Most people keeping their jobs so a very good outcome.
I hope you haven't fallen in love with MET and are just hanging in there for the 6 bucks... or was that 7 bucks now?
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Polar Capital’s Colin Neal said: “Smiths City has been part of the New Zealand retail landscape for more than 100 years. It is a trusted brand that has been synonymous with providing great quality, excellent value and attentive no-nonsense service.”
I am surprised this is not a major transaction in terms of section 129 of the Companies Act 1993 requiring shareholder approval by 75% majority.
If it isn’t due to some technicality, the legislation needs beefing up.
The transaction values the assets to be transferred to Polar Capital at around $60 million, however
with the purchaser assuming some debt and other liabilities, the net amount expected to be received
is $8 million.
Would this not equate to 15 cents per share? Roughly the amount they are/were trading at...
No Johnny ...just punting with MET. Heads you win tail you don’t lose they say.
In tandem with NTA suppose you’ve got to consider Net Realisable Value. Is the paper value worth thst in a fire sale?
Always dodgy with Smiths but with MET it’s real property and even in a ‘fire sale’ they’d get real cash.