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Unconditional Cash Offer for ABBEY Shares

  • 03-08-2012 8:01am
    #1
    Sonnenblumen
    Registered Users, Registered Users 2 Posts: 5,834 ✭✭✭


    Interested to know what other shareholders made of this offer which was strongly couched in a this is a 'done deal' scenario but IMO it represents a very poor offer. Why?

    - the cash offer values entire issued ordinary shares of company at c€ 114mio but as of 30 April 2012, the company had net assets of c € 174 mio. Anyone seen the Preliminary Financial Statements for financial yera ended 30 April 2012? I would be very keen to find out what are the company's cash reserves?

    According to the offer documentation, the comapny had a turnover in €70.4mio (+ 5.6% on 2011), and after tax profit of € 8.9mio (up on profits for 2011: € 8.25mio). The document also states " the Offer is final and will not be increased", does anyone know what options are available to shareholders in such scenarios where they do not wish to accept the offer, do not wish to sell shareholding etc?


Comments

  • #2
    clarecoco
    Registered Users, Registered Users 2 Posts: 61 ✭✭clarecoco


    I am a small shareholder and decided not to accept. There is a statement on Abbey website:
    http://abbeyplc.ie/2012/09/status-following-completion-of-the-mandatory-offer/

    Only 72.6% of the existing Issued Share Capital of Abbey Shares is owned by the Gallaghers following the purchase. They are short of 80% which is needed to make a compulsory acquisition by Gallagher Holdings of the minority shareholdings. Because of this Abbey shares will continue on the Stock Exchange. It is over to Gallagher Holdings to make the next move if it wants to bring the company private, otherwise we continue as we are. Unlike other housing development companies this company is profitable and the shares should have the potential to increase in value in the medium to long term.


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