Gtl Resources Share Discussion Threads

[puffintickler] 08/11/2011 10:03

I thought that Henderson are obliged to sell all their holding for 100p cash.

I read it that the unquoted option is not available to them.

[deswalker] 08/11/2011 09:51

I might be wrong but to me it looks like Henderson picked up some shares a few pence below £1 and anticipate making a few percent return for no risk. I might be wrong again but I'll be very surprised if they don't take the cash.

[mesquida] 08/11/2011 09:45

Surely the 10% threshold will definitely be triggered as HENDERSON clearly have paid more than the bid price because they want a larger slice of the unquoted vehicle, and their vote alone will speak for more than 10% and thus ensure that the unquoted option becomes available to all shareholders.

[puffintickler] 08/11/2011 09:20

mesquida

Not sure yet, GTL is my largest holding so to keep all in an unquoted vehicle is not an attractive proposition at my time of life. I suspect I will have to take half as cash. The rest will still be my largest holding though!

If my holding were smaller I would keep 100% in the unquoted vehicle. I already have one share that has gone unquoted, so far that has gone very well so I am a bit more relaxed about the idea than I would have been.

However as DesWalker points out the 10% threshold is quite high, more like 20% of the free float.

[deswalker] 08/11/2011 09:02

I doubt the unlisted alternative hurdle (10%) will be achieved. It certainly hasn't been in the past when Chris Mills has used this set up before. Perhaps this will be the first time but I doubt it and suspect people will decide to take the cash.

Interesting that the Bid was trading at a premium for a while. A short desperate to close or speculation of a higher offer ?

[mesquida] 08/11/2011 08:48

By the way puffintickler, I am definitely staying invested, if in fact you had not already assumed that!! What are you doing?

[puffintickler] 08/11/2011 08:48

Interesting, i could have sold some at 100.56 this morning. Either a second offer is suspected or as mesquida suggests the unlisted alternative may be thought attractive.

Hopefully the former.

[mesquida] 08/11/2011 08:45

Perhaps you are right puffintickler, but I rather got the impression that Clunes thought that shareholders who remained invested in the business were going to be invested in some sort of North Atlantic trust, whereas in fact we will be in a pure ethanol play. Should Chris Mills then build that up via acquisitions before eventually refloating it then admittedly the GTL element will become a smaller part of the whole, but I have always been happier to have a smaller percentage of a bigger cake rather than a larger percentage of a smaller cake!

If I did in fact misinterpret Clunes message then my apologies to him.

[puffintickler] 08/11/2011 08:30

mesquida

I think your statement below is incorrect

mesquida - 1 Nov'11 - 09:24 - 3070 of 3085

Clunes100- No, you will not be invested in a much larger vehicle. The vehicle that is being used to facilitate the bid has been set up solely for that purpose.

Section 5 of the last part of the offer includes the following text:

In addition to developing the existing business, the GTL Board has pursued a dual strategy of identifying undervalued ethanol assets in the US with a view to potential acquisition and integration into the GTL Group, coupled with a diversification strategy of developing bio-refinery start-up projects to generate possible new sources of revenues and profits. Both of these strategies would require further equity finance which, in the current market environment, could be uncertain.

So GTL post Sinav will continue to look at possible acquisitions possibly requiring further fundraisings. If these are not such good value as GTL then Clunes's fear is justified.

[puffintickler] 08/11/2011 08:19

Dubberboy

You will get £1 per share, there are no costs or other shenanigans to take into account.

[mesquida] 08/11/2011 08:12

And now investors are paying a premium so as to get a stake in the unquoted vehicle - makes you think, does it not!?

[dubberboy] 07/11/2011 17:14

excuse ignorance but will i get a from with my offer of £1 a share

[mesquida] 07/11/2011 15:05

The game might very well be up for GTL as a quoted entity but it is only just starting for those of us who choose to stay invested in the unquoted vehicle. Our reward will be to secure the capital gain that you feel ( quite correctly ) that you have been cheated out of by virtue of this ungenerous Offer. Why else do you think that HENDERSON keep adding to their holding?!

[spaceparallax] 07/11/2011 12:12

well, I'm as of this morning fully sold up. Good luck any holding on, but it's looking as if the game's up.

[ljsquash] 04/11/2011 12:48

313,991 through at 98.5p mopping up cleanly here, still got my fingers crossed for one or more counter bids.

[ljsquash] 03/11/2011 10:08

The key here is that all the votes are not totally bound, if another offer does come in it could get very interesting.
The share price is starting to drift towards the £1 on the bid mark that may help people to sell now rather than wait.
Personally I'm going to wait and see.
I will be interested to see how much more has been shaved off the loans and any further progress on zein to help put us further in the shop window!

AIMO/ DYOR etc etc

[mesquida] 02/11/2011 16:23

Once a Company is officially deemed to be in an Offer period all holders of 1% or more must make an opening disclosure of their holdings and thereafter any change to that holding must be disclosed, whether or not that change takes the holder through a percentage barrier. In normal circumstances ( that is, a non-Offer situation ) only holdings over 3% need to be disclosed, and changes thereafter only need to be disclosed when the holding moves through a percentage level. In other words, a holder who has 3.1%, for example, has to disclose that holding. Should he then take that holding up to 3.9% then the new purchase does not have to be disclosed, but once he takes it above 4% then a disclosure is necessary.
By comparison the disclosure rules once the Company is deemed to be in an Offer period are much more rigorous, which is entirely logical. If still in doubt check the website for the Panel on Takeovers and Mergers.
What is particularly interesting about todays announcements is that Chris Mills is buying in the market even though the success of his bid is virtually guaranteed.´Presumably he is doing this so as to ensure that he has an even larger share of the unquoted vehicle, which is perhaps a fact that holders should take into consideration before deciding on whether they are going to take the cash or elect to stay invested in the new entity.

[ljsquash] 02/11/2011 15:20

Due to an offer for the company they have to confirm their interests in the company - I think above 1% (may be 3%).

[caveat_emptor] 02/11/2011 11:58

Anyone care to explain what all those FORM 8.3 announcements are...
just stating their position(why do they have to)
or they have recently bought, or they have recently sold?

[bsg] 01/11/2011 22:48

Sounds like it's going for a song.

[aceuk] 01/11/2011 21:14

The company also reported that its ethanol business more than doubled profits in the quarter and set a company earnings record at $107 million in the quarter. Its retail business, which includes Valero gasoline stations, saw profits drop 8 percent to $97 million.

[ljsquash] 01/11/2011 10:54

Caveat the two relavant parts are below - so paper work by 19 Nov(Or 28 days)- undue haste?

Implementation of the Scheme will be subject, inter alia, to the sanction of the Court and the approval of GTL Shareholders at the Meetings. The Scheme Document, setting out full details of the Scheme and the procedures to be followed by GTL Shareholders to approve the Scheme, together with the Form of Election and Forms of Proxy, are expected to be despatched to GTL Shareholders and, for information purposes only, to participants in the GTL Share Option Schemes, by 19 November 2011 and in any event within 28 days from the date of this announcement, unless otherwise agreed with the Panel.

If the Scheme does not become Effective by 30 April 2012, the Proposals will lapse except where the approval of GTL Shareholders at the Court Meeting and the General Meeting is obtained before this date, in which case the longstop date for the Proposals may be extended to such later date as Sinav and GTL may agree and, if appropriate, the Court may approve.

[caveat_emptor] 01/11/2011 10:28

Clunes.....How long before people like us have to decide?

[aceuk] 01/11/2011 09:44

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There were also sharp gains for GTL Resources , which owns and operates an ethanol and bio-refining company. GTL surged 29.5 per cent to 96½p after it agreed to a £32m cash takeover offer from Siem Kapital, the manager of marine vessels, and fund manager North Atlantic Valve.

[mesquida] 01/11/2011 09:24

Clunes100- No, you will not be invested in a much larger vehicle. The vehicle that is being used to facilitate the bid has been set up solely for that purpose. When you say that investors will only benefit if the rest of the portfolio is also a roaring success you make me think that somehow you have got the impression that a GTL shareholder who chooses to stay aboard is effectively going to be invested in a North Atlantic Investment Management unit trust, but this just is not so. GTL will continue just as before, the major shareholders may well be the same as before ( although Henderson/Gartmore have very carefully avoided telling us as to whether they are to remain invested in the unquoted vehicle or not ), and in short the only difference will be that there will not be a quotation. For those people who prefer to see a share price going up and down according to the whims of the market then this will be a major turn-off. But for investors who are more interested in looking beyond the quotation and concentrating instead on what the company really is worth then the unquoted option should be seen as a most welcome opportunity.