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joeyconcrete

MT - Being bought?

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Posted (edited)

https://www.investegate.co.uk/manx-telecom-plc/rns/recommended-acquisition-of-manx-telecom/201903130700056746S/

 
“The boards of Bidco and Manx are pleased to announce that they have reached agreement on the terms of a recommended cash offer pursuant to which Bidco, a newly-incorporated company owned by Basalt, will acquire the entire issued and to be issued share capital of Manx (the "Acquisition")”
 

 

Edited by joeyconcrete

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26 minutes ago, joeyconcrete said:

https://www.investegate.co.uk/manx-telecom-plc/rns/recommended-acquisition-of-manx-telecom/201903130700056746S/

“The boards of Bidco and Manx are pleased to announce that they have reached agreement on the terms of a recommended cash offer pursuant to which Bidco, a newly-incorporated company owned by Basalt, will acquire the entire issued and to be issued share capital of Manx (the "Acquisition")”
 

 

Good spot. Essentially being bought by what looks like a Guernsey entity for £200M. 

Would provide the capital needed for infrastructure reinvestment, which sounds positive, but clearly the opportunity for another external fund to hold the IoM to ransom as happened with the IoMSPCo given that MT has the fixed line monopoly and infra inherited from BT.

https://www.basaltinfra.com/recommended-cash-offer-for-manx-telecom-plc/

I'm surprised and disappointed but not astonished. I think there would have been other less controversial ways for MT to raise the infra capital it needs.

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33 minutes ago, joeyconcrete said:

https://www.investegate.co.uk/manx-telecom-plc/rns/recommended-acquisition-of-manx-telecom/201903130700056746S/

 
“The boards of Bidco and Manx are pleased to announce that they have reached agreement on the terms of a recommended cash offer pursuant to which Bidco, a newly-incorporated company owned by Basalt, will acquire the entire issued and to be issued share capital of Manx (the "Acquisition")”
 

Hope so. They might actually inject some capital into it and stop it being so shite. 

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3 minutes ago, thesultanofsheight said:

Hope so. They might actually inject some capital into it and stop it being so shite. 

Or you might find prices creeping up... because they can

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The Politicos will be rubbing their hands with glee. Some will boast how wonderful this is for Fantasy Island, whilst coping with any potential price rises out of their ‘expenses’. 

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So Bidco is being advised by McQuarrie and is borrowing 70% of the purchase price from Santander/Lloyds/NatWest. Are they really going to have funds to invest?

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Posted (edited)
5 minutes ago, John Wright said:

So Bidco is being advised by McQuarrie and is borrowing 70% of the purchase price from Santander/Lloyds/NatWest. Are they really going to have funds to invest?

No it’s a typical infrastructure fund deal backed by private equity through a Guernsey structure which will probably screw the life out of a dying business for 10 years or so before stripping it out and selling it on. Can’t see much in it for consumers and their service proposition is appalling enough as it is. 

Edited by thesultanofsheight
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2 hours ago, John Wright said:

So Bidco is being advised by McQuarrie and is borrowing 70% of the purchase price from Santander/Lloyds/NatWest. Are they really going to have funds to invest?

Heard of these guys somewhere before...…. :unsure:

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Maybe MUA should become a 5G provider

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another approach is to require the land line business be separated from the mobile and to split the MT landline business rather like BT was forced to open up landlines to competition by hiving off Openreach - now if we had a competent OFT that would work but ..

I reckon McQuarrie vulture capitalism re IoMSPCo cost each family on Island £1000 a year on overpriced fares diverted to them

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.but with a politician in charge of the Communication Commission instead of an independent head, they'll soon see through any shenanigans!

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5 minutes ago, manxy said:

MUA next?

 

Hope so

 

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2 minutes ago, Burt said:
7 minutes ago, manxy said:

MUA next?

 

Hope so

Who would buy that debt ?

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15 minutes ago, dilligaf said:

Who would buy that debt ?

I'm sure that sweeteners would be organised if it ever came to that.

Whether any prospective buyer would be prepared to entertain the existing salary structures might be a different matter.

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