He has been picking up shares at 15c.
He cannot buy at above that without revising his 15c offer.
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Maybe his comment is in light of at the time of the full year report, the share price was trading at 10C whereas the offer is 15C?
Although the 15C offer is on the low side I think at 16C it getting close it it fair value which I think is about 18C
JWI was happy to acquire Clearwater at an EBITDA of 8.8 times.
On that multiple, JWI is worth $46m or 51c.
If you use a reasonable multiple of 6 times for similar companies (pages 35 & 37 of KordaMentha report) like Cool Clear Water etc, JWI is worth $27.5m or 30c.
Long long way higher up from the miserly offer of 15c.
I agree with Balance. I thought Falkenstein was a gentleman, I was wrong. This low ball offer is one of the most miserable and mean take-over offers I can ever remember.