Firstgroup Share Discussion Threads

[funddamager] 26/6/2013 08:20

Shame we now have the overhang hangover, but once that clears, value will out.

[miata] 26/6/2013 08:16

They would not make 8p placing that volume.

[robertfaulkner] 26/6/2013 08:14

Sorry guys, I was trying to add a comment and it posted 3 times

I could have read about % at 7 am

Still people getting out or the 12% of shares not taken up being sold by the underwriters, are they allowed to make a profit after being paid a fee to underwrite the shares (if they pay FGP 85p can they dump them for a 8p profit)

[miata] 26/6/2013 08:13

87.6% is not good. Anything under 90% would usually be regarded as weak, over 95% would be regarded as good. Nevertheless buying opportunities ahead.

[robertfaulkner] 26/6/2013 08:07

The Company received valid acceptances in respect of 633,318,613 New Ordinary
Shares, representing approximately 87.61 per cent. of the total number of New
Ordinary Shares offered to Qualifying Shareholders pursuant to the fully
underwritten Rights Issue.

It is expected that the New Ordinary Shares in uncertificated form will be
credited to CREST accounts as soon as practicable after 8.00 a.m. on 26 June
2013 and that definitive share certificates in respect of New Ordinary Shares
in certificated form will be dispatched to Shareholders by no later than 8 July
2013.

It is expected that the New Ordinary Shares will commence trading, fully paid,
on the London Stock Exchange's main market for listed securities on 26 June
2013.

[robertfaulkner] 26/6/2013 08:07

The Company received valid acceptances in respect of 633,318,613 New Ordinary
Shares, representing approximately 87.61 per cent. of the total number of New
Ordinary Shares offered to Qualifying Shareholders pursuant to the fully
underwritten Rights Issue.

It is expected that the New Ordinary Shares in uncertificated form will be
credited to CREST accounts as soon as practicable after 8.00 a.m. on 26 June
2013 and that definitive share certificates in respect of New Ordinary Shares
in certificated form will be dispatched to Shareholders by no later than 8 July
2013.

It is expected that the New Ordinary Shares will commence trading, fully paid,
on the London Stock Exchange's main market for listed securities on 26 June
2013.

[robertfaulkner] 26/6/2013 08:04

First movement is down -2.4p to 93p, I feel a similar movement in by bowels

[robertfaulkner] 26/6/2013 07:49

I have the FGPN shares back in my portfolio as 'First Group Fully paid rights' @ 95p and my old holding as 'First Group Ordinary shares' @ 96.1p

Will they become one at 8am? Not long to wait

[careful] 26/6/2013 07:48

88% takeup.
that seems ok, should place the rest ok. (£74m)

[alchemy30] 26/6/2013 07:43

Robert . . .

[robertfaulkner] 26/6/2013 07:43

When do we know the % of take up?

Ftse futures up 24 points, so that is good, talk of the Chinese not being so 'sort yourself out Chinese banks there is no more cheap money' to much more accommodating noises

[kluk069] 26/6/2013 01:05

Will the theoretical rights premium be made known tomorrow, for those that have not taken them up?

[nomdeplume] 25/6/2013 22:23

No, the company are paying off some debt but using most of the money for investment purposes.

[reidy125] 25/6/2013 22:22

No south, far from it. Check the balance sheet.

[southstand1882] 25/6/2013 21:11

Is this company debt free tomorrow?

[slaterlpj] 25/6/2013 20:55

True.

I really meant the profit, if you can call it that, on the rights premium, if there still is one tomorrow.

[nomdeplume] 25/6/2013 20:54

I would have thought the share price will be relatively low for some time. The effect of the RI is that most investors have portfolios that are overweight in FGP shares. While I am quite happy to hold 10% of my investments in FGP, I now have about twice that amount.

IMO it will take at least a month until we see some stability. Tomorrow, 95p is more likely than 100p, I think.

[dealy] 25/6/2013 17:55

nobody is "in profit" on this. to be able to buy at 85p you had to either have a) taken up rights b) bought rights to do (a) or c) been an underwriter.

The c) group have sold these shares a long time ago - a long time before they got them.

[slaterlpj] 25/6/2013 17:10

Well we'll all know tomorrow at 8am. I get the feeling that if it was going to rise tomorrow, then there would have been a lot of buying at 96/7 today. But as there wasn't, I'm now expecting a fall as people sell their fully paids for a quick profit. But they'll have to be quick I reckon if there's a flood.

[robertfaulkner] 25/6/2013 16:53

Oh well the waiting is over, is it just down to the % take up?

I can't see they would expect to be allowed to bid for crossrail with a RI hanging over them.

[careful] 25/6/2013 16:52

With 5 other bidders ahead of them it must have been a long shot.

[slaterlpj] 25/6/2013 16:32

Wondered why the extra drop. How important was this franchise to FGP?

[bunnji] 25/6/2013 16:09

Not made the shortlist for the new Crossrail franchise.

The bidders will be National Express, Keolis/Go-Ahead, Arriva and MTR.