Superscape Share Discussion Threads

[abc125] 07/3/2008 09:46

I was expecting the offer update on monday:

"The directors of Glu announce that the Offer, which remains subject to the terms and conditions set out in the Offer Document, has been extended for a further period of 7 days and will therefore remain open for acceptance until 3.00 p.m. (London time) on 7 March 2008."

[abc125] 07/3/2008 09:32

EJ, what do you mean when you say 'At least there is a timetable to stop it all.'?

I won't be accepting right until the last minute.....you won't get your money any quicker.

[dpmcq] 07/3/2008 09:31

Will halifax issue a new corp action note so you can accept the offer as the other note has lapsed?

[hamnavoe] 07/3/2008 09:04

LONDON (Thomson Financial) - Glu Mobile Inc said it holds or has received valid acceptances in respect of about 148.22 mln shares, or 80.95 pct, of its British rival Superscape Group PLC, and added that the offer has been declared unconditional in all respects.

The US-based cell phone game publisher said the offer will be open for acceptances until March 21.

On Jan 23, Glu Mobile said it had agreed to buy Superscape for 10 pence a share, valuing Superscape at 18.3 mln stg.

[e-mail]

kal/slm

[edmondj] 07/3/2008 08:34

9.8p bid in the market and dealing until 7 April though, if you want to preserve trading/switching ability, and for certain into the next tax year.

[kfp] 07/3/2008 08:34

Knowing
Looking at other bb's I think I have made the same move's as you !!
See you there.

[hamsterwheel] 07/3/2008 08:32

Finally. now no doubt it'll be weeks before the cash arrives - the "on or before" 20 March will mean 20 March.

[edmondj] 07/3/2008 08:30

I am making inquiries about this. (Registering loss from 6 April.)

The announcement is ambiguous in terms of when you accept, it refers to 'valid acceptances' after 20 March but does it mean that anything after 21 March (the stated deadline) is invalid?

Glu keeps issuing deadlines it immediately revises, making cheap threats (previously, that the value of your holding might be adversely affected if you don't accept 10p now) but will want to sweep up as many holders as possible and must legally offer 10p per share, otherwise will have to account for a minority rump in future.

I have also inquired to Barclays as to whether a nominee broker issues a 'sell date note' or the money just appears on account two to three weeks after acceptance. For tax purposes the disposal date is key but what record will you have?

[knowing] 07/3/2008 08:25

kfp exactly sold some this AM to buy buy BARC

[juliehaylett] 07/3/2008 08:24

Will we be able to use any loss against 2008/2009 tax year or is it treated as being in this tax year. I hadn't accepted the offer but of course have no choice now.

[edmondj] 07/3/2008 08:19

Are Glu/SPS desperate to wrap this deal up before there is any obligation to publish trading figures?

I half heard a piece on the Radio Four 6.15am Business Briefing, that there is some new official campaign to bring American CEO's to book, for generous compensation packages while shareholders lose out.

What woke me up was controversy over Country Club membership for CEO's who fail shareholders!

[kfp] 07/3/2008 08:15

At least shareholders have cash to buy large cap stocks which could double with some risk , but not as much as penny shares and usually a dividend while you are waiting !
I have bought companies where directors have bought like Woolwoths (down from 36p to 12p) Premier Foods (recovery prospects) and of course high street banks with mouth watering dividends

I lost 60 % of my investment and will try to make 30% out of each one and go on from there.
Good luck everybody.

[hamnavoe] 07/3/2008 07:54

Glu Mobile
07 March 2008


Not for release, publication or distribution in whole or in part in, into or
from any jurisdiction where to do so would constitute a violation of the
relevant laws of such jurisdiction. Shareholders are advised to read the full
text of this announcement.

RECOMMENDED CASH OFFER

by

GLU MOBILE INC.

for

SUPERSCAPE GROUP PLC

OFFER UNCONDITIONAL IN ALL RESPECTS

Highlights:

- valid acceptances received in respect of approximately 81 per cent. of
Superscape Shares
- offer declared unconditional in all respects
- offer open for acceptances until 21 March 2008
- cancellation of Superscape Shares' listing and admission to trading
expected to take effect on 8 April 2008 following immediate application
to the UKLA
- settlement of consideration on or before 20 March 2008 for existing
valid acceptances

Detail:

On 25 January 2008, Glu Mobile Inc. (Glu), made a recommended cash offer for the
entire issued share capital of Superscape Group plc (Superscape).

The directors of Glu are pleased to announce that, as at 3.00 p.m. (London time)
on 6 March 2008, valid acceptances of the Offer had been received in respect of
a total of 142,257,111 Superscape Shares, representing approximately 77.69 per
cent. of the existing issued share capital of Superscape. On 23 January 2008,
the directors of Glu announced that they had received irrevocable undertakings
and a letter of intent to accept the Offer in respect of 62,186,230 Superscape
Shares, representing approximately 33.96 per cent. of the existing issued share
capital of Superscape. Valid acceptances have been received in respect of all of
these Superscape Shares and these are reflected in the total above. In addition,
Glu holds 5,965,212 Superscape Shares, representing 3.25 per cent. of the
existing issued share capital of Superscape, that were acquired through share
purchases made on Glu's behalf by Panmure Gordon since posting of the Offer
Document, and that have been certified as meeting the requirements of Rule 10 of
the Code and can therefore be counted as valid acceptances under the Offer.

Therefore, as at 3:00 p.m. (London time) on 6 March 2008, Glu owned or had
received valid acceptances in respect of a total of 148,222,323 Superscape
Shares, representing approximately 80.95 per cent. of the existing issued share
capital of Superscape. The directors of Glu are pleased to announce that all of
the conditions of the Offer have now been satisfied or waived. Accordingly, the
Offer has been declared unconditional in all respects.

The Offer will remain open for acceptance until 15:00 (London time) on 21 March
2008.

Superscape Shareholders who have not yet accepted the Offer and who hold
Superscape Shares in certificated form are urged to complete, sign and return
the Form(s) of Acceptance by hand (during normal business hours) or by post as
soon as possible, and no later than 3:00 p.m. on 21 March 2008, to Capita
Registrars at Corporate Actions, The Registry, 34 Beckenham Road, Beckenham,
Kent BR3 4TU. Additional Forms of Acceptance are available from Capita
Registrars, by telephoning 0871 664 0321 from within the UK or [phone]
if calling from outside the UK. Calls to the 0871 664 0321 number cost 10 pence
per minute (including VAT) plus your service provider's network extras. Calls to
the helpline from outside the UK will be charged at applicable international
rates. Different charges may apply to calls from mobile telephones and calls may
be recorded and randomly monitored for security and training purposes. The
helpline cannot provide advice on the merits of the Offer nor give any
financial, legal or tax advice. If you hold your Superscape Shares in
uncertificated form (that is, in CREST) you are urged to accept the Offer by TTE
Instruction as soon as possible.

Settlement of the consideration due under the Offer will be effected on or
before 20 March 2008 for Superscape Shareholders who have already validly
accepted the Offer. Settlement for Superscape Shareholders who validly accept
the Offer after the date of this announcement will be effected within 14 days of
receipt of their valid acceptance.

Application will be made to the UK Listing Authority for the cancellation of
listing of the Superscape Shares on the Official List and to the London Stock
Exchange for cancellation of admission to trading of the Superscape Shares on
its market for listed securities, in each case to take effect on 8 April 2008,
which is 20 business days following the date of this announcement.

Glu intends, as soon as practicable once sufficient acceptances have been
received, 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.

Glu also intends to apply for the re-registration of Superscape as a private
limited company under the relevant provisions of the Companies Act 2006.

Terms used in this announcement shall have the meaning given to them in the
Offer Document dated 25 January 2008, unless the context requires otherwise.

ENQUIRIES

Glu Mobile Inc.
Nicole Kennedy [phone]

[drewz] 07/3/2008 07:39

Astonishing. Shareholders have dug deep to keep this business afloat through the development years.

Now they are treated with contempt by the directors and effectively told to "sod off - we are having the spoils".

An utter disgrace.

[edmondj] 07/3/2008 07:35

The final shafting!

At least there is a timetable to stop it all.

[juliehaylett] 07/3/2008 07:32

Well thats it.

[who needs lottery] 07/3/2008 07:13

All over then.

[helen troy] 06/3/2008 18:13

Glu picked up another 1% today. Maybe they have that 10p arrangement with somebody after all. There can't be that many shares available to be sold now.

HoT

[ride daice] 06/3/2008 16:46

If only we had a big enough stick to prod them back.

[stephenwilson] 06/3/2008 16:42

Dont forget that nominee shareholders have probably had no update from their stockbrokers (or BB's) since the original closing date, so there will be many 'apathetic' holders who need a prod to act (in any direction). Maybe GLu are doing just that, for there own ends of course.

[ride daice] 06/3/2008 16:28

Or sussing out how many they have to buy in the market ?

[helen troy] 06/3/2008 16:25

I wouldn't say desperate gmb, but certainly gives something to think about. They may be also trying to reduce the 'inertia/don't know' brigade by making sure as many as possible know what is happening.

If not that, then why do they want the information? Are they considering an increases offer, or dropping the bid if the vibes are poor?

HoT