Syndicate Asset Management Share Discussion Threads

[pelleeds1980] 22/10/2009 07:51

Ive gone for the open offer - deadline is today; hope Im not pouring more good money after bad here

[tara7] 13/10/2009 16:44

Large buys today, note they do not get the 1.5p shares so must take the view that this is time to buy. Would be nice if it was the directors.

[moormoney] 13/10/2009 11:36

well it hasn't 5 bagged but it is creeping up--very slowly!!

[sheds] 08/10/2009 21:52

To keep us guessing, and holding!! Si.

[tara7] 08/10/2009 07:09

Still in bid talks,WHY ?

[nod] 07/10/2009 23:08

There is certainly significant dilution.

According to Syndicate's web site, there are currently 647 million shares in issue after the last fund raising.

The placing and offer creates an extra 1,147 million shares which will result in 1,794 million in total. I would guess a consolidation will follow. It will be interesting to see if all major shareholders take up shares or will some see it as throwing good money after bad. If they do take up, then SAM's survival is likely and SAM may be a recovery play (even though as a customer they are an unethical company to hold funds with).

Significant Shareholders Information

Amount % Holding
State Street Nominees Ltd 164,351,613 25.38
HSBC Global Custody Nominees (UK) Ltd 80,584,666 12.44
Gartmore Investment Mgmt Ltd 41,441,376 6.40
Chase Nominees Ltd 38,971,833 6.02
Pershing Nominees Ltd 38,838,199 6.00
Legal & General Inv Mgmt Ltd 37,500,000 5.79
AXA Investment Managers UK Ltd 35,608,190 5.50
Schroders PLC 23,100,348 3.57
Octopus Investments Limited 21,564,849 3.33
Ashcourt Nominees Ltd 20,878,844 3.22

[sheds] 07/10/2009 08:54

"The Group has not raised the additional funds to repay the GBP2 million that was due to the bank on 3 1 July 2009 but instead agreed with the bank an extension of the deadline for payment. Pursuant to the extension of the deadline, the bank agreed that it would waive covenant breaches at 31 July 2009 and 23 September 2009 respectively on the condition that the Group provides to the bank in a satisfactory form and substance, a confirmation that it has placed shares (such placing to be subject to shareholder approval) to enable the Group to pay the bank GBP3.3 million by 31 October 2009. Under the terms of the agreement, the Group is also required to pay to the bank an additional GBP 1.875 million on or before 31 October 2010 with the balance of the loan repayable as at 31 December 2010. If the Group is unable to make these payments on or before the stipulated due date, it will be in breach of its covenants and the bank will obtain the right to realise its security over the assets of the Group to recoup any outstanding amounts.

The Directors have considered the ability of the Group to pay the sum of GBP3.3 million by 31 October 2009 and the remaining balances by 3 1 October 2010 and 31 December 2010 respectively. As at the date of the Report and Accounts, the Group has also announced a proposal to raise GBP7.5 million by the issue of 500 million new ordinary shares through a conditional placing and approximately GBP 9.7 million by the issue of 647 million new ordinary shares through an open offer at the issue price of 1 .5 pence per share which, if approved by shareholders, would provide more than sufficient funds to allow the Group to make the payment to the bank of GBP3.3 million and repay other remaining balances. The placing shares have been conditionally placed with certain existing shareholders on behalf of the Company by Cenkos and those shareholders participating in the placing have also irrevocably agreed to take up their respective entitlements under the open offer and to underwrite the remainder of the open offer conditional upon receiving the necessary shareholder resolution. The placing and open offer is subject to, inter alia, the necessary resolutions being passed at the General Meeting which has been called to take place on 29 October 2009".

Assuming the money to repay RBS is raised, what next? What next for the PI? Further dilution? I fear this one is going down. Si.

[pelleeds1980] 07/10/2009 07:20

Hmm all gone quiet here got a bit carried away and its going to cost me a fair bit more to partake in the open offer

[nod] 06/10/2009 22:02

given that the drop dead date for SAM is 31 October (as explained in their results - Note 2) I wondered why the General Meeting was not being held until 29 October.

survival is hanging by a thread

[pelleeds1980] 01/10/2009 13:41

Record Date for the Open Offer 25 September 2009

[moormoney] 01/10/2009 13:39

anyone know the record date? or is this to be decided. up a little but Tara's nnot doing so well on this one.

[brando69] 29/9/2009 14:17

tara, looks like this could be a ramp too far...

[pelleeds1980] 29/9/2009 14:16

Sorry wrong choice of words you are quite right, worked out it will cost me an extra £1300 and take my average to 3. May aswell stick with this now Ive come this far.

[typo56] 29/9/2009 13:40

pelleeds1980, it's not rights it's an open offer, which means if you don't take it up you lose out. You haven't any nil paid rights to sell.

If you take account of the value of the open offer it's as high as it's been since May.

[pelleeds1980] 29/9/2009 13:27

Is everyone taking up their rights (i.e. 1 share at 1.5p for every 1 they own)?

[startrekker] 29/9/2009 13:26

May hit 2p but wouldn't expect worse than that.

This is the week that was!

Is the worm about to turn?

[mistryman] 29/9/2009 12:39

Does anyone think that this will go down further?

[moormoney] 29/9/2009 11:37

not a good move-down today. any comments Tara?

[moormoney] 28/9/2009 16:27

I hope you're right Tara---I'm in for a few. What is your opinion on SBDB? -I picked up a few as a gamble also today,

[tara7] 28/9/2009 13:01

What if we get a large director buy, in the open market in the next few days.!

[tara7] 28/9/2009 13:00

The one group of investors who can buy today [within the law] are staff of the company.

[pelleeds1980] 28/9/2009 11:23

Typo cheers for the clarification of the dates.

[apsis2] 28/9/2009 11:21

Some large buys going through 500,000 at 2.7