Sopheon Share Discussion Threads

[interceptor2] 28/7/2016 19:11

It is difficult to know exactly how to interpret the rules, so have copied below a section that looks relevant from the link below. There is much more to read within the link itself which should provide the answer, I will let others draw their own conclusions.



Mandatory offers

16. Is there a requirement to make a mandatory offer?

A mandatory cash offer, or offer with a cash alternative, must be made where a person, together with its concert parties, either (Rule 9, Code):

Acquires an interest in voting shares (including options, derivatives and agreements to purchase) resulting in an aggregate holding of 30% or more of the target company's voting rights.

Increases the aggregate percentage interest it has in target company voting shares when it is already interested in not less than 30%, but not more than 50%, of the target company's voting rights.

[bamboo2] 28/7/2016 18:54

Deciphering Convertible holdings always seem to be a problem for PI's. Me included.

[battlebus2] 28/7/2016 18:22

I hope your right Adam but if all the loan notes are converted we have a 10% dilution... After hours RNS doesn't help matters....Related party also....

[cfro] 28/7/2016 18:18

AdamB1978 - are you saying they have to make a bid then?

[adamb1978] 28/7/2016 18:14

Convertibles or options are included for the purposes of Rule 9 under the Takeover Code (ie the rule which dictates that moving through 30% triggers a mandatory offer for the remainder of the company)

[cfro] 28/7/2016 18:13

All confusing but at least we are seeing strong institutional buying. They must still see plenty of value at this price!

[interceptor2] 28/7/2016 17:22

Late holding RNS



Rock Limited Netherlands now at 30.102% voting rights! Thought if a holding was over 30% then obliged to make a formal bid, or have I got that wrong?

[bamboo2] 28/7/2016 16:21

Hi bbus, I took profits this morning, as needed funds for another share. I will try to get back in soon. Think it's possible that this will make a flag or pennant for a while. [consolidation]
Cheers.

[battlebus2] 28/7/2016 12:55

I would say so bamboo, nothing surprises me on these markets. Well we didn't quite make £2 but I expect it to happen sometime soon.....dyor etc

[bamboo2] 27/7/2016 10:00

Looking good bbus. Wish all my picks did this well.

Can a potential suitor build up positions in a third party, or form a partnership with other holders, without disclosing the fact?

[battlebus2] 27/7/2016 09:52

£2 today?? ;))

[cfro] 26/7/2016 18:13

Quite strange for the Netherlands based company to up their stake to just over 29% imo at this time.

If a bid is on the cards, and it happens to be an American company as Interceptor speculates, then the bid would have to be high to force the shares out of the Netherlands based investor. Especially considering they have bought at todays prices!

If on the other hand 'the bid' comes from the Netherlands company itself then it is unlikely to be a high one.

Personally, i would rather hope that no bid appears as i see fair value here at over 300p.

[interceptor2] 26/7/2016 16:38

Yes I noticed that todays RNS puts their holding just over 29%, any higher and I believe the rules are that they are obliged to make a formal bid.

Was thinking that an American company might be behind the recent share accumulation here, might still be the case but have learn't not to rule anything out.

Someone posted elsewhere today that they were offered 188p for 25k shares, so MMs still keen for stock?

[battlebus2] 26/7/2016 13:29

Well its Netherlands based so probs part of the old co, surely they won't issue a bid??

[michaelmouse] 26/7/2016 10:56

Not a holder (sadly) but is someone poised to make a bid. See RNS just released. 29% of voting rights? I see interceptor2 is of a like mind.

[bamboo2] 25/7/2016 21:51

Hi Adam, a trend change can occur at, or close to, the apex of a triangle or wedge. Sometimes this change happens long after the up or down breakout of the converging trendlines. It can be an uncanny predictor of minor and major turns in share price.

I had two sets of converging trendline patterns on the SPE chart and noted the common apex of each. What effect, if any, this has, remains to be seen, as the result depends on the trend preceeding the apex. ie expect a reversal.

Bulkowski has some stats on this effect, and explains it better than me...

[jpuff] 25/7/2016 21:43

Broken two upward trend channels, so has more legs yet I'd say but dyor

[adamb1978] 25/7/2016 21:11

Bamboo - what trend change are you expecting?

[petersinthemarket] 25/7/2016 19:45

best of luck battle - in my experience when an share price rise is this steep it's unusual to have more than three solid upward legs and often the third one is foreshortened, but as we appear to have had only two clear surges so far you may turn out to be right. In fact, for the sake of my remaining holding I hope you are right as I certainly don't want the music to stop. GL, pete

[battlebus2] 25/7/2016 18:30

Still think there's some legs in these yet if the next results are as good I expect them to be but dyor etc. 25k bought at 190......

[petersinthemarket] 25/7/2016 16:01

still holding some, but top sliced - this rate of rise can hardly be maintained.

[bamboo2] 24/7/2016 21:23

Two triangle apexes Aug 4th. Sometimes these are indicative of a trend change.

[interceptor2] 22/7/2016 17:22

Good point battlebus, SPE would seem to be under accumulation now. SPE is a very US facing business with 73% of revenue from the US, I wonder if they might be a takeover target?

[battlebus2] 22/7/2016 14:34

Seems to be regular afternoon buying, possibly from the US...