Opd Share Discussion Threads

[charleyduck] 21/7/2009 10:18

Thanks, Ian - I appreciate the reply.

I will stay in. Could be an interesting hold - to see what Schroders do - if they bail, so be it; if they don't, I wonder how much pressure / irritation they can bring to bear; I believe OPD would have to wait at least 6 months before they could bring in a revised offer to mop up minorities - if they want to do that of course - otherwise it could be a wait for an interesting egm.....

[jeffian] 21/7/2009 09:19

Yep, there are a few of us here. Having built up over 25% during the bid process, it wouldn't make sense for Schroders to back down now. No doubt Hearn will be thinking of something unpleasant for us - that seems to be his nature - but it would be nice to think he would just knuckle down and run the business for all our benefits. Peter Simon did this at Monsoon a few years ago - waiving the divi, taking it off-market - but had to improve his bid in the end to mop up minorities. Keeping a quote is obviously quite a big issue as many Funds and ISA-holders aren't allowed to hold junior market/unquoted investment. No doubt they'll say something when they announce the final results of bid acceptances on 24th.

Regards, Ian

[charleyduck] 20/7/2009 22:48

Deadline approaching this week (24th).

I am still holding my few shares fwiw. If Schroders still have more than 25%, presumably they cannot de-list.

Any others still in?

[abc125] 14/7/2009 21:52

Not a holder but good luck Jeff. I don't like it when directors ride rough shod over shareholders. If mgt do somehow pull this off, lets hope they never front a listed company again.

[abc125] 13/7/2009 20:36

Today's trading update is designed to scare remaining holders into selling imo. If things are so dire, why are they embarking on an MBO? And why are directors earning crazy bonuses/salaries?

Very dodgy management imo. Maybe even fraudulent.

[crita1] 08/7/2009 21:55

Schroders now have over 25%.

[jeffian] 03/7/2009 08:58

That's good news for those of us who want to resist the bid. Offerco need 75% to de-list and begin to force the minorities' hands but with Schroders 23% and rising and a few others holding out, that looks impossible now. If the next closing date of 10 July shows minimal additional acceptances, we would appear to have stalemate which could only be broken by an increased offer or the company accepting the status quo and operating with a substantial minority shareholder base.

Regards, Ian

[davidosh] 03/7/2009 07:27

Schroders are now actively adding to their stake and have gone over 23%

[crita1] 02/7/2009 19:15

Just a warning really to anyone who holds OPD shares in a nominee account. I have a holding in a nominee a/c with Self Trade and unusually I was looking in the message box today. I don't usually look in the box as Self Trade usually notify me of all corporate actions by letter as I have requested. Anyway I noticed a message re OPD in the 'in' box which I quote;

'Terms: TAKEOVER The offer, by Offerco, has been declared unconditional as to acceptances and
wholly unconditional. As such we will arrange to take up the offer on your behalf. If you do not wish to
take up the offer, please notify us in writing or by secure message no later than 5.00pm on 05 July
2009. Terms: 57 pence per share'.

I have not received a letter with this message. If I hadn't looked they would have sold all of my shares by default. Do you think that Peter Hearn has friends at Self Trade.

[jeffian] 01/7/2009 22:02

Hmmm! Interesting. Closed tonight at a tad above bid. Maybe the thought's occurring they might have to up the offer to get what they want.

[charleyduck] 30/6/2009 21:49

Did the AGM take place?

[davidosh] 30/6/2009 09:16

He cannot take it private with just over 50%. This company should return to very good profitability in the cycle back at the top. No reason to sell out at the low.

[crita1] 29/6/2009 18:16

What are the implications of the offer going unconditional? What can Hearn do now to take the company private? I would appreciate the advice.

[crita1] 29/6/2009 18:16

What are the implications of the offer going unconditional? What can Hearn do now to take the company private? I would appreciate the advice.

[jeffian] 27/6/2009 19:48

Well, 'Peter Cameron' for one (according to the freesharedata site)! He thinks it's a "fair offer" which signals that he must have bought fairly recently in the 30/40's but, even if he did, why he thinks it's "fair" would be an interesting subject for debate if he were around the bb's. Even in these dire times for employment consultants, this company made nearly £10m pre-exceptionals and the offer values it at around £15m. If Mr. Cameron has any other businesses he wants to sell at 1.5x PER, let me know, please!

[davidosh] 27/6/2009 19:17

Indeed and Tuesday will be very interesting as the institutions have clearly not accepted the offer and must therefore be against the way this has been done. Any ideas on who accepted the offer as I certainly did not ?

[jeffian] 27/6/2009 16:48

Ah, yes, I had assumed that having over 50% and making the offer unconditional was sufficient to de-list but I see on re-reading the offer docs that they need 75%.

[davidosh] 27/6/2009 13:28

They only have 54%. If the remaining 46% stay strong the company will have to remain listed and on Tuesday there is an AGM to decide who runs the company. It should be noted that they cannot vote for the whole 54% yet only that which they physically own.

[alunmorris] 19/6/2009 14:43

Shareholder poll: register your opinion and voting intention.

[davidosh] 06/6/2009 19:41

This is an interesting story in the Mail and suggests that non executives and particular heads of Remuneration committees should be voted in or off the boards each year. I actually think all large holders should have to attend meetings so that there is an understanding and relationship between owners and directors that all shareholders can be a party to. Only two people attended the AGM last year.