Imperial Chemical Industries Share Discussion Threads

[tourist07] 05/11/2007 12:49

For info: Azko Shareholders approved the bid today at EGM

[tourist07] 02/11/2007 18:51

Well guys, its now just the weekend to wait and Azco EGM on Monday ....

Frankly, I can't believe its not going to be approved - we would have heard a lot more noise if any serious shareholders were against it.

Hoping for a bounce above £6.67 and I'll start unloading, just to leave a few pence for the next guy.

Good luck to all.

[donkeystone] 01/11/2007 18:33

Not tooooo late for someone else to have a go, given fabbo results 18% up.

[bushtuckaman] 17/10/2007 20:50

I'm afraid I did the other thing and bailed out a week or so ago after to many years in this. I thought I could do equally well topping up on another stock im holding. Im sure the takeover will happen, the risk seem small
Good luck all.
Adios ICI
Bush

[tourist07] 16/10/2007 23:43

I´m with you Dean, but it will be interesting to see where the share price goes if/when the Azco EGM votes in favour on 5th Nov. I have a substantial holding on margin which is costing me an annual rate of over 8% interest. I think if the share price were to go above 6.65 I would be very tempted to take the cash and stop paying interest.

Even where I am not on margin, I would still be earing 4% interest on cash in the Account, so the same thinking applies albeit slightly less powerfully.

Anyway, at 6.58 it´s still a no-brainer hold to me.

[daveram13] 14/10/2007 13:43

Thanks, I will hang on to get the dividend and save my broker fees (especially as they have Just put them up recently).

[deanforester] 12/10/2007 17:27

You are right, there, donkeystone. The only problem is that, if you decide to wait until the bitter end you currently stand to gain by 17.5p per share, including the second interim dividend. That's about 2.5%, near enough. Depending on the size of your holding, the commission for selling could be a very small proportion of that difference.

Consequently, were the market to suddenly take off, you could lose out on the rise in the share into which you would switch. Conversely, were it to go down again, the protection given by the bid underwriting the price would be lost. I don't see much risk of the EGMs not approving the deal, but it is always possible. The usual problem is the anti-competition regulators, and that seems to have been by-passed in this case.

I've usually baled out and sold in the market, having lost out when the BOC/L'air Liquide deal failed a few years back. This time I think that I will hang on.

[donkeystone] 12/10/2007 10:05

You need to talk to your broker. I think if you wait and allow the akzo money to come in you will have no fees. If you sell now you will pay your normal fee. Selling now locks the money in and there is always a risk that the whole thing goes belly up.

ttfn

[daveram13] 11/10/2007 11:05

Thanks very much donkeystone.
Just one other thought is it best to sell now rather than wait, as the offer price is not much greater.

[tourist07] 06/10/2007 09:36

From the Financial Times:

Dissidents losing ground in ICI bid
By Salamander Davoudi and Sarah Spikes

Published: October 5 2007 03:00 | Last updated: October 5 2007 03:00

Two of Akzo Nobel's top five shareholders have come out in support of the Dutch conglomerate's £8.1bn takeover of ICI, raising the likelihood that dissenting shareholders will be unable to block the deal.

Paulson, the US investment firm that holds 5.1 per cent, and Centaurus, the London-based hedge fund, yesterday threw their weight behind the deal, saying the purchase of ICI would boost earnings and contribute to long-term growth.

TPG-Axon, the US-based investor that owns 3.5 per cent of Akzo and has publicly opposed the deal, is understood to remain against it along with at least two other smaller shareholders.

The deal needs approval from 50 per cent of shareholders.

Critics of the transaction cite the high price relative to the value of peers and the cyclical nature of ICI's business as reasons for caution. Salamander Davoudi and Sarah Spikes

[tourist07] 06/10/2007 09:33

From the Times:

ICI gained 4p to 654p as arbitrage traders said a takeover by Akzo Nobel at the 675p offer price looked certain to be agreed now that Akzo's key shareholder Paulson has come out in favour of the deal. "The only risk is that someone like Dow Chemical bids for Akzo before the deal goes to a vote on November 5," said one. Akzo's €11 billion cash pile would even finance a bid by private equity

[donkeystone] 04/10/2007 14:58

loan notes allow you to carry forward the proceeds from the sale of your shares from one tax year to another to allow you to spread capital gain if you have any

[daveram13] 04/10/2007 14:25

Can anyone explain what is the "Loan Note Alternative" and how does it compare with the cash offer of 670 Pence?

[deanforester] 02/10/2007 16:52

From the Offer Document, available on the ICI web site:


Event Time and/or date
Latest time for lodging Forms of Proxy for:
Court Meeting (blue form) . . . . . . . . . . . . . . . 11:00 a.m. on 2 November 2007(1)(2)
Extraordinary General Meeting (white form) . . 11:15 a.m. on 2 November 2007(2)
Voting Record Time . . . . . . . . . . . . . . . . . . . . . 6:00 p.m. on 4 November 2007(3)
Court Meeting . . . . . . . . . . . . . . . . . . . . . . . . . 11:00 a.m. on 6 November 2007
Extraordinary General Meeting . . . . . . . . . . . . . 11:15 a.m. on 6 November 2007(4)
Latest time for lodging Loan Note Form of
Election (green form) and TTE instructions
from CREST holders . . . . . . . . . . . . . . . . . . . 3:00 p.m. on 30 November 2007(2)
The following dates are subject to change:
Court Hearing Date (to sanction the Scheme) . . 17 December 2007(5)
Last day of dealings in, and for registration of
transfers of, ICI Shares . . . . . . . . . . . . . . . . . 19 December 2007(5)
Scheme Record Time . . . . . . . . . . . . . . . . . . . . 6:00 p.m. on 19 December 2007(5)
Record Date for payment of the second ordinary
interim dividend . . . . . . . . . . . . . . . . . . . . . . 6:00 p.m. on 19 December 2007(5)
Court Hearing Date (to confirm the Reduction of
Capital) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 December 2007(5)
Effective Date . . . . . . . . . . . . . . . . . . . . . . . . . 2 January 2008(5)
Cancellation of listing of ICI Shares . . . . . . . . . . by no later than 8:00 a.m. on 7 January 2008(5)
Latest date for despatch of cheques/issue of
Loan Notes and settlement through CREST . . within 14 days of the Effective Date
The Court Meeting and the Extraordinary General Meeting will both be held at the Park Plaza
Victoria London, 239 Vauxhall Bridge Road, London SW1V 1EQ on 6 November 2007.

[bushtuckaman] 02/10/2007 10:26

Thanks for the info Jeremy

[jeremyness] 02/10/2007 10:10

bushtuckaman - Akzo's EGM regarding the proposed takeover is on November 5th, which should be the final decision date, as Akzo need to get their shareholders to agree to the deal (and some have objected to it, saying it is too expensive). Competition authority clearances are also needed and Akzo may be obliged to sell their Crown paint business in the UK.

[bushtuckaman] 01/10/2007 09:48

Tourist do you know roughly when the final decision wil be made plz

[tourist07] 01/10/2007 09:14

Initial press release accompanying the Cirular identifies additional synergies. Although headline figure being quoted is €2.5bn this is a value in perpetuity. Net Present Value is €375m. Frankly, this is not very material in a deal of this size, given the uncertainties inherent in such estimates and suggests to me that the Board of Azco are feeling the need to further justtify the deal. Interesting ....

That said, I am personally highly confident the deal will go through. The main risks I saw were that the US Market might seem to have materially deteriorated over a 3-5 yr period, but I think that the Fed's interest rate cut (whatever you think of it as a policy) will have mitigated this.

Bought some more this am. at £6.46, when share price unexpectedly dropped.

Not long to wait now! Good luck to all.

Just passing through ....

[tourist07] 26/9/2007 12:49

RNS this morning, I expect some strength through this week as the holding cost diminishes and the date is fixed.

Imperial Chemical In Akzo Nobel to hold EGM on ICI bid on Nov 5, post shareholder circular on Oct 1


AMSTERDAM (Thomson Financial) - Akzo Nobel NV said it will hold an EGM on
its takeover bid for Imperial Chemical Industries PLC on Nov 5 and post its
shareholder circular with more information on the takeover on Oct 1.
Last month Akzo Nobel offered 670 pence in cash or 8 bln stg for the UK's
ICI and also confirmed a back-to-back agreement to sell ICI's adhesives and
electronic materials businesses to Henkel KGaA, if the takeover goes ahead, for
2.7 bln stg.
Aaron Gray-Block; [e-mail]
agb/jlw

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[tourist07] 12/9/2007 13:48

And the news was .... ?

[peter119] 10/9/2007 17:25

"whatawoman"
just popped in to say i think you will have your long awaited news tomorrow,seems along time ago when i sold at 6.40,after hour auction at 2mill