Can't see Dolphin putting in a bid now, not after the adverse publicity. |
No deal is better than a bad deal. It is worth more than current price based on assets and earnings basis. |
I think that you are right whackford...Staunton only want it if it's a bargain. |
I suspect that Staunton know they will not get to 50%, in which case nobody will get the £3 from Staunton, including those who accept that offer.
I suspect today's announcement is a face-saving way of throwing in the towel.
So it's either back to "as we were", or a bid from Dolphin or AN Other. |
Having stated that the offer price is "final and will not be increased. " I believe means that they will now not be permitted to increase it under takeover rules so our only hope is Dolphin or another bidder. |
No increase from Staunton yet. But there is no pressure to sell, especially bearing in mind improved trading. Happy to hold. |
"...but also appears to be an attempt by the Independent Directors (Messrs. John Foster and Jeremy Blade) to avoid their fiduciary duty to act in the best interests of FIH and its shareholders as a whole. The very poor level of FIH shareholder acceptances of Staunton's offer it is a clear indication of the lack of shareholder enthusiasm for this offer."
Ouch ! |
Let's hope Dolphin give Staunton a good run for their money! |
 "Dolphin's intentions regarding FIH and its businesses are purely commercial and Dolphin has no intention to disrupt the status quo in the Falkland Islands. Dolphin and its affiliates (the "Group") have decades of successful expertise in the real estate, hospitality, retail, agriculture, tourism and transportation sectors, which experience Dolphin believes will help FIH's businesses. Furthermore, the Group owns businesses in a wide variety of countries including Argentina, Brazil, the USA, Israel, India and the UK, being a worldwide enterprise with significant resources and commercial experience. Dolphin is committed to building mutual trust with the Falkland Islands Government and its local population by expanding FIH's existing enterprises on the islands, creating new jobs, attracting new capital and further investment into the Falkland Islands economy, while complying with all relevant regulation and building a long-term relationship with the local community. Dolphin intends to maintain a British management in FIH, should an offer be made by Dolphin." |
I expect we will hear no more from Dolphin. |
This is Andrew Pierce in the DM from 2010. I don't know whether this is true, but FIG may wish to carry out due diligence before letting the Rowland family have full control.
And the CEO wrote this in 17 November 2016, less than 3 months before announcing a low takeover / management buyout.
"Group cash reserves are strong and the long term prospects for all 3 group businesses are sound. Our strategy will be to continue to invest for long term growth whilst seeking out quality acquisitions in complementary areas of business that will help increase the Group's scale, earnings potential, and sustainable long term returns for shareholders."
Remember they cancelled the dividend with the promise of acquisitive growth to increase the share price, but it collapsed and no identified takeover targets have been forthcoming. |
Care to elaborate weatherman? |
FIH are refusing to talk to Dolphin and note unhappiness of FIG. I wonder whether FIG know of concern about historical practices from the other bidder? |
"Accordingly, the Independent Directors regard the Dolphin approach as unwelcome and posing a real hazard to FIH. They are not required to provide Dolphin with information on FIH and are not prepared to enter into discussions with Dolphin. They oppose the approach as unwelcome, as in their view it is entirely incapable of serving the best interests of FIC, FIH and its shareholders".
I find the strength of this statement amazing. With nearly 2/3 of shareholders rejecting Staunton's bid because it is too low, the board therefore cannot be acting in shareholders' best interests by rebuffing a competing bid. The board would seem to be skating on thin ice and may be acting illegally by conspiring against the interests of most current shareholders. |
Agreed. Now they may have to pay more than 400p. This news of a new air route between Arg + FKL int he next 180 days should help too:
hxxp://en.mercopress.com/2017/03/18/argentina-authorizes-a-low-cost-airline-to-fly-falklands-comodoro-rivadavia |
Agreed. Now they may have to pay more than 400p. This news of a new air route between Arg + FKL int he next 180 days should help too:
hxxp://en.mercopress.com/2017/03/18/argentina-authorizes-a-low-cost-airline-to-fly-falklands-comodoro-rivadavia |
If Staunton had made a reasonable offer at the outset - say £4+ per share - they would have had FIH in the bag by now.
The tight-fisted £3 offer has given time and incentive for other players to consider a bid.
The reduction by Staunton to 50% of acceptances (from 90%) to go unconditional shows that Staunton are desperate and therefore will up their bid when they have to.
Take the Investors Chronicle advice and hold on to your shares. |
Merco press has a useful description of the issues - FIG are well aware, and may block Dolphin.
hxxp://en.mercopress.com/2017/03/18/falklands-law-compliance-needed-for-any-islands-major-assets-change-of-ownership |
Yesterday's Investors Chronicle says in its Takeover section: ".....We recommend shareholders await a firm offer from Dolphin before choosing to accept or reject the current offer".
Sound advice! |
Me too, particularly since I sent their news desk an email alert. Sounds like you did too! Much more to come on this I reckon. |
In the FT now - Surprised the Daily Mail didn't lead with this one.
It says they are the Falkland Islands biggest land owner. |
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