Originally Posted by
Beagle
The only constant in life is change howver I have never seen change on this scale in this sector in my lifetime, nothing anything like this.
OCA for example at the start of this year hit an intra day high of $1.38. At their intraday low last week they were just 38 cents. Please put your hand up if you have ever seen anything like that. If you're not really quick and adaptable to radically changing circumstances you'll get run over, its as simple as that.
The world is a radically different place today than it was at the start of the year. Material change in circumstances is an absolute given and some QC lawyers on many times this suburban bean counters pay rate will presently be combing through heaps of case history on this to build their escape clause case.
Its all over. Fair value ? Take $4.20 in 2019, less the average decline in this sector since MET was $4.20...I have yet to crunch the numbers but it wouldn't surprise me if it was under $3. The fact that they have the lowest gearing in this sector might save them from the indignity of a 2 handle on the share price.
Independent appraisal report as supposed to be in shareholders hands by late March but there's no sign of that so that's another indicator this takeover is dead in the water.