They might have changed their route :) ;
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So Wells (Takutai) still buying
Up to 10.94% now
That AFR article now on hold to after Christmas I think
Easy to see where this is heading
Peter wells who founded vulcan steel raised over $350 mil to list last year currently has $160 mill in value with Vulcan, nabbed $3.6 mill worth of mpg creating a blocking share, keep acquiring more cheap then vulcan makes a takeover at let’s say 30c and agrees to an arms Length transaction for 11% from pete
$280 mill turnover absorbs it inside vulcan rids of massive overheads and adds to verticles
Dyor
Interesting Theory...
$60m debt though....
Agree re $60 mill debt, this was a classic private equity load it up with debt and dump, mpg has never paid out a cent in 5 years via div but getting the right player onboard, shifting debt down will fit one of the big boys
Disc: I don’t and have never owned any just linking the dots
Wonder what Bain Capital doing with their 11% plus holding?
Cost them 40 cents and 55 cents 4 years ago (Devon Funds at least cut their losses at 40 cents)
Maybe AFR will enlighten us after Christmas