Vectura Share Discussion Threads

[a1ord53] 10/8/2021 22:09

Final note:
Carlyle knew that they will not bid
Their broker Morgan Stanley posted rns at noon time announcing that they have no more holding in Vectura. They had last week 6% . So in order to sell their positions at the highest level they were playing game with auction.
Also rns about final order they released at 16:33 during closing auction and created sell off situation.They not allowed to do like this.
Hopefully SEC or whoever will look into it.
So it’s life- everybody taking care of their interest and neglecting the regulations.
Hope that we could find new blog for great investment/ trade. Lets stay in touch.
Best to all.

[davr0s] 10/8/2021 18:35

Some of you guys need to be a little more objective and stop getting sucked into a negative narrative. Made a handsome profit here and for the second time on VEC. Maybe management is rubbish - who knows? Does anyone know any of the management anyway ? To me it's just a trade - rotate and move on

[davr0s] 10/8/2021 18:31

Suspect only because they had already spoken to the regulator about the auction and so needed to appear to be neutral

[a1ord53] 10/8/2021 18:22

Board did withdraw recommendation to accept Carlyle 155p bid on Monday.

[davr0s] 10/8/2021 18:16

You need to chill a bit

[boadicea] 10/8/2021 17:51

The VEC board is breathtakingly unbelievable. They were prepared to recommend a PMI bid of 150p but not one of 165p. What a pack of stinking weasels!

My understanding is that the PMI offer remains open for 21 days from publication of their new offer pdocumnt, which may be up to 9 days from now.

PS: Does it seem right that price sensitive information should be released between the official market close and the execution of the uncrossing trade? That is not a level playing field ... but was it ever?
Who dumped?

[gbcol] 10/8/2021 17:18

That’s a bit of a shame, thought we might squeeze up towards fair value of 175/180p. Typical, 1st time I haven’t sold a few after an increased bid, so missed getting a few away at 170p+. Oh well, a lot better than it was looking when the BOD snapped Carlyles hand off for 136p.

Hopefully it won’t drag on too long with PMI get approval. I’ll be happy to move on now.

[a1ord53] 10/8/2021 16:56

Carlyle wanted steal and not deal -
First offer with divi !
Unfortunately with Vectura always was frustrating!
And finished like always with Vectura!
Still third party can bid and accumulate shares !?
Who knows ?

[davr0s] 10/8/2021 16:56

Yep seems that way - just have the regulatory risk so got to factor that in. Thought Carlyle might have gone a little more or just to make PMI pay more. Oh well - excitement could be over now

[vecturaking] 10/8/2021 16:53

The ball is in philip Morris for the Taking

[davr0s] 10/8/2021 16:48

Lol looks like someone dumped into the UT

[davr0s] 10/8/2021 16:35

Stand down all those predictions

[davr0s] 10/8/2021 16:34

Carlyle has declared final - no auction

[a1ord53] 10/8/2021 16:08

Actually in Auction next bid should be not less than 166p( or may be above current market price ?) - so if bidder will walk this steps - in five days best case 170p unless Carlyle bids 170 tomorrow and PMI overbid with 180p and win …?

[boadicea] 10/8/2021 10:05

Strategically (if I have calculated correctly) I think that PMI might consider getting the deal done by revising their offer to 171p, thereby releasing the shares pledged to Carlyle at 155p. As a wheeler dealer looking for a quick turn, I doubt that Carlyle would top this and PMI might get their 90% for unfettered control. However, this story is capable of yet more interesting twists if another party intervenes.

[newbold120] 10/8/2021 09:18

PMI's behaviour is text book red blooded acquirer. Counter bid over a weekend within 48 hours. Switch to an offer from a scheme to shorten the timetable and increase certainty.My knowledge of the code is a bit rusty but I believe Carlyle would need to change their bid to an offer now as well. More money for the lawyers! Plus abort costs go up. The fact Carlyle went with a scheme to begin with indicates they did not believe there would be a competing offer.Will

[boadicea] 10/8/2021 08:51

We now have a conventional takeover situation where PMI can gain effective control of the company with 50+% of the equity, but only acquire 100% (by compulsory purchase) if more than 90% of existing shareholders accept. This replaces the SoA system where only 75% had to agree.
This also raises the theoretical possibilty that up to 50-% of the shares could remain in other hands, possibly still with a market quotation.

This clearly increases the chance of PMI gaining control by raising the hurdle for an anti-PMI lobby from 25% to 50% although they could remain a vociferous minority interest with 10+%.

I leave it to others to work out the likely effect on the takeover price.

[davr0s] 10/8/2021 07:40

Ok thanks guys

[jimboyce] 10/8/2021 07:39

Previously both pmi and Carlyle could walk away,but now pmi are saying they won't walk away. More certainty for shareholders therefore.

[18bt] 10/8/2021 07:37

They've just changed the structure, so it doesn't need a scheme of arrangement, which has to be court sanctioned and which requires 75%. So they just need 50.1% to declare the offer unconditional.

[davr0s] 10/8/2021 07:16

Maybe I have read this wrong as it says in advance of the auction. I need to go back to bed lol. Still not entirely sure what it's saying that hasn't already said

[davr0s] 10/8/2021 07:07

Well that's a bit of a spoiler RNS then. So they seem to have reiterated previous offer and withdrawn from auction (?). If my reading is right why did they sign up to the auction just yesterday ?

[nicyts2] 10/8/2021 06:51

There will be a loser. Not a popular description. Suspect winners will have to go to the top end . Where will that be?Nothing like a good p.....ing competition.

[davr0s] 10/8/2021 06:22

I was wondering if either party was permitted to declare their respective bids through the auction process seems to state it won't be. Not 100% clear to me. Anyhow going to be an interesting few days