Superscape Share Discussion Threads

[helen troy] 06/3/2008 10:20

I certainly consider myself a bit wiser after this saga. I maybe should have learnt the lesson earlier, when Alistair Morton said 'the shareholders will be looked after' when one of the many ETL 'solutions' was underway. The shareholders got royally shafted.

I won't necessarily accept when it goes unconditional. I need to read up more on how a share in a delisted private company is handled. If this combined company is going to take off, eventually that must mean something for people who hold a share in it. I'm looking for a better offer before I capitulate.

HoT

[paul mason] 06/3/2008 09:43

abc - the reason for not accepting was the offer was too low and their was hope of another bidder having a look after the hard work TBH put in. In view of the fact no other offer is looking likely, PI's will accept to end this saga and move on a bit wiser than they were, when they tucked SPS shares in their draw.

[abc125] 06/3/2008 09:14

I think if they went unconditional, most pi's on this board would accept, and 90% should be quite easy. And I don't think its an interest cost issue because Glu have been buying shares in the open market.

I always thought they would try to wrap this up quick as possible. If they keep dragging their feet, sps will have to publish year end results soon. When this process first started, KR did say to TBH that they don't envisage publishing any results because the takeover is 'scheduled' to be finished by then.

[edmondj] 06/3/2008 07:51

Fair point.

[helen troy] 06/3/2008 07:49

EJ,
I would think the costs of getting involved in this type of takeover far outweigh a couple of weeks interest on paying for it. GLU had plenty of cash as well the last time I looked. I tend to think that the issue with them is whether there is a chance they end up with less than 90%. I don't think they will be happy if that is the outcome.

Just a point on that, if anybody knows the fine detail of the rules. If Glu go unconditional, get less than 90%, de-list, and then buy some shares privately which takes them over the 90%, can they then force the others to sell. Probably not, as it is not a public takeover with a definite price.

HoT

[gmb] 05/3/2008 19:41

Would be nice to see someone come in with 11p That would be interesting.

[edmondj] 05/3/2008 19:20

I suspect Hammy's view is correct, namely that the key issue for Glu is interest cost - so they will judge the point at which they declare the offer unconditional being when they can then quickly reach the 90% level.

Make 'em sweat.

[trojan] 05/3/2008 19:16

Still holding on and like others waiting to see what happens, no point giving in just yet as we will still have time to accept when/if it goes unconditional!! :(

PM.

That is why I do not have any Certs anymore as I was once woken up in the early hours by some idiot overseas trying to get me to off load my shares I was holding in a company by telling me they were going bust etc!!

All shares now in an ISA only!! ;)

[ride daice] 05/3/2008 16:50

Yes one fool for every con man.

[huggs2] 05/3/2008 16:41

I too have held sps since 1999 and like many others expected so much from the hyped up, hi tech new age of investment. Well as they say Ride DaIce , "there's one born every minute".

[abc125] 05/3/2008 15:15

nicandy....if by monday, Glu don't declare their bid unconditional, something might be up ( and I don't mean an offer withdrawal)

[gmb] 05/3/2008 14:09

Thats my feeling abc

[abc125] 05/3/2008 14:02

yep, no point in submitting your shares until they declare it unconditional...

[the bounty hunter] 05/3/2008 13:45

still sitting on the fence nicandy

[gmb] 05/3/2008 13:39

That about sums it up, and if the FSA had anything about them, they should take the board to the cleaners!

[ride daice] 05/3/2008 11:24

Well done.

[the bounty hunter] 04/3/2008 17:21

SRSM,
although 12% support for an EGM - I am not convinced that we would have had the support in a vote as major institutions would have voted against a proposal as they were the ones pushing for a sale. Email if you wish to discuss further.
Thanks

[edmondj] 04/3/2008 17:12

The fund managers were probably as keen to remove SPS from their books, and having to account to trustees 'why hold this poor performer?' as SPS was to shake off the obligations of being a UK listed company.

In truth, this deal was done when institutions and management realised it hardly made sense in terms of SPS's costs.

[srsm] 04/3/2008 17:00

gmb
No idea.
I think only a planned letter writing campaign would attract enough attention.

TBH
Yes got your email from the 26th. I just thought that the big idea was to force an EGM. I imagine such an undertaking would have required a huge effort (and probably with at least one institution providing support). Odd that they all caved in without a fight. I wonder what KR told them.

Well done for your efforts.

[gmb] 04/3/2008 15:40

SRSM Do we know how many did contact the FSA?
I and a friend of mine bought in at about 28p so do stand to loose quite a lot!