Superscape Share Discussion Threads

[desperate dan] 02/3/2008 21:34

EJ,

imho, worth keeping a watching brief on Petroceltic (PCI).

Rumours abound (what's new ?!).

Looks like news about a JV on their Algerian prospect is imminent.

VBR

[edmondj] 02/3/2008 21:09

OK, so do we all turn out the light together?

More seriously, if anyone knows Greg Ballard's e-mail at Glu, please cite it here because I might well write to him (and post it here) that given I recognise he now has the upper hand, shafting me and fellow shareholders for value in this company, will he kindly receive my acceptance on April 6. I don't especially wish to reduce my exposure to oil stocks in the weeks ahead, to balance the SPS loss in the 2007/08 tax year, when crude oil is above $100 and bids/discoveries can happen any time.

[patersdw] 02/3/2008 20:45

That would be at least 3 duffers then...(including me)

[edmondj] 02/3/2008 19:01

Am I the last duffer holding this share?

[edmondj] 02/3/2008 06:43

They (Close) look after their own interests:


From Times OnlineFebruary 29, 2008

Close Brothers brings curtain down on bid talksMartin Waller
Close Brothers, the 130-year-old investment bank, has said that it is no longer in takeover talks.

Discussions with Cenkos, the broker for predator Andy Stewart, ended acrimoniously in January, but various other parties were thought to be interested, including Blackstone, the private equity firm, Tata, the Indian conglomerate and Orix, the Japanese financial group.

This morning Close said that, following a number of approaches, it was no longer in discussions in relation to an offer for the group or any part of it.

The first approach, in November, came from Mr Stewart and his partner Landsbanki, Iceland's second-largest bank. They proposed an audacious reverse takover which valued Close at £1.4 billion.

This was rejected as "wholly inadequate" and the two sides settled down to at times bad-tempered negotiations.

The indicative offer was raised in mid-January to about £1.5 billion, but was then withdrawn a week later.

Mr Stewart had claimed that Close underperformed because its staff lacked motivation and were not given sufficient equity in the business. For its part, Close questioned the would-be bidders' ability to finance a deal.

The bank is due to report interim figures on Monday.

[nicandy] 29/2/2008 14:47

Mobile betting gaming company ie Bingo ect.....now if only!!!!!

[the bounty hunter] 29/2/2008 14:32

Bargain based on 400 times revenue and expected break-even in 2120

[abc125] 29/2/2008 13:22

Anyone out there still hungry for mobile gaming companies?:


Buy Probability at 64p; the fast-growing mobile gaming business has attracted high-profile investors, including Icap CEO Michael Spencer who has built a 21.6% stake via his family-controlled vehicle IPGL. The recent £1.7m cash-call, which IPGL subscribed to, will be used for marketing. (Investors Chronicle)

[gmb] 29/2/2008 12:05

Think we will find out Monday whether it was a big con!

[edmondj] 29/2/2008 12:04

Still requires 90% to be 'wholly unconditional' i.e. apply for de-listing (which won't happen immediately) and all holders must be offered 10p at any stage.

[abc125] 29/2/2008 11:39

I agree that if Arm had given their shares like promised....it would have been over long ago. We'll find out monday.

[abc125] 29/2/2008 11:25

pm....what do you think kbc are up to...is it a straight forward hedge?

[patsy ann2] 29/2/2008 11:10

I rang Halifax (iii account) today, and they were not aware of any extension until today, so I am still sitting on the shares. Does anyone know if I transfer them totally to my husband,can he use them to offset the loss against a capital gain? The transfer form shows my average cost per share, and states that no consideration has been paid for the transfer.

[paul mason] 29/2/2008 10:11

Yep - Depends if ARM have given the shares they said they would. If they have is curtains as any bidder would have said something by now.

[srsm] 29/2/2008 09:52

Presumably this is the last day for SPS as an independent company (excluding time to push the paperwork through).

Nothing in the press that I noticed.
No Institutional support.
No EGM.
No news on the mysteriously confused embedded handset sales from 18th Jan.
No alternative bidders.

So has KR conned GLU into buying a train wreck or have we been sold short? We'll never know. I suspect the biggest losers will be those who will lose their jobs - I can't see the UK side of the operation staying open.


I read some relevant stuff from Paul Scott (PaulyPilot on the fool). And you have to ask the question why did KR sell now?


"As regards equity markets, the risks look fully priced-in to me, indeed good upside on a lot of small caps that have in some cases been sold down to completely irrational valuations through;

1) forced selling by Funds, needing to raise cash to meet redemptions - hence they sell indiscriminately, and mainly their most liquid holdings, regardless of valuation, and
2) fear-driven selling by PI's, again largely done now IMO. Anyone likely to sell would probably have done so by now.


So that leaves plenty of upside IMO in small caps where (selectively) you can buy great businesses at a substantial discount to the price this time last year. I can't remember seeing valuations this low since the bottom of the bear market in early 2003 - good solid small company growth stocks on single digit PER's will almost certainly provide some highly profitable entry points if you take a 2-5 year view.

Indeed, in his latest webcast on t1ps.com, Nigel Wray (a renowned long-term UK investor) said he thought "fortunes will be made" by people buying the right long-term growth stocks at current depressed valuations. I totally agree with that, but obviously it's all about picking the right stocks !"


Cheers

srsm

[abc125] 28/2/2008 17:24

If he had a 3m holding, wouldn't we be aware of it? (sounds like a pi)

[joeblogg1000] 28/2/2008 17:20

Well I suppose he is hoping the deal does not go through and he will make some money on the way down and if it goes through he is protected with his holding ?

[jaspoland] 28/2/2008 16:51

Lets hope he's not the Dr Wayne Grossman in Southern Cali when you google the name. lol

[thebarrelboy] 28/2/2008 16:46

But why the need to protect the position?

[arty] 28/2/2008 16:45

Looking at the dates (Jan), it would appear to be dated info. anyway.

[joeblogg1000] 28/2/2008 16:41

Very clever, he probably holds 3m and protects it with short if deal does not happen?

[paul mason] 28/2/2008 16:38

Someone taken out a 3M short ??