Northacre Share Discussion Threads

[brando69] 19/1/2013 12:43

odd that damac chose to release their statement after-hours on a friday... almost as if they didn't want it to get picked up and publicised.

[brando69] 19/1/2013 12:41

220 quid a penny for me... an extra 10-20p on the share price won't be lifechanging, but it would make me feel that i've not been shafted.

still don't get why nilsson would sell for 96, as he must have had knowledge that damac were lining up a better offer. maybe because with abu dhabi he gets to keep his job and a promise of hefty bonuses/profit shares... while damac don't want him there - just speculation of course...

that would mean that their offer was being recommended as good for him... but not for the rest of us.

again just speculation of course.

[daneswooddynamo] 19/1/2013 11:16

Knigel three to four pence extra gratefully received. I'm playing for 900 quid a penny!

[jamie62] 19/1/2013 11:07

Interesting to see how serious they are and determined.

[fireplace22] 19/1/2013 10:55

Let's see the new bid put a few pence on the price and then sell if you want, going to be better than the 93.5p available yesterday.

[knigel] 19/1/2013 10:43

Is it worth staying here just in case a new bid materialises? Surely it will not be for more than 3-4p higher than the current bid?

[daneswooddynamo] 19/1/2013 10:11

A shareholder with 25 percent of a quoted companys equity has considerable power. If damac is a hostile party, even if abu dhabi gets over 50 percent. Abu dhabi's power is considerably restricted as 75 percent is the level at which it can by special resolution do all sorts of things like change the articles, delist the company etc. Moreover you will find in a leveraged bid situation which i am sure this probably is that the lending banks will not be willing to lend unless the entity it lends to can guarantee its own financial affairs/conduct and deliver ability for lending bank to take a charge over the assets.

I was slightly puzzled why damac did not announce their intention sooner but i wonder if it is actually because they do not really want to take nta over but just want more than 96p. Maybe they were actually waiting for spadille to announce that they had 50 odd percent through the anticipated purchase of aar and kn stakes and then have effectively said to spadille to come and get them if they want their stake. Spadille is now kind of caught in the middle with 50 percentish but no easy route to 75 percent. Alternatively if they really do want to buy it they have been puzzlingly slow.

Is this ken macraes partner explaining why we havent had a formal pull-out announcement?

[poacher45] 19/1/2013 10:05

You are right fireplace22 when somebody has over 50% they can basically do what they want. Therefore and I am not saying that the independant directors were good but they had no alternative but to reccomend the offer.

[fireplace22] 19/1/2013 09:54

If Abu Dhabi haven't gone over 50% and therefore called it unconditional, I think they have no intention of a full TO rather than to sell on to Damac for a profit.
They had ample opportunity of Friday to get past 50%.
Abu Dhabi were required by the rules to make a mandatory offer for shares it does not mean that they ultimately want to own the company, but if they don't why set a low limit for going unconditional?
Poacher, Abu Dhabi have said 50% is unconditional. They can still delist at less than 75% if the minority s'holders agree.

[sami69] 19/1/2013 09:54

You would have thought that damac have sounded abu dhabi out before they bid.. No chance of getting 50% without their shares..

[jonnyboy1] 19/1/2013 09:47

The success of this company had nothing to do with the directors. it was purely down to the move in super prime, without that they would have driven it into the ground. I bought shares to gain exposure to the super prime market not their 'skills'. I am furious that they are attempting to steal that from me with an offer below cash on the balance sheet.

[jonnyboy1] 19/1/2013 09:44

I do hope to add attempted and incompetent to that statement.

[jamie62] 19/1/2013 09:37

Agreed. Worrying the first offer was recommended...woeful

[poacher45] 19/1/2013 09:19

brando69

Over 50% means your in control no one can beat that. Over 75% means you can force everybody to accept your bid. It then goes unconditional. Damac are either trying to get the bid higher or to make an offer that the other side finds acceptable. The problem for Damac is if they do not accept the bid the other side could take the company private never pay a dividend and Damac's 25% becomes worthless.

[wrestlingmad] 19/1/2013 09:12

..........tara..........
............i'm not who you think i am.................
...........i'm an ex ukip councillor living in..........
...............sutton...............

[tara7] 19/1/2013 09:06

wrestlingmad /Harrissen / JonC /Mechanical trader [all the same person posting at the same time]

"NTA


JonC - 17 May 2012 - 14:19:49 - 1137 of 1627



60p then fresh air down to 40p."


This same poster who upset so many posters here is now doing the same on the PTO thread.!!

[joe say] 19/1/2013 08:28

what price offer from Damac would it take to persuade Abu Dhabi to turn a quick profit, I wonder...?

and if a materially greater offer is turned down wouldn't that in itself be demonstrable proof that the board had NOT acted in the bests of interests of ALL shareholders ?

[jamie62] 19/1/2013 07:52

At last some competitive bids..but why did KN sell...will be gutted if trumped.

[brando69] 19/1/2013 01:13

what price offer from Damac would it take to persuade Abu Dhabi to turn a quick profit, I wonder...?

[brando69] 19/1/2013 01:05

daneswooddynamo 18 Jan'13 - 17:43 - 17781 of 17810 0 0

75% is the crucial level


I'm confused as to whether it is 50% or 75%?

[brando69] 19/1/2013 01:02

So do we think Ken will throw his lot in with Damac?

And why didn't they play their hand on Thursday?

[brando69] 19/1/2013 00:33

745,000 shares traded today - touch under 3% - all sold to the market makers - we can only hope that they are being used to fill an order from damac and not abu dhabi...

[brando69] 19/1/2013 00:29

"Damac can confirm it is considering making a counter offer for Northacre at a level higher than that currently being proposed by Spadille (the "Damac Offer"). The Damac Offer will be conditional on acceptances being received in respect of more than 50 per cent. of the entire issued ordinary share capital of Northacre."

Surely if Abu Dhabi have reached 50% today, then Damac's eleventh hour declaration is a non-starter?

[brando69] 19/1/2013 00:27

fireplace/trout

what happens if Abu Dhabi have got their 50%+1 but Damac manage to increase their 25% and put in a better offer?