Select ‘view shareholder meetings’ which you’ll find under the link to your secure messages
Click the ‘give instruction’ link next to the relevant shareholder meeting
Select ‘attend a meeting’ at the top of the page and complete the online form.
You only need to provide the mandatory information plus your email address so you can receive confirmation.
If you have any additional requests like virtually attending a meeting or taking a guest, please use the ‘comments / Special Instructions’ section at the bottom of the form for this.
The company registrar will then expect your attendance on the day.
You will need to turn up to the meeting with some form of identification on the day."
I don't think you put enough emphasis on the most absurd part of this. They're trying to buy out the company using debt and shares in the vehicle acquiring the company. That is, they're switching your liquid listed equity to a combination of unlisted equity and unlisted debt; essentially levering the company up using minority shareholders' money.
Whatever price they claim the offer is at, it's meaningless. Investors would get back essentially the same claim on the business they had before, except with upside capped, zero control, and no liquidity. The fact they're even attempting this blows my mind.
I don’t see how it could possibly go through anyway. Even if they get 75% of shares, they need 50% of shareHOLDERs. I doubt they have that. I also struggle to see how it would be remotely justifiable in court. Then again, these guys are the lawyers.
Hmm true, if they can delist it the minorities would probably be a lot more willing to accept an offer of debt and equity in the new vehicle. But they’d need the cash to buy another 12% of shares - do you reckon they have that?
Can't they just tender using the debt? i.e. take the debt or keep the shares, oh btw if you keep the shares they delist. I think I explain this dynamic in my other article on Anexo, the stag hunt.
Hello.
Anexo holdings with HL voting information, FYI.
"Thank you for your message.
Once a meeting date has been confirmed you can submit a voting instruction online following the below instructions.
We have also recently launched a new service to make it easier for you to give instructions to vote or attend shareholder meetings. More information on this is available at https://www.hl.co.uk/shares/corporate-actions/agms-and-shareholder-voting.
As a result of this new service, you will receive confirmation of your appointment from Broadridge (ICSEurope.operations@broadridge.com)
Please note that you are now able to request to attend a meeting online. You can do this as follows:
Log in online at www.hl.co.uk
Select ‘view shareholder meetings’ which you’ll find under the link to your secure messages
Click the ‘give instruction’ link next to the relevant shareholder meeting
Select ‘attend a meeting’ at the top of the page and complete the online form.
You only need to provide the mandatory information plus your email address so you can receive confirmation.
If you have any additional requests like virtually attending a meeting or taking a guest, please use the ‘comments / Special Instructions’ section at the bottom of the form for this.
The company registrar will then expect your attendance on the day.
You will need to turn up to the meeting with some form of identification on the day."
Rgds.
Great. I will share this on twitter as well. Thanks for helping!
I sent a message to HL on 7th May asking for info. on voting against.
Good job.
I don't think you put enough emphasis on the most absurd part of this. They're trying to buy out the company using debt and shares in the vehicle acquiring the company. That is, they're switching your liquid listed equity to a combination of unlisted equity and unlisted debt; essentially levering the company up using minority shareholders' money.
Whatever price they claim the offer is at, it's meaningless. Investors would get back essentially the same claim on the business they had before, except with upside capped, zero control, and no liquidity. The fact they're even attempting this blows my mind.
that is why we should block it. Or force a cash offer.
I don’t see how it could possibly go through anyway. Even if they get 75% of shares, they need 50% of shareHOLDERs. I doubt they have that. I also struggle to see how it would be remotely justifiable in court. Then again, these guys are the lawyers.
Well they can just tender for the 75% right. And for a delisting there is no other threshold then the 75% vote.
Hmm true, if they can delist it the minorities would probably be a lot more willing to accept an offer of debt and equity in the new vehicle. But they’d need the cash to buy another 12% of shares - do you reckon they have that?
Can't they just tender using the debt? i.e. take the debt or keep the shares, oh btw if you keep the shares they delist. I think I explain this dynamic in my other article on Anexo, the stag hunt.
Well, if the loan notes are on unattractive terms they’re not gonna be accepted. I guess it’s a game of chicken with the shareholders.