Paysafe Share Discussion Threads

[slaccs] 06/9/2017 17:15

The longer this has gone on, the less likely I feel that there will be another offer. I know we all think PAYS is an excellent company with fantastic growth potential, but are we being a little blinkered. The offer on the table is pathetic, especially as it is going to be funded with vast amounts of debt, but I do wonder if there is something lurking in a cupboard somewhere which is stopping another competing bid. The share price and it's lack of momentum has puzzled me for sometime. Any interested party will have done the sums and seen that the offer is poor. The price should have been driven over GBP 5.90 without any difficulty and yet it barely moves day after day. Would appreciate any thoughts to help allay my fears.

[largeronald] 06/9/2017 16:37

As far as I'm aware, just the one.

[nurdin] 06/9/2017 16:13

How many IIs are backing it,do we know?

[largeronald] 06/9/2017 16:10

Voted against all 5 proposals.

The only way I can see this succeeding is through apathy. Come on folks - get voting!

[wolfhound1] 06/9/2017 15:04

$2.59bn - on a $3.9bn Acqn is being funded by debt + taking on the $450M Merchant Acqn Debt included - wow combined that is $3bn in Debt !! Talk about JUNK BOND status !!! SO this Baby is going to be leverage 3+ Times over equity - 75%+ value will be DEBT !!!

IF this is just an asset sweat play - Why don't our Board just borrow $2.59bn in the market - pay us shareholders a special one off dividend from the $2.59mn raised of say £4.50 and we let the residual 25% of our investment run in a massively over leveraged play and see where we are in 5 yrs time ?????

Shame on the BOD for supporting this - not good for PAYS, employees or its Shareholders - in fact there may be a case here for directors to be sued for supporting this bid (if this goes ahead) by disgruntled shareholders and employees for failing in their statutory duty to protect the rights of shareholders, employees and counterparties. The sweet deal on equity being offered seems to be clouding their judgement - and it is the independent directors that are being held out as the approvers even though we know JL and Brian ( double Barrel) M-M are the big winners - certainly would expose myself as a NED by supporting it !!

[isaready] 06/9/2017 11:41

seen this now... so wordpay gets snapped up, paysafe too.


its about the steady ROI.

[ralphmalph] 05/9/2017 17:06

Not stated, up to the court to decide. They hav to prove they have a realistic chance of getting 75% of the votes to be cast at the meeting.

[largeronald] 05/9/2017 16:17

Thanks Ralph. How much support do they need to go ahead with the shareholder vote?

[ralphmalph] 05/9/2017 16:11

They have to go to the court first to prove to the court that they have enough shareholder support for the offer to hold a vote at the shareholder meeting. If they can not prove to the courts satisfaction that they have enough support the court can stop the shareholder vote happening at the meeting.

So if you do not want to accept Bidcos offer vote against for the court meeting form.

[largeronald] 05/9/2017 16:07

There's also a voting form for the Court Meeting, but it doesn't seem to say what for - simply "FOR" or "AGAINST"

[largeronald] 05/9/2017 16:04

Excuse Mr Thicky, but does anyone know what this all means - apart from the last point?

1 THAT FOR THE PURPOSE OF GIVING EFFECT TO THE SCHEME OF ARRANGEMENT (AS DEFINED IN THE SCHEME DOCUMENT) WITH EFFECT FROM THE PASSING OF THIS RESOLUTION, THE ARTICLES OF ASSOCIATION ON OF THE COMPANY BE AND ARE HEREBY AMENDED BY THE ADOPTION AND INCLUSION OF THE NEW ARTICLE 141 ENTITLED 'SCHEME OF ARRANGEMENT", AS MORE FULLY DESCRIBED IN THE NOTICE CONVENING THE EGM
For Against Abstain

2 THAT FOR THE PURPOSE OF GIVING EFFECT TO THE SCHEME OF ARRANGEMENT (AS DEFINED IN THE SCHEME DOCUMENT) : THE DIRECTORS OF THE COMPANY BE AND ARE HEREBY AUTHORISED TO TAKE ALL SUCH ACTION AS THEY MAY CONSIDER NECESSARY OR APPROPRIATE FOR CARRYING THE SCHEME OF ARRANGEMENT (AS DEFINED IN THE SCHEME DOCUMENT) INTO EFFECT
For Against Abstain

3 THAT FOR THE PURPOSE OF GIVING EFFECT TO THE SCHEME OF ARRANGEMENT (AS DEFINED IN THE SCHEME DOCUMENT) :THE MANAGEMENT ARRANGEMENTS IN RESPECT OF THE DIRECTOR MANAGERS, AS SET OUT IN (I) THE EQUITY TERMS LETTER AND (II) PARAGRAPH 10 OF PART 2 OF THE SCHEME DOCUMENT BE AND ARE HEREBY APPROVED
For Against Abstain

4 THAT SUBJECT TO THE SCHEME OF ARRANGEMENT (AS DEFINED IN THE SCHEME DOCUMENT) BECOMING EFFECTIVE IN ACCORDANCE WITH ITS TERMS A)THE COMPANY BE RE-REGISTERED AS A PRIVATE LIMITED COMPANY UNDER THE COMPANIES ACTS 1931-2004 B)THE NAME OF THE COMPANY BE CHANGED TO "PAYSAFE GROUP LIMITED", AND C) THE MEMORANDUM AND ARTICLES OF ASSOCIATION AS PRODUCED TO THE EGM AND SIGNED BY THE CHAIRMAN OF THE EGM BE APPROVED AND ADOPTED AS THE MEMORANDUM AND ARTICLES OF ASSOCIATION OF THE COMPANY IN SUBSTITUTION FOR AND TO THE EXCLUSION OF THE EXISTING MEMORANDUM AND ARTICLES OF ASSOCIATION, WITH EFFECT ON AND FROM THE EFFECTIVE DATE (AS DEFINED IN THE SCHEME DOCUMENT)
For Against Abstain

[johnhelme2704] 05/9/2017 15:08

Alliancetrust have sent the communication out today by first class post so should be with investors tomorrow

Hargreaves Lansdowne are sending it out before the end of the week

I will be voting no on all accounts

[peterm10] 05/9/2017 13:11

Alliance trust and stocktrade hold mine across 4 portfolios. I emailed their corporate actions department and they have acknowledged. They hadn't notified in advance though

[moonboots222] 05/9/2017 13:10

Now thing through from HL on the vote. Have emailed them

[arcadian] 05/9/2017 12:54

Haven`t been notified about a vote. Is there a deadline?

[filmster] 05/9/2017 10:50

Just voted against over the phone with my broker.

[slaccs] 05/9/2017 10:26

Uncle andy - Thanks, I'll check

[uncle andy] 05/9/2017 10:17

Slaccs, I voted on TD Direct this morning.Make sure you have subscribed for voting notifications.

Go to Accounts then voting and information mailbox to subscribe.

[slaccs] 05/9/2017 10:08

I guess the fact that neither selftrade or my TD Direct accounts have received the paperwork yet.

[slaccs] 05/9/2017 09:59

I have instructed Selftrade to vote no on behalf of mine and my wife's shares on Friday but needless to say they have not acknowledged or responded yet. I wait in hope as they are slow about everything!

[polythene] 05/9/2017 09:58

Likewise. 43K shares.

[wolfhound1] 05/9/2017 08:36

My Broker as Proxy instructed to vote No to budco !!

[oohrogerpalmer] 04/9/2017 16:34

OK Thanks guys , a bit clearer now.
Just seems a long time for a deal to be done or not!!