TSK - TASK Group Holdings

[Snow Leopard]

One probably silly question, can we still sell the shares of TSK before 28 June?

Yes & yes

June 28 is just the day that the vote to accept offer happens.
If that passes then a last trading date will be set.

[Baa_Baa]

You all probably saw this notice earlier in the week (click the link), about Phil Norman the previous Chair and a current Non-Executive Director unloading a large pile of shares.

Since I sold mine, I didn't bother reconciling how many of his holdings that he sold, but I got this notice from SimplyWall St today:

"

Independent Non-Executive Director recently sold AU$3.8m worth of stock

On the 11th of June, Philip Norman sold around 5m shares on-market at roughly AU$0.82 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of AU$3.7m more than they bought in the last 12 months."

Not good look imo when Phil, who has been around for donkey's years, has decided to quit TSK (and who before that were VML and PLX). He's happy to get out before the buyout at $AU 0.82 and doesn't want any part of a share in PAR.

Why is this interesting? Well, it's interesting to me because Phil has been there for many many years, currently is a non-Exec Director and a past Chairman of the company for many years. He obviously sees that it's all over for TSK, and his shareholding. (nice payout for him by the way, it's been all worth it)

The company however has said ALL Directors are in favour of the buyout by PAR. Well it seems that not all of them are in favour and have voted already with their shares prior to the buyout being approved by shareholders, or it happening.

Imo think carefully whether you holders are happy with being wholly forced into a buy out at $AU 0.82, or taking up the offer of 50% buyout and the other 50% in PAR Technologies.

There's not much time left to make a decision, and with an ASX market close at $0.855, the opportunity is there to beat the buyout offer of $AU0.82 if you want it.

After that, TSK will cease to exist, if shareholders approve the PAR buyout offer, and frankly, it's a given that the buyout will happen as the largest shareholders by far (the Houden family) support this exit strategy, for themselves.

[Baa_Baa]

Oops, actually it looks like SimplyWall St has got the maths wrong, Phil has sold a lot of shares, about 50%, but not all of them.

Need to look into the details a bit more, but he's unloaded a small truckload.

Actually on seconds thoughts, I don't care, there's a non-exec Director who is voting with his shares before the vote to sell the company. That's enough for me.

[RupertBear]

You all probably saw this notice earlier in the week (click the link), about Phil Norman the previous Chair and a current Non-Executive Director unloading a large pile of shares.

Since I sold mine, I didn't bother reconciling how many of his holdings that he sold, but I got this notice from SimplyWall St today:

"

Independent Non-Executive Director recently sold AU$3.8m worth of stock

On the 11th of June, Philip Norman sold around 5m shares on-market at roughly AU$0.82 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of AU$3.7m more than they bought in the last 12 months."

Not good look imo when Phil, who has been around for donkey's years, has decided to quit TSK (and who before that were VML and PLX). He's happy to get out before the buyout at $AU 0.82 and doesn't want any part of a share in PAR.

Why is this interesting? Well, it's interesting to me because Phil has been there for many many years, currently is a non-Exec Director and a past Chairman of the company for many years. He obviously sees that it's all over for TSK, and his shareholding. (nice payout for him by the way, it's been all worth it)

The company however has said ALL Directors are in favour of the buyout by PAR. Well it seems that not all of them are in favour and have voted already with their shares prior to the buyout being approved by shareholders, or it happening.

Imo think carefully whether you holders are happy with being wholly forced into a buy out at $AU 0.82, or taking up the offer of 50% buyout and the other 50% in PAR Technologies.

There's not much time left to make a decision, and with an ASX market close at $0.855, the opportunity is there to beat the buyout offer of $AU0.82 if you want it.

After that, TSK will cease to exist, if shareholders approve the PAR buyout offer, and frankly, it's a given that the buyout will happen as the largest shareholders by far (the Houden family) support this exit strategy, for themselves.

Helpful post thanks Baa Baa

[Baa_Baa]

And interestingly, Morgan Stanley on behalf of Mitsubishi took up a substantial holdings of 25m shares. Maybe they want some PAR? Or a blocking stake to the buy out.

[Baa_Baa]

Helpful post thanks Baa Baa

I've only glossed over the info, you need to check the details for facts. I could be wrong.

[Pegasus2000]

Thanks Baa and Snow L.

[sb9]

Big volumes being bid at 86c range. May hit 90c soon.

[Pegasus2000]

Morgan Stanley keeps buying from 6 to 17 June 2024. Substantial holding increases from 7.21% to 8.48%.

[sb9]

Sold my remaining half today at 86c. Can’t be bothered with US holding in PAR.