Can someone explain what's happening at Friends Prov?
Discussion
I've received a load of paperwork about voting at a General Meeting. Usually I just skim read the prospectus about re-electing the board, etc. This time I've got something I frankly have no idea about regarding a demerger and another form about retaining my Nominee Holding in F+C management.
Now as far as I can understand, Friends Prov are going to take themselves back into private ownership/selling themselves to a private company and I am going to get a cash value for my (410) FP shares or I can hold onto them and get a 1:10 ratio in the new company - but what will they be worth?
Can anyone explain in simple terms what's going on?
Now as far as I can understand, Friends Prov are going to take themselves back into private ownership/selling themselves to a private company and I am going to get a cash value for my (410) FP shares or I can hold onto them and get a 1:10 ratio in the new company - but what will they be worth?
Can anyone explain in simple terms what's going on?
Sorry to Hijack, but I don't seem to be able to get in contact with you by email.
1) I wanted to invite you to these PH events:
http://www.british-sportscar.com/ph/
2) Any chance if you can't come that we can borrow your sound meter?
1) I wanted to invite you to these PH events:
http://www.british-sportscar.com/ph/
2) Any chance if you can't come that we can borrow your sound meter?
You can email me via here or via www.parkwaytaxis.com
It's not my meter. It, along with the trade plates I had at Cheddar are courtesy of Dulford Automotive.
It's not my meter. It, along with the trade plates I had at Cheddar are courtesy of Dulford Automotive.
Tyre Smoke said:
You can email me via here or via www.parkwaytaxis.com
It's not my meter. It, along with the trade plates I had at Cheddar are courtesy of Dulford Automotive.
Yup - I tried emailing a few times through here. Maybe they went straight into your spam folder.It's not my meter. It, along with the trade plates I had at Cheddar are courtesy of Dulford Automotive.
Anyway, are you able to make either of the Dorset meets?
Tyre Smoke said:
I've received a load of paperwork about voting at a General Meeting. Usually I just skim read the prospectus about re-electing the board, etc. This time I've got something I frankly have no idea about regarding a demerger and another form about retaining my Nominee Holding in F+C management.
Now as far as I can understand, Friends Prov are going to take themselves back into private ownership/selling themselves to a private company and I am going to get a cash value for my (410) FP shares or I can hold onto them and get a 1:10 ratio in the new company - but what will they be worth?
Can anyone explain in simple terms what's going on?
can we get back on topic please.....as a btw, I still don't seem to have received this info - last thing I received from FP was about a month ago.Now as far as I can understand, Friends Prov are going to take themselves back into private ownership/selling themselves to a private company and I am going to get a cash value for my (410) FP shares or I can hold onto them and get a 1:10 ratio in the new company - but what will they be worth?
Can anyone explain in simple terms what's going on?
Tyre Smoke said:
I've received a load of paperwork about voting at a General Meeting. Usually I just skim read the prospectus about re-electing the board, etc. This time I've got something I frankly have no idea about regarding a demerger and another form about retaining my Nominee Holding in F+C management.
Now as far as I can understand, Friends Prov are going to take themselves back into private ownership/selling themselves to a private company and I am going to get a cash value for my (410) FP shares or I can hold onto them and get a 1:10 ratio in the new company - but what will they be worth?
Can anyone explain in simple terms what's going on?
FP currently own 52% of F&C.Now as far as I can understand, Friends Prov are going to take themselves back into private ownership/selling themselves to a private company and I am going to get a cash value for my (410) FP shares or I can hold onto them and get a 1:10 ratio in the new company - but what will they be worth?
Can anyone explain in simple terms what's going on?
They wish to get rid of this 52% of F&C as it doesn't fit their future plans.
As they can't find a buyer for this 52% stake, they are de-merging.
For every ten FP shares held, 1 F&C share will be issued. Small shareholders (< approx 2,500) will recieve the cash value of the F&C shares instead, unless they opt to take F&C share instead.
You'll still have 410 shares, but in a new company called Friends Provident Group, which will be the same as the shares that you currently own, they won't include the 52% stake that FP own in F&C. You will also get the cash value of 41 F&C shares, or you can get the actual shares if you choose to instead. You should be in the same position as you were before.
There is no suggestion that FP will take themselves back into private ownership or sell themselves to a private company and you won't get the cash value for your 410 FP shares.
HTH
Tyre Smoke said:
Certainly not the June one. The July one is also looking flaky as I've got relatives staying in July, but not sure when.
Ah... I was hoping you could bring that nutter Cerb, and perhaps do the sound test for us (I've never done that before). I'm putting up a prize for the noisiest car - not sure what yet.It'd be great if you could keep the July event in mind...
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