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[graham1ty] 11/4/2013 16:03

Just reading the offer. Only got to about second para.......

They can already declare unconditional, and will immediately delist.

.....there is the threat straight up front

[joeblogg2] 11/4/2013 16:01

ok thks will wait a little to see what transpires.

[graham1ty] 11/4/2013 16:01

Wonder if they would increase if minimal take up ? Any short term traders will sell in the market rather than accept. long term holders will refuse to take up ( on possible, tiny hope of an increase. Is possible that at first close they announce take up of only a couple of per cent

[jojo_jo] 11/4/2013 15:59

joeblogg, true Ares/Tosca/Directors have over 72%, but they need 90% to go unconditional, so there could be a little more in there.

A 'white (PI) knight' may not ultimately be successful, but it could embarrass them into lifting the offer.

There are buyers here too. So either they're 5% boys, shorts closing or people speculating on a better bid appearing.

Not in any rush to sell yet.

Craig Tibbles must be seething. He won't vote for it!

IMPO/DYOR/NAI
Jo

[jojo_jo] 11/4/2013 15:52

Yes Keya, well done and thanks.
Don't always get it right but this was a no-brainer for a minimum of 10%, short term.
Still have Stratmin, but got some gyp last time I posted... was accused of 'buying back in' when I'd never sold out!
Another 'safe-ish' bet is REH, but massive it has a big spread and rip-off MMs, so buy/sell via limits only.
PSD could be worth a punt on asset value or step-back from de-listing. It was certainly a good bet yesterday at about 0.4p!
I get a few wrong too, so dyor beforehand.

IMPO/DYOR/NAI
Jo

[joeblogg2] 11/4/2013 15:31

jo jo, I am not sure if another offer will be tabled as they have all they need to get this through? Over the years this has been a horrible investment and has cost me about £7k :((

[keya5000] 11/4/2013 15:29

Thanks Jojo, your confidence led me to pick a few up this last week, nice 40% gain for not a lot of risk, get yourself back to Stratmin now!

[jojo_jo] 11/4/2013 15:25

A lot better than 0.54p.
Doubt it will get them the 90% shareholder vote they need.

Will hang on and vote against, then hold out for 1p-1.5p.

What amazes me is why nobody has bought into this over the last few days!
0.55p was more or less guaranteed ("over 0.54p"), so it was the easiest 10% you could ever make!
Unbelievable. So off the everyone's radar!

I have a lot of these, at an average of almost exactly 0.50p, so pretty happy. It can only go upwards, so happy to hang on a bit longer!

IMPO/DYOR/NAI
Jo

[moreforus] 11/4/2013 15:12

0.75p cash offer

[graham1ty] 11/4/2013 13:19

The news does not have to come via the Company. If it were hostile the Company would have no part in the RNS. In fact it might come as a complete surprise to them. Tosca can make the RNS.

In this case however, I assume they want the Company on board, so would have to be agreed. therefore they may clear it with the Co, but think u find the RNS is sole responsibility of Tosca/ACE

[jojo_jo] 11/4/2013 13:15

No, I understand, but the news has to come via the BOD/RNS. Only the RNS and its wording is down to HLO, but they normally clear the wording of such things with the Nomad, so they are in the loop, albeit near the very end of it.
Only Tosca&Co would/could be taken to task by the Panel - and should be, impo.

Let's hope it's all done and dusted by 5pm. It is ridiculous in the extreme!

IMPO/DYOR/NAI
Jo

[graham1ty] 11/4/2013 12:58

Not sure who would be fined. Ultimately it is up to Tosca to come up with a plausible bid and they prepare the docs ( not the Company). the Co may be needed for a recommendation, but it is actually up to Tosca. not sure if advisers can be fined etc if it is their client who is failing to come up with the goods. Tosca does not need a nomad as such so could be any old firm of lawyers

[jojo_jo] 11/4/2013 12:41

For further information...

[jojo_jo] 11/4/2013 12:10

It must be just down to paperwork ratification, exchange and (possibly) clearance by Nomad, although I guess the RNS template has already been drafted and is just awaiting engrossing.

Must be very close, else why bother?

5pm today must be the 'last chance saloon'.

IMPO/DYOR/NAI
Jo

[jojo_jo] 11/4/2013 11:59

Can the panel fine them for such things?

What precedents are there for multiple extensions?

[graham1ty] 11/4/2013 11:58

Unbelievable !!

Panel must be seething

[jojo_jo] 11/4/2013 11:58

Disgraceful nonsense!

[xow98] 11/4/2013 11:57

Pathetic - 5pm

[dusseldorf] 11/4/2013 11:57

JoJo_Jo - Spot on, extension to 5pm(!)

[jojo_jo] 11/4/2013 11:54

Either that, or another extension until 5pm.

[graham1ty] 11/4/2013 11:52

Think will be suspension pending clarification.......in next ten mins.....

[xow98] 11/4/2013 11:40

Are they not legally required to do so?

Going down to the wire.

[jojo_jo] 11/4/2013 11:37

I don't think Tosca submitted a Form 8 (Offeror) either.

IMPO/DYOR/NAI
Jo

[jojo_jo] 11/4/2013 11:26

Going to the wire again!
I wonder if they'd be granted yet another extension to 5pm tonight?

Jo

[xow98] 11/4/2013 11:12

Was there no legal requirement for them to have submitted a Form 8 by now?