International Distributi... Share Discussion Threads

[isis] 21/7/2024 13:46

With RM's fortunes changing the offer does not look realistic. The USO can and will change this would also affect RM's valuation, the Board seems to be ignoring this and are recommending the deal come what may.
A very unusual set of circumstances and a Lazy board.

[cherryandwhite1] 21/7/2024 07:57

So if I vote no and the deal goes through do I automatically get bought out

[not my real name] 20/7/2024 11:29

chancer Post 1660
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"I won't be selling my 30000 shares and informed that if I don't accept the offer by the August deadline then I could have difficulty ever selling when the takeover is agreed.

They are using psychological mind games."

Not mind games mate, just a reality check. If he gets over 70% and you hang on to your shares, where will you sell them when you decide to realise some cash?

What if they use Directors loans to distribute profits and you realise you get nothing?

I cannot believe that someone with the wherewithal to accumulate 30,000 shares worth around £111,000 could be so stupid as to put themselves in such an untenable position for no reason whatsoever!

If he gets over 90% he can do a compulsory purchase but you will get less than if you take the offer. (8p special dividend, £2,400 on your supposed "30,000" holding.

cherryandwhite1,

I think this probably answers your question as well.

All IMHO,

NMRN

[cherryandwhite1] 20/7/2024 09:30

What happens to my shares if I don't vote either way but the deal goes through. Will I have worthless shares or will I automatically get bought out for his offer price

[isis] 19/7/2024 11:55

As this drags on and RM return to profit the Board should point out that RM's finances and forward profits could dramatically change if the Government relaxes the obligations of the USO to reflect the times of today.
The Board are not really doing their best for shareholders here without any explanation why this is such a good deal?

[isis] 18/7/2024 19:51

These are no Micky Mousers!

The largest investment management company worldwide by assets under management (AUM) as of 2022 was Blackrock reaching almost 9.5 trillion U.S. dollars in AUM. The Vanguard Group ranked second managing 8.4 trillion U.S. dollars in assets.

[isis] 18/7/2024 19:44

The Vanguard Group, Inc. is an American registered investment advisor based in Malvern, Pennsylvania, with about $7.7 trillion in global assets under management, as of April 2023. It is the largest provider of mutual funds and the second-largest provider of exchange-traded funds in the world after BlackRock's iShares.

[isis] 18/7/2024 19:36

So Vanguard are accumulating now with 3.68%. With all these disclosures coming out each day these things are not hitting the Radar.

[isis] 18/7/2024 19:30

The Vanguard Group, Inc. Discloses Position in International Distribution Services plc

On July 18, 2024, The Vanguard Group, Inc. revealed its position disclosure under Rule 8.3 of the Takeover Code. This disclosure relates specifically to the securities of International Distribution Services plc.

As of July 17, 2024, Vanguard holds a total of 35,250,229 ordinary shares, representing a 3.68% interest in International Distribution Services plc. There are no disclosed positions in cash-settled or stock-settled derivatives.

Vanguard also reported dealings involving the purchase of 50,267 ordinary shares at a price of 3.36 GBP per unit on that date. No cash-settled or stock-settled derivative transactions occurred.

No indemnity or other dealing arrangements, options, or agreements concerning the relevant securities were reported. Additionally, there are no agreements or understandings relating to voting rights or future acquisitions of these securities.

R. P.

[sr2day] 18/7/2024 14:07

if private equity decides that they can offer more then it is not over yet.

[isis] 18/7/2024 13:28

These are about the highest they've been since the bid was announced. Is it because the bid is more likely to happen, is it because a higher bid is expected or is it they are just undervalued?

[isis] 18/7/2024 13:22

Just who are the Board representing? DK, The Unions or themselves?
It doesn't seem to be Shareholders??

[isis] 18/7/2024 11:49

The Board have not really explained why they went from 'substantially undervalued to then telling holders to accept the offer. They themselves are not large holders but probably have plenty of share options.
It's a bit of dilemma at the moment and needs clarifying.

[pdosullivan] 18/7/2024 11:08

Given that the offer document sets out that the unconditional date can be brought forward - see page 65 - if there are sufficient acceptances, I do not see any incentive for people minded to accept this takeover to delay accepting this.

[glavey] 18/7/2024 11:08

So the trading update is to advise they are progressing well and the RM side benefitting from the increased postal rates and competitive pricing and strong service levels for domestic parcels. Next breath proposing it's flogged off because of all the inherent problems. Is that to call the Gov't bluff over the service obligations? Keeping the service obligations without cross subsidy can surely only be done at the expense of inceasing the cost of a 1st/2nd class stamp, an act which only serves to put greater pressure on volumes and plays into the hands of the competitors. Bidco may be offering 5yr g'tees but a) may find it easier to default and argue with the regulator and b) what happens after 5yrs anyway, it's not such a long time. If Bidco didn't think they could make money from this they wouldn't be interested in the first place. Seems opportunistic at a time when ii's are generally happy to divest their book of anything which shows a return or exits a slow burner in favour of the latest trend, like AI or whatever. But that's what bids are and from their perpective it's difficult to argue to the contrary.

Conclusion: With change of Gov't, too early to call. Sit on hands?

[isis] 18/7/2024 08:40

The Board have not handled this well. RM are expected to return to profit but are valued at nothing, if this were applied to other Companies then half of them would be worth nothing. Also RM have alot of assets which is hardly mentioned!

[cwa1] 18/7/2024 08:29

Re low acceptances, FWIW the closing date for acceptances for ii at least is not until 20/8/24. I can also change my vote up until that date. So even if I wanted to make a gesture and stand up and be counted this early, my broker won't even be totting up the figures until towards the end of August. I'm sure most other brokers will be similar. So PLENTY of time for things to change substantially towards the closing date.

[isis] 18/7/2024 08:22

I'm surprised the acceptances are so low given the Boards recommendation. Bloody nightmare this!

Level of acceptances



As is required pursuant to Rule 17 of the Takeover Code, Bidco announces that, as at 3.00 p.m. on 17 July 2024 (being the last Business Day prior to the date of this announcement), valid acceptances of the Offer had been received in respect of a total of 32,318,148 IDS Shares, representing approximately 3.37% of IDS' issued share capital.



So far as Bidco is aware, none of these acceptances have been received from persons acting in concert with Bidco.



As described in paragraph 4 of Part A of Part 6 (Additional Information) of the Offer Document, Bidco procured irrevocable undertakings to accept (or procure the acceptance of, as applicable) the Offer from the IDS Directors who hold IDS Shares, representing approximately 0.019% of IDS' issued share capital, as at 3.00 p.m. on 17 July 2024.[1] These irrevocable undertakings remained outstanding as at 3.00 p.m. on 17 July 2024. Bidco has been informed by IDS that all IDS Directors who hold IDS Shares have instructed their respective third party brokers or nominees through which their beneficial holdings of IDS Shares are held to accept the Offer in respect of their entire IDS shareholdings and have therefore taken all steps in their control to accept the Offer, however, the Receiving Agent is unable to separately identify these individual acceptances in the total acceptances received.

[isis] 18/7/2024 07:58

If are RM are returning to profit and GLS are worth around £3.5billion then RM is being sold for nothing even stripping out debt which is more than covered by assets.
The Board seem to want to get shot of it but they are supposed to working for shareholders as well as the Companies interests.
I think they've had enough of dealing with the Union and want to move on. The Government probably thinks the same and has no plans to renationalise RM so a sell off to another entity may well suit them all.

[pdosullivan] 18/7/2024 07:58

If I am reading it correctly, only 3pc of the 70pc or so of IDS not held by Kretinsky had accepted the offer as of mid afternoon yesterday. Hopefully IDS will remain independent - I think the offer price is far too low.

[isis] 18/7/2024 07:53

Yes DW appears to be the most Marxist of Union leaders. They really do think or should own the Company which in itself makes them Capitalists!
Oh the Irony and the Hypocrisy! ;-))