MWB Business Exchange Share Discussion Threads

[scburbs] 14/6/2011 06:51

I highly doubt it, I certainly can't see them matching the Regus offer. It would be too dilutive to MWB shareholders and they don't have the firepower for a cash offer.

More likely is that they will try a take private and bleed the value via intra-group recharges free from public scrutiny. Another clear risk for minorities with the current MBE board in situe.

[moreforus] 14/6/2011 05:30

It's all part of the game ..MWB will come up with a better offer for pyro...

[knowing] 13/6/2011 22:09

MBE down tomorrow with MWB up ?

[yump] 13/6/2011 21:54

Interesting that lower down, they reserve the right to make an offer if the MWB offer fails (for any one of various reasons), or if the conditions change. Obviously it will fail if Pyrrho vote against.

So it could all start up again soon ?

[lufc5] 13/6/2011 19:00

Withdrawal of possible offer for MWB Business Exchange plc ("MBE")





Despite Regus's all-cash possible offer of 92.36 pence per share for MBE (the "Indicative Offer" or "Regus's Indicative Offer") representing a 71.3 per cent. premium over the offer made by MWB Group Holdings plc ("MWB") for MBE on 28 April 2011 ("MWB's Offer") (as at close of business on 10 June 2011), and Regus announcing on 10 June 2011 that it had dropped all of the reservations to its Indicative Offer price, whilst the Indicative Offer remained subject to confirmatory due diligence and a recommendation from the independent committee of MBE (the "Independent Committee"), Regus confirms that neither MWB nor the Independent Committee have sought to engage in meaningful discussions with Regus in relation to Regus's superior Indicative Offer. Accordingly, Regus has no choice but to withdraw its Indicative Offer for MBE and therefore announces that it does not intend to make an offer for MBE.



The refusal of MWB and the Independent Committee to engage has been despite the announcement today by Pyrrho Investment Limited ("Pyrrho"), the largest independent shareholder of MWB and MBE, that it will vote against the resolution to approve the scheme of arrangement to implement MWB's Offer (the "MWB Scheme"), which will effectively mean that the MWB Scheme cannot succeed.

[markt] 13/6/2011 15:27

any other possible bidders for MBE apart from Regus ?

SVO, serviced offices, is I assume too small to make an offer, or ? (cap. is only 5M)

[yump] 13/6/2011 13:44

Sorry I should have said 'would have' - was just reviewing what has happened previously.

Goodness knows what the latest stuff about the previous shareholder in MBE is going to bring up !

[moreforus] 13/6/2011 12:36

yump the takeover my MWB has just been scuppered after todays rns

[yump] 13/6/2011 12:19

markt - 13 Jun'11 - 11:58 - 248 of 248

"I wonder if the whole process is a process by MWB to intentionally sell MBE but at highest price...."

I wondered about that as well when the low offer appeared, especially when you think about the possible end results - either get it very cheap or cash in higher. I'm sure tactically it has happened before with other companies who are majority shareholders and of course its not against the law.

However, the way they have dealt with it in contrast is going to take them very close to court proceedings imo, separately from the issue of discharging duties.

With a 90p takeover MWB would effectively get paid for the 'value' in MBE, without having to lift a finger to work for it at all. So would we. I'd much prefer that, to having any investment whatsoever in MWB itself.

[markt] 13/6/2011 11:58

....some interesting posts on MWB board yesterday by the way...some additional info..imo

Pyrro....'perhaps' you may want to read...

====

I wonder if the whole process is a process by MWB to intentionally sell MBE but at highest price....

by spinning off MBE and then trying to buy it back....they effectively put it up for sale imo...
and next year is Olympics...everyone and their friend will need and want office space imo.....thousands of journalists....TV crews, magazines, papers, production teams....and travel programmes that will also cover London before, during and after the Olympics imo...

many of them will want office space for a time......the prices will....rocket imo....

MWB runs many hotels in London....gonna make a packet imo...prices will surely go up a lot, so profits will go up a lot...the fixed costs stay...about fixed...smaller variation with volume

...if MWB/MBE want to sell anything....then in the run up to the olympics is the perfect time....oh, happens to be about now till next summer...

[topinfo] 13/6/2011 11:27

DJ MWB Business Exchange Shareholder Rejects Planned Sale

By Tommy Stubbington

Of DOW JONES NEWSWIRES

LONDON (Dow Jones)--A minority shareholder Monday said it will reject an offer for office space and meeting rooms provider MWB Business Exchange PLC (MBE.LN) made by the company's majority shareholder, saying it "grossly undervalues" the business.

Pyrrho Investment Ltd., which owns roughly 8% of MWB Business Exchange, said the company has failed to address its concerns about the GBP32.7 million deal, which is worth a little over half the value of a rival proposal from Regus PLC (RGU.LN).

MWB Group Holdings PLC (MWB.LN), which holds around 72% of the company, made a cash-and-share bid in late May for the shares it doesn't already own. The two companies have close associations and, over the past year, MWB Business Exchange has relied upon MWB Group for working-capital support of between GBP3 million and GBP5 million on a quarterly basis.

Pyrrho said the recommended offer by MWB Group for the 28% of the outstanding shares in Business Exchange can't succeed without Pyrrho's support. "The offer requires the approval of at least 75% of the holders of the outstanding shares, and as a result of its approximately 8% holding in Business Exchange, Pyrrho controls more than 28% of such outstanding shares," it said.

Pyrrho said it remains concerned about the company's "blatant threat" to delist, and called on the board to resist such plans.

"MWB is holding a gun to the heads of Business Exchange's minority shareholders, and has presented us with a derisory offer, backed by the threat of a delisting if we don't comply," Paul Cummins, Pyrrho's investment director, said in a statement.

Pyrrho last week said it was unhappy that independent directors were recommending that shareholders trade in their ungeared, dividend-paying MWB Business Exchange shares for those in MWB Group, which are illiquid, with high debt gearing and no record of paying a dividend in more than nine years.

MWB and Regus declined to immediately comment.

-By Tommy Stubbington, Dow Jones Newswires; 44-20-7842-9268; [e-mail]

(END) Dow Jones Newswires

June 13, 2011 06:26 ET (10:26 GMT)

Copyright (c) 2011 Dow Jones & Company, Inc.

[sharw] 13/6/2011 11:12

Another twist in the story:

[topinfo] 13/6/2011 11:00

Would be nice to get a bidding war too.

[topinfo] 13/6/2011 10:59

93p is the bottom line....cash. Regus may just offer say £1.00 to clinch it but 93p minimum!!!

[moreforus] 13/6/2011 10:57

what you mean pay more than 93p when you can buy at 70p??

that's crazy talk!

[topinfo] 13/6/2011 10:55

Well you dont even need to await Regus bid, coz its already here and now with low offer rejected there is only Regus in the frame, unless of course someone trumps that bid!!!

[moreforus] 13/6/2011 10:38

wake up people

[topinfo] 13/6/2011 10:37

Regus all bid conditions dropped Friday, now major shareholder rejected low offer and wants value for shareholders, well there you have it. Regus 93p a share bid!!!!!!!!!!!!!!!!


Expect an RNS now from Regus!!!

[topinfo] 13/6/2011 10:32

DJ Pyrrho Investment Limited Vote against offer for MWB Business Exchange

TIDMZZZZ TIDMMBE TIDMMWB

RNS Number : 3153I

Pyrrho Investment Limited

13 June 2011

13 June 2011

Pyrrho Investment Limited to vote against MWB Group Holdings Plc's Offer for MWB Business Exchange.

Pyrrho Investment Ltd ("Pyrrho") is very disappointed that MWB Business Exchange ("Business Exchange") has ignored the concerns laid out in its open letter of June 7(th) . Business Exchange's announcement of June 9(th) failed to respond to any of the points in Pyrrho's letter or even refer to them.

Pyrrho notes that the recommended acquisition ("Offer") by MWB Group Holdings plc ("MWB") for the approximately 28% of the outstanding shares in Business Exchange cannot succeed without Pyrrho's support.

The Offer requires the approval of at least 75% of the holders of the outstanding shares and as a result of its approximately 8% holding in Business Exchange, Pyrrho controls more than 28% of such outstanding shares.

After due consideration, Pyrrho announces it intends to vote its entire holding of 5,179,594 ordinary shares against the resolution to approve the Offer from MWB, since it believes it grossly undervalues Business Exchange and represents an unacceptable transfer of economic value to MWB.

Given that the current Offer will now fail, Pyrrho remains concerned about the blatant threat from MWB to delist Business Exchange's shares. It calls on Business Exchange's Board, particularly Malcolm Murray, its independent non-executive director, to oppose any attempt by MWB to delist the business. The modest cost savings achieved through such a delisting would be far outweighed by the damage done to the interests of the minority shareholders through such a move and the Board has a duty to defend those interests.

Paul Cummins, Pyrrho's investment director, said: "MWB is holding a gun to the heads of Business Exchange's minority shareholders, and has presented us with a derisory offer, backed by the threat of a delisting if we don't comply. This is simply unacceptable behaviour so we have decided to block the Offer. We now call on the Board to protect the rights of all shareholders in Business Exchange and undertake to maximise value for them."

Contacts:

Singer Capital Markets (Adviser to Pyrrho Investment Ltd)

T: [phone]

Jonathan Marren

Nick Donovan

Maitland (PR Adviser to Pyrrho Investment Ltd)

T: [phone]

Neil Bennett

George Hudson

This information is provided by RNS

The company news service from the London Stock Exchange

END
MSCUOAKRASANARR

[topinfo] 13/6/2011 10:32

Yeah they do see RNS today just out. They want Regus bid by look of it now!

[yump] 10/6/2011 14:29

Unbelievable that they made out that they had 'met' with Regus, which is factually correct, but extremely misleading in that it implies a serious discussion, given the context of the statement.

However, given that it was 5 minutes to refuse the offer, even if MWB succeed, they're going to have to answer a lot of questions. Its obvious they know they are in a 'grey' area and pushing it right up to the limit.

It shows how inept and weak our financial regulatory system is.

From Regus:
"Engagement with MBE

As announced by MBE, Regus can confirm that Mark Dixon did meet with two members of the Independent Committee, Malcolm Murray and Rick Aspland-Robinson, on 11 May 2011. However, what was not disclosed by neither the Independent Committee nor MWB in their respective announcements was that this sole meeting lasted less than 5 minutes allowing Malcolm Murray and Rick Aspland-Robinson to tell Mark Dixon that MWB would not accept Regus's Offer and that they would not engage with Regus.

Regus therefore asserts that despite the misleading announcements made by MWB and the Independent Committee, both parties and their respective advisers have refused to engage in any serious fashion at all."

[knowing] 10/6/2011 13:33

sport thats why it's a win win situation for MWB as they either get the 92p or MBE on the cheap

[sportbilly1976] 10/6/2011 13:29

looks like people now realising that if MWB don't accept the offer, RGU will walk away.