New Star Asset Management Share Discussion Threads

[jamie62] 30/1/2009 12:08

great ....

Andrew Formica, Henderson's chief executive, told Times Online that while his company's bid was not the highest, he was able to move more swiftly than any of the other interested parties.

[eburne1960] 30/1/2009 11:01

Has anybody here actually read the offer document?! It says RECOMMENDED CASH OFFER OF 2p. The banks are accepting it, so it's virtually a done deal!!

[jamie62] 30/1/2009 10:55

and the buys are 2:1

[jamie62] 30/1/2009 10:53

i dont remember any announcements of others pulling out - can you direct me please

[phillis] 30/1/2009 10:44

This was an auction - the others dropped out.
You don't drop out and then come back in again

[jamie62] 30/1/2009 10:23

i will hold onto these - the press had speculated that Schroeders was best placed to make a bid for these. This is only the first offer from Henderson and I think that there is a good chance of counter offers from other. At least there is now a bid on the table that will encourage other potential suitors to get on with it.

[jamie62] 30/1/2009 10:21

thank goodness - load of babble

[ohsod1t] 30/1/2009 10:14

Don't hear much from treacle these days.....

[jamie62] 30/1/2009 10:14

surely the shares can only be relisted is the current Henderson offer is rejected.

[frankiestheone] 30/1/2009 09:47

the banks have taken 75% of the company for writing off the debt. These will get delisted then what happens. Either they sharholder get what the value is on delisting day, could be up could be down. what I'm banking on is that the shares will be relisted in another guise wher we end up with nothing or they will rocket. I've written the money off so willing to take a chance on the latter..IMHO I hold funds attached to New Star but these are ring fenced so will not lose out there

[jamie62] 30/1/2009 09:27

still some chunky buys though

[gazzastrip] 30/1/2009 09:11

As usual, the shareholders get stuffed and the debt holders come out ok.

Duffield has sold us down the river i am afraid and simply handed this company to the banks. There were,i belive, other ways things could have been handled without the shareholder getting next to nothing.

New Star could,for example, have sold some of its funds to rival groups. This would have helped them reduce the debt to manageble amounts and in due course, when credit markets improve, re negotiate the debt. It could have re-built its business and brand (as Aberedeen have succsesfully done) over time.

The real root cause of the current problem is of course the incredibly high gearing organised by the company to pay off the original shareholders.

[asmodeus] 30/1/2009 08:25

Has anyone been able to deduce from the presentation what the implications are for New Star shareholders?

[jamie62] 30/1/2009 08:24

so 291m share in issue
cash offer of £22m

7.56p per share - what am i missing?

Under the terms of the Restructuring, New Star will put proposals to
shareholders to de-list. On completion of the Restructuring the Banks will
convert �240 million of the �260 million owed to them, together with certain
other amounts owed to them, into �94 million of convertible redeemable
preference shares (the "Preference Shares") and such number of new ordinary
shares as together will give the Banks 75% of New Star's fully diluted enlarged
ordinary share capital, calculated without taking into account the conversion
of the Preference Shares

7.56/4 = 1.89p

[knowing] 30/1/2009 08:10

New Star proposed acquisition


30 January 2009


Henderson Group plc has today announced the terms of a proposed acquisition of
New Star Asset Management plc.


To view the market presentation please click on the link below:

[argy2] 30/1/2009 07:33

Treacle and Lucian are both crooks.

[jamie62] 29/1/2009 11:01

some chunky buys at 1.9

[sprattyken] 27/1/2009 17:05

You will have to trade with paper - virtually impossible.

Therefore if you hold when they delist, you will have no control and will simply have to wait and see what happens.

I hold CFDs which will be cancelled when delisting happens. I "should" get the value of the CFDs at the time, but do not want to leave it that late.

The ord sh have to accept the restructuring plan, or else the banks will pull the plug. The problem is that the sh are being asked to vote for something that the company keeps saying may result in nothing for sh.

Confusing to the say the least. Has anyone else got a different interpretation?

[frankiestheone] 26/1/2009 22:07

so what happens when they delist. what happens to liquidity, could be hard to trade

[doorway] 26/1/2009 12:05

yeah scare tactics..im seeing this one out ...

[sprattyken] 26/1/2009 10:08

Still got to watch the spread.....

I really want to know what's going on here. It feels like they are trying to scare off sh in the guise of disclosure.

[steviewo] 26/1/2009 10:01

Up 44%! Why didnt I top up when we down at 1.7p this morning - damn!

[sprattyken] 26/1/2009 08:31

More dire warnings in RNS this morning. Why do they keep warning the sh that they may get nothing from the deal? Is it because they will get nothing from the deal....or is it something else?