2005 23:13

Could it have been the Greed of the bondholders /banks that brought about this demise? jackieboy?
Maybe someone else will get egs on their face too..wonderful & in hindsight worth the dosh.

C&W must also be wary of mistrust for their shares from ex energis shareholders and others shafted and general mistrust in energis and anything it touches. No wonder they are offering such a low price. Yet their shareprice rises barkingLY bloody mad. No doubt will fall again if this fails or succeeds.


The only answer would be to involve ex egs shareholders in a major way and regain a concrete investors trust.

[htrocka] 13/8/2005 08:31

the bottom line seems to be is Lapthorne prepared to `exchange` his cash pile for Energis ...hoping that the city would reflect the company`s new valuation in C&Ws share price......having been a C&W shareholder , my personal view is that if C&W reduce their cashpile....they`re putting themselves at risk by constraining themselves. The city may take a dim view of this....and the share price could drift back to 44p....where Lapthorne came in. Is this worth the risk?

[htrocka] 13/8/2005 08:19

theres more....again from the TELEGRAPH


City comment
Edited by Neil Collins
(Filed: 13/08/2005)




Cowboy capitalists may shoot themselves in the foot

Archie Norman has landed himself in a ticklish position. He's realised that it's tough to make money selling fancy telecoms services to big business, so he's keen to hang up on Energis, the company which the banks took control of in 2002. After a long time trying, the former Asda boss has landed a buyer, in cash-rich Cable & Wireless, which is prepared to fork out almost £800m.

That's much less than the figure Mr Norman dreamt of when he took the chair, and the £200m he and his team stood to make had they got £1.5billion now looks like a distant dream.

Even his (relatively) modest pay-day is in doubt, partly thanks to the byzantine capital structure he put in place three years ago. To win agreement of old Energis' 15 banks, he offered a pick n' mix of equity and debt.

The junior debt is so-called ''payment in kind'' notes which pay interest in more paper rather than cash, and every cowboy in town has been buying this risky stuff in recent months as rumours of the deal have spread.

These faceless hedge funds now claim to have a big enough holding to block the takeover and are threatening to do just that unless Cables ups its offer.

They want par, instead of 80p in the pound, which is where the notes were last seen trading. Sherriff Richard Lapthorne, the Cable & Wireless chairman, has given Energis till 5pm on Monday to bring the hedge funds into line or he'll pull out. Yesterday he rode into town insisting that he won't be held to ransom.

If the hedge funds now blow the deal, they will lose their shirts, Archie will remain lassooed to a phone pylon, and Energis' will become unsellable. Not good news if you're Mr Norman, but Cable & Wireless shareholders ought to hope that is the outcome.

The deal would eat up its cash pile (still a rare commodity in this business) and take years to complete because of the complexities of meshing two vast networks together.

It's also far from clear it would give Cables any pricing power in a market where the overcapacity shows little sign of disappearing. If the hedge funds do blow it for Archie, perhaps it will prove that this new breed of capitalists are not quite as smart as so many people think they are.

[htrocka] 13/8/2005 08:09

and from todays TELEGRAPH

C&W rules out raising £780m bid
By Dominic White (Filed: 13/08/2005)


Cable & Wireless chairman Richard Lapthorne yesterday ruled out raising the group's £780m offer for smaller rival Energis but admitted he was ''not at all confident'' that rebel hedge funds would accept the deal ahead of next Monday's 5pm deadline.





Speaking from his holiday home in the South of France, Mr Lapthorne voiced frustration that speculators were threatening to scupper the deal, which has taken the boards of the telecoms groups several months to agree.

''We've got these people who have bought a stake in Energis' debt and held it for five minutes and they tell us we have got it all wrong. Who are they?'' he said. ''We would regret paying more. We have to deliver a merger that makes sense for our shareholders. We are slightly uncomfortable with the price we are paying and I think the other side are too, which in my experience usually means the price is about right.''

His comments came as Energis chief executive John Pluthero met bankers from Merrill Lynch, which holds a large slug of the private company's junior debt, in an effort to secure acceptance for the deal from the bank and its secretive clients.

Mr Pluthero faces a furious weekend of negotiations with the US investment bank and with Close Brothers, which is acting for the hedge funds.

The funds, which hold a 25pc blocking minority in Energis' C-tranche debt - mostly via Merrill Lynch and Morgan Stanley - have acquired the debt in recent months in the hope of squeezing a higher offer from Cable & Wireless.

Yesterday Cable & Wireless issued an unequivocal statement that said: "The acquisition proposal will not be increased in value under any circumstances and will fall away if 75pc by value of the holders of Energis' debt have not signed the acceptance."

However, one source close to hedge funds said: ''The funds seem to think it's all posturing from Mr Lapthorne and that it can be resolved behind closed doors. ''



personal comment..


now the minority creditors are being treated parrasue Enegis shareholders....the difference between these minority creditors and ourselves is that they still have some clout....and still the `big bully boys` are trying to dictate and carve the company up for themselves....I wonder how they`ll get round this one?

[gerry2] 11/8/2005 17:19

one for jack

If money doesn't grow on trees then why do banks have branches?

[gerry2] 11/8/2005 14:50

From todays Times :-




"the holders of the C debt, who would receive only 80p in the pound"

ONLY 80p ?




"Energis' shareholders are "very astute people from astute organizations"



Think they will form a Action Group .
LOL

[raven] 11/8/2005 07:31

LONDON (AFX) - Hedge funds threatening to block Cable & Wireless PLC's
proposed acquisition of Energis PLC have appointed their own advisor in a move
which could block the offer, The Times reported, without citing sources.

A group of Energis bondholders have hired Close Brothers, dashing C&W's
hopes for a quick deal, the paper said.

As the group holds a quarter of the C tranche of Energis' debt, the could
block the deal.

C&W is believed to be offering 780 mln stg for its smaller rival

[gerry2] 10/8/2005 23:35

P*ssed as a fart .

LoL

[finmac] 10/8/2005 17:40

graham
To much pop
Regards
Finmac

[graham99114] 08/8/2005 21:40

FINMAC
you disappoint me "but has a freemason" - are freemasons exempt from bad spelling - or was it a typo ?

[sandoval] 08/8/2005 20:41

Takes very little to move this baby and now looks as good as any to jump aboard.
Very few shares in free float since the ceo has 65%. Taking on more staff as I speak and getting new contracts. ceo speaks of creating a £100mill co within a few years. Mkt cap now under £20mill.

[gerry2] 07/8/2005 23:02

Adrian .

10 out of 10 :-




LOL