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I have no idea what the hell is going on at the moment can any body up date us .Today I received a RNS announcing the AGM and the 19p Dividend have been cancelled ,which means, the special payment and scrip are still on, as they have been voted on .
In the mean time doe's this mean they couldn't get enough vote's from institutions, to get this over the line ? I hope so, as this was was never a true cash offer ,as they mixed the Special dividend in to the mix. As share holders we had all ready been told we were going to get the 19p any way ,but by adding it to the cash offer ,and then removing it once the divvy had been paid out was incomprehensible ,as it meant the real price of the take over was £1.36 p/s , to me that is scandalise.
Maybe some of the big boys have told the company ,they won't be backing this take over as they see what we see, a bad board with no ambition .We only need 25% to say no ,and this board will be history .
looking forward to the up date soon
Be Happy
Dave
This traded ex div today so if you still own shares as of today you will get the 19p interim dividend in due course. The Carlyle cash offer is 136p a share so this is still trading at a small premium. Before the offer was launched the PE guys would have tested the waters with few institutions to get a feel whether they may vote in favour of the deal. Given where we are now, it is quite likely that if not enough vote in favour they may sweeten the deal with an increased offer (probably by not very much but a little bit maybe in order to tip the scales to their side so it goes through. I doubt they would let this fall through without trying a little bit unless thry are very confident they will get the 75 percent of votes). It is also now a time for other possible buyers to consider this deal and whether they could be interested to bid as well.
dgaser
When the bid was announced the SP was about 120p with the special dividend of 19p about to become xd, That event would undoubtedly reduced the pre bid SP by around 19p.
So you must compare 120p - 19p = 101p with the 136p Carlyle offer. I'm not advocating the offer, just saying that you have to compare on the same basis
Totally agree. All I am saying is that given the company directors don't own any stake the call is really in the hands of the institutions and the retails investors. We shall see what happens. Nothing may happen but too early to call that.
The Directors are greedy and a disgrace as they have done nothing to benefit shareholders and are engineering a deal which will primarily benefit them and Carlyle at our expense
Hi John
You could say as I do, that prior to the take over announcement ,VEC had already cleared a special payment of 19P to it's share holders ,therefore it had nothing to do with the take over offer and should not have been added , to me Carlyle are only offering £1.36 p/s. Remember it wasn't until after the take over was announced that VEC actually withdrew that offer, Carlyle in the mean time stated in their take over document ,that any dividend made by VEC would then be repayable to Carlyle ,subsequently, VEC issued another notice saying the special payment and script had been cancelled ,and they were replacing it with a 19p Dividend instead ,that meant to offer was £1.36 + the dividend payment of 19p, making the offer £1.56 per share .But VEC shareholders were already eligible for that special payment ,as it was a reward for shareholders holding VEC share's through through several years of indecision and court hearings in 2020 ,and again after winning that court case in 2020 ,we had to wait to see if GSK would appeal ,but after GSK failed to appeal the court judgement in early 2021 , the company allocated us a 19p special payment and a script reduction of shares , therefore that had nothing to do with the takeover, as that award had all ready been offered to the share holders .
To me, the actual cost to Carlyle is £1.36 per share which in my opinion is well below our value , of course I might be wrong and non of this happened ,and if that is the case I apologise in doubting the figures ,but to me the £1.56 price is an inflated price ,and is not a true value of VEC
Be Happy
Dave
100% correct dgaser-Our Board have clearly accepted 136p per share for our company ,in which they have less paid for shares than many of us.To value our shares at 136p with 2 or 3 major onknowns in respect of our potential revenues from Advair generic,Ellipta generic & the possibility of a C-19 solution ,apart from our substantial remaining cash balance ,to be increased b an additional $32mill in the next 12 months (Pacira),is mystifying .Purchases of over 3% of our issued share capital announced late today may be a prelude to a higher bid & we will have to wait with bated breath
Definitely with you on this BB - we have certainly been screwed on the price in my view.
I have interest in 2 companies subject to bids/ proposed bids at the moment. In each case the shareholders are very critical of the BODs.
I can't say that such an attitude is incorrect, I find the VEC bid disappointing having spent I think 20 years (+) with SKP/VEC.
All we can do is vote against, but be realistic that us PIs combined votes hold little sway. Getting stressed about it is more likely to affect your health than change the outcome
Today’s RNS shows Directors holdings & options .
I have no problem with Paul Fry as he has been with the company for some time & has done a decent job .Downie on the other hand is all fake & no give & will no doubt make many millions out of this deal having invested nothing at all .I am sure the deal will happen but let’s hope the IIs & HIK see what is obvious & at least demand a fairer price than 136p.19p is our share of the GSK win & was our anyway & ludicrous for Downie /Carlyle to suggest otherwise