How many dividends did they pay ?
I remember these being under 30c, but didn't see this coming ;)
If I still had some, I would take the money & run very very fast :)
Printable View
https://www.nzx.com/announcements/420985
BACKGROUND
Quote:
In September 2023, MHM received a confidential, non-binding and conditional letter of intention from Bettcher for the potential acquisition of all of the shares in MHM.
Was the Market kept informed that there was potentially something happening which may affect share values back in September ? ;)
https://www.nzx.com/companies/MHM/announcements
Do as I say not as I do. . . or is that do as I do not as I say. . .
https://mhmautomation.com/data/files...r-Protocol.pdf
Is there something hidden between the lines .. along the lines of "take the money and run" ?
Interestingly, the dust from the Wyma merger had hardly had chance to settle, it appears :)
Perhaps the foreground blinded someone on the backgound needing more attention ..
Even the Sep 2023 FINAL Divie got missed & on better results too .. maybe we know why now :)
https://www.nzx.com/announcements/418331
It all looks very nice and transparent with continuous reporting of all and material matters to keep the Market informed, or does it ? ;)
I don't know if it's a case of reading between the lines. I think it's a case of squinting between the brackets.
From Protocol B (referenced above)
"4. REVIEW
The board is responsible for reviewing these Takeover Protocols and any amendments to them.
These Protocols were adopted on [insert date] 2023."
This Outfit have certainly kept things Confidential for 4-6 weeks or so .. to point of not keeping the Market
informed that something had been received and was afoot until today with their NZX Announcement
Where does this place them in respect of NZX Listing Rules & secondly the Scheme of Arrangement, or
more accurately "Buy Out" scheme they have announced today ? ;)
https://www.nzx.com/announcements/423431
MHM Automation Limited (MHM) has today been issued with initial orders from the High Court (Initial Orders) in relation to its proposed scheme of arrangement with Bettcher Industries, Inc. (Bettcher) pursuant to which it is proposed that Bettcher, through its New Zealand incorporated wholly-owned subsidiary, Merlin NZD Bidco Limited, will acquire 100% of the shares in MHM for cash consideration of NZ$1.70 per share (Scheme).
Pursuant to the Initial Orders, among other things, MHM is required to hold a meeting of shareholders to seek shareholder approval of the Scheme. MHM is now in the process of organising a special meeting of shareholders at which approval of the Scheme will be sought (Scheme Meeting).
The Scheme Meeting is expected to be held in January 2024 and formal notice of meeting and certain other materials will be sent to shareholders in due course.
If shareholders approve the Scheme at the Scheme Meeting, MHM will seek that the High Court grant final orders approving the Scheme.
Attached to this announcement is a copy of the Initial Orders.
Almost Good Bye Nurse for a handful of bucks on this one
The slurping sound of management and the board can be heard ...
http://nzx-prod-s7fsd7f98s.s3-websit...838/412174.pdf
Quote:
Pursuant to a deed poll dated 7 February 2024, MHM accelerated the vesting date of the Tranche 3
Options to 27 February 2024, being the business day immediately preceding the Record Date (as
that term is defined in the SIA). It is intended that, following receipt by MHM of exercise notices
from each of the Option Holders, the Tranche 3 Options will be converted into 300,000 ordinary
shares (in aggregate) and issued to the Option Holders (100,000 ordinary shares to Ian and
200,000 ordinary shares to Richard) on 27 February 2024.