Firstgroup Share Discussion Threads

[fearnwood] 25/6/2013 10:57

City AM p.5 today reports that the rights issue has had a good take up and is heading to being over 90% fulfilled. Still waiting to hear what I got for my lapsed FGPN RI's - made a mistake and thought the deadline was next Friday as I did intend to sell them. Oh well, hopefully I got something!

Cheers,
F.

[slaterlpj] 25/6/2013 08:10

Well Robert, as killieboy says he's not nervous, he must be one of these know-all professional "players".

Perhaps he can tell us all what the share price will be tomorrow?

Maybe Sanks knows more, after all, so far he's been right, by hook or by crook.

[robertfaulkner] 24/6/2013 20:20

Well only one day of trade before we know the uptake of the RI offer.

I don't think the FGP share price will be affected by the market generally for a few days, it will be down to any overhang by the underwriters left holding RIs

Let's hope it's not too much and we could see over 110p on the first day of 'new' shares

[slaterlpj] 24/6/2013 19:00

I assume todays price already caters for the full issue of shares already.

It might be tempting to sell and make a 10p plus profit for those that took the rights, and then hope to buy back again at 85 if they were to fall that far, or lower.

Anybody nervous?

[careful] 24/6/2013 18:35

We start trading the new fully paid ordinary 8am this Wednesday.
it will be interesting to see how they open in this falling market.

[slaterlpj] 24/6/2013 18:31

Adv11. You're confident that you've done the right thing then?

[robertfaulkner] 24/6/2013 16:16

Not even worth 9p now?

[sanks] 24/6/2013 15:53

I have placed a buy order in at 8p and 7p
Its only a matter of time before this replicates what Stage Coach shares did.

Hope this helps all, including the ramping nobjockeys

[adv11] 24/6/2013 15:15

Money for the rights been taken this afternoon, thankfully.

[winston270] 24/6/2013 14:18

Think it may be more to with the general market, the news that the disposal has gone through & they will have another £80 Million to play with should be a positive, even though its priced in

[slaterlpj] 24/6/2013 11:31

Yup that's what I was told. So if they weren't taken up or sold by friday, then the only value left is the lapse value, if there is any.

Down today. Is that the new of the depot dispoals, the worry about the success of the RI, or the general market in freefall?

[robertfaulkner] 24/6/2013 10:55

I tried to do a Buy of FGPN, to see what the price was, and I can only get'Place Order Instuction' no price

So it looks like the dealers are just doing the paper work to pay for convertion, not having a book on the buy/sell

[robertfaulkner] 24/6/2013 10:43

My funds are still in my account(to pay for RI)

[robertfaulkner] 24/6/2013 08:07

adv, if you've told them to take up the RI on your behalf then I expect you're contracted to buy them.

I'll have a look and see if the funds to pay for mine are still shown in my account as cash

[adv11] 23/6/2013 18:35

I've still got my FGPN and my cash with IWeb. Wish they would take the cash before I get tempted.

[slaterlpj] 23/6/2013 17:37

Has the money to pay for the rights also been taken? If so, you've bought the Rights.

[robertfaulkner] 23/6/2013 09:29

I've had my FGPN RI shares removed from my Selftrade portfolio, is this because I have agreed to pay 85p and convert them to 'new' FGP shares or because, as a poster said, the trading in FGPN shares would end on Fri 21st?(to allow brokers to deal with the convertion)

[robertfaulkner] 21/6/2013 15:49

Would be a wonderful filip to the share if it can close above 100p.

I suppose it will depend on the after hours auction

[slaterlpj] 21/6/2013 15:17

So on the 26th June then, we'll all be jumping out of high windows, or buying Champagne? :)

[dr biotech] 21/6/2013 14:00

The above relates to the day before/after they go ex-rights. That was when they went from 120 to 100p. The day the rights close should no affect the share price (but presumably when they announce the takeup it will).

[slaterlpj] 21/6/2013 12:52

According to the FT, the price after the RI is over, will be £1.07, all things being equal, which I don't suppose they will be. But if it is, then it's worth taking up the rights, and maybe worth buying more shares before the RI closes on the 25th june.

This what the FT says.
How to calculate the share price
Company XYZ Ltd decides on a rights issue to raise additional capital to fund acquisitions. The terms of the rights are as follows:
Ratio: 1 for 1 (1 new share for every share held once the "ex-rights date" has passed, after which rights no longer attach to the shares.)
Subscription price: 50p
As well as this information, to calculate the theoretical ex-rights price, we need the closing price at close of business on the last day the shares trade cum-rights.
Closing Price: 100p
With these 3 pieces of information, we can calculate the adjustment factor, which we can apply to the closing price to work out the theoretical ex-rights price. This is:
((m y) + (n x) ) ÷ (m (x + y))
where m is the closing price, n is the subscription price, x is the number of shares already held, y is the number of rights.
So, in our example, m = 100, n = 50, x = 1, y = 1. The formula looks like:
((100 1) + (50 1) ) ÷ (100 (1 + 1))
which equals 0.75, which is our adjustment factor. If we multiply the closing price by 0.75, we get our theoretical ex-rights price
100 x 0.75 = 75p.
To put it more simply, for every share we held previously worth 100p, we would now hold 2 shares worth a combined 150p (100p from the original price, and 50p from the subscription price).
So if we divide 150p by 2, we can see that each share is now worth 75p.

[batham1] 21/6/2013 12:40

Many thanks Slaterpj, I didn't it was a stupid question, although Seccol is probably right that I am a stupid boy for ever buying them in the first place

[slaterlpj] 21/6/2013 12:23

batham1 . Yes. You can sell the rights seperately to your existing holding, or the other way around. But you may only have today to sell your rights, and may only have today to take them up.

[seccol] 21/6/2013 12:16

Stupid boy..........