Melrose Industries Share Discussion Threads

[meanwhile] 27/4/2018 13:55

Getting to know you,
Getting to know all about you,
Getting to like you,
Getting to hope you like me.

[brexitplus] 27/4/2018 13:52

Minerve

You obviously don’t recognise yourself.

So what is your IQ? I happen to know mine which was evaluated professionally as part of a research programme at university when I was 26. It would be interesting to compare.

[minerve] 27/4/2018 13:34

"The pompous rude one really deserves pity. Must be lonely."

I agree. We must not be too hard on gettingrichslowly.

[brexitplus] 27/4/2018 13:20

Yertiz

Good luck with the pitying. Long way to go. I prefer to pity from the comfort of my own home. And with TWO to pity it uses a lot of my energy. The pompous rude one really deserves pity. Must be lonely.

I see he’s talking about IQs. I reckon his must be in the 80-90 range as an average but I need MW to explain the relationship between average and range.


When I first moved to Gloucester in 1981 Gloucester regularly hammered Bath, in more ways than one!!! It’s good to have a change. I like the way Exeter play.

[yertiz] 27/4/2018 12:27

And for Gloucester against Bath, B+. Wasn't too long ago they (Bath) were invincible, now it seems Exeter are wearing that crown.

I'm off to Colorado for the weekend, got some serious pitying to do, lol.

[minerve] 27/4/2018 11:47

"Good company"

Yeah, sure, if you like low IQs and eating monkey nuts! ROFLMAO!

[brexitplus] 27/4/2018 11:30

Yertiz. Good luck v Rotherham tomorrow.

[yertiz] 27/4/2018 11:27

At last. A sensible post from Meanwhile. Just to let you know you are with good company in Stirling. Melrose directors, B+ and myself are all invested with them. Looking forward to discussions on their BB when they start wheeling and dealing.

[brexitplus] 27/4/2018 11:13

If MW is listening, I have a small position in Stirling but will wait until the first deal before increasing. I cannot believe that the Stiring team are as good as the Melrose team, but the latter have invested in Stirling. Also the former are somewhat older than the latter when they started. Wait and see.

[meanwhile] 27/4/2018 10:50

I see slow progress from here with MRO shares, with capital returns being made as they sell bits over the next few years. I think the excitement has probably gone.

Those here who think I'm a liar or an idiot, and haven't applied the filter, should look away now.

I think it's time to move some across from Melrose to Stirling Industries (STRL).

[brexitplus] 27/4/2018 07:09

Compulsory Acquisition of remaining GKN Shares


Melrose announces that it has now acquired, unconditionally contracted to acquire or received valid acceptances of the Offer in respect of more than 90 per cent. of the value of the GKN Shares to which the Offer relates and more than 90 per cent. of the voting rights carried by such shares. Accordingly, Melrose will now begin the implementation of the compulsory acquisition procedure under Chapter 3 of Part 28 of the Companies Act 2006 (the "Act") to acquire the remaining GKN Shares which it does not already own or has not already acquired, contracted to acquire or in respect of which it has not already received valid acceptances, as contemplated by the Offer Document.
Melrose will shortly despatch formal compulsory acquisition notices under Sections 979 and 980 of the Act (the "Compulsory Acquisition Notices") to GKN Shareholders who have not yet accepted the Offer (the "Remaining Shareholders"). These notices will set out Melrose's intention to apply the provisions of Section 979 of the Act to compulsorily acquire any remaining GKN Shares in respect of which the Offer has not been accepted, on the same terms as the Offer.
Melrose expects that such outstanding GKN Shares will be compulsorily acquired by Melrose, on the same terms as the Offer, on or shortly after, the date that is six weeks from the date of the Compulsory Acquisition Notices. The consideration to which those Remaining Shareholders will be entitled will be held by, or on behalf of, GKN on trust for those Remaining Shareholders who have not accepted the Offer and they will be requested to claim their consideration by writing to GKN at the end of the six week period.


Further details:

1. Level of acceptances

As at 3.00 p.m. on 26 April 2018, being the last practicable date and time prior to this announcement, Melrose had received valid acceptances of its Offer in respect of 1,561,321,133 GKN Shares, representing approximately 90.53 per cent. of the voting rights of GKN. So far as Melrose is aware, none of these acceptances has been received from persons acting in concert with Melrose or in respect of shares subject to an irrevocable commitment or letter of intent.

The percentage of GKN Shares referred to in this announcement in respect of which valid acceptances have been received is based on there being a total of 1,724,605,373 GKN Shares in issue (excluding shares held in treasury).


2. De-Listing of GKN

As previously announced, Melrose will procure that GKN applies to the London Stock Exchange for the cancellation of the trading of GKN Shares on its main market for listed securities and to the UKLA for the cancellation of the listing of GKN Shares on the Official List. Such cancellations are expected to take effect at 8.00 a.m. on or around 21 May 2018. Such cancellation of listing and admission to trading will significantly reduce the liquidity and marketability of any GKN Shares not assented to the Offer.


3. Continuation of Offer

The Offer will remain open for acceptance until further notice, and not less than 14 calendar days' notice will be given in respect of the closure of the Offer.

All terms and conditions of the Offer, as set out in the Final Offer Document, continue to apply.

GKN Shareholders who have not accepted the Offer are urged to do so as soon as possible in accordance with the instructions set out in the Final Offer Document.

GKN Shareholders validly accepting the Offer will receive their New Melrose Shares and their cash consideration to which they are entitled within 14 calendar days from the date of their acceptance.

[minerve] 26/4/2018 18:21

steeplejack

Thanks for your respectful comments this afternoon. Meanwhile, thank you too.

I am no longer a shareholder of GKN and so have not been following the news closely post my GKN sales a while back. If GKN have been reckless in their behaviour to entertain Dana then I would be one of the first to hold them to account and lambaste such activity. This whole episode has been handled poorly on all sides, from all angles, and I would hope everyone has the decency to review their actions in an unbiased way.

From my perspective I would like to see the Takeover Code changed so that once an offer is public the voting attached to each share is frozen and does not transfer with the share until the date to accept the bid has past. I know this would probably be a big ask and may be difficult to execute. It would stop arbitrageurs who have no interest in either company post bid from influencing a decision that affects the long-term from their contradictory transient and superficial holding. There is huge pressure placed on wisdom by the greedy and the ignorant to sell out to short-termism when those placed in a position to do otherwise would prefer not to.

As you have pointed out there are some elements of Melrose that are attractive, they are not what I contest. The question has always been at what price do they come? Now the dust is settling and the battle lost (from my side) I have become a little more sanguine, and with an open mind, I will be watching Melrose a little more closely from now on. I will be paying particular attention to their accounting.

If I have been wrong, and too eager perhaps with stereotype in the past, I will be more than happy to say it.

Good luck with your Melrose investment it looks like the timing, certainly from the US perspective, is spot on. Airbus is the one to watch. If I was still an investor, that is where my concern would focus.

[meanwhile] 26/4/2018 18:14

A good steady rise today then.
With the profits from today, I expect some of you lads will be able to buy that big bag of monkey nuts you always wanted.

[brexitplus] 26/4/2018 18:09

Getting. Totally agree.

[gettingrichslow] 26/4/2018 17:56

B+, I hope not for her sake. He just needs to accept that he made a series of poor judgements and stop trying to convince himself that he didn't...And he should apologise to bouleversee.

[brexitplus] 26/4/2018 17:39

Getting.. You know you shouldn’t mock the afflicted.

Do you think there is a long suffering Mrs minerve?

[brexitplus] 26/4/2018 17:38

Yertiz

I can see how important the Rotherham game is with you just outside the playoffs. Recent records of both teams look pretty comparable.

I see Exeter have Sale - should win that.

Gloucester are at home to Bath. In the old days this fixture would be a lot of fun. Lots of fisticuffs. Sadly the modern game has stopped all that. When I played I thumped my opposite number ASAP to see how he would react. Couldn’t do that now.

Good day for Melrose.

[gettingrichslow] 26/4/2018 17:29

Minerve, "I should add the comment that I don't normally comment about my worth or experience on BBs but ........."

Apart from swearing incessantly, that's pretty much all you do on this board! Deep insecurities come through loud and clear...

[gettingrichslow] 26/4/2018 17:28

Yertiz, given Meanwhile thinks his calculations are 'clever' and help us I very much doubt his teachers got through to him much at primary school

[yertiz] 26/4/2018 17:22

B+ - Big,big game, home to Rotherham.

MW: A final gesture? Are you leaving us?? If so, bye then. If that was trying your best, then all I can suggest is they failed you at primary school. Ha Ha.

[brexitplus] 26/4/2018 17:13

Yertiz. I agree with your trading range until things settle down.

Who are Argyle playing this weekend?

[meanwhile] 26/4/2018 16:31

Yertiz,

I have tried my best with you, for little result.

As a final gesture, if you are ever in Colorado, say on a hitch-hiking holiday, you are very welcome to call into our place in the mountains, where you'll be able to pity us from close quarters.

[brexitplus] 26/4/2018 15:45

Yertiz. We have a doctor and a chiropractor in the family. What I need is a good dentist!!!

You may have seen I emailed the BES Committee in the person of Rachel Reeves suggesting they recall Stevens, Sclater plus Turner. Here’s hoping, but since Labour/Liberals supported GKN I don’t see them doing the “right thing.”

And yes the rebound is helpful. I topped up at 214p.

[brexitplus] 26/4/2018 15:40

The position is previously there were 1.94 billion Melrose shares. At last RNS there were an extra 2.46 billion shares allocated to GKN shareholders based approximately on 81% acceptance, making a total of 4.41 billion Melrose shares in the market. More will be listed as the process reaches it conclusion.

This suggests that this “dilution̶1; accounts for a large part of the reduction in short positions as a percentage. In fact it will give about 7% short.

[yertiz] 26/4/2018 15:37

Its the dentist in me, I keep touching nerves :)

Good to see a rebound today after yesterday's performance. Still trying to find its feet in the market, so no doubt we shall see some volatility in the range of 210 - 235 (that's movement between these values, Meanwhile) before all the dust has settled.

What would also be good to see is Sclater, Stevens and co being investigated for financial irregularities. Perhaps they should be made to pay some of their 'hard earned' bonuses back into GKN's pension deficit?