Imprint Share Discussion Threads

[williebiz] 13/3/2008 10:38

Haven't Citigroup just hedged a position? Ie same number short as long?

[williebiz] 13/3/2008 10:34

Still got mine

[apatel21] 13/3/2008 09:54

Understanding recent transactions:

- Citigroup appear to have a 1m share short opened for a client which they have hedged by buying 1m shares?

- River & Marc have sold out 1.85m @ 111p

Anybody still invested here?

[apatel21] 12/3/2008 12:25

My comment for an update was quite timely ; )

Looks like the board are now backing Premier

Accordingly, the Board recommends that Imprint shareholders support and vote in favour of the Premier Proposal at the appropriate court meeting and EGM, the dates of which will be notified to Imprint shareholders in due course.

The Board also announces that it has received a request from Hydrogen Group Plc
('Hydrogen') to adjourn the Imprint EGM and the Court meeting relating to its
proposal to allow Hydrogen further time to clarify its position. In light of
current circumstances, having regard in particular to the Board's recommendation of the Premier Proposal and Premier's interest in 25.62 per cent of the issued share capital of Imprint as announced on 6 March 2008, the Board considers that it would be in the best interests of Imprint shareholders to adjourn the Imprint EGM and (with the consent of the Court) the Court meeting relating to the Hydrogen proposal, which are scheduled to take place on 14 March 2008. If the meetings are to be reconvened, Imprint shareholders will be given specific notice of the revised time and date of the meetings.

Looks like Hydrogen are still interested but this is taking forever to resolve. Why don't the board just ask the Takeover panel to have another auction?

[jeffian] 12/3/2008 12:17

Yeah. Around 12.15 would be my guess.

8-)

[apatel21] 12/3/2008 11:55

Anybody have any ideas about timescale as to when we might hear an update on the takeover situation?

[kimboy2] 11/3/2008 17:12

The answer is no I don't. However it is clearly an anomolous situation when Premier is allowed to have inside information, and trade on it, and the people who actually own the company are not allowed to hear a whisper.

[davidosh] 11/3/2008 17:03

Anyone heard when we are being given the final results of our little desirable company yet ?

[apatel21] 11/3/2008 11:14

A couple of big trades today @ 111.25p. Will be interesting to see who's picked these up.

[apatel21] 10/3/2008 15:39

Thanks priveleged, I rang them on Friday AM but as yet my shares have not returned in to my account. I'll give them a chase i think.

[privileged] 10/3/2008 15:00

It wasn't until Friday PM that they relented and said they'd called the registrar on my behalf. It's possible they may have done this on Thursday when i started kicking up a fuss.

[apatel21] 10/3/2008 14:10

Hi priveleged - Mine are still showing as not available to sell - not that i intend @ the moment. When did you put in your request to TDW?

[privileged] 10/3/2008 14:00

apatel21 - TDW have received my shares back from the registrar re the HYDG cash offer, so now free to sell. Hope you have found the same.

Now the price has slipped back, i'm not selling at 111p with the likes of Premier and RAB buying some 4% higher than this so will wait to see what unfolds over the next few days, but good to now not have hands tied.

[williebiz] 08/3/2008 09:37

Premier ups Imprint stake to 25%

By Ian Guider
PREMIER Group, the Cork-based recruitment company, has increased its stake in British firm Imprint to just more than 25%.

Imprint said yesterday it was withdrawing its recommendation of a bid for the company by another recruiter, Hydrogen, in the wake of Premier's move.

Premier, run by Kerry-born Pat FitzGerald, has offered 115 pence a share for Imprint, valuing the company at £45.2 million (€59m). Premier bought a 23% stake in Imprint this week and, by upping its holding to 25%, it can block the Hydrogen offer.

Hydrogen, which has offered a mix of cash and shares, said it believes "a combination of Hydrogen and Imprint represents excellent value for Imprint shareholders whilst also enabling Imprint shareholders to retain an ongoing investment interest in the enlarged".

Hydrogen had been in pole position to secure Imprint as it had received the backing of holders of about 40% of Imprint's shares - including the company's Irish founders Brian Hamill and Pierce Casey.

Premier says its bid is the highest cash on offer for Imprint's shareholders. It is being advised on its offer by IBI Corporate finance.

[williebiz] 08/3/2008 09:36

Premier ups stakes in its UK takeover battle

The board of UK recruitment group Imprint has withdrawn its backing for a takeover offer from rival bidder Hydrogen after Irish group Premier announced that it had built up a blocking stake in the company of over 25pc.

But the board stopped short of choosing a suitor and continued to endorse a lower bid from Hydrogen.

Earlier this week Imprint's board said it was continuing to recommend a lower cash and stock offer from Hydrogen which was valued at a 4.6pc discount to that of Premier.

Premier had made a cash offer of 115p for Imprint, valuing it at £45.2m (€59.4m). OPD Group, which owns about 5pc of Imprint, has also been involved in the bidding war offering five OPD shares for every 14 Imprint shares, plus 36.75p in cash.

Imprint's board said yesterday it was now reviewing the offer situation.

"In light of these announcements, the board has today withdrawn its recommendation of the proposals for the acquisition of Imprint by Hydrogen Group to be effected by way of a scheme of arrangement.

"The board is reviewing the offer situation with all three offerors and their advisers and will make a further announcement in due course."

In a separate move, Pierce Casey, one of the founders of Imprint, sold over one million shares in the company netting him £1.45m (€1.9m). The shares were sold at 115.4p, or above the 115p offer, implying the shares were not sold to Premier. It is understood that Mr Casey sold the shares to a hedge or arbitrage fund. Earlier, the Imprint co-founder committed his 6.4pc stake to supporting Hydrogen's bid.

Premier, headed up by Kerryman Pat Fitzgerald, said earlier that it would only proceed with a formal offer if it got the backing of its target's board.

However, it dropped this condition in order to meet a bid deadline imposed by the UK takeover panel.

Founded in 1988, the Premier Group operates in both Ireland and Britain.

In Ireland, its divisions include Premier, La Creme, Verkom and Brunel.

[williebiz] 07/3/2008 17:59

Apatel, true enough - though it was closer to 35% and after today's new issue will be closer to 34% who sold out, so 1 in 2 and a bit!

That'd still more than half who could have sold but preferred to wait for a better price.

[apatel21] 07/3/2008 17:11

The fact that HYDG are considering their position continues to provide hope. Lets also hope they don't drag the situation out much longer.

If Premier start buying again, this might force them to act quicker.

[apatel21] 07/3/2008 17:09

From the rns

As announced on 5 March 2008, the Hydrogen board continues to consider its
position and strongly urges the Imprint shareholders to take no further action
at this point with respect to the Premier Offer.

Well they better hurry up as 26% already have.

[deswalker] 07/3/2008 17:02

HYDG announce they're having another think.

[apatel21] 07/3/2008 16:29

If i was HYDG i would announce a revised offer under normal takeover rules of 125p @ 7.00 am on Monday morning and then buy as many shares as i could in the market at that price. They would find many takers and it wouldn't surprise me if they could mop up 50% + if they can convince RAB to settle for that amount.

This would be there last chance. The only door left open by those canny guys @ Premier was not to offer a full 10% more and thus release those who had given irrevocable undertakings. Like all those who have sold @ 115p all these other investors would also quickly taken the cash and ran if offered a 125p.

[apatel21] 07/3/2008 16:00

It's not nearly everyone who is able to sell. It's 25.62% (of total as was yesterday), which is about 1 in 3 of those able to sell.

your forgetting the 10% RAB have bought. So that 36% in total.

What percentage have given irrevocable undertakings to HYDG and so can't sell?

OPD have another 5%.

I think you'll find after deducting all the above that the number your left with is not very big and then there's a whole bunch of PI's like myself who can't sell.

[privileged] 07/3/2008 15:46

Not much volume today though, and you can buy sub 112p now, makes you wonder RAB not picking more up?

[williebiz] 07/3/2008 15:06

Fair point Des, RAB have been crafty about that sure enough, ie they can't really lose much from this point on unless Premier's offer lapses.

[deswalker] 07/3/2008 15:02

RAB may believe there's more mileage here but personally I see their latest buying (at 114.22) purely as an attempt to get their average price as close to 115p as possible before accepting Premier's bid. Obviously I hope I'm wrong and that an extra 10p materialises from somewhere to finish the job but I doubt that will be necessary.