Quizzes & Puzzles2 mins ago
P&O Takeover
Anybody know the market value of P&O 5.5%preference shares. I hold these since by some
financial manipulation these became preference
shares transferred from ordinary shares. Doubtless if I was an ordinary shareholder I would have been consulted on the takeover but as I am a pref. shareholder I have no vote and P&O do not seem to have the curtesy to advise me of the position of preference shareholders, yes I am registered since I get the annual report (and all the usual circulars about shareholder discounts when I can get better value on the internet.
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For more on marking an answer as the "Best Answer", please visit our FAQ.Don't know current price but this is a quote from the offer document:
Following the Effective Date, the Preferred Stock of P&O will be cancelled and
the capital paid up on it (and any accrued dividends) returned to its holders.
Proposals will be made by the Offeror to the holders of Concessionary Stock
which will include providing them with the opportunity to continue to enjoy
concessionary fares on P&O Ferries with the Offeror acquiring the corresponding
units of stock in the Company.
I guess that makes them worth approx �1 per unit plus maybe a little for the accrued dividend. A few years back they were at least �1.50 per unit
you should by now have received an offer document offering �1.20 which looks about fair on 5.5% paper , or �1 if you wish to continue with an agreement to have concessionary fares