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So Bank of Montreal have brought shares and opened a short for over 2% at exactly the same price. What is the point of doing that?!
It's all a bit odd. I still hold some shares as I can see a final twist to this saga. I am not holding through the vote though, too risky.
I'm pondering the same about when to sell.
I just had to look back at what happened at OPHR. They had the offer increased 5 days before the court meeting and GM for voting on the offer. At the point of the offer increase they increased the irrevocable undertakings from 0.14% (directors) to 18.73%. however, at that point Coro were also doing due diligence on a bid.
So Viaro do seem to be in a stronger position with more irrevocable undertakings and no apparent competing bidder. But the question is, is the price high enough to get sufficient votes?
It's interesting that you mention OPHR timescales. I was thinking if I were to make a rival bid I would wait until the very last possible time before the vote. 5 days before sound about right so around 7th August. If no rival offer comes in then I would have thought the 75% votes will be achieved. I assume all these institutions buying up stock will vote for their 0.5% gain.
Yep I'm thinking the same, I'm in no rush as I'll probably keep this investment in cash. However, I would probably get out before the vote lest I get stuck in for another month or two.
Just about OPHR, the timeline was:
31st Dec Medco announcement of potential aqusition
11th Jan Medco initial offer was 58p but reduced to 53.8p (on 20th Dec) due to oil price decline then to 48.5p
14th Jan OPHR reject offer at 48.5p as undervaluing OPHR
28th Jan extension of offer deadline, negotiating transaction at 55p
30th Jan Medco new offer 55p supported by board
8th Mar Coro unsolicited bid 40p + Coro shares
20th Mar Medco increase bid 57.5p
20th Mar Coro withdraw interest
25th Mar court meeting + GM votes
21st May completion of acquisition
22nd May cancellation of listing - presumably when the money was paid to shareholders
Don't forget, any offer that trumps Viaro's 1850p MUST be notified to the market, even if it's >1p. The BoD have backed Viaro's offer, so would have no reason not to see any offer >1850p as being an improvement, hence have to issue RNS, regardless of their Irrevocable Undertaking.
Hey NKOTB how you keeping? TR1 keep coming so you never know what will happen over coming days, £25/sh rival bid please !! (dream on)
I'm still dreaming too...maybe I'll leave half in for the vote. See what happens...at least it looks like ODDO will hoover up my shares if I do sell them!
Surely the buying at £18.44 isn’t anyone looking for a quick turnover and sell at £18.50. It’s not worth it. They must be gambling on a higher bid being made or buying on behalf of a bidder.
MTS,
"or buying on behalf of a bidder... " .... :-)
Yes very intriguing. Which bidder ????
Let the battle commence!! ....;0)))