By way of example, the company could offer £9.35m or 10% premium to £8.5m market cap for the 58% of the company not owned by insiders. That would use only £5.4m of their cash.

That would probably result in lawsuits from the majority non insider shareholders. It would be difficult to get an independent valuation to support “fair and reasonable” U.K. takeover rules to support a low ball offer, given cash and previous Euroclear transactions.

I doubt these guys would go down that route. They are operating in the highly regulated financial services sector and their reputation would be of great importance as custodians of capital.

Anyway, it’s a good challenge and I appreciate it’s not for everyone. We will see how it plays out. Thanks for the good wishes!