Ten Entertainment Share Discussion Threads

[asparks] 03/7/2012 11:46

yes, I think so. I've added

[waterloo01] 03/7/2012 10:38

PG has upped his % stake. Wise to follow?

[norbert colon] 02/7/2012 10:09

From offer docs...

The Company has entered into an Underwriting Letter with Weekcorp, the controller and manager of shares held by Southern Fox Investments Limited in the Company, whereby Weekcorp have agreed, subject to certain conditions, to underwrite up to £1.2 million of the Open Offer.

The Company has also entered into separate Undertaking Agreements with Bridges and Impax who have undertaken to apply for their respective pro rata Basic Entitlements under the Open Offer. The undertakings provided by Bridges and Impax when aggregated amount to approximately £0.6 million of the Open Offer. Therefore at the date of this announcement, the Company has received aggregate commitments for the Open Offer from the Major Shareholders of approximately £1.8 million.

The Directors believe that the support of Weekcorp, Bridges and Impax demonstrates confidence in TEG and the Directors' plans for the future development of the Group.

[ansc] 02/7/2012 09:35

It looks as though TEG's AGM went off without a hitch on Friday and we now have our new chairmanat at the helm.

Although Weekcorp were prepared to take up 40 mil shares in the Open Offer (as per the offer documentation), as I suspected, their actual allocation was restricted to c. 21.5 mil. Their holding, when added to that of another major TEG shareholder - Bridges, should hopefully act as a useful prop to TEG's share price in the future.

On checking TEG's website this morning, Weekcorp aren't even registered on the 'Major Shareholders' list which still hasn't been touched. Ironically, the shares in issue has been updated to take into account the Open Offer issue but nothing else has; very poor show.

[knigel] 02/7/2012 07:30

New RNS today - who is this 18% shareholder?!! Interesting....

[ansc] 29/6/2012 17:17

With 188 million shares in issue post the Open Offer (see this afternoon's RNS), it's surprising only 35k have been traded during the last three days. Where have all the predicted sellers disappeared too?

Out of curiosity, I looked up TEG's website this morning which doesn't appear to have been touched for a long, long time - PG's holding is still shown as 3.3% and we know he holds at least 5.0%. Have e-mailed a request asking them to update at least the Major Shareholder figures so that investors can see whom holds what now. It'll be interesting to see how quickly they respond ... if at all!

[praipus] 27/6/2012 22:23

Hi KNIGEL I'm attempting to track all PG's holdings here:

Would be keen to know if I've missed any.

[knigel] 27/6/2012 20:22

I have heard of him, he is in quite a few other shares that I hold...just wanted to make sure you didn't mean PG Tips lol...

[ansc] 27/6/2012 08:14

You've obviously not been reading TEG's RNSs ... Peter Gylenhammar whom now holds 5% of the company's share capital (as was).

edit: A Goggle search on him might put you in the picture.

[ansc] 27/6/2012 06:21

Yes, PG can be a worthwhile ally to shareholders but I've also witnessed at first hand his ruthless business acumen at work as well. On one occasion, he built up an initial holding, stood on the sidelines as the company slid into debt before making an offer (which I turned down) that the company said they couldn't refuse; he ended up buying the business at about a quarter of its true worth. Then there was the time where he again built up a substantial holding before eventually became a director as well as deputy chairman, made what appeared to be a reasonable (and successful) offer for one of the company's subsidiaries before departing; it quickly became apparent that he had cherry-picked the most profitable part of the business as the company subsequently rapidly sank to its knees.

It will be interesting to discover how many shares he has ended up with post the Offer. In reality, he could have bought the whole shebang with his holding company's small change but, at this early stage of development, he doesn't know for sure that TEG is a viable concern!

[mgsmith] 26/6/2012 16:56

It was ever thus with small caps.

Underwriters, directors, market makers are able, quite legally, to exploit such situations to their advantage. I've seen it many times before.

Small amateur investors like me have no chance of exploiting such short term opportunities.

The only way we can benefit is by buying stocks that have value investors with the financial muscle to force management change for the better.

Hence I'm a fan of PG. He may well turn TEG around to our benefit but don't expect to see a decent return for at least 2 or 3 years at best.

[ansc] 26/6/2012 15:15

I'm somewhat surprised that, with the Offer being 42% oversubscibed, shareholders appear to be getting their excess shares applications in full - mine came through this morning. I can only surmise that the likes of Woodcorp had their 'excesses' cut right back instead.

A revealing RNS issued last night after the market had closed. I mentioned in an earlier post that directors had only guaranteed to take a measly 73k shares of their Offer entitlement. A bit of a choker, therefore, to discover that the CEO on his own subscribed for 167k; I find such misleading information pretty distasteful.

Also contained in the RNS was the news that the 'Big Boy Shareholders' and broker N+1 Brewin took shares in lieu of fees for getting the Offer away; I would imagine that will work out nicely in their favour over time. But why weren't we told they would be doing that in the Offer circular? Of course we weren't, by doing it this way should the Offer have been undersubscribed then they could simply walk away with their lolly instead. A 'win win' situation if you ask me.

[ansc] 25/6/2012 16:46

And look, somebody else bought 50k @ 3.75p just after the market closed and decided to sell 1.5 minutes later @ 3.65p. Lol!

[diku] 25/6/2012 14:15

Looks like somebody bought and sold today....not hanging around!....(transaction no:0 & no:3)

[ansc] 25/6/2012 12:07

Can only get a quote for a maximum of 25k online - @ 3.75p, selling price is up @ 3.4p. My broker still hasn't heard anything re the allocation quota.

[ansc] 25/6/2012 08:53

I don't know how many I've been allocated - my broker hasn't been in touch - but the 'buy' price is currently 3.6p; two trades went through earlier @ c. 3.8p.

[spudders] 24/6/2012 19:08

ansc - Looks like I have got my 30k excess, but I suppose thats small beer to most on here. Good Luck

[diku] 22/6/2012 12:23

It might not happen Monday but over the coming days/weeks it will probably go to 3p or below.....did it not go below the price off the last fund raising?...

[knigel] 22/6/2012 08:22

WOW! Oversubscribed! I'm not going to get all my extra entitlement shares but at least the share price should hold up on this positive news

[ansc] 22/6/2012 08:12

22 June 2012 - The TEG GROUP PLC (AIM: TEG) ["TEG" or "the Company"]

THIS ANNOUNCEMENT (AND THE INFORMATION CONTAINED HEREIN) IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION IS UNLAWFUL

Result of Open Offer

On 6 June 2012, the Company announced details of a proposed share issue to raise gross proceeds of up to approximately GBP2.0 million through an Open Offer of up to 66,940,435 New Ordinary Shares at a price of 3 pence per New Ordinary Share.

The Open Offer closed for acceptances at 11.00 a.m. on 21 June 2012. The Company is pleased to announce that valid acceptances have been received for 95,190,784 New Ordinary Shares from Qualifying Shareholders and accordingly the Open Offer was oversubscribed by approximately 42.2%. All entitlements will be met and excess applications will be scaled back with 66,940,435 Open Offer Shares being issued pursuant to the Open Offer. Consequently, the Company has conditionally raised a total of approximately GBP2.0 million before expenses through the Open Offer.

The Open Offer remains conditional upon, amongst other things, the approval of Shareholders at the General Meeting, to be held at 1.00 p.m. today at Westmarch House, 42 Eaton Avenue, Buckshaw Village, Chorley, PR7 7NA and upon Admission occurring by 8.00 a.m. on 25 June 2011 (or such later time or date as the Company may determine).

Application has been made to AIM for the admission of the 66,940,435 New Ordinary Shares. It is expected that Admission will become effective on 25 June 2012 and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 25 June 2012. Following Admission, the Company will have 184,379,795 Ordinary Shares in issue.

The New Ordinary Shares, when issued will rank equally in all respects with the Existing Ordinary Shares.

This announcement should be read in conjunction with the full text of the Circular posted to Shareholders on 6 June 2012, copies of which are available on the Company's website at www.theteggroup.plc.uk. Capitalised terms in this announcement have the same meaning as given in the Circular.