Quarto Share Discussion Threads

[zoolook] 11/5/2022 10:53

Thanks a lot BC1984. The discrepancy is because the FCA ruling has subsequently changed.

So current situation is that the Giunti parties have 20% (I assume that’s still the case?)and Lau just over 50% with both holdings deemed to not be in public hands

Going forward are these possible scenarios?

- Lau + his companies(or Giunti) could acquire an additional 5% stake from the market and together vote to take the company private
- Lau + his companies could acquire up to an additional 20% stake from the market before breaching the 6.14 listing rule

[bc1984] 11/5/2022 10:45

Never know, but looks like there is something going on and if there is, likely will be announced on 24th or before which is the AGM date.

My guess is Lion Rock is considering re-domiciliation from Delaware to somewhere else with lower taxation. But certainly delisting is one of the possibilities and even though it's delisting, according to CK Lau's record, is going to offer a fair price as he never treats minority badly.

[battlebus2] 11/5/2022 10:33

Thanks guys. Hopefully delisting isn’t on their minds.

[bc1984] 11/5/2022 10:19

zoolook,

Look at page 3 of hxxps://www.handbook.fca.org.uk/instrument/2021/FCA_2021_57.pdf

It was revised on 25th Nov 2021.

[zoolook] 11/5/2022 08:48

I’m confused on something that was stated about the proportion of shares in public hands that is required to maintain a listing made in a Quarto RNS relating to the open offer which is here:



In it there is the following:

“ This will result the Lau Parties, together, holding such number of Common Shares so as to give them control of 49.25 per cent. of the Enlarged Share Capital and the Giunti Parties holding, together, such number of Common Shares so as to give them control of 20 per cent. of the Enlarged Share Capital following Admission. This could result in a failure by the Company to comply with the free float requirement under Listing Rule 6.14 that 25 per cent. of the Company's Common Shares must be held in public hands which could lead to a suspension or cancellation of the listing of Common Shares on the premium segment of the Main Market of the London Stock Exchange.”

However, looking up 6.14 in the FCA handbook hxxps://www.handbook.fca.org.uk/handbook/LR/6/14.html it says:

For the purposes of LR 6.14.1R:
(2) a sufficient number of shares will be taken to have been distributed to the public when 10% of the shares for which application for admission has been made are in public hands

Can anyone explain the 25% vs 10% discrepancy for me?

Thanks

[battlebus2] 09/5/2022 14:22

Thanks to another investor it looks like I was wrong and the 75% rule applies for Quarto reference takeover. It will be interesting now to see if our major shareholder decides to increase his holdings further. I’ll await another RNS.

[battlebus2] 05/5/2022 13:52

An off market purchase of 2000 shares at 160 announced. Must’ve found an old certificate down the back of a sofa 🤣

[battlebus2] 29/4/2022 15:08

Confirmation of holding in a TR1 today. I’ve rang the company secretary but no one answers the phone, so still in the dark about the status of a bid.

[battlebus2] 28/4/2022 18:16

40,000 trade printed after hours at 1.8025 a new high.

[battlebus2] 28/4/2022 15:30

Maybe offer talks or maybe nothing. From what I read a Delaware registered company only needs a simple majority but then again I maybe wrong. We will soon know I expect.

[zoolook] 28/4/2022 14:54

Tried to call the company secretary to establish where it stood with the 50%+ holding but he wasn’t available as there’s a worldwide company staff meeting!

[battlebus2] 28/4/2022 14:27

Well he’s gone over 50% now. So does he have to bid or is it the 75% rule as others suggested. 30k bought at 1.77p

[battlebus2] 26/4/2022 08:44

176p paid 49.95% holding now so next buy would go over 50%. Interesting times.

[battlebus2] 22/4/2022 08:36

Looks like he’s certain to go over 50%.

[battlebus2] 19/4/2022 20:37

He knows at the next update the shares will be much higher.

[eigthwonder] 19/4/2022 17:09

Agreed that the actual valuation is low, but he is paying 50% more than at the start of the year. If he wasn’t as persistently in the market he might be able to “collect”; rather than “chase” the shares at lower levels.

[eezymunny] 19/4/2022 16:34

"I guess he’s prepared to pay quite a high price for the last tranche to take him over 50%"

Err he´s paying an off the scale, gob-smackingly low price IMO. I bet he can´t believe his luck...

[eigthwonder] 19/4/2022 16:19

If he goes over 50% then he can consolidate the company into his accounts. Slightly surprised he has kept pushing the price (if it is him) but I guess he’s prepared to pay quite a high price for the last tranche to take him over 50% if he has no intention of bidding for the rest under takeover rules. The danger for outsiders is he then sits on a controlling stake and does nothing - I am sure the stewardship will be fine but the share price might not reflect it.

[battlebus2] 19/4/2022 15:48

I can’t see why he would add right up to 50% unless he will make an offer for the company at some point.

[battlebus2] 19/4/2022 15:33

Indeed and more buying bringing the total to 49.56%. 25k at 1.62. I added today.

[eezymunny] 19/4/2022 15:20

Edged up above 4 x w/c adjusted cash flow. Up 130%+ for me now on my cheapest ones. Still struggling to see why it should stop before 500p...

[battlebus2] 12/4/2022 16:18

More buying.

[battlebus2] 11/4/2022 11:37

Good move this morning