Superscape Share Discussion Threads

[patsy ann2] 20/2/2008 16:10

The whole thing stinks - but from comments here, I can't see a hostile bidder coming in now, can anyone REALLY see that happening?

[abc125] 20/2/2008 16:03

pm...I didn't ask, but I guess they were aware. No one wants to be a party pooper and spoil a friendly merger, especially in a 'people' business like this.

I beleive that if there had been an open auction, where all interested parties were contacted, sps would have fetched at least $100m.

[paul mason] 20/2/2008 15:57

abc - were they aware of the Glu bid ? and did they make any comment about the impact if would have on their business in the states if Glu were successful ?

[patsy ann2] 20/2/2008 15:57

Hmmm. I have the same deadline with Halifax (25th). Do we know yet how many are withholding acceptance?

[abc125] 20/2/2008 15:53

I can't really say much, but I have exchanged emails with another interested party - who had not yet been approached - but who may want to look at sps further(nothing definite though, alas)

I think this company was sitting on the sidelines, not wanting to make the first (hostile)move. But I suppose its a whole different story if 'invited' to look at the co. by unhappy shareholders.

Maybe we should also approach other media/entertainment companies (not neccessarily just gaming companies) who might want a peice of the mobile gaming space.

[kfp] 20/2/2008 14:52

tartan_penguin2
If there was a sniff of another bid the share price might have moved up dot you think?

[alicat1] 20/2/2008 13:48

Corporate action note from halifax Share Dealing:

Further to our previous correspondence of 28th January 2008, the Offer by Glu Mobile PLC has been extended.
As at 15th February 2008, valid acceptances had been received in respect of 86,745,818 Superscape shares, representing approximately 52.8 percent of Superscape's issued share capital.
The Independent Directors of Superscape consider the terms of the Offer to be fair and reasonable and therefore continue to unanimously recommend that Superscape shareholders accept the Offer.
Subject to the Offer becoming or being declared unconditional in all respects Glu Mobile intends to procure that Superscape applies to the London Stock Exchange for the cancellation of the admission of Superscape shares to trading on its market for listed securities.
Also, If Glu Mobile receives acceptances under the Offer in respect of, and/or otherwise acquires 90 percent or more in value of the Superscape shares to which the Offer relates and assuming that all of the other conditions have been satisfied or waived, Glu Mobile intends to apply the provisions of sections 979 to 991 (inclusive) of the Companies act 2006 to acquire compulsorily all remaining Superscape shares on the same terms as the Offer.
Before making any decision please take into consideration all relevant factors of the event including the current share price and any possible tax implications. If you require any further information in making your decision please contact an Independent Financial Advisor.
We will only contact you again if the terms of the offer change, the stock is compulsorily acquired or if we are notified that the offer is closing.
Please note that once an acceptance instruction has been received for this Takeover we will apply the same instruction for any subsequent purchases you make in this stock.
If you do not wish to accept the Cash Offer at this stage then you should take no action.
Please ensure you submit your option before 25 February 2008 to enable us to process your instruction in accordance with the Company's timetable for this event.
----------------------------------------------------------------------------
Glu have extended the offer deadline.

[jannerr] 20/2/2008 13:45

Corporate action note from Barclays state's:

Acceptance offer to be made by 13th February

Upon the offer becoming unconditional in all respects the following will take place.

GLU Mobile will apply for the SPS shares to be de-listed from the LSE. The de-listing is expected to take place within 20 business days and SPS Group will then be re-registered as a private company.

If GLU Mobile receive sufficient acceptances in respect of SPS shares, Glu intends to exercise its right to compulsorily acquire the remaining SPS shares.

The proceeds are expected to be paid by GLU within 14 days of the offer being declared unconditional in all respects or, if later, within 14 days of acceptance. We will endeavour to release funds to your account within 5 business days of receiving the proceeds.

My take is that if it goes ahead my nominee shares will be sold for me.

Do you agree?

[abc125] 20/2/2008 13:12

patsyann2....no need to worry about delisting yet, the game is far from over.

[grahamburn] 20/2/2008 13:03

Once the bid is declared unconditional, any holder who has accepted prior to that date will receive their cash in full 14 days after that.

Any holder who accepts after the unconditional date will receive their cash 14 days after the date of their acceptance.

If you sell in the market, who knows what cash you'll get - probably a fair amount less than the 10p cash offered!

PS If I were you, I would accept before Friday...

[patsy ann2] 20/2/2008 13:02

I have 121K shares in this company, and am keen to work with you all and have just sent an email to TBH today, but worried about this talk of delisting. Please advise.

[ride daice] 20/2/2008 12:13

Does anybody know what the process will be IF they get enough acceptances to de-list ? Does that mean that all of us that are still holding will be shafted or will there be an opportunity to sell into the market ?

[paul mason] 20/2/2008 10:44

Also, that would explain why GLU are looking to tie it up this week highlighting the fact they will delist, leaving pi's with no where to trade shares.

[paul mason] 20/2/2008 10:37

So...... Gameloft might be looking after all.

That would explain why TBH has had not had much contact with the of late, as they would not be able to tell a shareholder they are looking as it would be illegal.

[abc125] 20/2/2008 10:29

PM...not if they are still carrying out due dilligence. Arm have not yet delivered their 8% holding to Glu even though they gave irrevocables. From the offer update:

In addition, valid acceptances are pending from ARM Holdings plc in relation to its irrevocable undertaking in respect of 14,781,850 Superscape Shares representing 8.07 per cent.

[the bounty hunter] 20/2/2008 10:25

KBC have over 4% which does not appear to have been submitted last week.

[the bounty hunter] 20/2/2008 10:23

More pi.s have indicated support for the action group yesterday - not got the spreadsheet on holiday but total now about 12%.

[paul mason] 20/2/2008 10:06

abc - if someone was looking, wouldn't SPS have to say so.

Gameloft seem to have decided not to have a look and I don't think there is enough time for EA to do something, unless they just throw a 12p per share offer, to stop Glu biting at their heels.

[abc125] 20/2/2008 10:00

A thing that bothers me is that if another company is looking at superscape's books right this minute, would they need to show Q4 figures to them if they claim they have not yet been prepared?

[tartan_penguin2] 20/2/2008 09:47

thanks graham

hopefully EA will come in with a 20p offer today and I wont need to sell ;-)

[grahamburn] 20/2/2008 09:38

Tartan

If your shares are in a nominee or Crest Personal account, then there is usually a couple of days lead time to dealing with the acceptance by firms like TD Waterhouse.

[tartan_penguin2] 20/2/2008 09:30

i have just had a look on TD Waterhouse and the corporate action is showing as having closed on the 19th? I thought we had until Friday?

[patersdw] 19/2/2008 22:49

One of the things that most surprises me about the current situation is the lack of effort the board has put into trying to convince us that this is a good deal. Perhaps I've become more cynical than is appropriate, but it strikes me that SPS has been very clever in the past in what it has said but more tellingly in what it hasn't said in its various statutory reports, trading statements etc - indeed SPS has made an art of the ambiguous and obfuscatory! So what might that mean in the current context?

Say for example there is evidence the business has struggled in Q4; there would be no point in trying to hide this from Glu since the books are open to them, but every reason to flag-up to shareholders to encourage them to accept Glu's offer. In this instance both shareholders and the board's strategic objectives are aligned (maximise residual value/ relocate business to US parent) and we should expect some effort to have been made to ensure that this outcome prevails.

Say on the other hand though that Q4 has been good; Glu will know this but if shareholders were told this it would probably lead to bid rejection. There's possibly a conflict of strategic interests here (!!), so perhaps the best bet for the executive is to say f-all and let the past, sorry performance tell its tale and allow shareholders to make their decision based on that, even if its no longer relevant; tell no lies/ see no evil.

The truth, I have to conclude, is in what we're not being told; this is a mugging.

[johnymac] 19/2/2008 16:04

I wish I was as optimistic as many people on here.
But from experience once you come up against directors who are not working in the shareholders interests but their own, there is very little that can be done.
They have shafted the SPS shareholders for reasons we will never know, but can only guess, they have their own agenda.
That is why everyone should write to the FSA.
They are not nice people.