Oxford Nanopore Technolo... Share Discussion Threads

[mikeran] 08/3/2004 11:08

Perhaps we might have to wait until the next trading update ,is it still 15 Mar.?

[bhafc] 08/3/2004 09:52

Market moving price up now

[cir] 08/3/2004 08:33

BHAFC,

The 40% increase in leisure sales reported for the first 2 months of this financial year does not include any contribution from the TC deal.

So no, the TC deal is NOT in my calculation.

And don't forget LMC is moving into the corporate sector on the heels of expedia etc.

[bhafc] 08/3/2004 06:54

Cir

And as you look at PSR would you not perhaps consider the TC deal ?

BHAFC

[cir] 08/3/2004 06:41

Taking out the cash in the business, OTC is being taken out for a PSR of less than 3!

A multiple of 5 is more appropriate. Assuming gross reveune of #17.5m in the last 12 months(to the end of April), this gives a value of #97.5m(87.5+10).

LMC is trading at a PSR of over 7!

[a0148009] 07/3/2004 19:49

Still believe that institutions that have given irrevocable acceptances unless there is another bid 5% above offer price is laying down a marker and an indication to the market that they are seeking a higher offer in excess of 32.55p.Nobody has got anything to lose by turning down this offer if there is no counter LMC will sweeten with more paper or paper with a cash element, the latter I think is unlikely.Clearly LMC were in a weak position and could not get unconditional irrevocable acceptances - this is a screaming invitation to a third party.If the response to the offer is poor LMC can easily offer more over-priced paper still not dilutive with further creative accounting.Then we can sell in the market in the absence of a third party if we dont want shares.

[spud] 07/3/2004 19:36

Says it all really:

"If I was an OTC shareholder I'd hold on for a possible higher bid," said Nick Batram, analyst at RW Baird.

spud

[barnetpeter] 07/3/2004 15:40

This from IC on Friday - but it just annoys me. Stupidly cheap price the drectors agreed to.

Lastminute snaps up OTC for £55m
Lastminute.com has made its biggest acquisition to date, splashing out £54.9m on Online Travel Corporation (OTC). The deal follows on from last year's acquisition of Holiday Autos for £39.7m and should give Lastminute greater access to business customers. OTC, for instance, runs The Times and Financial Times's online travel promotions.

City analysts say the deal makes sense. "OTC has fantastic distribution channels, but hasn't got great products. Lastminute brings those products to the table," said Numis Securities analyst Rachael Waring. Lastminute is paying about five times OTC's expected cash earnings this year - a bargain compared with other deals in the sector. "If I was an OTC shareholder I'd hold on for a possible higher bid," said Nick Batram, analyst at RW Baird.

[bob725] 07/3/2004 10:51

Anyone with any news about ONT in the papers?
Looked through mine but nothing.

[spud] 07/3/2004 10:44

Agreed.

Spent an hour or so yesterday perusing the doc and the get out clauses afforded to the Institutional holders are unreal - It's obvious they appreciate the weakness and anticipate a stronger offer.Even LMC seems uncomfortable with the offer reading between the lines.

I'm expecting a counter bid of at least 35p before too long.

spud

[bhafc] 07/3/2004 07:09

Spent last night going through the takeover offer and I do feel it is very weak.

Of the 26% agreed to date we have the directors at c2.5%.

The remaining funds are some(but not all) of those who mainly benifitted for the placing.

The main fund agreeing to seel is Artemis who have 15% of ONT - they bought 8m at 15p. The other major funds are Herald Invesment and HSBC.Again, both took stock at the placing. So, their driver ?? quick profit on the placing is a good return for the fund.

No other fund positive to the t/o if I understand correctly.

Many in anticipation of a counter bid or two.

I am certainly NOT in favour of the LMC offer

[bhafc] 06/3/2004 18:37

Been through the papers.

Only penalty to ONT appears £0.56m for removal of directors recommendation.

Further bids have to be 5% higher for certain parties to withdraw support.

Hopefully new suitors will be reading the same details closely over the weekend

[mikeran] 06/3/2004 12:06

Thanks Spud.still holding and waiting hopefully.

[spud] 06/3/2004 11:39

mikeran

3.00pm 25th March.

spud

[mikeran] 06/3/2004 11:23

Spud - my holdings of ONT and LMC are in a nominee a/c I may not get notified till later. Any dates on your paper for decision time.?

[spud] 06/3/2004 09:46

BHAFC

80p quoted as the worth some 2 years hence. For a bid to be acceptable it would -

A. Need to be all cash
B. Need to be within the 40p area

I suspect that we will see LMC raise the paper ratio if it appears that the bid is failing (as i'm sure it will) - Lets not forget that to get into this position it has cost LMC cash it cannot afford to lose. An American suitor (we could but won't name names) will probably come forward once the position is clearer (ie the margin that LMC is liable to undershoot by)and then put forward their offer.

I still cannot understand the logic of pre empting the March trading update which by all accounts is very positive unless it was to give larger 15p Institutions a 6 week 100%+ profit exit - It could be of course (providing it is permitted) ONT use the Statement as a kind of 'look what you could miss chaps' sales pitch to bump start other negotiations.

Anyway, holding out and not accepting the Offer (which landed this AM) so kindly recommended by ML on behalf of LMC.

spud

[bhafc] 06/3/2004 09:22

I'd guess that Fidelity are accumulating to make a stance about the weak offer from LMC.

I'd also guess that the GNI strength is from CFD positions from people who believe that the price will rise from here. Perhaps from a counter bid.

Only in my opinion, but 20% held firm is 20% LMC cannot get.

I believed that ONT was worth 80p per share and the LMC offer is too low.

[a0148009] 05/3/2004 20:10

Fidelity is also a very large holder of LMC much was purchased considerably higher than current price.As an alternative idea perhaps they are buying ONT to accept the offer which averages their stake in LMC and maintains their pro rata holding in the enlarged capital.If a third party trumps LMC bid they also win.

[cubabuckley] 05/3/2004 17:29

So Fidelity and GNI now have increased their stake to nearly 20% (combined) which is close to what LMC say they have committed. If these two want more they probably can continue buying as there have been 13m traded in the last two days and I reckon there are many investors who simply don't want LMC paper and who are not prepared to wait to see if there is a better offer.

[old boy returns] 05/3/2004 15:38

che-fou - don't think they would disclose shorts as no requirement although ONT has not looked an obvious short recently. I think CFD providers offset long and short customers on their own book as far as possible and then hedge the outstanding exposure on the market so if more people are going long than short GNI will appear as a buyer and, conversely, if more going short than long they would appear as a seller.

[che-fou] 05/3/2004 15:20

Hi OBR - Hepl me out here. Are these all the GNI trades for ONT? If so there are no short positions before the bid!! It looks like 'insider dealing' or lots of very lucky people.

[old boy returns] 05/3/2004 14:27

If I read to following correctly someone has been taking out some big long CFD positions in ONT. Probably just arbitraging on a serious scale.

Date Of Disclosure: 05/03/04

Fax to 020 7256 9386 (Take Over Panel) and 020 7588 6057 (RNS) FORM 8.1/8.3

Lodge with a RIS or Newstrack and the Takeover Panel. Use separate form for
each class of securities in which dealings have been made.

DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) AND 8.3 OF THE CITY CODE

ON TAKEOVERS AND MERGERS

Date of dealing 04/03/04

(1) Name of CompanyDealing in Online Travel Corporation PLC

Class of securities ORDINARY SHARES

(2) Amount Bought Amount Sold Price Per Unit

2350000 0.2900

1500000 0.2898

750000 0.2950

500000 0.2950

(3) Resultant total of the same class owned or controlled and percentageof
class 14,945,000 8.43%

(4) Party making disclosure GNI LIMITED

(5) Name of purchaser/vendor (Note1) GNI LIMITED

(6) Reason for disclosure (Note 2)

(a) Associate of (i) offeror (Note 3) - NO

(b) (i) offeree Company - NO

Specify which category or categories of associate (1-8 overleaf)

If category (8), explain

Rule 8.3 (i.e. disclosure because of ownership or control of 1% or more of the
class of relevant securities dealt in) - YES

Signed, for and on behalf of the party named in (4) above NIGEL AVEY

Telephone and extension number 020-700-23140

Note1. Specify owner, not nominee or vehicle company. If relevant, also
identify controller of owner, e.g. where an owner
normally acts on instructions of a controller.

Note 2. Disclosure might be made for more than one reason; if so, state all
reasons.

Note 3. Specify which offeror if there is more than one.Note 4. When an
arrangement exists with any offeror, with the offeree company
or with an associate of any offeror or of the
offeree company in relation to relevant securities, details of such
arrangement must be disclosed, as required by Note6 on Rule 8.

Note 5. It may be necessary, particularly when disclosing derivative
transactions, to append a sheet to this disclosure form so
that all relevant information can be given.

Note 6. In the case of an average price bargain, each underlying trade should
be disclosed
For full details of disclosure requirements, see Rule 8 of the Code. If in
doubt, contact the Panel on Takeovers and Mergers,

Monitoring Section, Tel. No: 020 7638 0129. E-mail:
[e-mail]

NOTES REGARDING DISCLOSURE

GNI Ltd is the beneficial owner of 14,945,000 Ordinary Shares in the above
company which are held to hedge CFD positions resulting from CFD contracts
(see below) established between GNI and its clients.
A Contract for Difference or CFD is an agreement between two parties to
exchange, at the close of the contract, the difference
between the opening price and the closing price, multiplied by the number of
reference shares specified within the contract. The
'reference shares' are the underlying shares specified in the CFD. The
economic performance of the CFD is determined by the
performance of the underlying reference shares. Although CFDs replicate the
price movement of the underlying reference
shares,they convey no right or requirement to acquire or deliver the physical
shares.

The contract value of a CFD is defined as the number of reference shares
specified in the contract, multiplied by the price of the
underlying reference share. If a client of GNI takes a long position, the
customer will make a profit if the contract value increases.
Conversely, if a customer of GNI takes a short position, the customer will
benefit if the contract valuefalls. The CFD contracts
detailed below are open-ended and without predetermined expiry/close value.

DEFINITION OF ASSOCIATE

It is not practicable to define associate in terms which would cover all the
different relationships which may exist in an offer.
The term associate is intended to cover all persons (whether or not acting in
concert) who directly or indirectly own or deal in the
shares of an offeror or the offeree company in an offer and who have (in
addition to their normal interests as shareholders) an
interest or potential interest, whether commercial, financial or personal, in
the outcome of the offer
Without prejudice to the generality of the foregoing, the term associate will
normally include the following:-
(1) an offeror's or the offeree company's parent, subsidiaries and fellow
subsidiaries, and their associated companies, and
companies of which such companies are associated companies (for this purpose
ownership or control of 20% or more of the
equity share capital of a company is regarded as the test of associated
company status);

(2) banks and financial and other professional advisers (including
stockbrokers)* to an offeror, the offeree company or any

company covered in (1), including persons controlling#, controlled by or under
the same control as such banks, financial and other professional advisers;

(3) the directors (together with their close relatives and related trusts) of
an offeror, the offeree company or any company covered in (1);

(4) the pension funds of an offeror, the offeree company or any company
covered in (1);

(5) any investment company, unit trust or other person whose investments an
associate manages on a discretionary basis, in
respect of the relevant investment accounts;

(6) a person who owns or controls 5% or more of any class of relevant
securities (as defined in paragraphs (a) to (d) in Note 2
on Rule 8) issued by an offeror or an offeree company, including a person who
as a result of any transaction owns or controls
5% or more. When two or more persons act pursuant to an agreement or
understanding (formal or informal) to acquire or control
such securities, they will be deemed to be a single person for the purpose of
this paragraph. Such securities managed on a
discretionary basis by an investment management group will, unless otherwise
agreed by the Panel, also be deemed to be
those of a single person (seeNote 8 on Rule 8); and

(7) a company having a material trading arrangement with an offeror or the
offeree company.
Paragraphs (1)-(7) are typical cases. Paragraph (8) below is a category to
cover associate status not within (1)-(7).(8) Other.

CFD OPEN INTEREST

PRODUCT NAME EXECUTED GNI SALE UNDERLYING PRICE
NO. (ppu)

Online Travel Corporation PLC LONG 04/03/04GNI SALE 750,000 0.2950
CFD

Online Travel Corporation PLC LONG 04/03/04 GNI SALE 500,000 0.2950
CFD

Online Travel Corporation PLC LONG 04/03/04 GNI SALE 1,500,000 0.2898CFD

Online Travel Corporation PLC LONG 03/03/04 GNI SALE 2,350,000 0.2900
CFD

Online Travel Corporation PLC LONG 03/03/04 GNI SALE 50,000 0.2950
CFD

Online Travel Corporation PLC LONG 02/03/04 GNI SALE 200,000 0.2300
CFD

Online Travel Corporation PLC LONG 18/02/04 GNI SALE 30,000 0.2388
CFD

Online Travel Corporation PLC LONG 16/02/04 GNI SALE 100,000 0.2325
CFD

Online Travel Corporation PLC LONG 05/02/04 GNI SALE 350,000 0.2375
CFD

Online Travel Corporation PLC LONG 03/02/04 GNI SALE 250,0000.2225
CFD

Online Travel Corporation PLC LONG 22/01/04 GNI SALE 25,000 0.2300
CFD

Online Travel Corporation PLC LONG 20/01/04 GNI SALE 250,000 0.2200
CFDOnline Travel Corporation PLC LONG 14/01/04 GNI SALE
200,000 0.2200
CFD

Online Travel Corporation PLC LONG 14/01/04 GNI SALE 45,000 0.2200
CFD

Online Travel Corporation PLCLONG 05/01/04 GNI SALE 50,000 0.2050
CFD

Online Travel Corporation PLC LONG 09/12/03 GNI SALE 50,000 0.1800
CFD

Online Travel Corporation PLC LONG 26/11/03 GNI SALE 250,000 0.2200
CFD

Online Travel Corporation PLC LONG 26/11/03 GNI SALE 250,000 0.2100
CFD

Online Travel Corporation PLC LONG 25/11/03 GNI SALE 250,000 0.1850CFD

Online Travel Corporation PLC LONG 24/11/03 GNI SALE 250,000 0.1825
CFD

Online Travel Corporation PLC LONG 06/11/03 GNI SALE 1,000,000 0.1934
CFD

Online Travel Corporation PLC LONG 10/10/03 GNI SALE 1,000,000 0.2221
CFD

Online Travel Corporation PLC LONG 10/10/03 GNI SALE 500,000 0.2138
CFD

Online Travel Corporation PLC LONG 03/10/03 GNI SALE 400,000 0.2244
CFD

Online Travel Corporation PLC LONG 30/09/03 GNI SALE 10,000 0.2250
CFD

Online Travel Corporation PLC LONG 30/09/03 GNI SALE 100,000 0.2250CFD

Online Travel Corporation PLC LONG 30/09/03 GNI SALE 100,000 0.2200
CFD

Online Travel Corporation PLC LONG 30/09/03 GNI SALE 65,000 0.2250
CFD

Online Travel Corporation PLC LONG 04/09/03 GNI SALE 50,000 0.2600
CFD

Online Travel Corporation PLC LONG 01/09/03 GNI SALE 100,000 0.2475
CFD

Online Travel Corporation PLC LONG 15/08/03GNI SALE 1,000,000 0.2750
CFD

Online Travel Corporation PLC LONG 08/08/03 GNI SALE 250,000 0.2700
CFD

Online Travel Corporation PLC LONG 08/08/03 GNI SALE 200,000 0.2700CFD

Online Travel Corporation PLC LONG 07/08/03 GNI SALE 500,000 0.2798
CFD

Online Travel Corporation PLC LONG 07/08/03 GNI SALE 250,000 0.2750
CFD

Online Travel Corporation PLC LONG 24/07/03 GNI SALE 500,000 0.2650
CFD

Online Travel Corporation PLC LONG 24/07/03 GNI SALE 15,000 0.2650
CFD

Online Travel Corporation PLC LONG23/07/03 GNI SALE 955,000 0.2600
CFD

END


This information is provided by RNS
The company news service from the London Stock Exchange
END

DCCDGGGFMKNGDZM

[bob725] 05/3/2004 13:39

If a serious counterbidder was buying in order to build up stake and also LMC buying wouldnt bid price be increasing more than it is now?

[gorilla in a suit] 05/3/2004 13:04

I don't understand why the Directors recommended accepting the bid.
Business could not have been going as well as they indicated.