Bids are back! Sadly, it’s in the land of penny dreadfuls…
* The ADVFN Independent Directors and the ALL IPO Independent Directors are pleased to announce today that they have agreed the terms of a recommended offer to be made by ADVFN for the entire issued and to be issued ordinary share capital of ALL IPO, other than the shares already owned by it.
And it is all in paper – on a 9-for-20 basis, valuing ALL IPO stock at 1.316p a piece and the whole company at, er, £400,000. There’s a cash alternative of 1p a share.
ADVFN already owns 37 per cent of ALL IPO, and acceptances up front take its holding to 56.6 per cent. So the chances of a counter bid look slim.
In fact ALL IPO revealed a takeover approach back in early May. There was no mention at the time that the bidder was its effective parent company, but the stock soared to 2.5p amid all the excitement.
ALL IPO, as the name suggests, offers retail punters the chance to back flotations and other cash raisings.
Lucky investors were able to pay 25p-a-share when ALL IPO itself was backed into a dot.comedy shell back in 2004.
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Separately, alongside his regular corporate deal-making, ADVFN chief executive Clem Chambers has found time to pen a new novel, The Armageddon Trade.
The mysterious Max Davas, emperor of trading, makes billions dealing US treasuries using more computing firepower than NASA – but now his models are telling him that something is about to go catastrophically wrong…
Gold…$0 an oz… Oil…$0 a barrel… the $, the €, the Yen, sugar, wheat, coffee… all DOWN to ZERO…
Two reviews:
This is a taut and exciting thriller based in the financial trade. The characters are believeable and sympathetic, and the plot – while a little implausible in places – keeps you turning the pages to find out what’s going to happen. I recommend it.
FJ Craig “Hazed”
This fast moving story captures the nature of the traders behind the foolishness and greed stalking the financial markets.
Alex Brummer, Daily Mail