Tender offer for Town Centre Securities
Posted: November 18th, 2023, 6:57 pm
Subject to approval at a general meeting on Dec. 1, Town Centre is making a tender offer to shareholders at 145p per share which is less than half my acquisition price many years ago. Shareholders may select the number of their shares for which they wish to accept the offer but acceptances may be scaled back to 15.5% of their holding if total acceptances exceed 7,500,000 (approx. 15.5% of share capital).
I can't say I feel inclined to accept an offer at this price for either of my holdings (ISA and certificated). The UK market is generally low (as witness the never before seen number of red entries on my portfolio valuation list) and it won't, I trust, stay that way forever, especially if the Chancellor comes up with any sweeteners next week, which looks likely. I think I'll hang on in the hope that there will be a Hotel Chocolat type takeover (for all we know there may be something in the wind already) or that the market gradually, or preferably quickly, recovers. I had intended to buy HC while they were
low but the price kept going lower and I gave up watching after a while. .
Are there any other Fools who hold this stock? I should be interested to hear other views. I'm afraid I haven't time to follow all my holdings these days.
I do realise that chocs are easier to swallow than bricks and that Covid and WFH must have disrupted things for property owners but I don't suppose too many people can now afford to rush out and buy increasingly expensive chocs either at present so I am trying to look on the bright side.
I can't say I feel inclined to accept an offer at this price for either of my holdings (ISA and certificated). The UK market is generally low (as witness the never before seen number of red entries on my portfolio valuation list) and it won't, I trust, stay that way forever, especially if the Chancellor comes up with any sweeteners next week, which looks likely. I think I'll hang on in the hope that there will be a Hotel Chocolat type takeover (for all we know there may be something in the wind already) or that the market gradually, or preferably quickly, recovers. I had intended to buy HC while they were
low but the price kept going lower and I gave up watching after a while. .
Are there any other Fools who hold this stock? I should be interested to hear other views. I'm afraid I haven't time to follow all my holdings these days.
I do realise that chocs are easier to swallow than bricks and that Covid and WFH must have disrupted things for property owners but I don't suppose too many people can now afford to rush out and buy increasingly expensive chocs either at present so I am trying to look on the bright side.