Is there an imminent New Year bid for Ceres Power?

UPDATE – A question posed on the LSE B/Board – “If the plan is to take over completely why did they (IP2IPO & ORA) not just buy Ceres outright at the time of the offer? Why bother issuing mllions of shares getting ~25% each? Why not just buy outright immediately?”

Answer – because they would not have been able to take over the entire Company at an average of around 3p per share (which is what they will likely pay as an average now given the near 60% issued at 1p), particularly considering the cash per share was around 4.5-6p.

As for the numbnut that goes by the name “Briansmith” on the LSE Board who is a SueYou (still waiting on the writ Sue!) alias and his ridiculous remark – “The bid will be at a price they dictate, a low price, because between them they own enough of the company to vote it through themselves” – Brian – please read the Takeover Panel rules – printed below to help you!

Brian/Sue – the floor is open below for your comments…

Well at least now we know who was buying the stock this last few days… ORA Capital picked up nearly another 12m shares last week to take them very close to the key 30% level that will trigger a bid. I suppose if you paid 1p per share for 105m (25%) and your pals at IP2IPO have just under 29% too then a few extra shares at a “real” price makes no difference…

It is clear to me now that the placing earlier this month was simply a platform for IP2IPO & ORA to mount a full bid and take the balance of the company private. They will need 75% to get it automatically through and with Richard Griffiths’ ex colleague from Evolution Ali Mortazavi also holding 6% then they are nearly there (there is a question as to whether he is already a “concert party” however…).

And so, they now require around another 9m shares (EDIT – just over 7m after some numpty obviously didn’t read this blog and sold a further 1.8m shares today – and these people are actualy paid to manage money?) to get their prey. Question is what price the stock goes to in order get this as, per the takeover rules, they need to pay to shareholders the highest price that was paid in the market by them in the last 12 months if a bid is mounted (see below re the rule). For long suffering holders then hold tight and make them pay 10p+ is our advice. Oh and wish the worst Xmas ever on David Pummell and his cronies who sold your company for a song.

Rule – 

When a person or group acquires interests in shares carrying 30% or more of the voting rights of a company, they must make a cash offer to all other shareholders at the highest price paid in the 12 months before the offer was announced (30% of the voting rights of a company is treated by the Code as the level at which effective control is obtained).

The sharks are a circling….