Imprint Share Discussion Threads

[williebiz] 07/3/2008 09:41

Someone gambling on share price going down

[williebiz] 06/3/2008 19:17

They can wait for more.

Can't see there's any egg on RAB face, either. They are playing a fairly classic game, ie buying enough shares so that the offeror pretty much HAS to pay them more than originally offered.

Haven't any of you ever paid Poker? LOL ;-)

[deswalker] 06/3/2008 19:14

Hopefully now the HYDG deal is dead in the water things can be moved along a little more speedily.

I agree with apatel in #2832. Yesterday RAB were happily outbidding Premier by a small fraction in anticipation of a bidding war but they totally underestimated Premier's determination and achievement in getting all their ducks in a row first (institutions all ready to offload simultaneously at 115p). This has left RAB with egg on their face IMO. They might try and get something going in order not to lose face but they'll end up taking the half-penny hit and accept Premier at 115p IMO. What else can they do ?

[apatel21] 06/3/2008 19:07

On the face of it though it looks a touch odd

i'm glad somebody else thinks so and its not me going bonkers but then again i wish i was wrong : (

[nigelpm] 06/3/2008 18:59

Why have the sellers today taken less than 115p (presumably from RAB) if Premier are in the market to pay 115p. Why would Premier hand such an opportunity to RAB?

I guess it's all about who you know.

On the face of it though it looks a touch odd since anyone selling a big chunk below 115p is nuts given that a quick phone call to Premier would see 115p pretty quickly I'd guess.

The other option is that Premier don't have the cash lying around just now to go and gobble up all the shares and/or their backers don't want to pursue that strategy.

I guess they were looking for 25% to stop the scheme of arrangement and they've managed that now.

[williebiz] 06/3/2008 18:49

Apatel - how can you tell there have been significant buys going through below 115p today?

Answer: you can't.

You think you can because you saw that it was possible to buy below 115p yourself, and you saw trades reported below 115p as buys.

Means nowt or not very much. Those 'buys' @ 112-113p could easily have been sells.

[apatel21] 06/3/2008 18:49

I understand how RAB got their holding yesterday because they were paying marginally more than 115p whilst Premier were offering exactly 115p. Why have the sellers today taken less than 115p (presumably from RAB) if Premier are in the market to pay 115p. Why would Premier hand such an opportunity to RAB?

[apatel21] 06/3/2008 18:43

Can't see how the IMP directors can back it now ! but knowing JG he probably will.

[nigelpm] 06/3/2008 18:43

nigel - thats strange that they only picked up 880k shares today - there have been some big buys going through below 115p today. Have they now stopped buying? Have RAB been picking up the rest? not expecting you to answer - we'll soon know i guess !

Clearly RAB have been very clever here.

My guess would be RAB are picking up a decent holding to put pressure on Premier to up their offer. If they don't they'll kick up a fuss and make it difficult to Premier for sail off with the silver.

All IMHO.

[williebiz] 06/3/2008 18:35

HYDG's scheme of arrangement dead in the water as Premier can block the 75% needed for success.

[apatel21] 06/3/2008 18:17

nigel - thats strange that they only picked up 880k shares today - there have been some big buys going through below 115p today. Have they now stopped buying? Have RAB been picking up the rest? not expecting you to answer - we'll soon know i guess !

[g8ta] 06/3/2008 18:11

apatel21 -I agree, but it shows they are still hoping (in the running!) and also that they are not raising their offer at this stage.

[nigelpm] 06/3/2008 18:07

Premier now have 25.62% and they paid 115p again.

Looks like they might be struggling to pick up stock much more now.

Still reckon we may eek another 5-10p out of this tops.

[apatel21] 06/3/2008 17:55

g8ta - that was the last offer from OPD in the auction process. The OPD offer is dead in the water. Not sure why they don't issue an rns saying they are withdrawing. They just look ridiculously stupid IMO from hanging on without any hope of success.

[apatel21] 06/3/2008 17:50

Gorse - as least i didn't invest in NRK ; )

Theres many an investor in the same boat as me - read all the other posts.

[g8ta] 06/3/2008 17:50

Found this in my messages from my broker. Dated today. Relevant bit is:

Terms: TAKEOVER Increased Offer Extended The Increased Offer is being extended. Terms:
Option1: 5 OPD shares for every 14 Imprint shares. And 36.75 pence per Imprint share.
Option 2: A full cash alternative of 93 pence per share.
Option 3: Share Election Facility to allow shareholders to take shares
in lieu of cash subject to equal and opposite elections for cash. Satisfaction of elections under the Share Election Facility will be effected on the basis of: 1 New OPD Share for 157.5 pence in cash.
If you would like to accept the OPD offer please let us know which option you would like by letter or secure message no later than 5pm on 13 March 2008.

[gorse] 06/3/2008 17:47

apatel21 - 6 Mar'08 - 17:09 - 2817 of 2820

"RAB must feeling pretty foolish IMHO"

Whereas you've handled everything brilliantly! (note - 2813: "I would have done the same if i was able to")

[nigelpm] 06/3/2008 17:40

RAB must feeling pretty foolish IMHO - lots of trades going though below 115p

Come on. You can't judge a trade after a few hours!!

[williebiz] 06/3/2008 17:24

I don't reckon you're interpreting this right, Apatel. Sellers @ 113-115p are happy to accept that price. It doesn't mean they don't see any upside (though that might indeed be the case). More likely on balance they prefer cash now (for alternative opportunities now) vs the uncertainty of waiting.

Clearly RAB see upside from 115p or they wouldn't have bought 7.5%. I happen to agree with them. IMP is being sold on the cheap.

Getting IMP to publish current trading and the accounts will be on the top of RAB's list after they have finalised their trading position.

I don't think there's much doubt that IMP's performance has been reasonably good vs expectations, given results reported by peers and the 'low' nature of those expectations.

Also Premier are clearly in it to win it and that means paying whatever it takes (within reason & financial justification) to win absolute control.

Apart from anything else they may have done the DPFs when the Euro was weaker. Eg 1/12/07 1 GBP = 1.40 EUR whereas today 1 GBP = 1.305 EUR (ie EUR nearly 7% stronger). Makes the financials stack up more easily back in Ireland when you're borrowing in EUR to buy IMP.

[apatel21] 06/3/2008 17:24

RAB have definitely bought another 0.5m today

[apatel21] 06/3/2008 17:09

RAB must feeling pretty foolish IMHO - lots of trades going though below 115p

RAB have bought in to IMP just as all the clever money has departed. Makes me nervous when that same investor is one of the biggest investors in Northern Rock.

[williebiz] 06/3/2008 17:08

RAB wants to play kingmaker so maybe they bought some more?

[williebiz] 06/3/2008 17:06

A magnificent 5,897,178 shares traded today (as reported) or 15.4% of the shares in issue.

[apatel21] 06/3/2008 16:39

A couple of big trades @ 112p. Some people are keen to exit well below the offer price !