Ffi Share Discussion Threads

[stemis] 02/8/2019 11:32

That's me out

[epo001] 26/7/2019 14:26

The concert party have > 75% and expect all resolutions to be passed. Delisting to happen at end August.

Is that it? Is there any potential upside for PIs in continuing to hold?

[epo001] 25/7/2019 09:06

iweb offering 25.125p at the moment.

[stemis] 23/7/2019 09:50

No just hard to know. Worth waiting a while I think and seeing if any developments

[epo001] 23/7/2019 09:42

No thoughts? Is that because people here have sold up?

[epo001] 19/7/2019 10:22

So, as of today.

The pace of RNSs has slowed to a trickle as has the increase in Lumiere's holdings. People don't seem to be rushing for the exits.

There is (I assume) no chance of a bidding war and the concert party control a sufficient majority of shares, so they can either wait for us to sell out or they delist regardless and we have to take our chances.

The price on the table is good for a few weeks and is only going to increase if Lumiere decide they don't want want all these (maybe 20%) small holders on board.

How much of a nuisance/expense/overhead would these small holders be in practice to a US company? Would Lumiere pay more just to get shot of us?

I hold these in an ISA, would that be possible after delisting? (Edit - No)

[stemis] 18/7/2019 12:19

Interestingly sell price back down to 25p.

[dangersimpson2] 18/7/2019 10:50

They are not going to increase their offer. Why would they when the have the delisting percentage already? You have the choice of 25p per share in cash or holding unlisted stock. Given that the management, apart from Ransohoff, are not tendering their shares and are going to hold the unlisted stock means that you may do well holding the unlisted shares if you have a 10-year horizon and trust the management. This would be a good reason to keep holding, hoping for a higher offer is not a good one!

[epo001] 18/7/2019 10:19

RNS today saying they have picked up 10K shares, that is £2500. Pace seems to be slowing a bit.

Who do we contact suggesting they really ought to up their offer? I'd settle for 49p.

[epo001] 16/7/2019 10:46

Ditto. iWeb would let me sell my holding just now at 25.05p. Interesting, so greater than 25 is not just possible, it is a reality.

(Edit on 17th, sell price is now 25p).

[stemis] 16/7/2019 10:29

I think that because they are a concert party they won't be able to use the 90% rule to enforce a purchase of any minority. Do they really want the hassle of a load of small shareholders? Plus, of course, for Lumiere to get to 50% and control FFI, is harder when at least 38.4% of the rest aren't selling.

Today I can sell my holding at 25.05p. Note in the announcement - "Lumiere has purchased 16,953,018 FFI Shares in the market at a price of no more than 25p per FFI Share

That means someone else is buying...

[epo001] 15/7/2019 18:42

But the RNS says that the concert party have 79.2%. So they have got this? They need 75% and claim to have 79.2%

[stemis] 15/7/2019 18:26

Confirmation of what has been going on. Lumiere now hold another 10.7% of the company. Laying it heavily on the line about the consequences of not accepting their offer. It almost like they are desperate that no-one holds out...

[epo001] 15/7/2019 18:17

Hargreaves Lansdown are now showing this as 25 buy, 26 sell.

[epo001] 11/7/2019 11:11

Curses! Foiled again!

[stemis] 11/7/2019 09:49

I'm not sure, under the takeover code, that they can buy at higher than the offer price.

[epo001] 10/7/2019 09:13

Actually I have just adjusted my limit sell price to 55p. If someone is looking to accumulate it may make more sense to buy what's on offer rather than increase the price to everyone.

[epo001] 09/7/2019 18:22

My average buying price was 29.14p so a 5p increase would cover my losses. Has there been any more news or rumours? What is the next event? What does the concert party hold now?

At the moment this feels like dead money and I have set a limit sell price of 29.5p.

[daz] 04/7/2019 08:29

Good point Stemis

[masurenguy] 03/7/2019 15:09

Good advice SteMis.

[stemis] 03/7/2019 11:31

Lumiere may purchase or arrange to purchase FFI Shares otherwise than under the Offer, at the Offer Price of 25 pence per FFI Share. FFI Shareholders interested in selling their FFI Shares in cash should contact Cantor Fitzgerald Europe on [phone] who have authority to make market purchases on behalf of Lumiere (subject to normal settlement).

I'm guessing it's Lumiere in the market offering to take any shares at 25p. You may wonder why they are bothering when they are making a bid.

They need 75% to delist the company. At the moment the concert party controls 68.4%. There's very little free float. Maybe they are worried they won't get enough acceptances? Personally I'll wait. They may find they need to up their offer to get what they need. 5p on the outstanding 30% or so would only cost them £2.4m.

[masurenguy] 03/7/2019 11:27

Who knows - maybe a better offer from someone else could either force Lumiere to match it or alternatively persuade them to accept it, take the money, and run !

[brileyloucan] 03/7/2019 11:14

This looks like a done deal here, but I can sell all my holding at 24.9. Find it hard to believe this is an arbitrage for the 0.4% gain to wait for 25p in a month or mores time. So what am I missing? how does this improve from here when the concert party have over 60%?

Intrigued