LTB 071/25 – OFFER BY EP GROUP – UPDATE

[RobertT]

The latest official acceptance figures, dated 29 April, are as follows:

DK – 27.56%
Others – 26.76%

Total – 54.33%

https://www.londonstockexchange.com/sto ... mpany-page

The Offer will only complete if valid acceptances representing 75% of the voting rights of IDS are received by 1.00 p.m. today, 30th April.

I'm not sure whether the figures will be made public today, or as usual we'll have to wait until tomorrow.

[qwerty2]

The latest official acceptance figures, dated 29 April, are as follows:

DK – 27.56%
Others – 26.76%

Total – 54.33%

https://www.londonstockexchange.com/sto ... mpany-page

So gets the Others shares as well?

[RobertT]

The latest official acceptance figures, dated 29 April, are as follows:

DK – 27.56%
Others – 26.76%

Total – 54.33%

https://www.londonstockexchange.com/sto ... mpany-page

So gets the Others shares as well?

If he gets 75%+, or comes to an agreement with the IDS board if it's 50-75%, he will buy the shares of those who've accepted.

If he gets 90%+, he can compulsorily purchase the remainder aswell, even those who haven't accepted.

[qwerty2]

The latest official acceptance figures, dated 29 April, are as follows:

DK – 27.56%
Others – 26.76%

Total – 54.33%

https://www.londonstockexchange.com/sto ... mpany-page

So gets the Others shares as well?

If he gets 75%+, or comes to an agreement with the IDS board if it's 50-75%, he will buy the shares of those who've accepted.

If he gets 90%+, he can compulsorily purchase the remainder aswell, even those who haven't accepted.

So it’s over - looks like he’s got it now
God knows what’s gonna happen!

[Ady128]

The latest official acceptance figures, dated 29 April, are as follows:

DK – 27.56%
Others – 26.76%

Total – 54.33%

https://www.londonstockexchange.com/sto ... mpany-page

So gets the Others shares as well?

If he gets 75%+, or comes to an agreement with the IDS board if it's 50-75%, he will buy the shares of those who've accepted.

If he gets 90%+, he can compulsorily purchase the remainder aswell, even those who haven't accepted.

So it’s over - looks like he’s got it now
God knows what’s gonna happen!

I think you’ll be ok for five years as he’s promised. After that, who knows?

[Rommagic]

That’s a big jump overnight.

[RobertT]

The latest official acceptance figures, dated 30 April, are as follows:

DK – 27.56%
Others – 52.49%

Total – 80.06%

The offer is unconditional and RM/IDS will now be taken over by Daniel Kretinsky/EP Group.

https://www.londonstockexchange.com/sto ... mpany-page

[clashcityrocker]

Summary

v As at 1.00 p.m. on 30 April 2025, Bidco may count 767,210,090 IDS Shares, representing approximately 80.06% of IDS' issued share capital, towards satisfaction of the Acceptance Condition.

v Bidco is pleased to announce that the Offer has now become Unconditional. Further details are set out below.

v Bidco will procure that IDS requests the FCA and the London Stock Exchange, respectively, to cancel the listing of the IDS Shares on the Official List and the admission to trading in IDS Shares on the Main Market of the London Stock Exchange, which is expected to take effect no earlier than 8.00 a.m. on 2 June 2025.

v The Offer remains open for acceptance until further notice and IDS Shareholders who have not yet accepted the Offer are urged to do so as soon as possible.

[clashcityrocker]

Commenting on this announcement, Daniel Křetínský, the founder and chairman of EP, said: "We are delighted to have secured the overwhelming support of IDS' shareholders for our offer. EP Group is a patient, committed investor and we believe the pathway to success for IDS lies in taking a truly long-term view of the future, putting employees and customers at the heart of everything IDS does, supporting the investments needed to deliver high quality services and products and in sharing the fruits of success with employees. I would like to thank Keith, Martin and the entire IDS Board and management team for the contributions they have made to IDS, GLS and Royal Mail. We are looking forward to working alongside Martin and his team to continue improving service quality, innovating for customers and growing the business. I would also like to thank the unions for the constructive approach they have taken to engaging with us throughout this process. Employees are at the centre of our plans for the business and we know we will only succeed with a clear, shared vision for the future that we can all work towards."

[RobertT]

8p special dividend confirmed.

The Offer Document stated the intention of the IDS Directors to declare the Special Dividend of 8 pence per IDS Share conditional upon the Offer becoming or being declared Unconditional. Following the announcement by Bidco today (30 April 2025) that the Offer has been declared Unconditional, IDS announces the declaration of the Special Dividend of 8 pence per IDS Share.
 
IDS Shareholders who are on the register of members of IDS at 6.00 p.m. on 30 April 2025 (the "Record Date") will be entitled to receive the Special Dividend. The ex-dividend date for the Special Dividend is expected to be 2 May 2025 (i.e. the second Business Day after the Record Date).
Dividends will be paid on 14 May 2025.

[qwerty2]

Commenting on this announcement, Daniel Křetínský, the founder and chairman of EP, said: "We are delighted to have secured the overwhelming support of IDS' shareholders for our offer. EP Group is a patient, committed investor and we believe the pathway to success for IDS lies in taking a truly long-term view of the future, putting employees and customers at the heart of everything IDS does, supporting the investments needed to deliver high quality services and products and in sharing the fruits of success with employees. I would like to thank Keith, Martin and the entire IDS Board and management team for the contributions they have made to IDS, GLS and Royal Mail. We are looking forward to working alongside Martin and his team to continue improving service quality, innovating for customers and growing the business. I would also like to thank the unions for the constructive approach they have taken to engaging with us throughout this process. Employees are at the centre of our plans for the business and we know we will only succeed with a clear, shared vision for the future that we can all work towards."

“ Employees are at the centre of our plans for the business”
Yes mass compulsory redundancies

[adb2aber]

v The Offer remains open for acceptance until further notice and IDS Shareholders who have not yet accepted the Offer are urged to do so as soon as possible.

Perhaps we could do with a sticky with the procedure to accept for a time?

[posted]

8p special dividend confirmed.

The Offer Document stated the intention of the IDS Directors to declare the Special Dividend of 8 pence per IDS Share conditional upon the Offer becoming or being declared Unconditional. Following the announcement by Bidco today (30 April 2025) that the Offer has been declared Unconditional, IDS announces the declaration of the Special Dividend of 8 pence per IDS Share.
 
IDS Shareholders who are on the register of members of IDS at 6.00 p.m. on 30 April 2025 (the "Record Date") will be entitled to receive the Special Dividend. The ex-dividend date for the Special Dividend is expected to be 2 May 2025 (i.e. the second Business Day after the Record Date).
Dividends will be paid on 14 May 2025.

So those that didn’t accept, now get the option to accept (within the next 14 days).

If they still don’t accept, they still get the 8p dividend. Straight forward enough I suppose

A few scenarios…
Now if within that 14 day period, those that were sat on the fence now decide to accept the offer, taking the share of the vote to 90%, does that trigger the threshold for Dan to compulsorily purchase the remaining 10%?
That 14 days just seems to be an extension of the offer period so I’m guessing he could

What if he slowly increases his shareholding to 90% over the next 12 months, can he still compulsorily take over the remainder?

[RobertT]

A few scenarios…
Now if within that 14 day period, those that were sat on the fence now decide to accept the offer, taking the share of the vote to 90%, does that trigger the threshold for Dan to compulsorily purchase the remaining 10%?
That 14 days just seems to be an extension of the offer period so I’m guessing he could

The info contained in the 'offer declared unconditional' document on the LSE website suggests that's a yes:

5.      Compulsory acquisition
 
IDS Shareholders are further reminded that, if Bidco receives acceptances under the Offer in respect of, or otherwise acquires, 90% or more in nominal value of the IDS Shares to which the Offer relates, Bidco intends to exercise its rights pursuant to the statutory squeeze-out provisions of Chapter 3 of Part 28 of the Companies Act to acquire compulsorily, on the same terms as the Offer, the remaining IDS Shares to which the Offer relates in respect of which the Offer has not at such time been accepted.

They have to keep the offer open for at least 14 days, but it can be longer. They haven't yet announced when it will close.
Personally I can't see any logical reason for the fence sitters to not now accept the offer, as there's not too many benefits to being a minority shareholder.

What if he slowly increases his shareholding to 90% over the next 12 months, can he still compulsorily take over the remainder?

Once the offer period has ended, it's rules will no longer apply.

[RobertT]

Further to discussion upthread on the exact criteria for 90% acceptance, it is now my belief that he will need 90% of the shares he doesn't already own to be able to compulsorily purchase the remainder.

Which means he'll need an acceptance rate of about 92.75% in total to force the remaining shareholders to sell.