Fih Share Discussion Threads

[gheebee] 22/3/2017 07:33

I expect we will hear no more from Dolphin.

[weatherman] 20/3/2017 16:27

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.

[eburne1960] 20/3/2017 15:14

Care to elaborate weatherman?

[weatherman] 20/3/2017 14:23

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?

[whackford] 20/3/2017 14:20

"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.

[bokorbilly] 19/3/2017 10:52

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

[bokorbilly] 19/3/2017 10:52

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

[whackford] 19/3/2017 08:25

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.

[weatherman] 18/3/2017 15:34

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

[whackford] 18/3/2017 07:34

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!

[gheebee] 17/3/2017 23:45

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.

[weatherman] 17/3/2017 22:40

In the FT now - Surprised the Daily Mail didn't lead with this one.

It says they are the Falkland Islands biggest land owner.

[gheebee] 17/3/2017 15:58

Freely admit I've now sold out. Staunton should have increased their offer not reduced their threshold. Dolphin is about to be submerged in a political tsunami when Elsztein's miitary links are exposed and then the knives will be out for the Rowland family as well. Keeping FIC in public hands is the only acceptable way forward although the Swiss fish merchants might be allowed to take control of the board.

[eburne1960] 17/3/2017 15:23

I think most of the shareholders have come to the same conclusion independently, ie that it is an opportunistic bid. The dilemma now is that we have Staunton not wanting to negotiate with Dolphin, and Dolphin having a political question mark hanging over it, all of which would perhaps be making people wonder if they should be selling in the market.

[gheebee] 17/3/2017 14:04

I have no evidence hence using "appears" and "a sort of". I will simply point out that separate TR1s have been published that link together as you have just pointed out yourself. Anyway, have you seen that the Evening Standard has spotted the Dolphin story days after we did? Can't think of a better editor than George Osbourne to follow this one up.

[weatherman] 17/3/2017 12:17

GB - I'm not sure there is evidence of concerted party action. Argos have expressed their opinion about the low nature of the bid, Bonfide and Martin Janser believe it is worth more by buying above the bid price. Dolphin seem unimpressed by the low bid for their own reasons - their bid proposal may be a spoiling mechanism.
What evidence do you have?

[weatherman] 17/3/2017 07:32

They got a miserly 36% - so why extend without raising the offer? Shareholders would rather have no deal than a bad one because the assets of the company are worth more.

[gheebee] 16/3/2017 13:39

There does appears to be a sort of concert party forming. Buying to say no to Staunton to force a higher price from them is one thing but they do have to be careful to avoid the eye of the Takeover Panel monitors.

[weatherman] 16/3/2017 10:41

Martin Janser is still buying above the bid price - we'll see later how the cookie crumbles.

[gheebee] 15/3/2017 22:12

Umm, perhaps we shouldn't be quite so smug, Mr Lombard.

[gheebee] 15/3/2017 19:38

Shouldn't take them too long to conclude that he can have the art movers and the Portsmouth boat loan but the FIC with its land holdings is totally off limits.

[bokorbilly] 15/3/2017 19:25

Yes. the FKL govt rep in London is aware and considering their position.

[gheebee] 15/3/2017 19:06

That's the man.