Talktalk Telecom Share Discussion Threads

[1224saj] 18/2/2021 23:57

Sq, I'm in a similar position with the Sipp. But having spoken to my trustees, they are working on a solution to move my TT shares into a new vehicle allowing me to stay invested. There are no guarantees, but working in the Telco sector, I strongly believe TT will be sold/ taken public within 3 years?

[leadersoffice] 18/2/2021 07:26

The general consensus I'm picking up is that most intend to take the money and run? so not taking up the offer to transfer shares with Toscafund held privately? I assume that if one did decide to go for the ride, down the road, Tosca will probably sell Talk talk realising any gain or maybe floating it back on the stock market for a nice tidy sum. So investors who don't need the money just yet, could decide to lock it in for a few years. I can't imagine they will want to keep it that long before deciding to flog it for a fat wad of cash.

[bookbroker] 17/2/2021 08:37

Sounds like everyone here feeling shafted, too right, problem is that Talk is not in a strong position, heavily indebted, significant capex, and offers a poor return, Tosca just trying to get its money back with this agreement. Without them Talk would have been swallowed up for a lot less. Used to hold these, but sold at a small loss back in November. One to avoid.

[feelthepain] 16/2/2021 22:08

Its a shame Toscafund is not a PLC. I would sell my Talk share and buy Tosca instead.

[squeamish1] 16/2/2021 19:26

Apparently the offer represents “a premium of 16.4 percent to the Closing Price of 83.3 pence per share on 7th October 2020“. Well guess what a lot changes in 4 months. VOD currently trades at a premium of 22% to 7th October, BT at a premium of 25%. The whole FTSE 250 index is at a premium of 20%.

I’m totally confident 97p is lower than what these would be trading at if the bid had never come. Total rip off.

[1224saj] 15/2/2021 11:06

Lionheart, share the reply if you get one ?

[lionheart79] 14/2/2021 18:02

just sent that muppet Dunstone a tweet thanking him for screwing the PIs, happy days for the elites. That's the only return I've gotten from this dog.

[1224saj] 11/2/2021 21:38

Thanks Igw. Interestingly, Richard Griffith's chairman of evolution capital, may be considering letting his £22m roll into the new purpose vehicle, according to a couple of trade editors??

[1gw] 11/2/2021 21:09

Argus Vickers offer a share register analysis service, to identify the beneficial owners, as do others I think. It costs though and I'm not sure what purpose it would serve unless you were interested in canvassing support for a specific counter-bid or proposal.

[1224saj] 11/2/2021 21:00

1gw, knowing the sector very well, I have been a little surprised that a counter offer has not come through. When you think Tosca offer was considerably higher before. It has all the hall marks of collusion where they are relying on moping up shares from holders who feel a little insecure due to it going private and what might be carved up at a later date. I do take your point, would 10% if PI' s be bothered to vote against, the big question is what would that achieve. I'm struggling to get sight of the list of members?

[1gw] 11/2/2021 20:49

You don't just need 10%, you need 10% who can be bothered to vote against a takeover! I think it would probably still go through as a takeover in the absence of a counter-bid, but the delay would maybe allow the sector to recover further and perhaps tempt out a counter-bidder who doesn't yet believe it is worth putting their hat in the ring. All looking like a long shot now though.

[1224saj] 11/2/2021 20:25

1gw, excellent observation. You're right, but as you say, it's highly unlikely that PI's represent 10% of the voting shares or do they. That only represents 1.12 m. What would you say the average holding would be? 1k,5k, 10k 20k shares??

[1gw] 11/2/2021 17:35

Since they're attempting to do this by a Scheme of Arrangement, I think they're supposed to show that they have a "majority in number" of shareholders in favour, as well as getting 75% of the shares voted. This is the weak point, if there is one. i.e. an individual with 1 share is equal to an institutional shareholder with 30% of the shares in this context. BUT if the individual's shares are held with a nominee broker, then it will be the nominee broker who has the vote (1 vote in total no matter how many individual shareholders have their shares with this broker) for this "majority in number" test, I think.

Having said that, if PIs managed to frustrate the "majority in number" test of the Scheme of Arrangement, the bid could be restructured as a straightforward takeover with the higher 90% passmark - but with a delay, obviously.

[1224saj] 11/2/2021 17:19

I'm waiting for a reply back from II regarding my shareholding

[rossc1982] 11/2/2021 12:41

Is there a chance some brokers won't offer participation in the choice option? The Tosca shares will be unlisted and as far as I can see won't be in CREST. I've seen in the past brokers refuse to offer the choice and go with the cash option as default.

[jmid1000] 10/2/2021 17:18

Can you put up a link please?

[1224saj] 10/2/2021 15:45

Fenners, having now read all the docs, I'm staying in under the alternative offer section. You can find it on the TT web site. Hope this helps

[1224saj] 10/2/2021 14:18

Fenner,your post was right :-(

[1224saj] 10/2/2021 14:16

Just received my papers regarding the court hearing and general meeting at the offices of TT on the 1st March. This meeting is for the purpose of votes to pass the Tosca offer of 97p.It states that 75% of shareholders must vote in favour. 965m shares are held by the top 10 shareholders representing 86% of the company. That would suggest the remaining 14 % at 156m shares sits with smaller PI's. Short of a counter offer, which is unlikely, TT will be sold below market value

[shaker44] 10/2/2021 10:52

I doubt the ave pi owns £50k or is my Math faulty??

[1224saj] 10/2/2021 10:23

Good post fenners, I have more than a few grands worth and I feel there are more like me out there. I understand your point on the 90% which equates to around £100m for remaining 10% or 2000 PI's. The question is, are there PI's out there that represent this 10% who don't want to sell?

[fenners66] 09/2/2021 19:17

Once they get control of 90% (if I remember correctly) they can compulsorily buy them.
As for taking them to task for depriving shareholders of a private company - it has been successfully prosecuted in court - Blackpool FC for example, however if you have only a few grands worth of shares, the dividends are never going to be that great and your costs would be prohibitive.

They will know that and would bet it unlikely.

[shaker44] 09/2/2021 17:47

He has already done just that. Don't you realise?!