Emis Share Discussion Threads

[wad collector] 31/10/2023 20:46

It's all over now....

[stuffee] 07/9/2023 15:24

1c347

Yes, interim divi of 21.6p payable on 23 Oct, without effect on consideration under offer - marginally higher than expectation.

CMA, hopefully, due to clear acquisition on 5 Oct; offer likely to complete by late Oct.

[1c3479z] 07/9/2023 09:02

does today's announcement mean we collect the divi...have to hope so after cvsg price fall today!

[wad collector] 14/8/2023 08:26

As you say , hold on for 2+ months for 1942p or take 1907p today less commission. I make that a 1.8% gain. What if it drags on another couple of months more? Not much upside in this high interest environment.

[stuffee] 11/8/2023 17:48

Estimated value of offer

I assume there will be no further objections to the CMA by interested parties up to the stipulated deadline of 5 Oct and the United Healthcare offer should complete by say end Oct with settlement in late Nov.

The original announcement re the June 2022 offer of 1925p referred to shareholders retaining any subsequent dividends up to a final of 21.1p and interim of 17.6p. The final div for 2022 of 21.1p was paid on 11 July 2023. Last year's interim dividend of 17.6p was paid on 7 Oct 2022. I am sure at this time the parties never envisaged a 12 month delay before completion.

I don't believe there has been any material change of circumstances over the last year, which could trigger a price change and I guess there will be strong moral pressure to permit shareholders to retain a 2023 interim div of 17.6p.

On the basis of above, I asssume the aggregate consideration receivable in three months will be 1942p.This (just) seems compatible with the massive turnover today, (16.6m shares disclosed, compared to 63m shares in issue) traded at 1906 / 1910p; it might be interesting to see if any interesting discosures on Monday of major share purchases.

[rathlindri] 11/8/2023 12:17

That was a relief. Sold out my remaining holding this morning.

[edwardt] 11/8/2023 10:06

fair enough. problem is for me 'elsewhere' means losing money at the minute!

[wad collector] 11/8/2023 09:02

Bear in mind that the divi was only 17.6p last October and they will presumably want to close the deal if they can before it goes Xd. Actually it would be 5th October Xd on previous years so they will have to pay it unless they do a dirty trick and delay.
I don't see this as enough upside, when your money can be risked elsewhere.

[edwardt] 11/8/2023 08:20

i guess we still get divi if it takes a while but suspect this will be all done by october? i am minded to sit tight.

[wad collector] 11/8/2023 07:53

That has certainly stirred up the share price I am surprised it has risen quite so much, given that the offer was for 1925p , I have just sold mine again for 1906. There will be a delay assuming it goes through , so not much upside , unless the market perceives there might be another bidder. However another bidder might also have to run the gauntlet of the MMA. Maybe they will throw in another divi before the deal is done, but not enough to wait around for in my view.
Not often I time things well , but rather pleased I sold at £19 , bought back at £13.80 and sold again at £19. Shame the rest of my dealings don't go so well.

[balcony] 11/8/2023 07:28

edwardt-LOL

[edwardt] 11/8/2023 07:08

boom. that made my corn flakes taste a little better this morning.

[1c3479z] 11/8/2023 06:09

good news- scheme provisionally cleared.

[rathlindri] 03/8/2023 15:07

Fingers firmly crossed

[jonals] 03/8/2023 10:25

Provisional findings are due early August.

[edwardt] 01/8/2023 12:56

hope that this may well happen??

[wad collector] 19/7/2023 15:19

That's an interesting rise to over £15 today , though blue day on market so may not be significant.

[jonals] 11/7/2023 20:14

Good to see the CMA doing a reverse ferret on the Microsoft/Activision merger.

[scorpione] 10/7/2023 13:26

I would tend to agree with WAD

[wad collector] 10/7/2023 13:04

The director sells are just them selling half of their options for tax, can't read much into that.

[vikb] 10/7/2023 11:26

Took a look at this one but got spooked by the directors dumping shares recently. Not that they would necessarily have any particular insight into the CMA, but still I took it as a bad sign.

[wad collector] 07/7/2023 15:36

Monopsonist ; had to google that - good word!

[jonals] 07/7/2023 08:57

that's all true. Since 2019, statistics say 61% of phase 2 mergers are stopped. Up from 30% in the period to end 2017.



The initial decision here did look poor, particularly given the active role of a monopsonist NHS and comparative trivial size of the markets cited as problematic. However, I'm not holding my breath.