Paysafe Share Discussion Threads

[wolfhound1] 31/8/2017 14:34

@appmanu1 - yes good advice all 415 pages of the code - in the interests of time however I have cut and pasted here the extract covering the long stop date I referred to in my post :

PRACTICE STATEMENT NO 29 CONTINUED
(d) a commitment by the offeree company to publish a scheme
document by a certain date or to hold meetings by a certain date.
However, the parties to the offer are permitted to include within the
conditions to the scheme a long-stop date by which the scheme
must become effective and other conditions of the kind referred to
in Section 3(b) of Appendix 7 of the Code;


key words here IMHO :" permitted to include within the conditions ..long stop date"

Whilst I am not a solicitor I would interpret wording as follows:

a) the inclusion of a long stop date is discretionary and not mandatory
b) specified length of a long stop date is discretionary not mandatory

...nothing like them "that don't know" hey


GLA

[s2lowner] 31/8/2017 13:49

Barclays have just confirmed my no vote will be forwarded

[appmanu1] 31/8/2017 13:49

As was shown yesterday when someone bothered to correct the stupid speculation over the issue of shares to the Meritus vendors most of what is guessed at on this Board has no truth and is contradicted by what's published and the rules of the Takeover Panel. Bidco is not obliged to publish the sentiment of the II s that it will have approached. Why on earth presume that only OM is a supporter? The long stop date is governed by the code and not the bidder but hey why speculate on fact. I could go on but 90% of the opromisric guesswork on here is contradicted by public accessible fact. For a couple of posters the percentage is even greater. Read the Takeover Code, understand the role of the Panel and Independent advisors as set out by the law and the legal responsibilities of the Board (and it's visibility to the regulator) before posting rubbish that might lead others that don't know to invest or sell

[callmebwana] 31/8/2017 13:37

Wolf and Lomax. Thank you guys for your input. 7 Months is a long time,
I wonder why ?
I suppose you could be right Wolf about the twists and turns.Have to wait and see.
ATB.

[slaccs] 31/8/2017 13:37

Wolfhound - Do the II's have to publicly say that they support the offer?

[wolfhound1] 31/8/2017 13:32

I would add.... I suspect any bidder might hold off til closer to the 24th to announce their offer- take the wind right out budco sails

[wolfhound1] 31/8/2017 13:15

I see it as a floor between now and the 24th - the only question now is how high the ceiling go - with little in the way of confirmed ii support one would have expected an improved offer - in the first instance

- I wonder though have ii's been telling budco they are being sounded out at levels much higher and budco are now waiting to see does that materialise in the form of an improved offer from elsewhere - then they would be justified in trumping that offer and so on.......

they have given themselves til 4th april 2018 - 7 months - to close a deal that in theory should be closed inside a month - sounds to me like they know it is going to be drawn out with a lot of twists and turns

....time to get out the popcorn and watch the unfolding storyline :)

[slaccs] 31/8/2017 12:57

I must admit, I really thought that they would sweeten the offer.

[wolfhound1] 31/8/2017 12:38

Game On - lets see what materialises over next few weeks with such little ii support pledged - budco could be pipped at the post with a rival bid :)

GLA

[slaccs] 31/8/2017 12:00

Scheme of arrangement publication announcement

[lomax99] 31/8/2017 08:16

Paysafecard Enters Brazil, Marking Further Expansion in Latin America

Paysafecard offers a free of charge online prepaid payment solution for the e-Gaming community.


Colin Firth | Payments (FinTech) | Wednesday, 30/08/2017|19:10 GMT

Paysafecard Enters Brazil, Marking Further Expansion in Latin America


Paysafe Group (LSE:PAYS) continues its aggressive expansion in the Americas as Paysafecard enters Brazil, offering a free of charge online prepaid payment solution.

Paysafecard is already present in Argentina, Peru, Uruguay and Mexico and is now facilitating payments for the eGames market in Brazil.

The company announced that it will be collaborating with RV Tecnologia as Brazil’s large size requires an extensive sales network. With this partnership, it will be able to offer the card at over 40,000 sales outlets.

Payment processing will be carried out by PrimeiroPay, which also has an extensive network and an in-depth understanding of the Brazilian market.

Paysafecard said that the cards will first be accepted by large and well known partners in the eGames network, before being expanded to websites that specialise in travel, entertainment and education.


Udo Müller, CEO of paysafecard, said: “Brazil is an enormous market which has not yet seen a digital payment method comparable to paysafecard. The current options on offer are as expensive, inconvenient or problematic for the merchants as they are for the users, and they can also come with delayed processing times. paysafecard offers an ideal alternative: free, immediately available, safe and convenient.”

Paysafecard recently expanded into the lucrative Middle East market by launching operations in the UAE and its entry into Brazil continues its coverage of the major countries in Latin America.

[wolfhound1] 30/8/2017 16:32

thanks for clarification lomax

[lomax99] 30/8/2017 13:00

It does not look as if this has been brought forward, from the press release on 24 July 2015:

'In addition to the change above, the dates of issuance of the four equal tranches of Consideration Shares have been changed from 23 July each year to 1 September 2015, 1 September 2016, 1 September 2017 and 3 September 2018'

They were only due to issue 3,210,400 shares (12,841,600 / 4) on 1 September 2017, which is what they say they are doing.

[wolfhound1] 30/8/2017 12:44

Thanks George4064 - so in summary directors have brought forward the issuance of shares that would be due to meritus at some point in the future - I am sure they have the power to - but without a deal confirmed why would they - unless of course Budco wanted those number of shares lock down ahead of making an improved offer - this way they have certainty as to the liabilities......

watch this space !!

[george4064] 30/8/2017 10:29

Definitely:

Paysafe agreed to buy TK Global for USD150.0 million in cash and USD60.0 million in shares in 2014, with the share payments initially due in equal tranches over four years.

In 2015, Paysafe entered into an amended agreement to increase the total number of its shares to be issued to the sellers and some other parties to 12.8 million from 9.0 million.

The amendment of the deal was agreed after the dilutive hit on the value of the consideration shares caused by Paysafe's three-for-five rights issue in March that year.

The company also altered the dates for the issuance of the tranches of consideration shares and the reference price for determining whether or not the recipients are entitled to additional consideration to GBP2.75 from GBP3.93. This means an additional consideration would be payable in cash or shares if Paysafe's share price falls below GBP2.20.

[wolfhound1] 29/8/2017 22:39

I thought it was interesting they issued 3.5mn shares to meritus card vendors - that looks like the full whack outstanding for achievement of earn outs.... are we about to get more news ...hence issued these first similar to issue of share to another of the acquired just prior to the announcement by budco

[ralphmalph] 29/8/2017 17:28

I would imagine that the ii's, who are the volume buyers have reached a point where they are happy with there risk reward and are so doing very little buying and selling and seeing what transpires. If the bid goes through max upside from here is 1.72%.
If the bid fails then they may view a lower price as a buying opp. If a higher bid comes in they have enough shares already to get he champers out (again).

Phoney war at the mo imo.

[slaccs] 29/8/2017 16:51

redlee - Not sure how Budco can hold the price down. Surely that could only be done by the MM's or am I being a bit thick!?

[corrientes] 29/8/2017 16:47

9977 - very good observation IMO.

[redlee] 29/8/2017 16:36

slaccs - Budco probably holding the price down so if they put in an increased offer they can use their favourite 'premium to volume weighted average' metric again...

[bluebottle1] 29/8/2017 16:10

We would probably be higher without the bid though.

[pshevlin] 29/8/2017 15:17

Lucky we have a bid in place at the mo. Sea of red everywhere else.

[slaccs] 29/8/2017 15:01

Is it me or is the price being manipulated, as in holding it down. Looking on L2, the volume of buy orders far outweigh the sell orders. Basic demand/supply economics says the price should be rising.

[filmster] 29/8/2017 14:18

Think they will take it to a vote before rising the bid as taking it to the vote will delay the process even more so some private investors may lose patients and sell up.

[wolfhound1] 29/8/2017 13:41

I think you are right Lomax - and even better would be a gazumping by another bidder