Northacre Share Discussion Threads

[fireplace22] 07/2/2013 16:06

No details whatsoever, we don't know what price (except 96p min). I think DAMAC will get something for their trouble I doubt if we'll get any benefit though. They'll probably agree to delist and come to a private arrangement later as suggested by a couple of folk on here.

[sami69] 07/2/2013 15:59

Looks like 96p then? Did DAMAC just roll over without a fight?

[fireplace22] 07/2/2013 15:17

Offer documents posted.

[daneswooddynamo] 07/2/2013 12:59

there is some conditionality as they need a positive announcement that the transaction is not being referred to the competition commission. Of course there is no chance of that but they still need a confirmation announcement. From Spadille's perspective they are happy to pay as late as possible for obvious reasons

[troutisout] 07/2/2013 12:14

A bad case of them I fear,

[sami69] 07/2/2013 12:13

troutisout - have got the hiccups?

[fireplace22] 07/2/2013 12:12

trout, they have said 50% to go unconditional, they will never get 75% without DMAC on side so I'm expecting payout at over 50%.

[troutisout] 07/2/2013 12:08

It depends if everyone accepts, they would need 75% to take it private and 90% before they could compulsory purchase the remainder, could be a good couple of months yet and that is without any hiccups (although there is a possibility of a pleasant hiccup).

[fireplace22] 07/2/2013 12:08

Normally you have to wait until it goes unconditional and then the cheques are sent two weeks later I think. (it's been a long time since I've been on the receiving end). With this one, once the offer is made it should go unconditional immediately as they said this would be at 50%. An optimist would hence expect payout 2 weeks from the offer being published but that may be wishful thinking.

[daneswooddynamo] 07/2/2013 12:04

up to a couple of months probably. a few weeks before you have to get your acceptance in and then a few weeks before they pay out..

[david77] 07/2/2013 12:01

Then how long will we then have to wait for the money?

[fireplace22] 07/2/2013 11:39

I make that St. Valentines Day. We may receive something pleasant and unexpected?

[daneswooddynamo] 07/2/2013 11:26

28 days from 17 jan offer announcement to issue offer doc so a few days left to spare

[fireplace22] 07/2/2013 11:22

Yes, I think thats the case, my 'missing large buys' were actually SFM's 300K sale at 96p. All accounted for now. So where is our offer?

[fireplace22] 07/2/2013 11:13

Yes I see that, there were a couple of other large buys on that day also. When I looked (last night) at yesterdays trade data there were a number of large late trades reported. They have now disappeared from the historical data. No doubt it will all become clear in the next few days.

[daneswooddynamo] 07/2/2013 11:01

they did pick up 340,000 on 4 feb announced on 5 feb?

[fireplace22] 07/2/2013 10:38

Thought that earlier post was tempting fate! Well they now have their 50%, lets see the formal offer, statement of unconditionality and rapid settlement.

Very odd that they only picked up 40,000 shares to take them through to 50%, implies recent largish trades at 96p have gone elsewhere. Wonder why when the odds seem to be on the offer being 96p?

[daneswooddynamo] 07/2/2013 09:15

yes strange goings on. thing is once they bought kn's stake that was it past 29.99% and obliged to offer all other holders the same terms hence mandatory offer due any day via offer document. Hopefully that will shed light on the vic gate arrangement so we can see how 96p looks! I can only think that damac have made hard ball noises behind the scenes and maybe have said they won't be taken out at that level but doesnt make any difference to spadille still having to offer 96p to all shareholders

[brando69] 07/2/2013 07:41

i've given up trying to guess...


we've had two prospective bidders fold so far...

[fireplace22] 07/2/2013 07:19

If Abu Dhabi dont declare 50%+ today I'd say that they are not serious about a TO but are a stalking horse, why the tentative creep up to 49.9% and then apparently nothing despite some recent large trades. Of course, I'll probably be completely wrong and a RNS will appear later.

[jamie62] 05/2/2013 20:41

I was happy at 98p to wait and see because the potential upside far outweighed the 2p downside. But there you go. In the absence of another offer I will take the 96 at the final minute. Unquoted is just too painful. As for timing, no idea, but the talk of a payment in a year time makes me think they want to on with it. I hope.