Maybe they've done a comvita and realized this really is a dog.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
Today is Monday - the weekend was for number crunching and final negotiations (if any) so that announcement can be made first thing in the morning.
Looks to me like the deal as was structured is dead.
Always had a condition that profit was to be within 10% of guidance which was always a tall order with Tegal who have built themselves a notorious record for consistently disappointing the market.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
Most of the institutions have sold at least half their shareholdings?
I think many have sold into the heavy on market buying earlier this month. Got to $1.16 at one point.
One wonders where this whole thing (SP and takeover) goes now. Lower bid with less conditionality ?
I would imagine just like with the failed Comvita deal that due diligence has been ongoing and now they've found some aspects of the company they don't like so if the deal to take it over lapses completely what do they do with the shares already purchased on market ? Dump them on market ?
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
I think many have sold into the heavy on market buying earlier this month. Got to $1.16 at one point.
One wonders where this whole thing (SP and takeover) goes now. Lower bid with less conditionality ?
I would imagine just like with the failed Comvita deal that due diligence has been ongoing and now they've found some aspects of the company they don't like so if the deal to take it over lapses completely what do they do with the shares already purchased on market ? Dump them on market ?
Releasing announcements the morning after a 'deadline' is becoming common practice. Neither the nzx or the asx seem to care - they should, there's no justification for it - it's poor practice. Maybe if fines were charged to (fat) CEO pockets we'd see some greater timeliness...
Releasing announcements the morning after a 'deadline' is becoming common practice. Neither the nzx or the asx seem to care - they should, there's no justification for it - it's poor practice. Maybe if fines were charged to (fat) CEO pockets we'd see some greater timeliness...
Technically, they still have until midnight to make a bid?
Originally Posted by Balance
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