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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
ENK | LSE:ENK | London | Ordinary Share | GB00B3XPFJ68 | ORD 4P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 19.25 | - | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
---|---|---|---|
13/8/2012 07:40 | Aviva have reduced their holding....but as of this RNS....have not sold out completely: | metex | |
12/8/2012 15:05 | There are signs that this could be a self-financing asset stripping deal Multiple mentions are made of the avoidance of the Takeover Panel in all offer documents. Rule 2.7 and rule 13 are specified several times. Rule 2.7 begins:- ' Under Rule 2.7(a) of the Takeover Code, an offeror should announce a firm intention to make an offer only when it has every reason to believe that it can and will continue to be able to implement the offer. Under Rules 2.7(d) and 24.8, when an offer is made in cash or includes an element of cash, the offer document must include confirmation by an appropriate third party (usually the offeror's financial adviser) that resources are available to the offeror sufficient to satisfy full acceptance of the offer (a "cash confirmation"). ' It is possible they haven't yet got all the finance in place to complete the deal. And looking at their tight constraints on disposals they may be relying of the $29 million cash balance in ENK to repay any loans they will have made to take over the company !!! A) All Press coverage is in the Philippine press which may not have the same investigative journalist as in the UK or Australia to ask the right questions. B) Offer document is very detailed in the assets that cannot be disposed of before take over. C) The cash balance of $29 million may be stripped out to pay the loans required to meet the deal as under a) above they don't have the cash to do the deal. Hence cash shortage gives their preference of simple Lift and Shift technology. D) Abandoning a dozen years of research and development shortly before a long BFS. This would have added value for company and Philippines. Replaced by simple Lift and Shift system, E) Share price was in the range of 150p to 220p until spring 2008. It didn't fall below 100p until Autumn 2008 and didn't fall below current offer price until 2011. Problems reported were not with the technology but with government permits. F) Offeror's style is aggressive and in speedo speedo style typical of Carpetbaggers. G) It is made in the holiday season when senior staff of potential stockbrokers, white knights, and lawyers are away on holiday. Hopefully the executive board are trying to find an a solution to this hostile takeover bid | togglebrush | |
11/8/2012 15:15 | Having paid 30p plus for these to now see it being stolen is not amusing. I think the board and independents need to bring themselves upto speed with what they have been telling us re value of company and realise they being taken out at a rediculous price. I still expect a knockout bid from elsewhere in light of this poor offer of 19p.as there is still a good margin left to work with. | benson384 | |
11/8/2012 06:50 | Togglebrush....could be! There`s an indication....in this article....of where DCMI could be getting the funds....for their portion of ENK: | metex | |
11/8/2012 05:38 | Multiple mentions are made of the avoidance of the Takeover Panel in all offer documents. Rule 2.7 and rule 13 are specified several times. Rule 2.7 begins:- ' Under Rule 2.7(a) of the Takeover Code, an offeror should announce a firm intention to make an offer only when it has every reason to believe that it can and will continue to be able to implement the offer. Under Rules 2.7(d) and 24.8, when an offer is made in cash or includes an element of cash, the offer document must include confirmation by an appropriate third party (usually the offeror's financial adviser) that resources are available to the offeror sufficient to satisfy full acceptance of the offer (a "cash confirmation"). ' It is possible they haven't yet got all the finance in place to complete the deal. | togglebrush | |
10/8/2012 16:34 | Reminder " The Offer is subject to the Conditions and further terms set out in Appendix I and to the full terms and conditions to be set out in the Offer Document to be posted to ENK Shareholders in due course. In particular, the Offer is conditional upon valid acceptances having been received in respect of not less than 90 per cent. of the Ordinary Shares to which the Offer relates or such lesser percentage as the Joint Offerors may decide. " | giant steps | |
10/8/2012 15:31 | zangdook, it was my interpretation that if they got 90% then the other 10% could by forced purchased, but if you were left with 15% say then the implication was that those 15% remained a minority shareholder, but could easily be squeezed to capitulate over time. I may easily be wrong but that was my take. If I'm right it feels like we'd need a good sized minority (say 30-40%) to have any potential to disrupt and even then that might require challenging coordination. Taking that all into account, our best realistic hope of a better outcome seems to be a rival approach. | mdr128 | |
10/8/2012 14:25 | This still depends on them getting 90%, doesn't it? So they need to get another 38.8% out of the 48.8% who remain uncommitted. The iii people's list is up to 1.67%, so they need 38.8% out of 47.13%. It's not certain, is it? | zangdook | |
10/8/2012 14:12 | O/T ....Again ! Appologies . ( but I certainly have no intention of taking over ENK , I think you`ll find that`s gone ! ) G/S :........mmmm I think , They think , They know more than They think They know ! I have thought that `Some` , just can`t think , and some would be better off not trying to think . I wont be posting there anymore to fuel an empty `Think-Tank` ! Good luck . | boobly | |
10/8/2012 11:34 | zhockey, there are plenty of ramp threads, and we know where to find them. | zangdook | |
10/8/2012 10:27 | Looks like TMC....are taking over ENK....lol. More market commentary from the Philippines: Heading. DMCI offers to acquire UK-based nickel miner | metex | |
10/8/2012 10:10 | O/T Boobly, agree with your thinking - and as for the TLG seems like a "2nd tier" private sharing forum (goes against the spirit of shared information for all) | giant steps | |
10/8/2012 09:51 | Chaps, If you are looking for a new investment consider AAZ. Gold producer with p/e of 3 $550/oz opex (very low compaited to peers) Looking to expand production to 60,000oz net in 2014. That would give a p/e 5 of £3 a share against 38p today. | zhockey | |
10/8/2012 09:51 | Aye ! Good luck in the future . (Be careful though , these Companies are now infested with white collar criminals , where there seems little scope for retribution .) | boobly | |
10/8/2012 09:46 | O/T Boobly, what are your thoughts for toledo, ripe for picking ? | giant steps | |
10/8/2012 09:43 | boobly I would happily read them their last rights. I have given up hope on this now - on the plus side SLE is looking more positive - maybe news next week. Rich | richscotsman | |
10/8/2012 09:36 | I suspect `They` have already received their `Rights` (lol - not !) for toeing the party line . | boobly | |
10/8/2012 09:33 | providing they toe the party line of course ! | frogkid | |
10/8/2012 09:26 | In `The Real World` , the above clause 10. will provide minimal safeguard , and for some ; none . | boobly | |
10/8/2012 08:31 | Perhaps this clause in the original RNS....from DMCI....has perhaps....focused their minds: 10. Management and employees The Joint Offerors confirm that, following the Offer becoming or being declared unconditional in all respects, the existing contractual and statutory employment rights, including pension rights, of all management and employees of ENK will be fully safeguarded. | metex | |
10/8/2012 08:04 | mdr, the latter I suspect | frogkid | |
10/8/2012 07:36 | Rich, I suspect it will come down to whether they feel they have been stiched up too and have nothing to lose, or whether there would rather sit tight and not be seen to be antagonising the offeror. | mdr128 | |
10/8/2012 07:10 | Mr128 - any why would they not do that if they are acting in the best interests of the shareholders.... | richscotsman |
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