Turkeys? Xmas? |
98% acceptances |
"Were the takeover to become wholly unconditional, sale proceeds would be expected to be received by Zegona before the end of the second week of August 2021." |
I hadn't anticipated a tender offer, the 2017 tender offer detailed here :- |
Very close? |
Director buying possibly an indication money return is very close :-
"Zegona Communications plc, LSE: ZEG announces that it was notified on 22 July 2021 by Mr Menno Kremer, Investment Director of the Company, that he had purchased 65,068 Ordinary Shares in the Company at a price of 146 pence per share on 22 July 2021.
Mr Kremer's holding of Ordinary Shares in the Company totals 65,068 shares, representing approximately 0.0003% of the Company's issued share capital." |
Should be £15 million of which the management will own 28% = little under £11 milion for us. Won't be long before they pay it to themselves in salary, benefits and expenses. |
There should also be a NAV of 5p per ZEG share after the 1.504 has been paid. |
You can buy at 1.452 (1.46 including costs) - whih is exactly a 3% discount to 1.504 cash offer. 52.32% acceptances from 3 largest shareholders. Need 75% plus 1 share so guess that the discount reflects uncertainty of achieving 75% or buyer pulling out... |
Probably a buy (my buy quote is 145.45) and that price of 145.375 looks too high to be a sell.
However, that buy had to be supplied by impatient sellers not interested in the remaining approx 5% when the sale goes through. |
Ok hands up who just sold out...could be Sky shedding that 500k..a smidgeon of his holding |
Positive news from Spain re: CNMV clearance for the takeover to proceed. What is the current timetable for the completion of the deal and the flow of cash proceeds to shareholders? |
Thanks tiltonboy
Edit - so is my understanding correct that 150.4p (153p less the 2.6p recent dividend) is to be returned as cash with a residual 5p left in the business?
Consistent with recent weeks, share price seems to be unmoved on the news and one can currently buy @ 146p |
Euskaltel get final approval, so hopefully not too long before the cash comes in. |
Just needs xx changing to tt as below :- |
Preliminary approval has been received from the regulator for the takeover of Euskaltel.
hxxps://www.mobileworldlive.com/featured-content/top-three/masmovil-euskaltel-clearance |
Excellent outcome - and one which treats PIs very equitably; a rare thing. |
Good result, well done holders. |
£335m (153p) to be returned and 5p residual value. Happy with that although management LTIP looks generous as was alluded to by this board. 150p opening tomorrow? |
Letter dated 28th but signed 30th |
directors must call a meeting within 21 days and the meeting to be held no more than 28 days after the meeting is called |
Perhaps it's 21 days from receipt of the letter? Perhaps the term 'proceed to convene' is open to interpretation?As you said previously, when drawing such a huge salary, why rush to respond, draw it out a bit.I did wonder what golden parachutes were in the board's contracts - could be why MVI are happy for them to bat on with a smallish amount of cash. |
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